Insurers restate plans for recapitalisation, brand identities to drive policy up take

As the quest for recapitalisation of the insurance sector intensifies in the insurers are now deploying a mix of refreshed brand identity, service delivery and improved profit record to woo investors. With the compliance deadline to various share capital thresholds due in the second quarter of 2020, every insurer is now deep in corporate reorganisation, which involves making substantial changes to a company’s capital structure.

The Managing Director, reiterated the company’s passion for excellent service delivery to its customers. He assured that the company has set plans to ensure that it meets the recapitalisation requirements set by the National Insurance Commission, possibly before deadline.

Ijerheime said that as part of the company’s promise to honour all genuine claims, it will continue to ensure promptness in claims settlement to claimants.

But as part of the efforts, the company announced that Saham Unitrust Insurance Nigeria Limited has changed to Unitrust Insurance Company, explaining that the notification became necessary, having met all regulatory requirements.

Unitrust Insurance stated that all past correspondence, licenses, documents and title issued under the former name remains valid. The underwriting company was established and licensed in 1986 as Unitrust Insurance Company Limited and has remained as one of the major underwriters of non-life insurance services in Nigeria.

The company underwrites motor, marine, aviation, engineering, bonds, fire & special perils, burglary, money, goods in transit, personal/group personal accident, employers’ liability, fidelity guarantee, including oil and gas insurance and is a major player in travel insurance.

It would be recalled that its name was changed to Saham Unitrust Insurance Nigeria Ltd after the investment of Saham Finances in the company, before its current change of name. Ijerheime assured the public that the company would continue to deploy cutting-edge technology to provide the best services in the insurance industry.

While also assuring that the company will continue to keep the legacy set over the years, he appreciated customers, brokers, agents and other stakeholders who have continued to support and trust the underwriting company. Records showed that the group’s gross written premium rose by 27 percent to N3.168 billion at the end of December 2018 from N2.49 billion at the end of December 2017.

It’s profit before tax stood at N806.18 million at the end of 2018 from N818.04 million at the end of 2017, while its profit after tax rose to N759.96 million from N427.68 million.

The group’s underwriting profit stood at N220.25 million in the period under review from N303.79 million in the corresponding period of 2017.