Coronation insurance reaps 50% premium from robust relationship with brokers

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Chuks Udo Okonta

Trust built by Coronation Insurance Plc amongst insurance brokers over the years, has continued to yield robust premium as the underwriting firm is said to earn 50 per cent income from brokers business.

The Managing Director Coronation Insurance Plc, Olamide Olajolo, whilst speaking today at Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee September 2023 general meeting, sponsored by the underwriting firm, said the robust relationship had with brokers over the years has been fruitful and yielding 50 per cent premium to the firm.

He noted that the firm would sustain the relationship through meeting expectations of brokers and supporting their initiatives.

He submitted that the firm enjoys hight global rating from renowned rating agency and that the combined assets of the insurance outfit, stood at N43 billion and shareholders’ fund N26 billion.

From left: Deputy President Nigerian Council of Registered Insurance Brokers, Tunde Oguntade and Managing Director Coronation Insurance Plc, Olamide Olajolo at the event.

He noted that Coronation General Insurance has assets worth N29 billion; shareholders’ fund N17 billion and closed business in 2022 at N13 billion.

Olajolo said the firm settles processed claims within 48 hours, adding that the firm has continued to update its processes and is partnering many Insurtech firms on distribution of products.

He maintained that the firm also has a robust agency network that aids in the sales of retail products.

The underwriting firm was extolled by former President of NCRIB, Shola Tinubu; current President, Rotimi Edu and Deputy President, Tunde Oguntade. They applauded the firm for sustaining the legacies of the founders, whilst urging the management to continue to build on legacies of trust, ethical principles and professionalism that have distinguished the firm.

They promised to keep reciprocating the gesture rendered by the underwriting firm with continuous placements of business.

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