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NEWSLETTER OF STACO INSURANCE PLC Vol. 1 Issue 2. Apr - Jun, 2019

STACO Insurance Sustains Prompt Claims Payment

NA

ICO

M/C

A/A

DV

/2018/2

069

Please send your claim’s notification toClaim@stacoplc.com

n s u r a n c e a s a s t r a t e g i c m e c h a n i s m f o r b u s i n e s s Isustenance and asset protection

can only become a reality and concrete when claims are made and paid. The Management of STACO Insurance Plc, one of the leading Underwriting Firms in Nigeria with specialization in general Insurance and special risks has once again sustains the momentum of claims payment. This is evident in the payment of total claims of over N1.6

billion in the 2018 operating year. The claims payment were made across all classes of general Insurance business with Fire Insurance paying the largest chunk of over N528.97 million claims. This is closely followed by Motor Insurance which paid over N392.91 million while Oil and Gas paid over N348.35 million amongst other c l a s s e s o f b u s i n e s s . T h e Management has noted that the focal corporate strategy of the

company in 2019 is to meet the needs and demands of the insuring public in offering of beneficial I n s u r a n c e p r o d u c t s a n d commitment to settlement of claims promptly. To this end, the company has paid about N400 million claims as at the end of April 2019 to her numerous customers. This is to reassure the customers that prompt attention is given to all claims. The need to have more personalized products has necessitated the re-

introduction of three customized Insurance products targeted at persons from all works of life. The products are STACO Travel Insurance which covers any traveler both locally and internationally, STACO Home Owners Insurance Policy which is for every tenant and home owners and STACO Personal Protection Plan with annual premium as low as N200 shows that the policy is targeted at all and sundry.

otor insurance is an insurance cover for cars, Mtrucks, motorcycles,

and other road vehicles. Its primary use is to provide f inancia l protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle, financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. There are three basic motor insurance covers which include Third Party Only, Third Party Fire and Theft and Comprehensive Motor Policies.

Third Party Motor Insurance is one of the compulsory insurance covers in the country, made mandatory by the Insurance Act of 2003. It is the minimum insurance cover that every car user and/or owner must possess. Legally, no one is expected

Third Party Insurance Policy

Know Your Motor Insurance

to drive any vehicle on any public road without insurance. The policy provides indemnity to Third Parties for death, bodily injury and property damage as a result of accident with the insured's automobile with a limit of N1 million.

The policy provides indemnity for third party only, with an extension of cover for the policy holder's vehicle against the risk of fire & theft, actual or attempted cost of repairs of damage to the vehicle whilst in the hands of thieves or in the course of attempted theft.

Comprehensive motor insurance policy offers protection to the Policyholder against any accidental loss or damage to the vehicle, risk of fire, theft in addition to the cover provided under the Third Party Only.

Third Party, Fire & Theft

COMPREHENSIVE MOTOR INSURANCE

APRIL CELEBRANTMrs. Olayinka-Pedro Atinuke MonsuratMr. Adebowale James AdekunleMr. Arabome Itua FelixMr. Kareem Tirimisiyu AdegokeMr. Samson Ngalo RickyMr. Banjo Olumide TayoMr. Ogundare Olawale JohnsonMiss Amusa Stella SeyiMr. Ayinde Ganiyu OlanrewajuMr. Karawusha ErnestMr. Ajibade Kayode A.Mrs. Ajibola Sade OluwakemiMr. Abolarinwa Segun DeleMiss Onyema Chidinma LuciaMr. Adepoju Adeshina PeterMr. Akinyode SegunMrs. Ojeikere Jolade OmowonuolaMr. Orebela Michael SeunMrs. Ola - Oladimeji Feyisola OluwatoyinMiss Ojabodu Abimbola AdebolanleMiss Agunbiade Titilayo IdayatMrs. Ibezim Patience OvonomoMr. Balogun Tolani AbdulqudusMrs. Osiberu Veronica Adesola

MAY CELEBRANTMr. Izamojie PerryMr. Mabayomije Segun JosephMr. Moradeyo KolapoMr. Orekoya OlusegunMr. Oshomah Phillip VincentMrs. Ayuba MargretMr. Ivongbe ThomasMrs. Coker FalilatMr. Chikeka David ChigozieMr. Oshikoya IdowuMrs. Jegede Taiwo OlutoyinMr. Joseph RaymondMiss Oyedokun Omolola FeyisayoMr. Adeleye Olasunkanmi Mr. Ononiwu Michael

