• Tuesday, July 16, 2024
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BusinessDay

‘Insurance will help government investment in transportation, power’

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Government’s desire to transform the nation’s infrastructure with new investments will be largely supported if there is deliberate effort to transfer associated risk to insurance companies, whose key responsibility is risk management, Sunday Thomas, director general, Nigerian Insurers Association, said.

Thomas said the Nigerian insurance industry has a key role to play in contributing to the nation’s economic growth as a risk transfer and management mechanism, growth driver for other sectors of the economy and a huge potential for direct and indirect labour employment.

Speaking at the 25th anniversary lecture of Anchor Insurance plc held in Uyo, Akwa Ibom State, with the theme, “Sustaining infrastructural development and transformation initiatives of the nation through insurance” took cognisance of hundreds of billions of dollars that were spent every year for improving transportation, power, ports and terminals, and energy capabilities and need to protect these huge investments through the risk management.

“It is a provider of long-term capital investment needed for infrastructure projects which will help drive a competitive, healthy and robust national economy,” he said.

The NIA boss said the potential of insurance as a mechanism for sustaining infrastructural development and transformation initiatives of the nation is huge.

Mayowa Adeduro, the managing director, said Anchor Insurance will continue to see its customers and clients as reason for being in business and ensure that all stakeholders enjoyed a pleasant experience doing business with it.

Anchor Insurance during the anniversary rewarded its long-serving staff and former CEOs, describing their contributions as immense towards the survival and stability of the company.

A statement from the company said this was part of activities to celebrate its 25th anniversary which took place in Uyo, Akwa Ibom State.

“Past chairmen and past chief executives of the company were awarded and recognised for their dedication and selfless services they have rendered over the years since the establishment of the company,” the firm stated.

The firm also recognised employees that had served the company for over 10 years and above with awards and various gift items.

It said there was an inspection of the company’s building projects in Uyo, which included the upgrading and face-lifting of its existing registered office and the ongoing construction of a multipurpose six floor complex on a 1,500 square-metre piece of land in a commercial high rise location in the state capital of Akwa Ibom.

It said it plans to let out more floors in these buildings to boost its income from investment properties.

Anchor stated that as part of its activities, it presented prizes to the winners of its  25th anniversary essay competition for secondary schools.

“The Winner, Saviour Okon Paul from State College, Ikot Ekpene went home with a cash prize while the school was presented with three desktop computers, exercise books and insurance text books. While other schools including Uyo High School and Government Secondary School also won prices.

Anchor Insurance was established and licensed in October 1989 and started operations in November of the same.

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