Business
July 2009: Oceanic Insurance Pays N251m Claims
Oceanic Insurance Group has paid claims totalling N251 million as at July 31, 2009 according to its unaudited results.
The move, according to the company is in line with its commitment to providing formidable insurance protection to its clients in all classes of insurance.
In a press release, the company’s managing director, Prince Lafor Olateni-Olagbegi, said Oceanic Insurance group had in barely three years of operations emerged as a leading underwriter of choice that is known for compliance with best business practices. According to him, the company has upgraded its service platforms to delight its customers and facilitate superior product offering.
Olagbegi said the claims paid reinforce the commitment of the firm to spearheading a new dawn of professionalism and customer specific superior service delivery in the nation’s insurance sector. “Going by our unaudited reports, we paid claims totalling N251,184,000 as at the close of business July 31st, 2009 to our numerous customers and this demonstrates our strength, and our commitment to hitch-free assessment of claims notices and subsequent prompt payment”, he said.
The Oceanic Insurance Group comprises Oceanic Insurance Company Limited, Oceanic Life Insurance Limited and Oceanic Health Management Company Limited, operating with over N7.728 billion net assets to carry on all classes of insurance business. The group has since established robust service delivery and product re-engineering structure to ensure its clients enjoy effective risk management services.
Olagbegi said the unaudited result for the period ended July 31, 2009 revealed a gross premium income of N2.469 billion for Oceanic Insurance Group 1.307 billion represented the premium income generated for general insurance business Oceanic Life Assurance earned N420.682 million while Oceanic Health a total of N741 million the total asset of Oceanic Insurance Group as at July 31, 2009 stood at well over N11,334 million.
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