NIC pays sh8b in claims
NATIONAL Insurance Corporation (NIC), settled claims worth sh8b in 2009, registering a more than 100% growth, from the sh3b paid out in 2008.
By Vision Reporter
NATIONAL Insurance Corporation (NIC), settled claims worth sh8b in 2009, registering a more than 100% growth, from the sh3b paid out in 2008.
Dr. S.O. Akinwale, the managing director, explained in a statement on Monday that the company, rated among the top five insurance firms in the country, paid out sh7b in general business claims and sh1b for the life assurance policies.
NIC is one the few insurance companies offering life assurance services.
“For a long time, prompt settlement of claims, remains the proof any insurer’s capabilities, strength and commitment to the market. NIC is certainly growing stronger, day by day and is committed to continuously reinventing herself to meet the changing needs of insurance in this market,†Akinwale said.
NIC, which recently concluded an initial public offering that was snapped up by hungry investors, is one of the most solid insurance companies, commanding in excess of sh75b in assets.
NIC also holds the record of the largest single claim paid by any insurance company in East Africa with the payment of $7m (about sh13.5b) claim.
Akinwale said the year ahead presented even larger opportunities for the whole industry.
He disclosed that NIC had readjusted herself to prepare for this growth.
“The economy is expected to continue growing at an average of 7% in the medium term. More Ugandans are appreciating the role of insurance, while the country is seeing new opportunities such as the recent discovery of oil.
“The industry also hopes to reap from the Government’s massive investment in infrastructure. These are opportunities we are keenly watching to deliver growth to our stakeholders,†he said.
NATIONAL Insurance Corporation (NIC), settled claims worth sh8b in 2009, registering a more than 100% growth, from the sh3b paid out in 2008.
Dr. S.O. Akinwale, the managing director, explained in a statement on Monday that the company, rated among the top five insurance firms in the country, paid out sh7b in general business claims and sh1b for the life assurance policies.
NIC is one the few insurance companies offering life assurance services.
“For a long time, prompt settlement of claims, remains the proof any insurer’s capabilities, strength and commitment to the market. NIC is certainly growing stronger, day by day and is committed to continuously reinventing herself to meet the changing needs of insurance in this market,†Akinwale said.
NIC, which recently concluded an initial public offering that was snapped up by hungry investors, is one of the most solid insurance companies, commanding in excess of sh75b in assets.
NIC also holds the record of the largest single claim paid by any insurance company in East Africa with the payment of $7m (about sh13.5b) claim.
Akinwale said the year ahead presented even larger opportunities for the whole industry.
He disclosed that NIC had readjusted herself to prepare for this growth.
“The economy is expected to continue growing at an average of 7% in the medium term. More Ugandans are appreciating the role of insurance, while the country is seeing new opportunities such as the recent discovery of oil.
“The industry also hopes to reap from the Government’s massive investment in infrastructure. These are opportunities we are keenly watching to deliver growth to our stakeholders,†he said.