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Unitrust Insurance Marks 35th Anniversary

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Unitrust Insurance Company Limited clocks 35 years on Friday, August 13. 2021.

Founded in 1981, Unitrust Insurance commenced operations in 1986 and was authorised by Corporate Affairs Commission and National Insurance Commission (NAICOM) to carry out contracts of general Insurance business under the following categorisation; Motor, Marine & Aviation, Personal Accident & Travel Medical Assistant, Workmen Compensation/Employers Liability, Public/products Liability, Bonds, Burglary, Goods-in-Transit, Fidelity Guarantee, Professional Indemnity and Directors/ Occupiers Liability.

The company’s Managing Director, Mr John Ijerheime, while speaking on the 35 years anniversary, said the firm is a service-oriented company desirous of an intimate relationship with its customers by understanding the risk exposure inherent in their businesses and proffering solutions.

“Our approach is simple and does not premise itself on any assumption, we operate in line with the core business ideals and values thereby satisfying our numerous customers. Unitrust prides itself on operational excellence which can be directly attributed to our highly competent work force,” he said.

He posited that the company’s business is driven by process digitalization and products innovation, stressing that  Unitrust Insurance Co Ltd offers the right impetus for  business growth.  

Speaking on the companies performance in year 2020, he noted that the firm closed the year with a Gross Premium Written (GPW) of N3.98 billion, representing a year-on-year growth rate of 13 per cent during the corresponding period of 2019.

He maintained that the firm’s Profit After Tax (PAT) for the year stood at N747.172 million against recorded in 2019 and that in the same vein, the company’s underwriting profit improved significantly as the total of N802.194 million achieved from N 301.759 million reported in the 2019 financial year. The claims paid for the year was N1.08 billion, he said.

Ijerheime reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics. 

“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances the Company delivered impressive results during the year,” he added.

He noted that the company’s business growth model is driven by structural analysis of its strengths, weaknesses, opportunity, and Threats (SWOT) for responsive branding , irrespective of the challenging situations, stressing that the company had by the result, demonstrated its  robust capacity and sustainable execution of its strategic growth plans.

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Insurance

Gunmen Abduct Four Travellers In Ekiti

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1 week ago

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September 13, 2021

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Gunmen on Monday morning waylaid road users along Ayetoro Ekiti-Otun Ekiti Road and abducted no fewer than four persons before fleeing into the forest.

Sources said two buses conveying passengers from the Otun Ekiti end of the road were attacked by the gunmen, leading to the abduction of about four passengers, while other travellers escaped.

A source said that one of those who escaped told him that the gunmen took away four passengers from the two buses.

Another, who said he got the information when the hunters were informed of the incident, said, “The hunters were called that some kidnappers were operating along Ayetoro-Otun Road.

“But before they got there, the gunmen had piloted two buses into the bush. At that point, we cannot say the number of people taken into the forest, but the buses were there.

“I advised the hunters and the security agents who arrived the scene later that the kidnappers would have gone towards the Otun end and that they would not have gone too far by that time.

“Definitely, they were the ones who operated along Ayetoro-Ewu Road on Sunday evening. The Sunday operation was not successful and that was why they waited around to carry out this one,” the source said.

According to him, the kidnappers, on realising that they had missed their target on Sunday evening, resorted to attacking commercial motorcycle riders and had shot endlessly into the air to scare people.

The source said, “An okada rider was stopped at gunpoint and they took all his valuables, while another okada operator escaped into the bush. The kidnappers fled when they noticed that the other okada rider had escaped.”

Police Public Relations Officer, Ekiti State Command, Sunday Abutu, who confirmed the kidnap incident, said, “We heard the information and we have deployed our personnel there.

“There was a kidnap incident this morning. I cannot confirm yet the number of persons abducted. It began on Sunday evening when some suspected robbers attacked a man who the Police thereafter rescued.

“However, this morning, we learnt that the suspects were the ones who abducted some road users. The Police are on their trail,” the PPRO said.

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Insurance

Photo News: Sovereign Trust Insurance Partners Junior Chambers International On Back To School Project

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3 weeks ago

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September 1, 2021

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Segun Bankole, DGM/Head, Sales & Corporate Communications, Sovereign Trust Insurance Plc (left), Yetunde Stella Akinsetire, JCI Member/Project Chairperson, “Back to School Project” (JCI Lagos Metropolitan) and Abiodun Awosanya, Convention Chairman, 2021 Junior Chambers International, while Sovereign Trust was presenting to them educational materials to support the project.

Sovereign Trust Insurance Partners Junior Chambers International On Back To School Project.

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Insurance

NAICOM Restates Commitment To Protect Policyholders

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3 weeks ago

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September 1, 2021

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By Sola Alabadan

The National Insurance Commission (NAICOM) has reiterated its resolve to ensure that the rights of all stakeholders in the insurance industry, especially, policyholders are well protected, assuring that the insurance operators would never default in paying genuine claims.

The Commissioner for Insurance, Sunday Thomas, gave this assurance during a courtesy visit to Mutual Benefits Assurance Plc in Lagos recently.
The NAICOM boss also promised to take the success story recorded by the insurance sector in Lagos State to the Federal Capital Territory and 35 states of the federation.
He pointed out that the government and people of Lagos State, through their commitments to insurance practice, have demonstrated that there is bright future for the underwriting sector.

Thomas maintained that as a federal government agency, NAICOM would work with the federal government to ensure insurance in entrenched at the FCT and also work with governors and other stakeholders to give insurance its right place in states.

He posited that insurance remains the bedrock for economic development, as no nation can thrive very well without a viable insurance sector.

He stated that he was thrilled by the events around insurance that are happening in Lagos State, stressing that such events would be replicated across the nation as long as he remains the Commissioner for Insurance.

He also implored insurance practitioners to work with their shoulders high as they are privileged to work in an industry that holds a vital position in the economy.

 

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