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Universal Insurance Plc said the National Insurance Commission (NAICOM) has granted it approval to underwrite agric insurance business.
The Managing Director/CEO Ben Ujoatuonu, who disclosed this at the company’s joint 48th and 49th Annual General Meetings (AGM), said the step will enable it to reposition the company’s income in 2020.
Ujoatuonu added that the management is strategising to develop new products with 12 new products awaiting the NAICOM’s approval as a measure to deepen the market.
Speaking on the financial performance of the firm, the company’s Acting Chairman, Anthony Okocha, said despite the shape and colour of the global economy in 2018 and its effect on the macroeconomic landscape in Nigeria, the company recorded about 45 per cent increase in Gross Written Premium (GWP) from N753 million in 2017 to N1.689 billion in 2018 while claims expense decreased from N463 million in 2017 to N263 million in 2018.
Okocha added that the company’s underwriting expense rose from N166million in 2017 to N452 million in 2018.
He noted that it is the intention of the board and management to intensify the corporate strategy in order to identify the needs of potential customers, their behavior and culture and have an attentive ear to market-feedback so as to create products that will address them.
He further said that the company would continually invest in information technology so as to create an insurance driven by technology (INSURETECH) that will not only deliver services real-time and in seamless manner but will also deliver on the numbers, adding that the Universal brand has stood the test of time and the values created over the years are embedded in the loyalty and commitment the firm has enjoyed from all stakeholders.
“We intend to keep this Universal Insurance Plc. as a legacy for several generations to come. We are sincerely grateful to our treasured customers, brokers, agents and other stakeholders who have objectively trusted in the universal advantage over the years.” Okocha said.
