The Managing Director of the insurance company , Mr Ganiyu Musa, stated this on Wednesday during its 2018 Annual Report released at its 27th Annual General Meeting (AGM) held in Lagos.
According to the company’s boss, the adoption of the policy is in compliance with the rules and regulations of the Security Exchange Commission (SEC).
The underwriter said that the policy had set a broad framework by which the company and its registrars would manage shareholders’ complaints and enquiries in a fair, impartial, efficient and timely manner.
He added that the company in the annual report received 26 complaints in the 2018 financial year out of which 25 complaints had been resolved.
“The only complaint not resolved within the approved period was attributed to unavailability of the customers the company could not reach them through e-mail and phone contacts they submitted, after the resolution of the complaint,” Musa said.
The MD while commending the shareholders of the company said that the company would sustain its growth trend of 2018.
He added that the company was embarking on strategies that would enable it meet the recapitalisation requirements as directed by the National Insurance Commission (NAICOM) for Tier-Based Minimum Solvency Capital (TBMSC) implementation.
The chairman of Noble Shareholders Solidarity Association, Mr Matthew Akinlade, speaking at the AGM commended the underwriting firm on the successful financial year.
He, however ,urged the underwriter to watch the proportion of its portfolio in the Oil and Gas sector.
Akinlade said, “When the economy suffers depression, there is always pressure on the Oil and Gas sector which may result in huge claims.
“When the huge claims arise, the financial strength of the company will be affected.”
The underwriter in a statement that preluded the AGM, released on Aug. 19, said its Gross Written Premium (GPW) had hit N11.5 billion in the 2018 financial year.
