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Anchor Insurance to Launch Loss of Employment Scheme

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Anchor Insurance

Anchor Insurance Limited, one of the licenced non- life insurance underwriting firms, said it was set to launch its latest investment related product- Anchor Loss of Employment Insurance Scheme( LoIES).

The company at a recent Pre- annual general meeting (AGM) media briefing in Lagos, said the product, which is targeted at cushioning the obvious effect of the current economic recession in the country that culminated in loss of jobs by many Nigerians, has already been approved by the National Insurance Commission ( NAICOM).

Managing Director, Anchor Insurance, MayowaAdeduro, explaining the relevance of the product to Nigerian employees in both public and private sector, said:” LoIES is a product designed and approved by NAICOM to meet the yearnings of insuring public for innovation to address contemporary challenges of working class in the event of loss of job. This product guarantees a maximum 24-month salary payment after job loss.”

Adeduro urged Nigerian employees to imbibe savings culture irrespective of their pay package bearing in mind that loss of job is a daily occurrence in Nigeria and families, stand the risk of suffering because of loss of job by the breadwinner.

He assured them that with LoIES scheme income could be guaranteed after loss of job while their employment income is protected against accidental loss of job.

He said eligible participants in the scheme are Nigerians working as employee of a rated company and industry, permanent employee in a qualified occupation and those earning a minimum salary as prescribed by the scheme from time to time.

He listed benefits of the scheme as 100 per cent of the insured salary for the first six months,75 per cent of his or her monthly salary for the next six months, 50 per cent of his or her monthly salary for six months and 25 per cent of his or her monthly salary for six months.

He also said the insured in the scheme, in addition to the above is entitled to other benefit of being provided with a shortfall of his existing insured income in event of a new salary lower than the existing insured income to place him in his original income status.

Announcing his company’s financial performance for the year ended December 31, 2015, Adeduro, said Anchor Insurance, grew its gross premium income by 23 percent.

According to him, the company’s total assets showed a growth of seven per cent with N5.4 billion recorded in 2015 compared to N5.0 billion recorded in 2014.

He said average gross premium growth for five years stood at 21.4 per cent while the company’s total claim for the year increased by 85 per cent from N273 million to N505 million in 2015.

He said Anchor Insurance was poised to remain committed to claims payment, adding that in the past five years, the company had paid a total of N1.43 billion as claims..

“The company managed its level of activities during the year as its net premium income increased from N1.630 billion in 2014 to N1.842 billion in 2015 representing an increase of 13 percent,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

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Crude Oil Pulled Back Despite Joe Biden Stimulus

Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.

Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.

On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.

OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”

Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.

The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.

But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.

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Crude Oil

OPEC Says Uncertainties Remain High in 2021

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OPEC Says Uncertainties Remain High in 2021

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday said global uncertainties remained high going forward in 2021 but kept its oil demand forecast unchanged.

In the cartel’s latest oil outlook for 2021, oil demand is expected to increase by 5.9 million barrels per day year on year to 95.9 million barrels per day. The prediction was unchanged from December’s assessment.

However, OPEC and allies, said: “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.

Crude oil rose to $57 per barrel this week after incoming US President Joe Biden announced it would inject $1.9 trillion stimulus into the world’s largest economy.

But the recent rally in the commodity and stimulus announcement is expected to boost US crude oil output and disrupt OPEC+ production cuts strategy for the year.

The 2021 supply outlook is now slightly more optimistic for U.S. shale with oil prices increasing, and output is expected to recover more in the second half of 2021,” OPEC said.

Still, OPEC, in its forecast “assumes a healthy recovery in economic activities including industrial production, an improving labour market and higher vehicle sales than in 2020.”

“Accordingly, oil demand is anticipated to rise steadily this year supported primarily by transportation and industrial fuels,” the group said.

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Brent Crude Oil Rose to $56.25 Per Barrel

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Brent Crude Oil Rose to $56.25 Per Barrel

Oil price surged following the declaration of Joe Biden as the President-elect of the United States of America last week after Trump’s mob invaded Capitol to disrupt a joint Senate session.

Also, the large drop in US crude inventories helped support crude oil price to over 11 months despite the second wave of COVID-19 crushing the world from Asia to Europe to America.

Brent crude oil, against which Nigerian Crude oil is priced, rose to $56.25 per barrel on Friday before pulling back to $55.422 per barrel on Monday during the London trading session.

Experts attributed the pullback to the rising number of COVID-19 cases in Asia with about 11 million people already locked down in Hebei province in China.

Covid hot spots flaring again in Asia, with 11 million people (in) lockdowns in China Hebei province… along with a touch of FED policy uncertainty has triggered some profit taking out of the gates this morning,” Stephen Innes, chief global market strategist at Axi, said in a note on Monday.

China, the world’s largest importer of crude oil, has joined the United Kingdom and others declaring full or partial lockdown to curb the second wave of COVID-19.

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