By Ebere Nwoji
Leadway Assurance Company Limited has announced a refund to holders of its Personal Motor Comprehensive Insurance policy.
The company said the move would serve as a palliative to buyers of the aforementioned policy in this period of business lock down due to pandemic.
The Managing Director Leadway Assurance, Mr Hassan -Odukale, explained that the give-back pack was the equivalent of two weeks premium, paid by the policyholders who were constrained to ground their vehicles in strict compliance of the lockdown order by the federal government, in alignment with the World Health Organisation’s social distancing recommendations”.
He noted that the gesture became necessary considering the fact that he lockdown has had far reaching effects across the country, challenging both individuals and businesses.
“People are watching and will remember how businesses treated them during this crisis. Our decision to provide the give back to our loyal comprehensive motor insurance policyholders will go a long way to support customers experiencing unforeseen pressure on their finances at this time. This is another way we are thanking our clients for supporting the FG to flatten the curve by staying at home.”
He said towards the end of April, the company would credit to eligible customers the value of the airtime, equivalent of 50 per cent of a month’s premium following confirmation of the customers’ details.
He said customers with financial burdens could also call to discuss extended grace periods for missed payments, payment plans, and waiving late fees and penalties.
Also speaking, Leadway Commercial Director for General Insurance, Mr. Gboyega Lesi, explained the reason for the company’s decision to give out the cash back pack to customers noting that as society works together to slow the spread of COVID-19, there are more people at home, driving less and having fewer accidents.
He said given the reduction in road risks due to little or no driving, it was only fair that some premium be refunded so that the customer does not lose at the end of the day.
“It is the responsible thing to do in the face of a pandemic-inspired economic lockdown. We hope that this support will in some way help our motor insurance clients deal with the rough patches.”