A  consortium of insurance companies has paid a whopping N3.636billion as insurance claim to Frieslands Foods West African Milk Company (WAMCO), Ikeja, following the that damaged major parts of the company’s Ikeja factory last year

The consortium of Insurance companies led by Royal Exchange Insurance Company (REGIC) include Custodian and Allied Insurance Plc; Cornerstone Insurance Plc; Mutual Benefits Assurance Plc; and Rock Insurance Plc; Crusader Insurance Plc; Sterling Assurance  Company Limited; Great Nigeria Insurance Plc; Equity Assurance Plc; Aiico Plc and NEM Insurance Plc

Observers have commended the insurers for paying the WAMCO’s claim promptly. They  reasoned that this development will increase the public confidence in insurance in Nigeria and further deepen market penetration.

Members of the consortium have also hailed the feat as it allowed WAMCO to resume full operations at its Ikeja factory with minimal disruptions. ”Prompt claims settlement is an acid test of the efficiency and liquidity of an insurance company” remarked Mr Olutayo Borokini, MD Royal Exchange General Insurance Plc.

It would be recalled that WAMCO suffered serious losses due to the flood incident which affected major parts of State.




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