Category: Insurance

By Omobola Tolu-Kusimo

The West African Reinsurance Corporation (WAICA Re) incurred a net claims of $30.5 million in its 2020 financial year, translating to 63 per cent increase from the $18.7 million it recorded the previous year.

The claims were incurred across most of the nine countries it is operating from, including Nigeria, Kenya, Ghana, Liberia, Sierra Leone, Tunisia, The Gambia, Zimbabwe and Côte d’Ivoire.

Speaking at the virtual Eighth Annual General Meeting (AGM) of the Reinsurance firm at the weekend, the Group Chairman, Kofi Duffuor said facultative claims contributed 59 per cent of the total claims paid while treaty claims was 41 per cent.

He added that the net incurred loss ratio increased to 39 per cent in 2020 compared to 31 per cent in 2019.

Underpinned by increase in business volumes and increased claims reserve, he said net claims incurred increased by 63 per cent to $30.5 million in 2020 from $18.7 million in 2019.

He said: “Facultative claims contributed 59 per cent of total claims paid whilst treaty claims were 41 per cent. Consequently, the net incurred loss ratio increased to 39 per cent in 2020 compared to 31 per cent in 2019.

He said: “Net commission expense rose to $23.5 million in 2020 from $17.6 million in 2019, representing 33 per cent growth largely as a direct function of growth in earnings. The commission ratio also remained flat at 30 per cent in line with both company trend and industry averages.

“Operating expenses decreased year on year by four per cent, given management efforts to reduce cost, hence, operating expenses fell to $17.1 million in 2020 from $18.2 million in 2019 even as expense ratio equally fell to 22 per cent in 2020 from 31 per cent in 2019. Overall, combined ratio improved to 91 per cent in 2020 having fallen from 93 per cent in 2019.”

He pointed out that WAICA Re has continued to display a strong underwriting profitability as a result of sound underwriting and risk selection, noting that, technical profit grew from $23.2 million in 2019 to $26.2 million in 2020, representing a 13 per cent growth.

“Underwriting profit grew from $5.0 million in 2019 to $8.8 million in 2020, a growth rate of 77 per cent. Whilst Technical margin fell from 40 per cent in 2019 to 33 per cent in 2020, underwriting margin improved from nine per cent in 2019 to 11 per cent in 2020.”

Stating that the reinsurance firm’s investment and other income witnessed an increase of 14 per cent from $3.4 million in 2019 to $3.9 million in 2020, though there was a general fall in interest rates, especially in Anglophone West Africa, he said, return on investment fell from four per cent in 2019 to 3.7 per cent in 2020.

 

By Omobola Tolu-Kusimo

 

Standard Alliance Plc is fighting its expulsion from the Nigerian Insurers Association (NIA).

The insurer is demanding N10 billion from the NIA as damages for loss of its reputation, resulting from a malicious publication.

This was made known in a letter entitled: “Re: Purported Expulsion Of Standard Alliance Insurance Plc From The Membership Of Nigerian Insurers Association”by its solicitors, Ebun-Olu Adegboruwa (SAN) & Co dated July 5, 2021 addressed to the Director-General, NIA, Mrs Yetunde Ilori and copied to the Commissioner for Insurance, National Insurance Commission (NAICOM), Sunday Thomas.

The NIA had, on June 23, 2021,  announced the expulsion of Standard Alliance in a national newspaper for failing to meet their obligations of claims payment to policy holders.

The body also expelled Industrial and General Insurance Co. Limited and Niger Insurance Plc.

But Standard Alliance, in the letter  to NIA, claimed to have paid the insurance claims required of it by the NIA, except a few, which it had faulted and threatened to sue and claim huge damages against the industry’s umbrella body.

The company is also demanding the immediate withdrawal of the letter of suspension, termination and expulsion, not exceeding seven days from the date of receipt of the letter, while same is to be published with an  apology in the national newspapers where it was advertised, with similar or greater prominence.

