June 17, 2024
Insurance: A Pandemic Wake-Up Call

Insurance: A Pandemic Wake-Up Call

Insurance: A Pandemic Wake-Up Call

In a recent interview with Plus TV Africa’s ‘News in Pidgin’ programme, Mr. Ebose Augustine Osegha, the Managing Director/Chief Executive Officer of Anchor Insurance Company Limited, had some eye-opening insights to share about the importance of insurance in light of the COVID-19 pandemic.

Embracing Insurance in the Age of COVID-19

Mr. Osegha emphasized that COVID-19 has been a wake-up call for everyone to realize the critical role insurance plays in mitigating risks. He humorously remarked that even those who used to think of insurance as a “yahoo yahoo business” are now seeing its value. Well, talk about a plot twist.

Government, Are You Listening?

Expressing his frustration with the lack of insurance and welfare packages for workers, Mr. Osegha called out governments, particularly at the state level, for their nonchalant attitude. He jokingly suggested that they should take notes from this pandemic experience and start providing the necessary insurance covers for their workforce. After all, a little insurance goes a long way in keeping both businesses and individuals afloat during tough times.

The Business Community’s Change of Heart

Even the business community, according to Mr. Osegha, has had a change of heart. Before COVID-19, many businesses didn’t bother with interruption covers or loss of employment insurance. Now, they’re singing a different tune, realizing that these policies could have saved them from some serious headaches. It’s like learning to appreciate umbrellas only after getting soaked in the rain.

Claims, Claims Everywhere

Mr. Osegha acknowledged the surge in insurance claims due to the pandemic but assured that the sector is holding its own, thanks to robust reinsurance plans and insurance reserves. It’s a bit like playing a game of financial Jenga – as long as the blocks (or reserves) hold steady, the tower stays up.

Adapting to the New Normal

In true adapt-or-perish fashion, insurance companies like Anchor Insurance are tightening their belts and reallocating resources to meet the demands of the pandemic era. Suddenly, IT budgets are ballooning, face masks and hand sanitizers are the new essentials, and there’s a fleet of cars to keep employees socially distanced and healthy. Who knew insurance could also be in the transportation business?

In conclusion, Mr. Osegha’s insights serve as a reminder that in the unpredictable seas of life, insurance is the life jacket we all need. So, let’s buckle up, stay insured, and weather the storm together.

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