Insurance World

Prestige Assurance Settles N750million Fire Insurance Claim

Top underwriter, Prestige Assurance Plc has continued to demonstrate avowed commitment towards prompt claims settlement as it recently paid out a total sum of N749,680,925.20 as claims in a single fire incident to one of its numerous customers, Celplas Industries Limited.

The incident which caused extensive damage to its plants and machineries, raw materials as well as finished goods.

Similar fire incident happened in 2017, where N200 million was paid to Rida Plastics as a co-insurer.

The Managing Director, Dr. Balla Swamy, stated that over the years, the company’s prompt claims settlement has helped to strengthen the relationship between the company and our customers across the country.

“Our quest in meeting the growing needs of our esteemed clients and assuring the insuring public of our desire to provide best cover, have seen us repackage our Reinsurance arrangement with the support of A rated Reinsurers across the globe such as Africa Re, Continental Re and WAICA Re.

“In his words, we do not allow our customers to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness”.

The Executive Director of Celplas Industries, Mr. Abhijit expressed his satisfaction for the timely claims settlement by Prestige Assurance Plc in restoring the company to status quo to resume their operations.

Dr. Swamy also reiterated the payment of Dana Aviation legal liability claims which was a major national calamity where USD42,000,000 has been paid by the insurance industry with the support of the Regulator.

He further noted the fact that the company is totally committed to settling all genuine claims within the agreed time frame.

He said, “there is no compromise to genuine claims settlement in the company and that will always remain so to keep our customers always coming back.

He also expressed his appreciation to all the customers for reposing confidence on Prestige which remains one of the reputable brands in providing timely service delivery and customized insurance products.

The recent innovative products available to the Nigerian market are Prestige Mediclaim Policy, Prestige Worldwide Travel Insurance and Prestige Salary Protection Shield meant for the employed youths.

The Company is also expecting regulatory approval for underwriting Agricultural Insurance to meet the growing demands of the farming community.

Prompt claims settlement is the hallmark on insurance in the first place and no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not.

We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time”.

Prestige is poised to be the preferred and most reliable risk carrier providing quality insurance products and services to customers and creating value to all stakeholders.

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