Ebun-Olu Adegboruwa (SAN) & Co threatened that if at the expiration of the seven days, their request on behalf of their client was not met, they would have no other option but to seek redress against the association.

The solicitors said: “That on or about the 8th of November, 2018. NIA wrote a letter to our client demanding that it should pay its annual subscription to the association as well as pay certain claims stated in the said letter. That on or about February 13, 2019, as a follow-up, the association invited our client to appear before its Membership/Discipline/Legal Matters Committee, which invitation our client honoured and despite doing so and proffering a very tenable defence, the association informed our client on the April 9, 2019 of its suspension as a member thereof.

“While the suspension of April 9, 2019 was still pending and unresolved, the association proceeded again on the October 23, 2019 to invite our client to appear before its Committee to explain why it had not fulfilled the conditions requisite for the lifting its suspension. Our client again honoured the said invitation and after deliberations, the association on February 13, 2020 claimed to have given a final warning and 60 days extension to enable our client pay the purported outstanding claims and offset its obligations to the association. That our client settled all its obligations to the association, for which a receipt was duly issued dated December 22, 2020. The association also acknowledged the facts stated in paragraphs I to 4 herein through the letter dated 18th February, 2021.

“That the association erroneously, without proper investigation, proceeded vide its said letter of February 18, instant, to terminate our client’s membership with effect from February 22, 2021 on the following premise: “Although your company has settled its indebtedness to the association, it is of great concern that no progress was made in settling the outstanding claims reported against your company by the insuring public and some insurance companies. That the reason proffered for terminating our client’s membership is glaringly and demonstrably false, considering that: a. In 2018, our client made a cash premium receipt of N3.75 billion and it paid claims of N2.70 billion inclusive of individual life policy claims.

2. In 2019, our client made a cash premium receipt of N2.42 billion and it paid claims of N1.90 billion inclusive of individual life policy claims: and c. In 2020, due to the effect of the coronavirus pandemic lockdown, our client made a cash premium receipt of N967.75 million and it even had to resort to other reserve funds to enable it pay claims of N1.14 billion inclusive of individual life policy claims.”

On libelous publication, Ebun-Olu Adegboruwa (SAN) further stated: “That despite replying your letter of February 18, 2021 via our clients’ letter of April 26, 2021 giving the association an update of its claims settlement portfolio, the association proceeded to rely on Section 4 (5) of its Constitution in the letter of termination dated February 18, 2021, to give our client 60 days to settle all outstanding claims failing which the association will proceed to publish the expulsion in the national newspapers.

“That funds which our client reported to the association that Continental Re-Insurance Co. Ltd was supposed to refund to it were wrongly classified as outstanding claims against our client. That despite the purported termination of our Client’s membership of the Association, the latter still proceeded to demand that our Client should pay its annual subscription fees and other levies. This demand is most recently contained in the letter to our Client dated le May, 2021.”

The company also alleged breach of rules of natural justice by the association’s Chairman, Ganiyu Musa.

“That our Client views its abrupt and unfair expulsion and malicious publication in the newspapers as premeditated knowing that the Chairman of the Governing Council of the Association is Mr. Ganiyu Musa. who is also the Managing Director of Cornerstone Insurance Plc. Whereas there is no contention as to the fact that Mr. Ganiyu caused his company Cornerstone Insurance Plc to author a petition against our client to the Economic and Financial Crimes Commission (EFCC), which petition is still pending at EFCC and the Federal High Court, Lagos.’’

 

By Omobola Tolu-Kusimo

 

AfriGlobal Insurance Brokers Limited has launched AfriCover247, a digital insurance transaction platform to will assist businesses, individuals and technology providers, access and redistribute insurance products.

AfriCover247 is a digital platform that enables 24-hour, seven days insurance transaction, including claims management, including payment of claims.

The Managing Director, AfriGlobal Insurance Brokers Limited, Mr. Casmir Azubuike, said at the launch in Lagos that the AfriCover247 application enables users to buy insurance via mobile devices without human interference.

