Universal pushes for insurance penetration, unveils more products

IN a bid to increase insurance penetration in Nigeria, Universal Insurance plc has unveiled an array of products to support adoption across the country.

Ben Ujoatuonu, Managing Director of the insurance firm, listed the new products in a statement.

Ujoatuonu said that the products include third party fire and theft insurance cover as well as burglary and housebreaking insurance policy.

Universal insurance chief listed the third party motor insurance and business interruption insurance, among others.

He explained that third party fire and theft insurance cover offers the middle-ground level of protection as it will give the policyholders better level of cover than the third-party only.

“But you will not be as well protected as if you had taken out a comprehensive policy”, he added.

Speaking further, Ujoatuonu stated that this insurance covers third party property damage; third party death and bodily injury; third-party medical treatment costs; theft or attempted theft of the insured vehicle and fire damage to the insured vehicle.

“The third party motor insurance provides benefits in the event of death or bodily injury to a third party, arising out of the use of the insured car and damage to property other than property belonging to the insured.

“The burglary and housebreaking insurance policy is designed to provide compensation against loss of or damage to one’s property as a result of burglary or any attempt threat.

” The cover also includes damage to building(s) for which the insured is responsible resulting from the theft,” the managing director said.

According to him, the business interruption insurance is a form of insurance coverage that replaces business income lost as a result of an event that interrupts the operations of the business such as fire or natural disaster.

He explained that the business interruption insurance was not sold as separate policy, but rather added to a property or casualty policy or included in a comprehensive package policy.

He noted that the company was presently meeting all its obligations, especially in the area of prompt claims settlement to clients and other stakeholders.

Ujoatuonu said that the insurer was liquid enough to carry out its civic responsibilities while capitalising on the potential in the retail market to deepen insurance penetration, as the wholesale market was already saturated.

“We have a competitive edge in claims settlement through investment in state of the art communication and information technology, thereby enhancing our operational efficiency and offer to pay off legitimate claims quickly after the execution of discharge voucher.

“We have a tractable but reduced claims process circle,” the insurance boss said.
He said that the insurance company was liquid to underwrite big insurance businesses in the sector of the financial industry.

He added that the credibility of the insurance company’s brand lay in its underwriting skills, innovative insurance solutions, financial strength, superior service and prompt claims settlement.

Universal insurance plc is one of the nation’s largest personal lines insurers.

With over N11 billion in assets, it sells all lines of general insurance, including auto, property and commercial insurance.