REAN assures accident cover for journalists
By ABDULLAHI BABA ALAWUSA

THE first insurance company in the country, Royal Exchange Assurance Nigeria (REAN) Plc has arranged a group accident insurance cover for journalists, covering insurance beat in the country as part of its social responsibilities.
Business Triumph gathered that the insurance cover put in place by REAN for 21 journalists from both the print and electronic media, is worth N5.7 million, but the cover is being provided at no cost to the journalists.
The Managing Director of REAN, Mr. Tunji Oluyemi, who handed over the policy documents to correspondents in Lagos last week, pointed out that the 85-year-old insurance company is determined to always give back to the society part of what it has gained there from over the years.
In case of death, dependants of any affected policy holder will be paid a sum of N100,000, while the policy holder will be entitled to N100,000 for permanent disability and should he be hospitalized as a result of accident, the policy holder will be paid N75,000 as medical expenses, the REAN boss explained.
The Royal Exchange CEO said, the decision to arrange the insurance cover for journalists was in line with its resolve to ensure that the level of insurance awareness is increased significantly in the country and make the industry contribute to the nation’s Gross Domestic Product (GDP) as expected.
He explained that the gesture is an expression of Royal Exchange’s feeling to the insurance sub-sector, noting that the company will continue to discharge its social responsibility functions to make its presence felt in its area of operation.
Mr. Oluyemi also assured that the underwriting outfit is committed to being the trail blazer in the insurance business post consolidation, adding “we are promising the insuring public post consolidation to remain a very ethnic, highly responsive and more importantly, a profitable outfit.”
Royal Exchange provides itself as the first insurance company in Nigeria as the company commenced operations in the country, represented by Barclays Bank DCO in 1918.
The company was incorporated as a private limited liability company on December 29, 1969 and was later converted to a public limited liability company on July 15, 1989 and became listed on the NSE a year later.