Azubuike said the launch was a culmination of a two-year project, which began before the COVID-19 pandemic lockdown and it is the first of its kind in Nigeria where anybody could buy insurance and report claims via  the user friendly, simple and yet effective platform provided by AfriGlobal Insurance Brokers.

He said some of the features of the new insurance application include Chat Box, which could manage online real time chat with customers and offline inquiries at any time and any day of the week, API adaptability which enables other insurance and non-insurance companies to plug in their digital infrastructure to transact businesses; self-administration  as it has the capability to manage users, their permissions and authorities within the system while new staff onboarding can easily be managed with the profile management tool,  among others.

In her goodwill message to the event via DigiConverge Platform, the President, Nigerian Council of Registered Insurance Brokers, Dr.  Bola Onigbogu commended AfriGlobal for the initiative in introducing cutting-edge digital technology to insurance in Nigeria.

 

By Omobola Tolu-Kusimo

 

Old Mutual has unveiled a short-term savings plan.

In a statement, the Executive Head, Marketing and Customer Experience, Old Mutual Nigeria, Mrs. Alero Ladipo, said the experiences in the 2020/2021 financial year had been a lesson in ensuring one protected one’s family, health, and livelihood.

According to her, it had become more important to focus on a goal and work towards it, ensuring one was covered from unpredictable circumstances.

She said: “This special product allows an individual to save as well as obtain life cover up to N1 million. Old Mutual, the Nigerian subsidiary of Old Mutual Limited, pan-Africa’s leading insurance firm and global financial services provider, has launched this in Nigeria to further support individuals, families, and small business in achieving and protecting their goals. This plan allows for a minimum monthly savings contribution of N5,000, which can be increased annually.

“We are proud to introduce this well- researched product designed to enable individuals and businesses achieve their short-term financial objectives, particularly in these times of strong economic headwinds and still maintain a life cover.’’

 

By Omobola Tolu-Kusimo

 

Mutual Benefits Assurance Plc has announced the results of its 2020 audited financials with gross premium written at N19.98 billion, representing a seven per cent increase from N18.69 billion recorded in 2019.

The Head, Corporate Communication, Mrs. Ellen Offo, in a statement, said the results released on the floor of the Nigerian Exchange Group (NGX), showed that profit after tax rose by 41 per fent from N3.61 billion in 2019 to N5.10 billion in 2020, while profits before tax stood at N5.04 billion, representing a 34 per cent increase from N3.75 billion in 2019.

The company also recorded a 74 per cent growth in shareholders’ fund, which rose to N23.35 billion from the N13.43 billion of 2019. Total Assets also grew by 22 per cent from N67.78 billion in the previous year to N82.87 billion in the year under review.  Insurance contract liabilities for the year under review stood at N17.57 billion, a 25 per cent increase from the previous year’s N14.10 billion.

The combined claims paid by Mutual Benefits Assurance and its subsidiary, Mutual Benefits Life Assurance, was N19.37 billion, representing an eight per cent decrease on the claims paid last year.  A breakdown of the claims profile for 2020 shows that the Life business paid a total of N3.54 billion, Maturity claims accounted for N7.76 billion while for Credit Life claims was N140 million. Other claims paid include individual death claims, annuity claims, surrender claims and partial withdrawal claims at N213 million, N44 million, N3.65 billion and N870 million.

The Gross claims paid for Non-Life business was N3.14 billion, Motor claims was N919 million, Fire claims N476 million and General accident claims was N663 million. Special Risks (Aviation/Oil & Gas) and Marine claims was N737 million and N349 million.

Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga, said: “The financial result is a testament of the resilience of the Mutual Benefits brand; strong, well-capitalised and dynamic. The year was difficult globally with Nigeria not being an exception; organisations also had to contend with the devaluation of the naira, COVID-19 and other issues.

