One of the leading players in the insurance sector of the Nigerian economy, Lasaco Assurance Plc, has bagged a high-performance rating of A- in the latest ranking of the risk-bearing industry.
The company, which has made a mark in the brokerage and underwriting business within the last four decades, attained this feat through its discipline and strict adherence to professionalism and creativity with which it has touched many lives and helped indemnify people’s risks in times of loss.
The international rating agency, GCR, which handed the company a “stable outlook” ranking, said Lasaco’s latest rating was due to its prudence and professional discipline, expressing hope that the latest achievement would spur the company to do more so that it can continue to experience steady growth.
The latest rating, according to the agency (which has offices in about 37 countries across Africa, including Nigeria), indicates that Lasaco has strength and competitive position which makes it flexible for positive growth. The award, it added, denoted that the company’s earnings were at an intermediate level while its portfolio is expected to grow as a result of the strategic plans put in place to support growth.
The company has also received ISO certification in recognition of its high standard of practice in security management. The Certification reflects Lasaco as having put in place tools that would strengthen it across the three Cyber Security pillars of People, Processes, and Technology.
The ISO 27001:2013 Certification, issued to the company in the area of Information Security Management systems, demonstrated that effective security has been implemented by Lasaco in a globally accepted manner.
The company’s capital adequacy contributed to its latest rating, as it maintained international solvency and Capital Adequacy Ratio (C.A.R.) well above 100 percent and 2.5 x respectively. It had a good loss-absorbing capacity and stable earnings during the period of the review.
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The ISO Certification on its part would make the company avoid the costly penalties associated with non-compliance with data protection requirements such as NDPR (Nigeria Data Protection Regulation).
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