Insurance

Anchor Insurance launches unique travel, agricultural products

From left: Egboboh Nelson, Head, Brand and Corporate Communications, Ms. Koyenikan Olubukola, Head, Enterprise Risk Management, Adebisi Ikuomola, Executive Director, Technical, Ebose Augustine, MD/CEO, Olajide Fasanmi, GM, Business Development, Mr. Ime Umoh, Company Secretary/Legal Adviser and Bayo Mustapha, Controller , Business Development, all of Anchor Insurance Company at the event in Lagos.

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Chuks Udo Okonta

Anchor Insurance Limited has launched travel and agricultural products targeted at deepen insurance penetration in the country.

The Managing Director of the frontline underwriting firm, Ebose Augustine, who unveiled the products today at a press conference in Lagos, noted that the approval of the products by the National Insurance Commission (NAICOM) provides opportunities for the firm to extend its well known passionate service difference and finesse to drive them for the maximum comfort of its potential customers, stressing also that for about 30 years that the underwriting firm has been in operations, it has been known for remarkable excellent delivery of services to its teeming customers.

“As we officially launch these products today, let me, at the same time assure all potential customers of a seamless claims process which we are acclaimed for. We do not tell stories when genuine claims are reported to us. We assure you of the very best of service as you invest in our policies,” he said.

He noted that the travel insurance product which is running under an agreement with MAPFRE ASISTENCIA, based in Spain, comes with different features and benefits. According to him, it comes with a family plan which ensures that children between three months and 18 years traveling with their parents only pay half of the premium rate being charged.

From left: Head, Brand and Corporate Communications, Anchor Insurance Company Limited, Egboboh Nelson; Executive Director, Technical, Adebisi Ikuomola; Managing Director/Chief Executive Officer, Ebose Augustine and General Manager Business Development, Olajide Fasanmi at the event.

“It further comes with premium discount package for group subscriptions. The group is expected to have a minimum of 10 persons. The discounts range from 5 per cent to 25 per cent according to the number of persons that make up the group.

“However, because of perceived risks associated with certain categories of age, the policy comes with variations in the premium charged to persons aged between 66 and 75 years, 76 and 80years and 81 years old where only the Schengen policy is available.
The policy comes with three travel protection plans: Schengen, Worldwide and Worldwide 1,” he said.

On the benefits offered by the product, he noted that they include, among others: Medical emergency assistance which includes medical expenses and hospitalization abroad, emergency medical evacuation, repatriation of family member traveling with the insured, emergency return home following death of close relative, repatriation of mortal remains. Personal assistance benefits which include legal assistance, pre-departure services, abroad information assistance about lost luggage and passport, delivery of medicines. Losses and delays benefits which include loss of passport, driving licence, national identity card abroad, compensation for in-flight loss of checked-in baggage, compensation for delay in the arrival of luggage, delayed departure.

Other benefits according to him are; Personal accident benefits which include accidental death, permanent disability and Civil liability benefits.

He posited that the policy offers a maximum of 92 consecutive days abroad per trip, adding that an annual cover for non-consecutive trips is also for a period not exceeding 92 consecutive days.

Augustine maintained that there are special eligibility conditions to be part of this policy, which includes the following class of persons cannot be part: Anyone intending to travel for more than 92 consecutive days; persons of less than 3 months of age; persons aged from 81 years old, except in case a specific plan including such cover for persons aged from 81 years is contracted; those who have initiated or embarked on the trip prior to the insurance underwriting; insured traveling for work reasons (paid or otherwise), undertaking physical or manual hazardous activities such as driving vehicles, use of machinery, loading and unloading, working at heights or in confined spaces, assembly of machinery, working on floating or underwater platforms, mines or quarries, use of chemical substances, laboratory work of any kind and any other hazardous activities.

He said children shall receive as special considerations, a maximum of 10 per cent of the total individual compensation settled in the plan selected of the policy for the specific cover of personal accident and up to a maximum of 10,000 USD under accidental death.

He said the firm got NAICOM’s approval for four Agriculture Insurance products, which are; Multi-peril Crop Insurance which covers against the risk of fire, lightening, pest/diseases, drought, flood, windstorm and aircraft. This policy covers damage for all cash and arable crops.

Fishery Insurance that takes care of risks of death of the fish as a result of diseases and collapse of the pond.

Poultry Insurance which is essentially against the death of birds as a result of accident, diseases, fire, flood and windstorm.

Livestock Insurance which insures against the death of animals due to accident, pest/diseases, fire.

The Anchor boss posited that the policies and other existing ones can be assessed online by logging on to the firm’s website or through its marketers at its offices across major cities in Nigeria.

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