Anchor Insurance Company Limited said it has paid N22.7m to Ogun State Property Investment Corporation to indemnify the organisation for damages it suffered because of storm and heavy wind that destroyed parts of the building in Abeokuta, Ogun State.
The Managing Director, Anchor Insurance, Mr. Ademayowa Adeduro, appreciated the management of the corporation for doing the right thing by taking insurance as a priority in its financial planning, and ensuring prompt premium payment.
“It is not in the culture of Anchor Insurance to display claims payment. It is, however, necessary to show that when people cultivate the culture of insurance, such as was displayed by OPIC management, it is important and expedient to let others learn from such experiences so as to reinstall the confidence of insurance in the insuring public and government at large,” he said.
According to him, this shows that OPIC has a good and robust financial planning management in place that can sustain the investment of the state government.
Adeduro also said Anchor Insurance had paid claims of this nature in excess of N250m to governments at different levels and other parastatals.
He said the claims payment had improved budget performance and revenue generation of the affected insured.
He said insurance was the only financial cushion that could sustain a business entity, the nation and the economy at large.
He added that Ogun State government would have dipped its hand into the state treasury to renovate the building if it had not cultivated the culture of insurance.