Job loss in recent time has become a major risk for employees and this has resulted to their fear of the unknown, thereby reducing their productivity.
But employees can now heave a sigh of relief, allay frustration and still able to meet their financial responsibilities should the job, eventually go as Anchor Insurance has developed a product called Anchor Loss of Employment Income Insurance Scheme.
This policy will pay pre-determined income for a given period to any policyholder who loses his/her job, having paid the required premium while payment of premium has been structured monthly, quarterly, bi-annual and yearly for convenience; hence employee can choose which one is suitable according to his disposable income.
Any employee on this scheme who suffers job loss will be indemnified for 24 months. This will enable the employee meet his financial obligations while actively searching for another job. Being the first insurance company to bring the product to Nigeria, our objective, among others, is to help the economy reduce the social ills and criminalities in our society which result from the job losses, the firm said, noting: “An idle hand is the devil’s workshop”.
On the part of the employee, the product will help to protect financial loss, prevent frustration and psychological breakdown and among many other things, regains employee decency after job loss.
The company has encouraged employee to take up this policy without delay as it is the only surest safety net, shock absorber that can cushion for the harsh effect of a sudden loss of job.
Anchor Insurance remains focused to its vision: “To be the most innovative and preferred General Business Insurance Provider in Nigeria”.
Living this vision was consolidated with the launch of its innovative retail product “Anchor Loss of Employment Income Scheme (AnchorLoEIS’’. AnchorLoEIS is the newest and latest solution to protect employment income, a safety net, shock absorber or cushion for the harsh effect of a sudden loss of job.
One of the products displayed during the Awareness Campaign was the Auto Easy Policy, which is the company’s brand name of the Compulsory third Party Motor Insurance Policy.
There are lots of fake insurance certificates being generated by touts and this is to the ignorance of the policy holders who falls prey, hence the campaign was meant to sensitise the public on how they can get genuine insurance policy and authenticate their certificate of insurance.
This authentication is provided for on the platform of the Nigeria Insurance Industry database (NIID) of the Nigeria Insurance Association (NIA). To check the genuineness of your Vehicle Insurance certificate, go to www.askniid.org.
Other products displayed ares Anchor Fire Insurance Protection Policy, Occupiers Liability Insurance, Professional Liability Insurance, Public and Product Liability Insurance, Personal Accident Insurance and a few others.
The company was established and licensed in October 1989 and started operations in November of the same year. It was established by the Government of Akwa Ibom State in the South of Nigeria as a state-owned Insurance Company underwriting General Business (Non-Life) and Special Risks classes of Insurance with its registered office at 7/13 Aka Road, Uyo, Akwa Ibom State.
The company attained the status of a composite insurance company in 1992 when it added life/pension class of insurance to its business portfolio. The regulatory body for insurance business in Nigeria; National InsuranceCommission (NAICOM) re-registered Anchor Insurance Company Limited in the status of a composite insurance company under the Registration Number RIC-072 in 1998.
In 2007, the share capital of the company increased to N3 billion in line with regulatory directives. Following the regulatory-induced recapitalisation and consolidation, the shareholders fund of the company was raised to over N3 billion, which placed the company, among the recapitalised insurance companies in Nigeria.
As at December 2016, the shareholders fund of the company stands at over N4.7 billion from the approved 2016 annual report and financial statement. The Management is made of a crop of seasoned and professional insurance practitioners with diverse experience in reinsurance, underwriting, banking and finance, loss adjusting, accounting, marketing, legal and auditing expert; this has seen the company grows in leaps and bounds.
A vibrant Non-Life insurance underwriting firm with the total Assets of over N5.7 billion, Anchor Insurance has been fulfilling its obligations to its numerous clients through prompt settlement of claims. Between 2014 and 2017, the company paid over N1.8 billion in settlement of claims across different insurance policies ranging from fire, motor vehicle, oil & gas, Aviation to flood damage, theft, group personal accident, defaults on performance bonds and motor accidents.