Anchor Insurance pays out N44m claims in 3-days

Anchor Insurance Company Limited has demonstrated the need for business and individuals to have appropriate insurance policies that mitigate the impact of losses and ensure business continuity.   Insurers were also encouraged to provide adequate advice to their clients in relation to providing these appropriate insurance policies.

Mayowa Adeduro, Managing Director/CEO made this known at the presentation of a cheque of N44 million to one of the company’s clients, G. U. Okeke & Sons Ltd. who recently had four of its luxurious buses valued at about N200 million gutted by fire as a result of fire outbreak from a tanker discharging fuel into the insured generator within his premises.

The payment of N44 million represented Anchor Insurance 25 percent proportion of the claim and was presented to the Client’s broker, Fidelity Union Security Limited (FUSL) at her Victoria Island office.

The Managing Director of Anchor Insurance, Mayowa Adeduro while presenting the cheque to the Broker emphasized that, the company desired business continuity without interruption to its customers, hence the need to place priority on prompt claims payment.  The payment which was made in less than 3 days after receipt of discharge voucher sets a new record in Nigeria insurance industry.

While receiving the cheque on behalf of the customer, FUSL management appreciated the company for the prompt settlement of their 25 percent proportion of the claim while stating that Anchor Insurance happened to be first insurer to make payment in the consortium of insurers handling the policy. They said, this has no doubt proved that the company takes prompt payment of claims a priority and core to its underwriting business.

“ This gesture will also go a long way in improving the business relationship between the client, the broker and Anchor Insurance.”