Anchor Insurance secures NAICOM’s approval to underwrite micro insurance

Yemisi Izuora

fola daniel

The Managing Director/CEO of Anchor Insurance Plc Mr. Mayowa Adeduro said the company has received approval from the National Insurance Commission’s (NAICOM) to commence transaction for Micro insurance business in the country.

He said that the company also received approval to underwrite loss of employment income insurance and noted that with the two approvals, agents of the company now have opportunity to sell other products of the company, thereby meeting the needs of the insuring public.

He noted that there are about six compulsory insurances in Nigeria which give opportunities to agents to generate more money for themselves, company and the industry in general.

On performance of the company and agents in 2014, he said as at 2013 the company had less than fifteen branches but as at December 2014 the company’s branch network has risen to twenty three.

Adeduro also said that agents’ contribution to the company’s income as at the end of December 2014 was 1/3 as against the 10 percent they contributed in 2013, adding that the contributions of the agents was significant to the company’s growth.

On human capital development, he said that the company this January had shortlisted ten agents for special training within the country to further develop them in the business of insurance.

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