• Business - Companies
  • Updated: May 02, 2022

Universal Insurance Expands To Boost Insurance Accessibility

Universal Insurance Plc has expanded its presence in more statesin order to increase insurance accessibility in the country.

Dr. Ben Ujoatuonu, The Managing Director, Chief Executive Officer, Universal Insurance Plc, said this during the members’ evening programme of the Nigerian Council of Registered Insurance Brokers in Lagos.

“Our key strategy to grow our business for this year is to expand our market.

"In pursuit of this strategy, we are opening up more branches in Uyo, Apapa, and Kano.

"We have also expanded our marketing units within the Head office.

“Apart from the core conventional Insurance business, our retail operations have been fully developed and is anchored completely on technology.”

He mentioned that the company has been operating for 61 years, making it one of the oldest insurnce companies in Nigeria

Speaking on recapitalisation, he said, “Universal Insurance Plc has been trading with capital in far excess of the current N3 billion.

"With the introduction of the new capital regime, we need just a little margin to meet the required level of N10 billion.

“The company is finalising arrangements with major shareholders to meet the new capital through rights issue.

"This exercise we believe will be concluded shortly.”

He also noted  that claims payment was a fundamental factor for the continued existence of any insurance company.

He said the firm met its claims obligations conformably.

According to him, this was a major reason it had remained in business.

In terms of digital innovation, he noted that it had applications that were compliant and friendly, especially in compliance with latest Web Aggregators’ guideline.

While welcoming a prominent Nollywood actor, Segun Arinze, at the event, he said, “The presence of Mr. Arinze in our meeting is strategic, even though he may wish to give us a taste of his acting skill.

“However, we are most pained whenever the news of the death of any actor or actress filters to the public, hence the rationale behind our desire to forge a collaboration with members of the movie industry, commencing with this engagement.”


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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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