STACO Insurance Pays N1.6bn Claims


Ebere Nwoji

STACO Insurance Plc said it paid a total of N1.6 billion as claims in 2018. 

The company, said this was in line with its belief that insurance as a strategic mechanism for business sustenance and asset protection could only become a reality and concrete when genuine claims are made and paid. 

Managing Director of the company, Bayo Fakorode, said the claims payment were made across all classes of general insurance business with fire insurance gulping the largest chunk of over N528.97 million claims. 

This, was closely followed by motor insurance claim of over N392.91 million while oil and gas got over N348.35 million as claim payment amongst other classes of business

Fakorede, reiterated that the focal corporate strategy of the company in 2019, was to meet the needs of the insuring public as part of its value proposition and offering of beneficial insurance products to fill in the already identified gaps with commitment to settlement of claims promptly. 

He said the company has paid over N628 million claims as at half year 2019, to numerous customers. 

“We are poised and prepared to reassure all customers that prompt attention is given to all genuine claims, we are very much in business and have built capacity to continually meet our customers’ obligations in terms of offering quality products and prompt claims settlement.”

Fakorede, equally assured all stakeholders that STACO would continue to remain a reputable brand noted for exceptional and efficient customer service delivery and professional underwriting capacity. 

To underscore this, he stated that management has re-affirmed its commitment to initiate a system whereby the brand remains a paramount player in the industry. He also noted that the company remains focused towards being a socially responsible organisation towards all stakeholders.  

He insisted that the need to have more personalised products has necessitated the re-introduction of three customised Insurance products targeted at persons from all works of life. 

According to him, the products are STACO Travel Insurance which covers any traveler both locally and internationally, STACO Home Owners Insurance Policy which is for every tenant and home owners and STACO Personal Protection Plan with annual premium as low as N200 explaining that the policy is targeted at all and sundry.

Adekoya, Wapic Insurance Boss Now CIIN Council Member

Ebere Nwoji

The Managing Director, Wapic Insurance Plc, Mrs Adeyinka Adekoya, has been elected a council member of the Chartered Insurance institute of Nigeria (CIIN).

The election and inauguration took place at the 2019 CIIN Annual General Meeting held in Lagos.

The CIIN is the umbrella body of all insurance professionals in Nigeria.

The Governing Council is charged with the administration and general management of the institute. 

According to the CIIN President, Eddie Efekoha, the composition of the council is such that all shades of interests in the insurance profession are catered for and the Director-General is the Secretary to Council and her Committees.

He said the appointment of the new council members of which Adekoya, was one of them, was with immediate effect.

Prior to being elected as the CIIN Council member, Adekoya was seconded to serve in two of the CIIN committees for Education and Accreditation respectively. She has served in both committees since becoming a CIIN Fellow, as well being part of the committee’s inaugural Mega Conference, the brain child of the Insurance Industry Consultative Council (IICC).

 Adekoya, is a fellow of the Chartered Insurance Institute of Nigeria (FCII) and an Associate of the Chartered Insurance Institute, London (ACII). She holds a B.Sc in Insurance and an MBA, both from the University of Lagos.

She has over 28 years’ experience in the insurance industry, of which over 23years has been at senior management levels. She is presently the Managing Director/CEO Wapic Insurance plc, She was General Manager and Head, Institutional Business Development at Cornerstone Insurance Plc. She was also the Deputy General Manager, Technical at Law Union & Rock Insurance.