By Nike Popoola

Tuesday, 16 Nov 2010

The Managing Director, Niger Insurance Plc, Mr. Justus Uranta, has emphasized the need for operators in the insurance industry to maintain effective financial management.

He said that this would help them to be able to cope with challenges in the financial system.

Uranta said this during the Pre-Annual General Meeting press conference of the company in Lagos on Monday.

He said, ”The global meltdown is a reality that all individuals and business alike have had to face, insurance companies inclusive. We are all aware of the financial implications of this reality and the need to maintain an effective financial management to be able to weather the storm.”

Despite this situation, he said, Niger Insurance had successfully maintained its core operations of risk bearing and claims settlement due to its financial stability and operational efficiency.

He disclosed that in 2009, the company paid a total claim of N519m to its clients.

The company‘s premium in 2009, he added, rose by 36.2 per cent to N7.2bn from N5.2bn in

Uranta said, ”The Company is still strong in terms of our asset base which exceeded industry‘s standard in excess of N15bn. Currently, we have continued to sustain customer‘s confidence over the years.”

Because Niger Insurance had continued to develop its human capacity, he added that it has well qualified professionals who were willing to go extra miles to exceed customers‘ expectation.

The company, he added, had continued to expose its employees to both international and local training.

He said that as part of efforts to ensure that the company continues to render excellent services to its customers, he explained that Niger Insurance was currently undergoing a corporate transformation and re-engineering which it termed, Niger Enterprise Strategy Transformation.”

Uranta said, ”Our current transformation process is reflected in our vision which is to become the insurance company of the first choice in Nigeria, noted for high level of transparency, efficiency, capacity and superlative customer services.”

 

Source: Punch