AM Best has confirmed East Africa Reinsurance Company’s (EARe) financial strength rating of “B” and long-term credit rating of “bb+”. The outlook for these two ratings is stable.
The rating reflects EARe’s strong balance sheet, adequate operational performance and enterprise risk management. The balance sheet’s strength is assessed by its high level of risk-adjusted capitalization.
In 2019, the Kenyan reinsurer recorded a turnover of 46.5 million USD. The combined ratio was set at 96.5%. The return on equity (ROE) for 2015-2019 amounted to 14.3%.
East Africa Reinsurance Company was incorporated in 1993 and commenced operations on 1st January of 1995. The company was formed through a joint initiative of local insurance companies in Kenya and the International Finance Corporation (IFC), the private sector arm of the World Bank.
Lloyd’s has launched a new product called “Parametrix Insurance”. The coverage relies on a parametric trigger to protect SMBs from IT disruptions or downtime.
Lloyd’s launches a parametric policy
LloydDue to the increased risk of business interruption in small and medium-sized enterprises (SMEs),
The offer is led by Tokio Marine Kiln and supported by members of Lloyd’s Product Innovation Facility. The parametric trigger automatically provides compensations if a customer’s critical IT services are disrupted. It can be applied on the Cloud, E-Commerce or other payment systems. Consequently, the policy reduces the time insurers spend assessing a loss or adjusting a claim.
It removes the traditional indemnity trigger used by most policies and instead relies on parametric triggers that automatically pay out if a customer’s critical IT services are disrupted.
This could apply to services such as cloud, e-commerce or payment systems, Lloyd’s suggested, with the aim being to significantly reduce the time insurers spend assessing a loss or adjusting a claim.
Out of a total of 92,591candididates that took the 2020 National Common Entrance Examination across the country on Saturday, only 30,000 candidates out of the figure would be offered admission in its 104 Colleges, the Federal Government has said.
The Minister of Education, Mallam Adamu Adamu, and Permanent Secretary, Sonny Echono, stated these in Abuja while monitoring the conduct of the examination.
The 30,000 out of 92,591 represents a ratio of about one out of three candidates.
They were accompanied by the Registrar and Chief Executive Officer of National Examination Council, Prof. Godwill Obioma.
Adamu said that the examination results would be released as quickly as possible to enable the successful candidates to prepare for resumption early next year.
Echono said COVID-19 pandemic did disturb candidates from coming out in their number saying that 75,000 candidates registered for the exams in 2019
The Nigerian Council of Registered Insurance Brokers (NCRIB) said the broking arm is more determined to increasing insurance awareness and senstitisation exercise to deepen insurance industry penetration in the country.
NCRIB President, Mrs. Bola Onigbogi, while she paid audience to Naipco executives during a coutesy call on the Secretariat, promised to work with NAIPCO to increase insurance acceptance as well as its contribution to the nation’s Gross Domestic Product(GDP).
According to her, “A lot of Nigerians are still ignorant of what values insurance can bring to their respective lives, while some still habour the misconception that insurance companies don’t pay claims, hence, the need to drive awareness and education from the media perspective to change this narrative”
She noted that the media is critical and an important stakeholder in the journey to develop the insurance segment of the nation’s economy.
She urged Naipco members to be positive in reporting as the death of the industry will also negatively reflect on the reporters covering the sector while expressing appreciation of the drive of Journalists to educate Nigerians through their informed write-ups and news reporting,
She promised that the council will continue to support the association in its plans to grow and develop the sector.
Lending his voice, vice-president, NCRIB, Mr. Tunde Oguntade, said, the relationship between the council and the media, especially, insurance correspondents, has always been positive, promising to extend such gesture to the current executives of NAIPCO, so that, together, they can grow the industry.
“We have had a cordial relationship with your predecessors and the current executives at NCRIB are ever ready to support you to succeed in all your plans. We need to positively project the industry and we, the brokers, are already doing that through our several initiatives,” he pointed out.
Moreover, the executive secretary, NCRIB, Mr. Fatai Adegbenro, said both the media and the council are critical stakeholders and must together work to grow the industry.
He affirmed that Insurance drives the economy in advanced countries, stating that, this is a point Nigeria must aspire to be, through increased contribution to the nation’s GDP.
“We are all stakeholders in the industry and the public tends to believe anything that comes from the media, hence, the need to throw caution, so as not to feed the public with lies or hearsay. The role of journalists is to inform and we must give the right information to the people yearning for information.”
Earlier, the president, NAIPCO, Mr. Chuks Udo Okonta, said, his administration is embarking on developmental journalism, which involves providing critical answers to issues affecting the insurance industry.
The motive of this style of journalism, he stressed, is to grow the sector through increased searchlights on the operations of Insurance companies, brokers and other players to ensure that they are playing their respective roles effectively.
