STACO Insurance records N6.56b premium

STACO Insurance Plc has announced a gross premium income of N6,485 billion in 2011 as against N5.248 billion achieved in 2010, representing an increase of 23 per cent.

Earned premium also went up from N4,77 billion to N5.999 billion, while the company paid claims amounting to N1,205 billion during the year.

The Chairman of the company, Oritsedere Otubu, addressing shareholders at the 17th yearly general meeting of the company held at Ijebu Ode, Ogun State, said, “our company recorded a gross premium income of N6.485 billion in 2011 as against N5.248 achieved in 2010.

The National Insurance Commission (NAICOM), he said, appears poised to grow the insurance market in Nigeria as regulations and guidelines issued by the omission and the enforcement of the compulsory insurance policy encourage the expansion of the market.

It is anticipated that the strategy of the regulatory body would improve the public awareness of the role insurance can play in our economic development.