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Universal Insurance Unveils Products To Deepen Insurance Penetration

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Universal Insurance Plc has unveiled its array of products to meet the needs of the insuring public nationwide, as part of efforts to deepen insurance penetration and adoption in the country.

Its Third Party Fire and Theft Insurance Cover offers the middle-ground level of protection as it gives the policyholders a better level of cover than third-party only, but the policyholders wouldn’t be as well protected as if they had taken out a comprehensive policy.
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.

It also 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.

Another product called 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.

In a similar vein, its Business Interruption Insurance replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or a natural disaster, among others. Business interruption insurance is not sold as a separate policy, but is either added to a property/casualty policy or included in a comprehensive package policy.

Speaking on this development, the company’s managing director, Mr. Ben Ujoatuonu, pointed out that the company is presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders, adding that, the insurer is liquid enough to discharge its responsibilities at all times.

He stated that his company is capitalising on the potentials in the retail market to deepen insurance penetration, noting that the wholesale market is 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 in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle,” the CEO said.

He noted that the firm is liquid to underwrite big insurance businesses in insurance sector of the financial industry, saying, the company is eyeing the retail market and will soon unveil some retail insurance products to deepen insurance penetration.

Ujoatuonu stressed that the company has also imbibed the culture of training and retraining of its workforce as it believes in the human capital development, motivation and empowerment to drive policies and create values.
The credibility of its brand lies 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 insurances.

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Business

CIIN Takes Insurance Education To Markets, Malls In Lagos

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The Chartered Insurance Institute of Nigeria (CIIN) recently organized Community Outreach and Roadshow in Lagos, as part of its broader mission to deepen insurance awareness and improve financial literacy among everyday Nigerians.

Held across key commercial hubs in Lagos, the roadshow made impactful stops at Sabo, Bariga, Oyingbo Market, Shoprite Ikeja, and SPAR Tejuosho, where the public was engaged on the relevance of insurance in everyday life.
Through vibrant street activations, interactive sessions, and one-on-one engagements, the initiative focused on demystifying insurance and breaking down its benefits in relatable terms.

At each location, insurance practitioners were on hand to share insights, answer questions, and distribute informative materials that addressed common misconceptions about insurance and highlighted the ease of access to insurance products tailored for individuals, traders, and small businesses.

Speaking on the initiative, the Head of Brands and Event, Rex Insurance, Emmanuel Ndoh noted: “Insurance is not a luxury; it’s a necessity. We are proud to be part of this collaborative effort with CIIN to take insurance education directly to the people—where they live, shop, and work. Our goal is to build trust and show that with Rex Insurance, you’re not alone.”

This outreach effort is part of the programmes of the Insurance Week organised by the nation’s insurance industry to make insurance simpler, more accessible, inclusive and become a household name in the country.

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Business

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

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The Universal Insurance Plc, National Health Insurance Authority (NHIA), Pension Transitional Arrangement Directorate (PTAD), as well as Rite Foods Limited, will be sponsoring the 2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) on July 8 in Lagos.
NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.
Companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members during the event who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.
Stories generated from the event will be in the media for over one month.
The Universal Insurance Plc is one of the nation’s largest personal lines insurer with over N8 billion in assets, selling eight major lines of insurance, including auto, property and commercial.
Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.
According to Universal Insurance Plc, “Our vision is to be a dominant, specialised non life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”
The National Health Insurance Authority (NHIA) was established under the National Health Insurance Act which was signed into law on 19 May 2022, replacing the National Health Insurance Scheme Act of 1999.
As of today, data shows that about 20 million Nigerians are covered by the scheme.
NHIA offers several benefits, including financial protection against high medical costs, access to quality healthcare services, and a comprehensive benefits package that covers a wide range of medical needs.
Meanwhile, the Pension Transitional Arrangement Directorate (PTAD) was established in 2013 and drawing its mandate from the Pension Reform Act of 2014, PTAD was tasked with consolidating and managing pensions under the Defined Benefit Scheme (DBS) for pensioners who retired on or before June 30, 2007 and did not transit to the Contributory Pension scheme.
PTAD has marked a significant milestone of revolutionising Nigeria’s public sector pension administrative system.
When the Directorate was created, it inherited a host of challenges that had long plagued the legacy pension offices. These offices, comprising the Police, Customs, Immigration, Prisons, and the Civil Service, as well as the Boards of Trustees of Treasury funded Parastatals, Universities and Research Institutions and Agencies, were historically managed in a fragmented, inefficient, and underfunded manner. By 2004, this mismanagement had culminated in pension liabilities exceeding N2 trillion.
At the helm of affairs of the Directorate is the Executive Secretary, Tolulope Abiodun Odunaiya, a dynamic and results-oriented professional with a proven track record of managing complex workflows and consistently driving measurable outcomes. She was appointed to the position in November 2024, by President Bola Ahmed Tinubu.
Rite Foods Limited is the producer of Bigi Drinks, Fearless Energy Drinks, Sosa Fruit Drinks, and Rite and Bigi Sausage Rolls.
The company ably led by managing director/CEO, Mr. Seleem Adegunwa, believes in the power of innovation and its potential to change the recycling business.
As Nigeria’s top food and beverage manufacturer, it said: “we are committed to helping recyclers to adopt cutting-edge techniques to recycling plastic trash, particularly in coastal areas, among other Corporate Social Responsibility (CSR) initiatives.”

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Business

NAICOM Issues New Licenses To SanlamAllianz After Merger

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The National Insurance Commission (NAICOM) today handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Limited in Abuja.

Commissioner for Insurance, Mr. Olusegun Omosehin, emphasised the ccommission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements.
He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance.
He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

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