 

By Omobola Tolu-Kusimo

 

FBN General Insurance Limited has presented its 2020 annual report to shareholders at the company’s Annual General Meeting (AGM) which was recently held in Lagos.

An analysis of the company’s report showed that the company closed the year with a Gross Premium Written (GPW) of N8.0 billion, representing a year-on-year growth rate of nine per cent relative to N7.32 billion realised during the corresponding period of 2019.

Also, the Profit Before Tax (PBT) for the year stood at N2.17 billion, representing a year-on-year growth rate of 196 per cent in comparison to N733.2 million reported during the corresponding period of 2019.

The company’s capital position improved significantly as the total equity grew by 51 per cent year-on-year to N8.80 billion from N5.82 billion reported in the 2019 financial year.

The company attributed the growth to excellent business performance in the Year 2020 and the injection of additional capital of N1.048 billion which invariably brings the paid-up capital of the company to N5 billion.

The insurer further disclosed that the rapid growth in total equity is a reflection of the deliberate steps the company is taking in readiness to meet NAICOM’s minimum capital requirements.

The Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, spoke during the Annual General Meeting (AGM), reiterating that the company delivered an outstanding performance across key metrics against the backdrop of challenges that characterised the year.

He said: “Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances the company delivered impressive results during the Year. We have by this result therefore demonstrated our robust capacity and sustainable execution of our strategic growth plans. It is, for this reason, that we look to the future with confidence.

 

By Omobola Tolu-Kusimo

The National Insurance Commission (NAICOM) has prospects to achieve 10 per cent penetration, N1.5 trillion Gross Written Premium (GWP) and 10 per cent increase in insurance density.

Thus the commission plans to work with Small and Medium Enterprises (SME) cohorts across geo-political zones.

Besides, the commission aims to build trust among the insured leading to more referrals; build confidence in the sector by reducing incidences of fake insurance and implementing penalty for nonpayment of claims; and work with digital companies with access to data and information for wider reach and impact.

NAICOM Commissioner for Insurance, Mr Sunday Olorunda Thomas in an interview with repoters said the commission launched Market Development and Restructuring Initiative (MDRI) in 2009 as a vehicle to, among others, drive the enforcement of compulsory insurances, reduce incidences of fake insurance and in the process grow the industry.

He stated the commission’s strategic focus is on compulsory insurances, government assets, microinsurance and takaful insurance.

He said: “Target market however is Government, Micro-, Small and Medium-sized Enterprises (MSMEs) and Millennials and Gen Z, which make up 60 per cent of our population.

“Our strategic themes include increased awareness and education; stakeholder’ grooming/partnerships; high-impact media productions; and a social/digital NAICOM

“To increase awareness and education, we will also launch a joint implementation task force with police, FS, FRSC, Ministry of Justice, Mobile Courts, Ministries, Department and Agencies (MDAs) at all levels, among others. We will hold insurance stakeholder’s forum/town hall meetings, launch the Insurance Industry Thought Leadership Series on Testimonials and Endorsements, among others.”

On the commission’s ‘2021-2023 Strategic Plan’, the commissioner stated that as a sector of the national economy, the commission has statutory mandates.

He said: “We know that the driver of the economy is the people at the lower level of the pyramid and therefore we are taking financial inclusion policy very seriously. While it is now a national policy, the insurance sector is far behind but we are doing a lot of catch up. To this effect, two Takaful companies have been licensed in addition to the existing ones. We have four micro insurance company that has also been licensed and two are on the verge of being licensed. We believe that if we are able to properly take care of the supply side, the demand aspect of it is will run smoothly. Similarly, the traditional method of distributing insurance has become inadequate to take care of the speed we want to gain and the people who want to reach and so we must begin to develop other channels of distribution. There are few of them that have been developed and waiting for final touches here and there for them to be released.

