Unitrust Insurance Targets N75m From Agric, Settles N3.3bn Claims

Unitrust Insurance Company Limited is targeting N75million premium income from agricultural sector in 2023, following earlier approval of its agric-related products by the National Insurance Commission (NAICOM). 

This is even as the insurer paid N3.35 billion claims to its policyholders between 2021 and first quarter 2023.

While the company said, it has already identified channels of distribution and partners that will be instrumental to success of its agriculture insurance business, it added that, it has fully kicked-off in the current year, projecting to reap N75 million from its agric business. 

Speaking during a press conference at the Unitrust Insurance headquarter in Victoria Island, Lagos on Wednesday, its managing director/chief executive officer, Dayo Arowojolu, said, while the company projected N2 million from its Agric insurance in the first quarter of 2023, it actually generated N3 million, which was higher than the figure targeted. 

He expected the second and third quarter reports to even be better as rainy season commences, urging farmers to patronise Unitrust Insurance for their coverage. 

Disclosing that the insurer paid N3.35 billion claims between 2021 and first quarter 2023, he added that, Unitrust Insurance pays all claims within 48 hours after receiving executed discharged vouchers.

Giving the breakdown on the claims paid, he noted that, the firm paid N1.09 billion claims in 2021; N1.98 billion in 2022 and N282.7 million as the end of first quarter 2023.

He said the underwriting firm recorded N5.357 billion gross premium in 2022; underwriting profit, N283.8 million; investment income, N833.25 million and profit before tax of N94.757 million.

Similarly, as at the end of first quarter 2023, he said, the insurer recorded N2.99 billion gross written premium; N396,684 million underwriting profit; net operating income of N643,173 million and N382,717 million profit before tax.

On projection, he said, the company, in 2023, is targeting N6.80billion gross premium; underwriting profit of N1.223 billion; investment income, N1.096 billion; profit before tax, N961.64 million and profit after tax of N846.249 million.

Noting that Unitrust is one of the reputable insurance companies with over 37 years of experience in non-life insurance industry, he said, “our core values – Innovation, promptness, integrity and excellence has been the hallmark our relationship with customers and the driving force of our daily operations.” 

With a solvency margin of 302 per cent as of March 31, 2023, he said, Unitrust Insurance Company Limited capacity to settle all genuine claims is not in doubt, stressing that, to ensure all claimants enjoy the best of services, the firm has refined its processes to pay all claims within 48 hours of receipt of executed discharged vouchers.

The company, he said, is on the right growth trajectory, and that the management is committed to continuously engage customers with a view to developing efficient risk management techniques to improve their risk environment and minimise interruptions associated with mishaps in order to create a mutually beneficial relationship.