Union Assurance ends second quarter on a high note

Union Assurance ended the second quarter of 2007 on a high note recording strong growth in turnover and profitability. General and life insurance premiums for the quarter grew by 23 per cent, from Rs. 924 million in 2006 to Rs. 1.1 billion in 2007.

Consolidated profit after tax also increased by 84 per cent to Rs. 30 million for the quarter ended June 30, 2007.

Cumulative life and general insurance premiums for the first half of the year increased by 22 per cent from Rs. 2.1 billion as at June 2006 to Rs. 2.5 billion as at June 2007.

Consolidated profit after tax of Rs. 51 million as at June 2007 was a marginal increase over Rs. 49 million recorded in the previous year. The company launched Union Motor "Call & Go," an innovative insurance product, which allows customers involved in an accident to log an entry with the 24 hour call center on 011-2428444, obtain a reference number, and drive off.

The company has tied-up with a number of "elite" garages across the island to ensure a hassle free service. Union "Call & Go" customers could drive into any one of these garages, and they will take care of the rest.

If customers prefer to repair the vehicle at another garage, an assessor could be sent to this site as well. If it is not possible to take the vehicle to a garage, customers are advised to move it to a convenient location, and a competent assessor will visit them to assess the damage.

The above options are in addition to arranging an assessor to visit the accident site to provide an on-the-scene assessment.