Anchor Insurance to Launch Loss of Employment Scheme

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.