KBL Insurance pays over N600 million claims

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Lagos, Nigeria: Underwriting firm, KBL Insurance has paid out N655, 087,040.51 claims to its customers who suffered losses in the year 2015 I line with its commitment to meeting obligations and promptly. The amount represents the claims paid to customers in various classes of General Insurance in the year under review.

Customers’ feedback showed that the prompt settlement of their claims has been of great benefit, enabling them to remain in business as well as restoring them to their previous state before the loss or damage they incurred, KBL said in a statement weekend.

KBL Insurance is also expanding its retail businesses to enable it serve a larger section of the society. To this end, it has an online portal which was launched in 2015 for some Insurance transactions on its website.

The statement shows that the company has continued to improve its service quality by maintaining speed and efficiency. KBL Insurance assures customers that their claims will always be settled promptly once all documents are submitted.

Recognising that the company’s productivity depends on its human capital, KBL Insurance has intensified staff training. As was the case in 2015, the company plans to further provide its staff with opportunities to improve their skills through relevant programmes in 2016.

KBL Insurance is one of the new generation insurance companies in Nigeria with young and dynamic workforce, innovative products and excellent service delivery driven by a robust ICT platform.

“We excellent customer oriented outlook, founded on its brand promise of offering services with care,” the Company observed.

The company currently has an authorized share capital of N4. 3 billion and paid up capital of N3. 586 billion. It also has reinsurance treaties with renowned local and international re-insurers.

KBL Insurance Limited was incorporated on January 17, 1994 as Shield hold Insurance Company Limited and started business the same year as an Underwriter licensed to underwrite both life and non-life insurance businesses.

Following the acquisition of majority shareholding by a group of investors in December 1998, the name of the company was later changed to Guardian Trust Insurance Company Limited (GTI).

Again, during the insurance industry consolidation/recapitalization exercise, former Bank PHB Plc acquired majority shareholding and consequently the name of the company was changed from Guardian Trust Insurance to Insurance PHB Limited on May 19, 2007.

During this recapitalization exercise, the Board of Directors, agreed to concentrate on general businesses and raised the capital of the company to meet the minimum capital required by law to transact general insurance business.

To further reposition for greater efficiency and increased market share, the company has undergone a rebranding process, and changed its name to KBL Insurance Limited on September 4, 2013.

DCSL 90X780

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