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Anchor Insurance unveils product for flight delays, loss of baggage, others

Anchor Insurance gross premium up 25.9% to N13bn

Underwriting firm, Anchor Insurance Company Limited has launched a new product that pays local airline passengers for flight delays, damage or loss of baggage, injury on board aircraft, permanent disabilities among others.

Announcing the birth of the new product during a press conference in Lagos, Augustine Osegha Ebose, managing director/CEO, Anchor Insurance said 32 years of existence of the company has been remarkable for excellent delivery of services to its teeming customers.

Ebose said the main purpose of the ‘Local Passengers’ Flight Welfare Scheme’, which is essentially a single product, is to meet up passenger legal liabilities, and compensate for losses encountered by passengers including baggage delay, mishandled baggage and loss of baggage.

It is also to provide financial benefits for the harm done to the health and life of the insured person or to compensate for lost wages during temporary or permanent disability as a result of unexpected and short-term external factors or unforeseen circumstances, for example, accidents.

Having received regulatory approval of the National Insurance Commission (NAICOM), Ebose said this is milestone in the history of the company.

“The benefits of the product he said begins from the time of announcement of boarding to the point of the passenger taking his, her luggage at the destination airport. Any affected passenger shall be entitled to financial lump sum payment to the passenger’s named beneficiary upon the occurrence of fatality or death of a passenger as a result of an accident.”

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Other benefits include: term payments to the passenger for injury sustained leading to disability as a result of accident occurring while boarding or on board the aircraft; term payments to passenger for injury sustained leading to temporary loss of capacity to labour, as a result of accident occurring while boarding or on board the aircraft; as well as medical expenses of up to N50, 000.00 for passengers who suffer any injury as a result of an accident occurring while boarding or onboard the aircraft.

On claims process for the product, the CEO said payment would be made between 3-5 working days upon complete documentation of the Claim.

“As we officially launch this product today, let me, at the same time; reassure all potential customers of a seamless claims process which we are acclaimed for. We do not tell stories when genuine claims are reported to us. We assure you of the very best of service as you invest in our policies.”

Alfred Daudu, CEO FSL Insurance Brokers and Richard Ododo, managing director, 360 Global, both partners of the company applauded the integrity of Anchor Insurance in meeting claims obligations as and when due.

Daudu said: “Anchor Insurance is a reliable underwriting company I am very proud to work with, as they never looked for reason to deny claims, but instead looks for reason to make their customer happy.”

Ododo in the other hand, Anchor Insurance pay serious attention to risk management, and has always ensured that customers to not suffer undue losses in the course of their business.