“We are conscious of the fact that the sector is a knowledge-based sector and therefore human capacity to drive this initiative is critical. The development in the actuarial profession has been on the drawing board for years. The first sets of those who will write the actuarial exam will qualify as certified actuarial analyst. The exam was held last week and I was made to understand that in the next six weeks or so, they will hear the results. We have made a pledge to see the possibility of having about 100 of them in the next four years. It’s a target and we see how far we can go. We believe that we need actuarial analyst to stand in the gap pending the time that we will have sufficient number of actuaries for the market.

“I want to say that we are also conscious that technology drives business. We have started with ourselves at the commission and our automation plans have commenced. We want to see how far we can run within the commission. The plan by the commission to have a portal started about now nine to 10 years ago and until last year, nothing was happening. But we picked it up last year and the first phase of the portal has been successfully completed. On the strategic plan of the commission, the last one ended in 2020. So, we have picked it up from 2021 to 2023. We are following and pursuing it. We believe that with what we have in the plan, we should be able to make a difference in the market.

Thomas, however, noted that the enforcement of compulsory insurances was also on. ‘’Last week, we played host to the Corp Marshal of the Federal Road Safety Corps. About a month ago, we were with the FCT minister and two weeks ago, the Minister of Road Transport, Mrs. Gbemisola Saraki was with us in the commission. We have been trying to engage across the country. We visited the Governor of Ekiti State and we were to visit the Governor of Enugu State but for the prevailing security issues that happened there recently.

“The fire service management was in our office two weeks ago. This is some of the engagements that we have been having because we are determined to make a difference. We want to encourage our operators to increase their budgets in publicity. We are too far behind because not much of insurance is known. The regulator will do its bit but the operators must cooperate with us for all of us to be on the same page,” he added.

By Omobola Tolu-Kusimo

Great Nigeria Insurance Plc is a composite entity licensed by the apex regulatory body, the National Insurance Commission (NAICOM), to underwrite both general and life insurance businesses.

It commenced business in 1960 with over 60 years of insurance underwriting, financial advisory and real estate investments which has enabled the organisation to exclusively master the business terrain and develop skills that gave her an edge in service delivery and total customer delight.

Great Nigeria Insurance Plc has continuously arranged very adequate reassurance treaties with a consortium of reputable reassurance companies both locally and internationally providing the entity with the required capacity to underwrite risks placed by its valuable customers.

The ownership of the company is made up of diverse shareholders from wide range of individuals and institutional investors with a robust Board of Directors of distinguished personalities who have distinguished themselves in their respective fields of endeavour. The company has invested in the best of people and technology, improving on processes, growing its market share and thereby expanding its balance sheet size. The company continuously strives to be amongst the top players in the insurance industry.

It has consistently lived its business philosophy encapsulated in its values PEPTIP (Professionalism, Empathy, Passion for Customers, Team Spirit, Innovation and Precision). The company’s commitment to customers’ delight remains unshakably assured as facilities have been put in place to ensure improved efficient services driven by state-of-the-art information technology to facilitate efficient and reliable system of prompt claim settlement as well as meet our underwriting obligations.

The company’s Head office is located on 8, Omo-Osagie Street, off Awolowo Road, Ikoyi, Lagos with Regional, Branch and Agency offices spread across the country. The Company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike as the Company remains focused on her strategic objective of accelerating the growth of the Company through asset base, revenue and profitability in the years ahead.

By Omobola Tolu-Kusimo

Cornerstone Insurance Plc believes the market is changing and should be served differently.

Therefore, the company seek to adapt its offerings to meet the specific needs of our diverse customers. We focus on the integrity of our service and leverage on extensive use of technology in product development and service delivery.

These qualities set us apart from other insurance companies and have placed us on the path to a leadership position in the industry. We were the very first to introduce the mass market products where we have over one million customers; first company to offer both family and general Takaful insurance products in the market; first company to have an online platform that allows you manage transactions from end to end, among others. These are some of the values that makes us unique and set us apart from other companies.

