Insurance

Wapic insurance posts N15.2bn Gross Premium Written

From left: Managing Director, Wapic Insurance Plc, Mrs.Yinka Adekoya; Chairman, Mutiu Sunmonu CON, and Company Secretary, Ms. Mary Agha, during the company’s 61st Annual General Meeting in Lagos.

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Wapic Insurance Plc., posted N15.2 billion Gross Premium Written (GPW) in 2019, its Chairman, Mutiu Sunmonu, has said.

He disclosed this today at the firm’s 61st Annual General Meeting (AGM) in Lagos. He said the company’s gross premium written increased by 9.42 per cent from N13.89 billion in 2018 to N15.2 billion in 2019.

He noted that Wapic General Insurance paid N2.03 billion claims in 2019 and has paid over N814 million claims half year 2020.

Sunmonu stated that in spite the lockdown, brought about by the COVID-19 pandemic, the firm has received regulatory approvals for Bancssurance model which is in final stages of development, adding that the firm hopes to conclude and deploy the Bancassuance model before the end of 2020 financial year.

He maintained that the firm’s I-agent application is now fully operational and in use by its sales workforce in the sales of the company’s products to customers.

The Chairman to the shareholders that the automation of the firm’s actuarial valuation operation process has been concluded and that the company is now able to seamlessly compute the traditional risk reserves, unexpired premium reserves and differed acquisition cost which hitherto was done manually.

He said the firm has identified Deloitte as partner for seamless implementation process of IFRS 17, stressing that the implementation process is expected to commence in third quarter 2020 to ensure the company’s readiness ahead of the regulatory date.

The firm’s salvage and subrogation unit has been set up and now fully operational, he said.

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