Law Union and Rock Insurance Plc has said that it recorded a gross premium written of N2.76 billion during the first half of 2017, representing a growth of 17 percent over N2.37 billion recorded during a similar period in 2016.
The companyâ€™s Managing Director, Jide Orimolade, who disclosed this while addressing journalists in Lagos recently informed that the profit after tax of the company rose by 4per cent during the same period under review from N307.3 million in 2016 to N318.7 million in 2017
He however said the company witnessed increased claims report due to the flooding in the half quarter, pointing out that the underwriting firm, outfit paid a gross claim of N622.5 million during the first half of the current year.
He said the company is now committed and strategically positioned to consolidate on the profit earned this year to delight its shareholders and all other stakeholders.
Orimolade also stated that the company has developed and released four new products to the market in 2017 which fit into insurance for small medium enterprises (SMEs). The products are I-Salute, Doctor-on-Cover, GPA-4-Schools and Sure Pay.
Explaining the benefits and targets of each of the new products, the Law Union and Rock Insurance boss, said that I-Salute was designed to provide support and relieve to officers and their families in event of accidents that result in any or a combination of bodily injury requiring and resulting in medical expenses; permanent disability preventing the person from carrying on with his/her regular business or activities, death, injury, permanent disability or death resulting from armed robbery attack is also covered.
He said Doctors-on-Cover was designed to help medical doctors comply with the law, as well as protect them from unforeseen legal liabilities that could prevent them from practicing what they love.
According to him, “GPA-4-Schools is a Group Personal Accident product designed for Schools and Students/Pupils at all levels of education â€“ Kindergarten, Nursery, Primary, Secondary and Tertiary. It provides cover against accidental death or permanent disability of the insured Parent or Guardian and also the medical expenses incurred as a result of any accident involving any insured Parent or Student/Pupil.
“Sure Pay is an insurance product that provides some level income security in event of loss of employment. It guarantees the payment of an agreed amount of monthly income up to six months after job loss.”
He also said the company would improve on its product distribution strategy through partnership in recognition of the fact that partnership/synergy is a strategic alliance tool to reach potential ecosystem grid through decisive business development and marketing penetration.
“In view of the fact that the organisation holds its customer with high esteemed, he assured that the company is committed to continuous improved relationship with them.
“Additionally, he said plans have been concluded to develop new retail products, in the area of agricultural insurance, among others”, he added.