Anchor Insurance increases its portfolio with two new products

Nigerian underwriter, Anchor Insurance Company Limited, in a bid to deepen its product bouquet, has launched the Anchor Travel Insurance and Anchor Agriculture Insurance, two new products targeted at the travel and tourism and agriculture segments of the market.

Managing Director/Chief Executive Officer of the company, Mr. Augustine Osegha Ebose, speaking during a media launch in Lagos, said the products were introduced after a survey of the market which identified gaps in the aforementioned market segments.

The two products have been approved by the industry regulator, the National Insurance Commission (NAICOM).

The Anchor Travel Insurance, Ebose stated, is being run under an agreement with MAPFRE ASISTENCIA, a Spain outfit, and comes with different features and benefits to address specific needs.

“It comes with a family plan, which ensures that children between three months and 18 years travelling with their parents only pay half of the premium rate being charged. It further comes with premium discount package for group subscriptions,” he said.

The group is expected to have a minimum of 10 persons. The discounts range from five percent to 25 percent, according to the number of persons that make up the group.

“There are several unique benefits the product offers. They include: medical emergency assistance which includes medical expenses and hospitalization abroad, emergency medical evacuation, repatriation of family member travelling 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, as well as delivery of medicines,” Ebose said.

Other features, he added, include “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, as well as delayed departure. Also, personal accident benefits which include accidental death, permanent disability as well as civil liability benefits.”

He further stated that the company has received NAICOM’s approval on four Agriculture Insurance products, which includes multi-peril crop insurance that covers against the risk of fire, lightening, pest/diseases, drought, flood, windstorm and aircraft. This policy covers damage for all cash and arable crops.

“It also includes 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,” he added.

With over 30 years in the insurance business, Ebose said the company is well primed to continue to deliver remarkable and excellent services to its clientele.