Wapic Insurance Plc said it paid N822m as claims in the 2014 financial year.
In a statement on Tuesday, the company noted that it had settled all outstanding claims in 2014 in line with the September 30 deadline given to underwriters by the National Insurance Commission.
“In 2014, the total claims paid by the company was N822m while for the first half of the current year 2015, the company has so far paid N344.47m as claims,” it stated.
Wapic Insurance said it had re-organised its claims process to ensure prompt payment of claims to its its clients.
According to the statement, there is an internal ombudsman in company to monitor claims resolution and effectiveness in a bid to guarantee an interesting customer experience for its clients.
It noted that the claims settlement process was being handled by dedicated and highly experienced team of professionals that focuses on providing high quality service delivery through prompt claims settlement.
The breakdown of the claim figures from the company showed that during the period under review, the sum of N750m was settled as claims on motor insurance.
During the first half of 2015, the company’s claims settlement on motor insurance was N150m.
“On fire insurance, the company has settled claims in excess of N100m, while on general accident businesses, the settled claims is valued at over N900m,” it added.
Wapic said a total sum in excess of N1bn had been committed to the settlement of claims in the oil and gas, aviation, marine and engineering businesses.
“Wapic Plc is driven by its core mission of transformational leadership and service promise in all its activities within the insurance industry. They ensure that in all dealings with their clients they are always risk insured, rest assured,” the company said.