Universal Insurance Plc is set to commence micro insurance business as the company has applied to the National Insurance Commission, NAICOM, for an operating license.
Managing Director of the company, Mr. Ben Ujoatuonu, who disclosed this at a media briefing in Lagos said: “The board has approved that Universal Insurance apply for micro insurance licence because of its success in retail line.
As part of expansion and business development, we have also sought licence to underwrite agric insurance.” Justifying the new direction, he said “despite the challenges, there is a serious revolution that is going on in the agric sector. It becomes very important for us to key in and take advantage of opportunities coming from that sector. We will ensure that our agric department create value,” he noted.
Ujoatuonu said the company which was listed on the floor of the Nigerian Stock Exchange in 2008 had been growing since then from strength to strength.
According to him, “We are happy because some that started with us are no longer there. Universal has travelled through thick and thin. Like every other organisations we have our problems, but have been surmounting them. With an asset base of over N11 billion, we have no doubt that Universal Insurance will continue to meet its client’s obligations.”
Speaking on the company’s e-business rating, the Managing Director said that in the last one year, Alexia Rating report shows that Universal Insurance moved from 30th to 5th position.
He said: “We are a leading player on the social media because we developed a good e-channel. The retail businesses are sold through the e-platform. Soon we are going to launch our USSD code.”