Underwriting firm, Regency Alliance Insurance has reported a Gross Premium Written (GPW) of N3.368 billion for the financial year ended September 31, 2017.
The figure is higher than N3.10 billion recorded in the same period in 2016, indicating 8.61 percent increase, while N5.58 billion, a 30 percent increase from N4.30 billion in 2015.
The effect of the increased premium generation according to the company was however significantly eroded by the 117.46 percent increase in net claims, 18.08 percent increase in underwriting expenses and a 14.63 percent increase in management expenses when compared with 2016 figures.
Chairman of the company, Baba Gana Kingibe, said these while giving his reports at the Company’s 24th Annual General Meeting held in Lagos recently.
“One salient result of the economic situation has been an increase in both the number of claims and value therein throughout the insurance industry. In 2017, there was huge claims pay-out in oil, gas, accident and motor classes.”
“Your company is positioned to make the best of the brighter future ahead. We will always be guided by our corporate ideals and values of professionalism, integrity, commitment and efficiency as we create wealth for all our stakeholders while mitigating all associated risks that may arise, Kingibe stated