Management of Universal Insurance Plc, has said that the company is financially fit to meet all its obligations including claims payment.

Speaking against recent media reports which said that the company is currently experiencing financial turbulence, Managing Director of Universal Insurance,Mr Ben Ujoatuonu,said the company has shareholders fund of N7 billion with N5 billion solvency margin.
Ujoatuonu, said the industry regulator,the National Insurance Commission( NAICOM) has also overseen the company’s financial report like other operating firms in the system and has not complained.
He said the company, since last year, submitted its financial reports for 2015 but was directed by the regulator, to give all its assets titles in its name.
He informed that this has been done just as the company has met other requirements of the regulator including preparation of 2016 annual report which he said will be submitted very soon.
He also said the company has reviewed its frame work for commencement of Risk Based Suprervision model.
He said the company has reviewed its operation to reflect The direction of movement and create a Bunche for itself.
“We are poised to bring value to the table of stakeholders”, he assured.
He said Universal Insurance,has successfully transferred all its asset titles according to NAICOM’s directive and is now ready for capital verification.
He however,said the greatest challenge of insurance industry in general is low insurance penetration in terms of patronage .
He said insurance is concentrated on government and corporate business.
He Universal Insurance is Fit to Meet Its Financial Obligations—– MGT

Management of Universal Insurance Plc, has said that the company is financially fit to meet all its obligations including claims payment.
Speaking against recent media reports which said that the company is currently experiencing financial turbulence, Managing Director of Universal Insurance,Mr Ben Ujoatuonu,said the company has shareholders fund of N7 billion with N5 billion solvency margin.
Ujoatuonu, said the industry regulator,the National Insurance Commission( NAICOM) has also overseen the company’s financial report like other operating firms in the system and has not complained.
He said the company, since last year, submitted its financial reports for 2015 but was directed by the regulator, to give all its assets titles in its name.
He informed that this has been done just as the company has met other requirements of the regulator including preparation of 2016 annual report which he said will be submitted very soon.
He also said the company has reviewed its frame work for commencement of Risk Based Suprervision model.
He said the company has reviewed its operation to reflect The direction of movement and create a Bunche for itself.
“We are poised to bring value to the table of stakeholders”, he assured.
He said Universal Insurance,has successfully transferred all its asset titles according to NAICOM’s directive and is now ready for capital verification.

 

Members of management team of Universal Insurance led by Mr Ben Ujoatuonu(fourth, from left)

He however,said the greatest challenge of insurance industry in general is low insurance penetration in terms of patronage .
He said insurance is concentrated on government and corporate business.
He noted that little attention is given to retail market.
He said as the economy went into recession,government lacked money to spend adding that this is why up till date, government has not paid for the group life assurance of its workers for last year.
Government, according to him put a lot of restrictions on spending, as the economy continued to shrink, corporate Nigerians reduced their assets and asked insurance companies to conceal their renewable policies.
He said micro and retail insurance remained the only way out for insurers but lamented that poor disposable income of the masses is another problem.
He said I overall. The prevailing economic crunch is a big blow to the insurance industry .
He said As a way out of the problem, Universal Insurance,in its strategic survival plan has penciled down micro and retail insurance as a way out.
He said the company has studied its areas of strength and has set up a department that will oversee to the development of this market segment.
He said his company will before the end of first quarter of this year open four new branches in Aba, Umuahia,Warry and Kaduna adding that it is waiting for the regulator’s approval.

as the economy went into recession,government lacked money to spend adding that this is why up till date, government has not paid for the group life assurance of its workers for last year.
Government, according to him put a lot of restrictions on spending, as the economy continued to shrink, corporate Nigerians reduced their assets and asked insurance companies to conceal their renewable policies.
He said micro and retail insurance remained the only way out for insurers but lamented that poor disposable income of the masses is another problem.
He said I overall. The prevailing economic crunch is a big blow to the insurance industry .
He said As a way out of the problem, Universal Insurance,in its strategic survival plan has penciled down micro and retail insurance as a way out.
He said the company has studied its areas of strength and has set up a department that will oversee to the development of this market segment.
He said his company will before the end of first quarter of this year open four new branches in Aba, Umuahia,Warry and Kaduna adding that it is waiting for the regulator’s approval.