On Company Profiling, a product of the current administration, he said, the association will profile the management, claims or/and product of an underwriting firm, write about it in the most subtle language and human angle perspective to ensure the public truly understands the operations of insurance companies in the country.
Geoffrey Onyeama: Nigerian Minister of Foreign Affairs
By Favour Nnabugwu
The Nigeria Union of Traders Association in Ghana (NUTAG), has carried out a peaceful protest over Ghanaian authorities’ refusal to open over 1,000 shops owned by Nigerians in that country.
The President of NUTAG, Mr Chukwuemeka Nnaji stated that Ghanaian authorities’ refused to open their shops since 2019.
An inter-ministerial task force on August 10 identified shops owned by Nigerian traders and requested for registration of business taxes, resident permit, standard control and Ghana Investment Promotion Council (GIPC) registration as prerequisite for reopening their businesses.
The Ghanaian Ministry of Trades has insisted that Nigerian businesses wishing to trade in the country must pay the $1 million stipulated in the Ghana Investment Promotion Centre, (GIPC) Act or risk being thrown out of the country.
He noted that the Ghanaian authorities’ refusal to open the traders’ shops despite several meetings between top officials of both governments of Nigeria and Ghana.
Nnaji who left a protestsaid the action was to press the Ghanaian authorities to open shops owned by Nigerians living in Ghana, to enable them tackle economic challenges amid COVID-19.
According to him, “The shops owned by Nigerians under lock and key since past one year should be opened to enable the traders return to normal businesses, urging the Nigerian central overnment to evacuate them.”
He said, “I am in talks in with my leader, Mr Ken Okoha, National President of Nigerian Traders, and he has assured us that he will take our case up to the highest level in Nigeria.”
“In fact, plans are on for him to move to institutions that are related to trade; I have known him for five years now and I know what he is able to do.
“I am rest assured that the leadership of Nigerian traders are working towards achieving this goal; some of you, who still have funds, should also continue to help other traders.
“Be law abiding citizens, COVID-19 is still on and lots of businesses are affected; many of us are living from hand to mouth due to the downturn.
“If you do not have anything to do, stay at home; rest assured that at the end of October, if we are not evacuated, we will keep ourselves at the border.”
Receiving the traders, Mrs Easter Arewa, Charge de Affair of Nigeria High Commission in Ghana, said that government would remain committed to protecting Nigeria citizens.
Arewa assured that the two governments will meet and find a lasting solution to the crisis
According to her, “The letter by Nigerian traders has been well received and their message will be conveyed to the highest authority.”
“Government is not resting on your case; it is because of you Mr Femi Gbajabiamila, Speaker of House of Representatives, came to Ghana.
“Likewise, Vice President Yemi Osinbajo was here. In spite of his busy schedule, he came here and met with the leadership of NUTAG. He promised to continue with the cause on his return to Abuja.
“He has not failed; very soon your situation will be addressed because a hungry man is an angry man. It is not nice to hear that in a brotherly country as Ghana, you are being treated like this.
“We have Ghanaians in Nigeria too and they are treated as brothers, so do not worry. It is a government-to-government dialogue.
“I believe, very soon, we will get to the end of this matter and we will all be at peace.
President Muhammadu Buhari will be commissioning the Lagos-Ibadan rail-line in January 2021.
Minister of Transport, Mr Chibuikem Amaechi made this known during an inspection tour of the ongoing construction of the standard gauge in Lagos-Ibadan rail-liney yesterday
“We have cooperation from the various communities along the standard gauge construction; the contractors have done what they could do but the problem is change in weather
“They couldn’t work beyond that period, besides that, I think the contractors have done well.
“The construction is coming to an end; they are trying to beat the target they gave the ministry of transportation because there is huge improvement.
“Is there any facility in Nigeria that is better than the one in Ebute-Meta,?” he asked.
Amaechi said that the transition period between now and January would enable the Federal Government acquire Right of Way for Lagos-Ibadan route.
He attributed weather conditions as one of the challenges being faced by the contractors despite the effort of the contractors who have done their best with the project,
He said that it could be difficult to embark on perimeters fencing, adding that the fence constructed in Warri had been pulled down by hoodlums.
TheChairman, Board of Nigeria Railway Corporation (NRC), Alhaji Ibrahim Musa said in the course of the project, the management of NRC sat with Lagos Metropolitan Area Transport Authority (LAMATA) and agreed on areas where overhead crossing and bridges would be constructed
“For instance, we constructed new two line bridges at Costain and brought down the old ones to enable us have access.
“As we are coming, you can see that passengers’ movement are under the track, while in some places we could see overhead bridges from Lagos to Ibadan in consideration of human and goods trafficking along the corridors,” he said
Musa said that although people were still asking for more access to the corridor, they however would be considered based on merit and the finances available on ground.
The Director of Railway, Federal Ministry of Transportation, Mr Babakobi Muhammed said the ministry officials held meetings with transportation ministries of Lagos, Ogun and Oyo states to ensure safe corridor for the train
