Cornerstone Insurance Records N7. 9 Billion Gross Premium

L-R: Chairman, Cornerstone Insurance Plc, Mr. Segun Adebanji; Managing Director, Cornerstone Insurance Plc, Mr. Ganiyu Musa; Non – Executive Director, Cornerstone Insurance Plc, Mr. Anthony Egbuna at the Company’s 26th Annual General Meeting recently held in Lagos.

By LOVETH AZODO, Lagos.

Cornerstone Insurance Plc has recorded a gross premium of N7.9 billion in 2017 financial year under review, almost the same figure achieved in he previous year.

Cornerstone Insurance Chairman, Segun Adebanji, who disclosed this during the company’s 26th Annual General Meeting (AGM) in Lagos, stressed that the company tightened it’s risk acceptance parameters as competitive pressures have driven premium rates to uneconomic levels.

Adebanji stated that the Board of Directors and Management during the year under review yielded some success as management expenses reduced by five percent for the company despite inflationary pressures.

Furthermore, he pointed out that the net claims ratio for the year under review stood at 117 percent as against 73 percent for the previous year, adding that the largest contributors to the claims figures were Oil and Gas and Motor insurance revenue account, which recorded net claims ratios of 536 percent and 104 percents, respectively.

Speaking on the Tier base solvency recapitalisation, Managing Director/ Chief Executive Officer,  Cornerstone Insurance,  Mr. Ganiyu Musa said “some of the steps that will be taken by the company towards indication of the tier to operate in between now to 1st October would require the Board of Directors to come back to the shareholders to be fully involved as required by the law and constitution of the company”

Furthermore, he assured that the board is doing everything possible to ensure that the recent development doesn’t have a significant negative impact in the operations of the company while they await the additional directives from the regulator.