 

Introduction

Over the past few years, Nigeria has witnessed a broad reform, which focused on deepening the market through creating incentives and favorable business environment for different sectors of the economy in general and the financial sector in particular.

It is true that the insurance industry like any other is intricately linked to the macroeconomic context within which it operates. However, more is required from the players in the industry to harness economic potential.

There is a renewed call for superior quality services that match global best practice, as well as developing innovative products that are customer focused from the insurers. Cornerstone Insurance is committed to playing a lead role in the transformation of the insurance business in Nigeria by doing things differently and doing different things within the confines of highly professional and ethical standards.

The aim is to consistently provide new bold values through need-based products and exceptional quality service to delight both our corporate and individual customers. For over twenty years, we have remained committed to these principles; the numerous awards and recognitions both within and outside Nigeria, bear testimony to the company’s distinctive value offering.

Cornerstone Insurance Plc was incorporated on July 26, 1991 as a private limited liability company and became a public limited liability company, quoted on the Nigerian Stock Exchange in 1997. The organisation was established to conduct insurance business in a professional, ethical and customer-focused manner. As part of its corporate brand strategy, the company implemented a re-branding exercise in 2008 to position Cornerstone as a leader in the industry, part of which was the unveiling of the new corporate identity for the company.

The company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses. The classes of Insurance business, we currently underwrite include: Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).

The company’s Authorised Share Capital and Market Capitalisation is N7.5 billion and N5 billion, while the Shareholders’ Funds is N10.5 billion as at December 2019. The total assets of the company are in excess of N29.3 billion.

Over the years, we have received many accolades in recognition of our high level of professionalism. These include; the Chartered Insurance Institute of Nigeria (CIIN) Merit Award (1995), Nigerian Insurers Association (NIA) Distinguished Insurer of the Year Award (1997), NAICOM Award for Design and Development of New Products (1999), The Nigerian Stock Exchange 25th President’s Merit Award in the Insurance Group (2002), The Nigerian CSR Award (SERAs) for Best Company in Partnership for Development (2013), LEAD Africa Award for Best Insurance Company in Risk Management (2013), Special recognition at the International Conference on Islamic Finance for Best Takaful Provider Company of the Year (2015), Nigerian Risk Awards for Best Insurance & Pension Services (2016), Africa Insurance Awards for Innovative Insurance Company (2016). Nigerian Technology Awards for Best Insurance Company website (2017).

 

Our Business Scope

Cornerstone Insurance provides qualitative and professional services in all classes of insurance business namely: General Insurance & Risk Management Solutions. Personal & Group Life Assurance Solutions. Deposit Administration & Investment Management Solutions.

General Insurance Business Life Assurance Business Fire Children Education Fund (CHEF) Accident Maximum Investment Plan (MIP) Motor Vehicle Foresight Personal Pension Plan (FPP) Marine Cornerstone Universal Policy Workmen’s Compensation Capital Builder Goods-In-Transit School Fees Plan Engineering All Risk Group Life Oil & Gas Funeral Plan Individual Gold Package Immediate Annuity Estate Insurance Keyman Policy Owner’s Occupier Liability Credit Life Assurance Building Liability Insurance Social Club Protection Plan Cornerstone Business Assured Cover Mortgage Protection Plan Gadget Protection Plan Term Assurance Combined Fire and Burglary Insurance Professional Indemnity Home Insurance Oga Boy.

Halal Takaful Nigeria Cornerstone Financial Services-IM—Family Takaful Plan LPO finance Takaful Group Scheme Contract Finance Takaful Education Plan Vehicle Lease Hajj and Umra Takaful Import Finance Halal Investment Plan Personal Loans General Takaful Products Motor Takaful.

 

Service Proposition

Our commitment is to deliver bold new values through need-based products and quality service, so as to give our customers the confidence to seize the future.

 

Reason to Believe

Service excellence is the hallmark of Cornerstone Insurance Plc and prompt claims settlement has become synonymous with our name. In the 2014 and 2015 financial years, Cornerstone Insurance Plc paid over N1.8 billion and N2.6 billion as various gross claims to our esteemed clients.