JUNE CELEBRANTMrs. Ibrahim Kuburat ToyinMr. Otusami Sunday BolaMrs. Odunfa Anike FolashadeMr. Adelaja Ayodeji AdetayoMr. Alowonle MuyideenMrs. Charles-Ugbomaolufunmilayo Mr. Adebisi AdelekeMr. Olaniyan Lanre OlayinkaMr. Oluwafemi Oludare OludayoMr. Orji ChukwuemekaMrs. Olakanpo Abosede AmudatMrs. Sanni Monsurat OlayinkaMrs. Lawal Wunmi IdayatMr. Otumudia Odiri EnduranceMr. Adeniran Kayode BamideleMr. Atoki Olarewaju IsaacMrs. Elemide Adeniyi TemitopeMr. Adelekan Wahab OlasumboMrs. Fasanmi Olatilewa OmowunmiMr. Igbe SundayMr. Ojetola Olufemi Ayodeji

LCOKadunaApapa Head OfficePort HarcourtHead OfficeAkureHead OfficeHead OfficePort HarcourtHead OfficeHead OfficeIkejaAbujaDMHHead OfficeHead OfficeIkejaHead OfficeHead OfficeHead OfficeLCOHead OfficeAbeokuta

LcoApapa Head OfficeHead OfficeApapa KanoHead OfficeHead OfficeLCOUyoDMHAbujaHead OfficeApapa Abuja

IkejaKadunaDMHIbadanDmhLCOKanoHead OfficeIlorin OfficePortHarcourtHead OfficeAbujaHead OfficeIkejaIbadanDMHHead OfficeKanoHead OfficeAbujaHead Office

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BIRTHDAYBRANCHNAME

Happy BirthdayHappy BirthdayHappy BirthdayHappy BirthdayHappy Birthdayn a bid to promote financial inc lus iveness and deepen IInsurance penetration for a

greater share of the market, the Management of STACO Insurance is holding talk with Paystar, a financial services empowerment specialist. T h e t a l k i s e x p e c t e d t o culminate into a strategic alliance between the twoo rga n i zat i o n s . T h e P a y s t a r business model is designed to train a n d c e r t i f y I n d e p e n d e n t Financial Advisers i n s e l l i n g I n s u r a n c e services through t h e u s e o f

STACO HOLDS STRATEGIC BUSINESS MEETING WITH PAYSTAR

technology thereby increasing the sales volumes of STACO without necessarily employing more hands to achieve its marketing objectives. It is noted that technology has emerged as a veritable means of distributing insurance services.

AML/CFT. Anti-money laundering and combating the financing of terrorism is of global concerns as a result of increasing destructive activities of terrorist worldwide from developing nations like Nigeria to the developed nations of the world. The threats of terrorist activities to global peace, growth and development at one hand and that of security at the other hand can better be imagined. Insurers operates in a complex and increasingly

regulated economic environment that requires h igh standards and commitment of resources to comply with regulator's guidelines and laws. As a responsible Insurance company, STACO shall continue to conform to International standard against money laundering and financing terrorism and ensure amongst others that the company comply with the rules laid down by NAICOM as it relates to cash threshold receivable as premium from

individuals and corporate bodies. Undertake risk profiling and due d i l i g e n c e m e a s u r e s b e f o r e establishing business relationship and also scrutinize transactions to ensure it confirms with customer business pattern. Management expects all staff to up their games towards a sanction free operations and adherence to the rules and regulations of the Regulators.

Management Equips Staff with AML/CFT Training Requirementhe Management of STACO Insurance Plc in compliance Twith regulatory requirements

has fortified the company's manpower with the current trends in Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT). In a one day strategic training organized by Vicosbin Consult Limited for members of staff to ensure that employees are both up to date on the trends of business operations as it affects

(L-R) Mr. Tayo Ajibulu (ED., STACO), Dr. Sam Ikoku (Founder/CEO, Paystar) &Mr. Bayo Fakorede (Ag. MD/CEO, STACO) at the Strategic Business

Meeting between Staco Insurance and Paystar

“The true test of life, lies on the pages of history” – Tunji Nosiru

“When defeat comes, accept it as a signal that your plans are not sound, rebuild those plans, and set sail once more toward your coveted goal.” - Napoleon Hill

“There are two kinds of people, those who do the work and those who take the credit. Try to be in the first group; there is less competition there”. - Indira Ghandi

“Don't be afraid to give your best to what seemingly are small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones will tend to take care of themselves.” - William Patten

