Oceanic Insurance Pays N1.6 Billion Claims

Jul 21, 2010 (Vanguard/All Africa Global Media via COMTEX) -- Oceanic Insurance group has settled a total of N1.64 billion, declaring that it places high premium on empathy for its clients and prompt settlement of claims.

John Oboh, chairman, Oceanic Insurance Group announced the claims figure at the Members Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) held in Lagos.

Oboh said that the company's focus on excellent service delivery, proactive market research and product development, and human capital development makes the group an outstanding insurance provider.

Oboh who was represented by Mofoluke Dosumu, executive director, Operations and Resources Oceanic Bank International plc said the groups audited result show claims payment totaling N368 million for Oceanic Insurance and N652 million for Oceanic Life as at the end of December 2009.

According to her, Oceanic insurance in three years of its operation paid out N843 million in claims while N791 was paid out by Oceanic life.

The group she said is backed by an asset base of N12.4 billion with adequate reinsurance treaties, assuring the brokers of the companies' ability to meet her obligations when they arise.

Meanwhile the companies audited result shows that Oceanic Insurance made a premium income of N2.0 billion as against N1.77 billion in 2008 while the life arm posted a premium income of N496 million at the end of 2009.

She stated further that the Oceanic Insurance Group is transforming service delivery in the sector through effective bancassurance operation which enables clients to conclude transactions via over 370 Oceanic Bank branches nation-wide.

This synergy with the bank enable us provide and distribute cost effective insurance products across the nation, she said.

Lafor Olateru-Olagbegi, managing director Oceanic Insurance Group said despite its strong capital, it has diversified portfolio having recently launched four new products with sound underwriting competences, quality of personal among other strengths.

The company he stated has investment in real estate worth N1.9 billion against N3 billion in money market. "Our investment portfolio which comprises of investments in Real Estate, Money Market Instruments and unquoted shares of some companies is well articulated".

Olagbeji said this strategic partnership initiatives with insurance brokers would further consolidate its existing mutually beneficial relationship and take the company to the next level.