Wapic Insurance plc, one of Nigeria’s leading underwriters, on Wednesday became the first Nigerian motor insurer to offer customers refunds on their insurance premiums.
It is the company’s way of showing empathy with its customers at a time most drivers are stuck at home and unable to use their motor vehicles due to the coronavirus lockdown.
“We know that our customers are experiencing unprecedented circumstances and many are struggling to cope,” Aigboje Aig-Imoukhuede, Wapic’s outgoing chairman, said in a statement last night.
“We want to recognise the sacrifice you are making by driving significantly less as you support our country’s objectives in flattening the curve of the pandemic. We want our customers to know they can rest assured and we will defeat this pandemic together,” Aig-Imoukhuede said.
The company said that beyond financial and other contributions Wapic is making to fight the COVID-19 pandemic, it considers it necessary to support its customers, “particularly the most vulnerable, during this difficult time”.
The insurer explained that it took pride in “always putting customers first and continually improving its services to deliver a unique and excellent customer experience”.
Wapic will pass the benefit of reduced motor insurance claims during this period onto its existing policy holders.
The refund will automatically be credited to customers with active policies at the end of the lockdown period.
Wapic Insurance plc is engaged in the business of underwriting life and non-life insurance risks, and also issues a portfolio of investment contracts products.
The company is engaged in the provision of various classes of insurance services, such as general accident, fire, motor, engineering, marine insurances and life assurance businesses for the risk management of businesses and individuals.
Wapic also transacts insurance business for aviation, oil and gas, and other special risks. Its segments include general business and life business.
Wapic’s general business segment includes Wapic Insurance plc and Wapic Insurance Ghana Limited. The company’s life business segment includes Wapic Life Assurance Limited.
Wapic Insurance plc and Wapic Insurance Ghana Limited include general business insurance transactions with individual and corporate customers. Wapic Life Assurance Limited includes life insurance policies with individual and corporate customers.