Role of Claims Settlements in The Growth of An Insurance Company. : Current School News

Role of Claims Settlements in The Growth of An Insurance Company.

Filed in Current Projects, Insurance by on July 5, 2021

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Role of Claims Settlements in The Growth of An Insurance Company.

Background of the Study

Insurance is a unique industry and one of the contributing tractors to its uniqueness is the product on the insurer that is, the promise to indemnity at a future date, is tangible.

It has been generally accepted that insurance industry exist to guarantee the continued existence of other industries (Mehr and Camack (1976).

As an illustration if a factory that is insured is destroyed, insurers will indemnify the insured by replacing or reinstating the factory thereby guaranteeing the continued existence of the factory.

The reputation of any insurance company depends to a large extend on the sort or claims services provided by that insurance company to its policyholders.

A company may be run very efficiently and soundly in every respect, its policies may be delivered promptly and renewals handle efficient claims department may ruin the reputation of the insurance company (OJUKWU 2006: 32).

And company maybe run very efficiently and delivered promptly and renewals handled efficiently, but an unreliable and in efficient claims department many ruin the reputation of the insurance company.

However, any insurance company that wants to safeguard its future and sustain growth must take its claim settlement obligation very serious in order to survive in the comparative insurance markets.

Background of the Organization

I.G.I (industrial and general insurance) commences business in 1992 as a composite insurer to transact the business of life and general insurance (including pensions and special risk).

The company quickly established a reputation for exceptional competence in the delivery of customer centric services as well as product innovation with a strong capital base, highly qualified professional and deployment of modern technology for speed and efficiency.

Insurance companies has become the preferred insurer for individual and corporate clients seeking premiums insurance and related financial services and related financial services.

In 1996, four years after the insurance company in Nigeria achieve N1billion in premium income.

We have, within our few years of existence been able to power ourselves as market leasers in the insurance companies.

In 2004, manicured its leadership position in insurance company with a premium income in excess of N 4billion, the highest in volume of business by any private insurance company in Nigeria.

In insurance company it also has a wide and diversified invest profile which include ownership and majority equity holing.

In companies engaged in telecommunications services, mortgage banking, aviation, oil and engineering services, forestry and health care delivery services amongst others.

REFERENCES

Adeyemi, (1992): Nigeria insurance law, Lagos: datton publication ltd.
Ifeobu, R.C. (2006): insurance of liability, owerri: peace publishers limited.
Ojukwu J.O (1991): insurance law and practice in Nigeria, Ibadan: heineman educational books (Nigeria) Plc.
Obaremi, Nneji (2007): “insurance in Nigeria”- an African business report, vol. 11.
ECOWAS (1982): journal of economics community of West African States (ECOWAS), June, 1982 vol. 4.
Poporla mike (2006): Editional on claims settlement disputes “punch newspaper (Lagos) may 12, 2000 p.5.
Onyeka S.C (2006): Motor insurance in Nigeria, law ad practice, owerri: bon publications ltd.
Olusegun Y. (1992): insurance law in Nigeria, Lagos: Nigeria revenue project publications.

CSN Team.

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