Universal Insurance is Not Insolvent, Says Management

Management of Universal Insurance Plc has said that the company is financially fit to meet all its obligations including claims payment.

Speaking against recent media reports that the company is currently experiencing financial turbulence, Managing Director of Universal Insurance, Mr. Ben Ujoatuonu said the company has shareholders fund of N7billion with N5billion solvency margin.

Ujoatuonu, said the industry regulator, the National Insurance Commission (NAICOM) has also overseen the company’s financial report like other operating firms in the system and has not complained.

He said the company, since last year, submitted its financial reports for 2015 but was directed by the regulator, to give all its assets titles in its name.

He informed that this has been done just as the company has met other requirements of the regulator including preparation of 2016 annual report, which he said will be submitted very soon.

Ujoatuonu also said the company has reviewed its frame work for commencement of Risk Based Suprervision model as well its operation to reflect the direction of movement and create a Bunche for itself.

“We are poised to bring value to the table of stakeholders”, he assured. Furthermore, he said that Universal Insurance has successfully transferred all its asset titles according to NAICOM’s directive and is now ready for capital verification.

He however, said the greatest challenge of insurance industry in general is low insurance penetration in terms of patronage, adding as the economy went into recession, government lacked money to spend adding that this is why up till date, government has not paid for the group life assurance of its workers for last year.