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Leading Insurance firm, Law Union & Rock Grows Premium Income By 50%

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Amaka Obiefuna

Law Union And Rock Insurance Plc, one of the top five insurance companies in the country, on Wednesday said it plans to grow its gross premium income by 50 percent in 2017.

Leading Insurance firm
Leading Insurance firm

Managing Director/ CEO, Jide Orimolade, made this known during a media parley with National Association of Insurance and Pension Correspondents (NAPICO), to hint them on some of its achievements in 2016 and focus for 2017 in Lagos that the company have tagged alone with the economic recovery plan of the federal government and to increasing the company’s premium income by 50 percent.

According to him: “we see a lot of opportunities in the economy especially in the area of infrastructure, rail system that is being introduced by government, local content being enforced by NAICOM these are things that will be able to assist us in growing our premium income in 2017.”

Retail Business

In terms of retail business, he said the company in 2017 will launch more products into the retail business. He said: “I believe we are still scratching. We plan to bring it into force this year and it would be able to assist us in growing our business.”

Orimolade reveals that the company plans to retain 90 percent of its existing customers at minimum and grow its direct and retail business in 2017, while noting that retail is the future of insurance business.

Other areas of focus

Other areas the company will be focusing in 2017 are: “improve relationship with brokers, agents and other channel of distributions such as bancassurance, e market, social media platforms etc.

“We also plan to achieve an improved credit rating from A- to A+ by GCR, become preferred first choice underwriter amongst the general insurance business provider in Nigeria and commitment to improved service delivery to customers and policy holders.

 

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