Insurance

Law Union and Rock drums needs for insurance against uncertainties

Olasupo Sogelola

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Chuks Udo Okonta

The need for Nigerians to protect and secure their lives and properties with an insurance cover has become crucial as level of uncertainties continue to rise across the world, the Executive Director, Law Union and Rock Insurance Plc, Olasupo Sogelola has said.

Sogelola in an interview with journalists said insurance has evolved as a process of safeguarding the interest of people from loss and uncertainties.

He said it is necessary to control whatever life throws at you with insurance, citing the destruction of properties and lives lost during the #EndSars protest and the Coronavirus pandemic as examples of uncertainties in life.

He said: “Life is nothing without surprises. Some experiences in life could be unpleasant but it shouldn’t mean an end for you. You can flip the surprise back at life knowing that you took the right step ahead by buying a policy that can meet your need.

“A major way to control whatever life throws at you is by having an insurance cover in place at all times. You can reach for the top instead of shying away from responsibilities when you can pay a token as premium and be confident that if any unforeseen event happens, you will be compensated by your insurance company”.

He said Law Union and Rock have been designing tailor made products that meet the needs of the people.

He pointed out that the company is in business to pay claims when any unforeseen event occurs to clients.

“We are committed to paying claims. If you look into our books, out of the N4.8 billion that we made in 2019, almost N1.6 billion was for claims payment. This shows that more than a fourth of our income goes into claims payment and this shows that we are a responsible company.

“The COVID-19 pandemic and #EndSARS changed a lot of things and every organization started looking for the right insurance policy. For us at Law Union, we ensured that we have products that meet new trends and there are one or two of them that we are coming up with that are necessary based on experience of the pandemic. One of them is our HNI product.

“We discovered that many people have buildings, properties that they let out but are not insured. And just because you have an LG shop owner in a complex you built for office, you have Samsung, Slot, you became a subject of attack, and yet that building is not insured. Meanwhile, many of the people who own complexes insure their personal house because that’s what they see. Part of we do is that we designed our HNI product to draw your attention to all your properties and encourage you to insure them. If you insure your property and it happen to be among the ones destroyed by hooligans, you will have been able to recover through claims payment by your insurance company. There are quite a number of other new products that we are waiting for regulatory approval that will benefit the people.

“We have also improved on our marine online business such that individuals and large corporates can now sit in their office and marine certificates from beginning to end. We can give approval for rate, premium, everything and they will pay from their office. You can also buy our comprehensive motor insurance product online. Same with our third-party insurance online. We are also moving our travels online, and very soon, we will enable both local travel and international travel,” he added.

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