Agents can drive microinsurance, says Anchor boss

The Managing Director, Anchor Insurance Company Limited, Mr. Ademayowa Adeduro, has said that insurance agents are relevant channels that can take microinsurance to the grass roots.

He said this during a get together party of the company, where the firm rewarded its outstanding agents and employees with gifts in Lagos.

“The agents are in a best position to sell insurance because people come to them like the artisans and motorcyclists who have to pick up insurance at low premium and they can sustain their business,” he said.

He said the annual event was part of its visions for insurance penetration in Nigeria to sell insurance to every Nigerian, adding that this sector was an area of growth for the country.

Adeduro worried that many industries were closing instead of new ones coming up while many house collapses were still been recorded.

According to him, insurance has a cogent role to play in boosting economic activities in the country.

The managing director said the company had been able to sustain a rewarding relationship with the agents, adding that this group contributed about 23 per cent to its gross premium and 40 per cent to its profitability.

He noted that the company still remained a major player in oil and gas business and was underwriting major risks in the country.

The insurer said the 2016 budget of the country was a promising one for insurance sector because it would play relevant roles in the capital and recurrent expenditures.

He also observed that the insurance regulator was enlightening the MDAs on the need to have insurance desks and do their insurances well.

Adeduro disclosed that the firm obtained licence for microinsurance last year and had done recruitment to develop it.