Wapic Insurance Posts N15.2bn Premium In 2019

*** To Deploy Bancassurance Model in 2020

By LOVETH AZODO, Lagos

The Chairman, Wapic Insurance, Mutiu Sunmonu has announced that the company posted N15.2 billion Gross Premium Written (GPW) for the year ended December 31, 2019.

This is just as the company disclosed that it has received regulatory approval for Bancassurance model which according to the company’s boss is in final stages of development.

Sunmonu announced this Today at the firm’s 61st Annual General Meeting (AGM) in Lagos

Speaking on the company’s financial performance for the year under review, he stated the figure represents 9.42 per cent growth from N13.89 billion premium written by the company in 2018.

According to Wapic boss, Wapic General Insurance paid N2.03 billion claims in 2019 and has paid over N814 million claims half year 2020.

He said that the firm hopes to conclude and deploy the Bancassurance model before the end of 2020 financial year.

He stressed that the company has resolved to embark on several activities that will enhance customer experience through artificial intelligence, digitalisation , new and improved sales platforms, new and bestspoken product development among other innovations which form part of its on going five year transformation agenda.

He informed the shareholders that the automation of the firm’s actuarial valuation operation process has been concluded and that the company is now able to seamlessly compute the traditional risk reserves, unexpired premium reserves and differed acquisition cost which hitherto was done manually.
He said the firm has identified Deloitte as partner for seamless implementation process of IFRS 17, stressing that the implementation process is expected to commence in third quarter 2020 to ensure the company’s readiness ahead of the regulatory date.