Anchor Insurance Overcomes Setbacks, Grows GPW by 54%

Ebere Nwoji

Underwriting firm, Anchor Insurance Company Limited, said it has overcome setbacks brought about by the Covid-19 pandemic as it posted gross written premium of N10.4bn in the financial year ended December 31 2021 as against N6.8 billion achieved in 2020.

This indicates a 54.43 performance in 2021 over the results of 2020.

Disclosing this at the company’s annual general meeting in Lagos recently, Chairman of the company, Dr. Elijah Akpan, stated that 2021 was generally acknowledged as a year of recovery for businesses.

Akpan said: “2021 was generally acknowledged as a year of recovery for businesses, having suffered gross drawbacks following the lockdowns that greeted the global health pandemic in 2020. Despite the challenges businesses faced while trying to regain their full feet, we came out of the year with a gross written premium of N10.4bn as against the N6.8bn achieved in 2020. This indicates a 54.43 percent performance over the results of 2020.”

Also speaking, Managing Director/CEO of the company, Mr. Ebose Augustine said that regular claims payment has always set the company apart from others.

“We held on to our avowed regular claims payment policy which has continued to set us apart in the competition. We paid a total sum of N997.42m as claims to genuine affected policyholders as against the N1.29bn response in 2020. This shows a 22.62 percent positive drop in claims paid. This positive claims management was a direct result of the improvement the claims team has continued to make. The team’s thorough investigations and assessments have severally saved the Company from incurring fraudulent claims.

“We would have surpassed the above income generated if premiums for most businesses (mainly in the public and financial sectors) we had concluded were paid.”