 

Strategic Partnership

In our bid to provide world-class products and services we leverage on our network to access proven expertise and competencies available in today’s globalised world. Because some risks require a broader approach involving international institutions, such partnerships expand the scope of capabilities we are able to offer to our clients. In that vein, we have engaged the following reputable re-insurers whose international spread gives us the assurance we need to underwrite your risks.

 

 

 

By Omobola Tolu-Kusimo

Anchor Insurance Company Limited was registered in June, 1989 and licensed by the National Insurance Commission (NAICOM) in October 1989 as a general business (non-life) insurance outfit. The company, thereupon, commenced business in November of the same year.

It started operations from its registered office in Uyo, the Akwa Ibom State capital and later, for strategic reasons, joined its fellow underwriting outfits in Lagos. Consequently, while the company has the Victoria Island office in Lagos as its Business Head Office, the Uyo office remains the organisation’s registered office. At the moment, Anchor Insurance Company Limited has expanded to not less than eighteen branch office networks located at strategic cities across the country.

The company has constantly been showing strength in timely claims administration, superior customer experience delivery, product innovation and yearly bottom-line performance. The company’s gross premium for 2020 went up to about N6.8 billion while its total assets during the same year was well above N13 billion. The Board of Directors is expected with proper details of the company’s positive performances during its Annual General Meeting (AGM) fixed for July 29, 2021.

As an organisation that foresaw the place of technology in driving business, Anchor Insurance Company Limited pioneered the use of digital technology in selling the Third-Party Motor Insurance and was the first insurance company to introduce the Loss of Employment Insurance Scheme in Nigeria.

In May, 2019, the nation’s insurance sector regulator, the National Insurance Commission (NAICOM) issued a circular to insurance companies on raising their capital base. Anchor Insurance Company Limited has since received a letter from NAICOM acknowledging the company has met its requirements for the first phase of the recapitalisation exercise. The company which is known for obeying regulatory rules has already gone far with plans and actions to successfully go through the final phase of the exercise. As it recapitalises, Anchor Insurance is not merging with any other organisation to keep its brand identity intact.

The Board of the company is composed of accomplished turn-around professionals from different business fields whose experiences have continued to ensure the organisation consistently puts its best foot forward. The Management Team which is headed by a young intelligent professional and sharp reference item in the Nigerian insurance business space comprises well-rounded and result-thirsting individuals from different lines whose passion for getting things right at first attempt has stood the company out as a phenomenon in the nation’s risk-bearing sector.

Having earlier been decorated with the Fastest Growing Insurance Company of the Year award, among others, Anchor Insurance Company Limited in 2020 added another belt to its ratings when it was honoured as the Insurance Company of the Year 2019 by Daily Independent newspapers. This was in recognition of the fresh breath the company has brought into people-friendly insurance products creation, risk management, claims administration, corporate governance matters and corporate social responsibility activities. These are developments which have engendered a positive conversation for the company and the nation’s insurance practice in general.

Anchor Insurance offers general insurance businesses, among which are Property Insurance, Engineering Insurance, Liability/Bonds Insurance, Marine Insurance, Group Personal Accident, Goods in Transit, Oil & Gas, Fire and Special Perils Insurance, Retail/Personal Line Insurance, Motor Insurance, Aviation Insurance, Loss of Employment Insurance Scheme, Agriculture Insurance and Travel Insurance, to list these few.

It maintains strong re-insurance and treaty arrangements and it is a member of international, regional and local insurance organisations such as African Insurance Organisation (AIO), West African Insurance Association (WAICA) and Nigerian Insurers Association (NIA).

All details about Anchor Insurance Company Limited, products and services, policy purchasing and claims processes are on its website: www.anchorinsuranceng.com. The Company can be reached on info@anchorinsuranceng.com, 014540100, 09060000763, 09060000764.