Insurance

Insurers should be wary of natural disaster in 2020 – Anchor insurance MD

Ebose

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Chuks Udo Okonta

The Managing Director/Chief Executive Officer, Anchor Insurance limited, Ebose Augustine, has called on his fellow underwriters to be wary of risks that my arise from natural disaster as they do their business this year.

He gave the admonition during an interaction with journalists yesterday in Lagos, stressing that climate change, now poses a great threat to both human and business.

He posited that risks associated with flood has in recent time gone up, which makes it necessary for underwriters to properly price their risks and examine risks before underwriting them.

The Anchor Insurance boss said the firm paid N1.3 billion claims in 2019, stating that the firm has automated its claims system making it possible for claimants to access their claims without coming to the firm.

According to data obtained from the Nigerian Insurers Association (NIA) insurers paid N18.96 billion claims on fire, flood and other special perils in 2018.

A breakdown of the claims reviewed that claimants in Lagos got N16.86 billion; those in Rivers got N664.28 million, those in Abuja, N355.87 and more.

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