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Published On: Thu, Jan 30th, 2020

Anchor Insurance settles N1.3bn claims in 2019

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By Our Correspondent

Anchor Insurance Company Limited has paid claims worth N1.3 billion in 2019 financial year.
The Managing Director/Chief Executive Officer, Ebose Augustine who disclosed this in an interactive session with journalists in Lagos noted that the firm has automated its claims system making it possible for claimants to access their claims without coming to the firm.
He expressed the firm’s optimism to generate N10 billion premium income this year.
He noted that the firm grew its premium income to N5 billion in 2019, stressing that to achieve the set target for 2020, the firm has concluded plans to increase its branch network across the country; leverage the use of technology to sell its products and improve on its agency system to reach esteemed customers.
According to him, the firm is poised to play big post recapitalisation. He added that the company has so far achieved about 85 per cent of the new minimum capital required to remain afloat post recapitalisation.
He noted that Akwa Ibom State Government which own 61 per cent stake in the company has through right issues, injected N9.6 billion to the firm, stressing that the company hopes to raise its capital to N11.6 billion post recapitalization.
According to him, the firm has marshaled plans on how to deploy its post recapitalisation funds to enable it remain top in the sphere of underwriting business.

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