Quotable Quotes, Words on Marble:

Contributions and ideas are welcome. Kindly send to ideas@stacoplc.com

BRANCH NETWORK

ADDRESS143, Azikwe Road, Aba, Abia state.23, Quarry Road,Ibara Abeokuta, Ogun State.118, Aminu Kano Crescent, Wuse, Abuja.203, Herbert Macaulay Way, E/B, Lagos State1st Floor, BOI House, (Left wing) Opp. Olam Nig.Ltd Ado/Owo Road Alagbaka, Akure, Ondo State111, Chime Avenue, 2nd Floor, New Haven Zanda’s Plaza, Enugu State.49, Ring road, by Ajegunle B/stop Ibadan, Oyo State.32, Mobolaji Bank Anthony way, Ikeja, Skymit compound Lagos.170, Ibrahim Taiwo Road, Ilorin, Kwara State.4, Constitution Road, Kaduna36, Ibrahim Taiwo Road, Kano, Kano StateVICON House, 1st Floor, 80, Stadium road, Rumuomasi, Port-Harcourt, Rivers State86, Atiku Abubakar Avenue, Uyo Akwa Ibom State.292F, Ajose Adeogun Street, Victoria Island, Lagos State.Thomas House, Old Refinery Road, Warri, Delta State.

0803314873408036710286080233418130802303385508035746695

08023342070

08123124477

08033206806

08035955152080230052250802302145207063568956

08037323779

08055093075

08033247681

AbaAbeokutaAbujaApapaAkure

Enugu

Ibadan

Ikeja

IlorinKadunaKanoPort -HarcourtUyo

Victoria-IslandWarri

Branch Contact

Contributions and ideas are welcome. Kindly send to ideas@stacoplc.com

Send forth ceremony of STACO Ambassadors Mr Bola Ogundijo &

on March 1, 2019Mrs Tobore Ojumah

Adefolaju Apetuje with members of staffat the burial ceremony of her mum

on February 8, 2019

Participants at Leading Strategic Sales andMarketing Transformation In-plant Training

with Mr. Goke Omotola of 1st Degree Consultingon April 25th, 2019

Mr. Wasiu Akerele and Mr. Joseph Adebayo with Lead Trainer Mr. Goke Omotola (m) and other

John Maxwell Trainers at the Extremeson April 25th, 2019

JOKEJOKE

A man and his wife were in court to have a divorce.The problem in contention was ……………. who should have custody of the child?The man or the woman?The woman jumped up and said…………….. “My lord, I am the mother of the child, I brought her into this world, with pain and labour………….. alone”.The judge then turned to the man and gave him the chance to defend himself and the man said “ My lord……. I have a question …….when you insert your ATM card into the ATM machine and the money comes out, does the money belong to you orthe machine……?Case dismissed!!!

I can’t laugh alone.

Building Collapse: Insurers Partner States to Enforce Cover

ollowing the loss of lives, buildings and properties Ffrom collapsed buildings in

recent times, the Regulatory body of Insurance in Nigeria, National Insurance Commission (NAICOM) in conjunction with I n s u ra n c e co m p a n ies h a s ensured to work with the Fire Service in all States and the State governments to enforce the insurance of public building. Public building according to Section 64 and 65 of the Nigerian Insurance Act 2003 includes tenement houses, hostel, a building occupied by a tenant,

lodger or licensee and any building to which members of the public have ingress and aggress for the purpose of obtaining educational or medical services, or for the purpose of recreation or transaction of business. It was passed according to this section in 2003 that every public building should be insured with a registered insurer against the hazards of co l lapse, f i re , earthquake, flood and storm. The recent collapse of buildings in the country which claimed many lives and properties has agitated for the enforcement of this law. The

Director General, Nigerian Insurers Association (NIA), Mrs. Yetunde Ilori commiserated with the victims of the Ita-Faji school building collapse in Lagos state. She said that the Association was working with the Lagos State Safety Commission to ensure that appropriate insurance was put in place for buildings while noting that lives and properties should not continue to be lost to building collapse. She urges builders and home owners to take insurance cover seriously. Also the Deputy Director, Head Corporate Affairs NAICOM, Mr. Rasaaq Salami, said

the commission was creating awareness on the relevance of the compulsory insurance while working with different States to ensure the implementation of the building insurance through the State Insurance Producers (SIP) which was stopped. He assures that the Commission is n o t r e l e n t i n g o n t h e implementation through SIP holding that compliance level is usually high once the state is determined to enforce the compulsory insurance.

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