Law Union & Rock Insurance secures NAICOM’s approval for its new product

In its quest towards meeting the yearnings of the insuring public for product innovations, the Management of Law Union & Rock Insurance Plc.has obtained approval from the Insurance regulatory body, National Insurance Commission (NAICOM), to introduce its new product named- Campus & Camp Insurance policy into the Nigerian insurance market.

Speaking about the product, the Managing Director/Chief Executive Officer of the company, Mr Ademayowa Adeduro, commended NAICOM for giving final approval for the new product.

Adeduro said the approval comes months after several reviews and appraisals by the Commission, which included an actuarial study and reinsurance inputs, adding that the product is designed to meet the needs of stakeholders in the education sector including private and public schools and youth corps members.

“The Law Union Campus & Camp product was developed after extensive research was conducted on risks associated with the business of school management by proprietors, board of schools, as well as evaluating the needs of parents and students.  The product is targeted at students, schools authorities, banks and financial lenders to schools and the National Youth Service Corps (NYSC).

“The Campus & Camp product addresses the needs of the insured by providing cover for risks that occur in Students and Corp Member’s daily life. The product comes in two variants- Standard Plan and Flexi Plan. The Standard Plan is a fixed rate policy that offers the insured benefits up to policy limit, while the Flexi Plan is a rated policy that gives the insured the option to choose the limit of cover. Flexi Plan holders can enjoy up to N1.5 million in benefits,” Law Union Insurance boss added.

Speaking further on the risks under cover for the product, Mr. Adeduro said the new insurance product provides full year, ‪24/7‬ cover against accident leading to injury, death and medical expenses. “The product provides cover for burglary incidence, loss of assets as a result of Riot, Strike or Civil Commotion; as well as loss of school fees and rent as a result of accident or Fire. All benefits are subject to monetary limits or sum insured in the insurance policy.”

He said Brokers are welcome to introduce and market the product to their clients in education sector, adding that Law Union is open to working with all parties who aim to add value to lives of young Nigerians across the country.

Law Union is a general insurance company with close to 70 years’ experience in the insurance sector. The company is rated A- by the GCR with regards to ability to pay claims, and is currently one of the most liquid companies with a 106% solvency ratio year end 2019. Law Union & Rock Insurance is committed to continuous development of business and partnerships across the economic landscape.