Prestige Assurance Plc said it paid N1.51bn as claims to its customers in the third quarter of this year.
In a statement obtained from the firm on Sunday, the Managing Director, Dr. Balla Swamy, reiterated the company’s commitment to claim settlement.
He stated that this was in line with the firm’s strategic direction for market penetration, which focused on customers’ satisfaction.
The company said that it had paid the Dana Air’s crash claim, along with other co-insurers, which amounted to $13.6m (30 per cent local content) as of date.
The breakdown shown that the fire insurance claims recorded the highest figure of N505.8m, followed by motor with N79.4m. Other classes of business where claims were paid are the GIT, oil and gas, general accident, engineering, marine and aviation.
Prestige Assurance said that up to the third quarter, it showed three per cent growth and N2.015bn gross premium.
It added that the investment income earned was N352m, while the profit after tax was N289m.
The statement also said NAICOM had approved its health insurance product called the- Prestige Mediclaim Policy, already available to the insuring public.
Swamy was quoted as saying that as part of its strategy to deepen market penetration, grow premium and impact more on the lives of the citizens, the company had approached NAICOM for approval of its new products tailored towards the needs of the public.