Insurers can earn N50bn from retail products – Anchor boss

By Nike Popoola

Monday, 18 Oct 2010

The Managing Director, Anchor Insurance Company Limited, Mr. Ademayowa Adeduro, has said that the industry can earn N50bn from the retail market, if the market is well developed.

He said this while speaking during a press conference on the company‘s upcoming brokers‘ event in Lagos.

Adeduro, who noted that the retail segment of the market was still largely untapped, said, ”With proper enforcement of the compulsory insurance policies and adequate development of the retail end of the market, the industry can earn N50bn premium from the sector.”

While stressing the relevance of the statutory policies, he said that they will help to had value to individuals and minimise losses in the economy.

He said, ”There is the need to enhance the level of insurance awareness in the country. We, in Anchor, are not waiting for the enforcement of the policies before we sell out products; we are maximizing the opportunities in the market.”

Adeduro observed that as the country was passing through reforms in the financial system, the insurance sector had continued to remain stable, compared to the banking sector.

He said that the National Insurance Commission had been very aggressive in reviewing the books of the insurance companies, while ensuring regulations towards maintaining stability in the sector.

Speaking on the upcoming brokers‘ event, Adeduro said it had become relevant for the company to organise the forum, as it will create an avenue for Anchor Insurance to interact with brokers to share ideas. According to him, this will help the company to enhance its services to its policy owners, produce innovative products and continue to add value to the society.

He noted that the Anchor brand had continued to grow its share in the sector, adding that it was building its capacity in the oil and gas business to become a better player in the sector.

He said that since the inauguration of the firm, the company had paid claims in excess of N1bn to its claimants.

Source: Punch

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