Universal Insurance Indemnifies Next Cash & Carry Supermarket with N471,500m
Managing Director/CEO, Universal Insurance, Dr. Benedict Ujoatuonu
Nigeria’s foremost underwriting firm, Universal Insurance Plc, said it paid N471,500 million claims to Next Cash and Carry, a supermarket in the Federal Capital Territory (FCT), that got burnt as a result of a fire incident that took place in December 2021.
The Insurer said it has remained steadfast in prompt claims payment to policyholders.
Prior to this, the company said it paid a total of N1.2 billion in claims to its policyholders who suffered losses between 2015 to 2020.
The breakdown of the claims paid showed that the company paid N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018, and N338.2 million claims in 2019 bringing the total claims to N1.2 billion on nine classes of insurance.
While speaking on the company’s claims profile, the Managing Director and Chief Executive Officer of the company, Dr. Benedict Ujoatuonu, disclosed that the company’s commitment to satisfying her clients was non-negotiable.
“We understand the importance of prompt claims settlement, and we remain steadfast in our resolve to deliver on our promises to our valued clients,” Ujoatuonu said.
The insurer which recently won the ‘Insurance Brand’ of the year Award 2022 at the Independent Newspaper Awards ceremony, has in the meantime, expanded its presence within Lagos to boost insurance accessibility in the country.
The Universal Insurance Company Limited (UNISURE), now Universal Insurance Plc. was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London whereby ENDC acted as agents to the insurance company.
Next Cash and Carry Limited was inspired by the successful Cash and Carry operations/ Warehouse Clubs/ Hypermarkets in UK, South Africa, and USA which is an introduction to the Cash and Carry concept to Nigeria.
