The Nigerian insurance market has witnessed the introduced of Travel Insurance Card (TIC) and Teen Personal Accidents (TPA), two retail products that were launched by Law Union & Rock Insurance Plc. The company hopes the new products will help deepen its market share.
An Executive Director at the company, Mr Olasupo Sogelola, stated that the newly-introduced TPA product comes in four variants; thereby providing different options for customers.
The TPA policy targets children and young adults between ages 2 and 25, with benefits such as coverage against accidents and medical expenses.
The insurance policy can be purchased for as low as ₦500.00, depending on preference.
Law Union & Rock Insurance Plc will also begin underwriting Travel Insurance Card, a new travel policy that covers air, road, rail, and water travellers against accidents.
Much like TPA, TIC also comes in four variants which include passengers travel card, students travel card, executive travel card, and drivers travel card.
The policy covers medical expenses, emergency healthcare, as well as provide succour to accident victims’ families in cases of death, BusinessDay reports. The policy is also expected to forestall the cases of loses in Nigeria due to poor insurance coverage.
The company has come up with a number of retail products in recent times, examples of which include Home Guard, I-Care, I-Salute & GPA 4 Schools, and Doctor-on-Cover.
Sogelola expressed the company’s commitment to continually come up with new products for the Nigerian market.
Law Union & Rock Insurance Plc is a first generation insurance company which was incorporated in 1951. The company recorded a Gross Premium Written of ₦4.2 billion in 2017, up from ₦3.9 billion recorded in 2016. Profit After Tax also grew from ₦561 million in 2016 to ₦910 million in 2017.
The company’s shares are currently trading at 86 kobo on the floor of the Nigerian Stock Exchange (NSE).