STACO Insurance Pays N1.6bn Claims

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STACO Insurance Plc disclosed that it paid a total of N1.6 billion as claims in 2018.

According to the firm, in line with its belief that insurance as a strategic mechanism for business sustenance and asset protection could only become a reality and concrete when genuine claims are made and paid.

According to the MD of the company, Bayo Fakorode, he said the claims payment were made across all classes of general insurance business with fire insurance gulping the largest chunk of over N528.97 million claims.

This, was closely followed by motor insurance claim of over N392.91 million while oil and gas got over N348.35 million as claim payment amongst other classes of business

Fakorede explained further that the focal corporate strategy of the company in 2019, was to meet the needs of the insuring public as part of its value proposition and offering of beneficial insurance products to fill in the already identified gaps with commitment to settlement of claims promptly.

He added that the company has paid over N628 million claims as at half year 2019, to numerous customers.

“We are poised and prepared to reassure all customers that prompt attention is given to all genuine claims, we are very much in business and have built capacity to continually meet our customers’ obligations in terms of offering quality products and prompt claims settlement,” MD noted.

He equally assured all stakeholders that STACO would continue to remain a reputable brand noted for exceptional and efficient customer service delivery and professional underwriting capacity.

To underscore this, he stated that management has re-affirmed its commitment to initiate a system whereby the brand remains a paramount player in the industry. He also noted that the company remains focused towards being a socially responsible organisation towards all stakeholders.

He insisted that the need to have more personalised products has necessitated the re-introduction of three customised Insurance products targeted at persons from all works of life.

According to him, the products are STACO Travel Insurance which covers any traveler both locally and internationally, STACO Home Owners Insurance Policy which is for every tenant and home owners and STACO Personal Protection Plan with annual premium as low as N200 explaining that the policy is targeted at all and sundry.


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