Switzerland’s Zurich Insurance Group AG is in advanced talks to acquire MetLife Inc.’s U.S. property and casualty (P&C) car and home insurance unit for close to $4 billion, according to people familiar with the matter.

Zurich Insurance issued a statement late on Friday confirming it was in discussions to acquire MetLife’s U.S. property and casualty business and cautioning that no deal was certain. It did not comment on the value of the deal.

The deal, executed through its Farmers Group Inc subsidiary, would expand Zurich Insurance’s P&C business, as the industry grapples with fallout from the COVID-19 pandemic, which drove up claims for business interruptions and event cancellations.

It would also allow MetLife to exit a business in which it faces fierce competition from larger players such as State Farm, GEICO and Progressive Insurance.

Its P&C business focuses more on car insurance, an area in which people have made fewer claims due to spending less time on the road during the pandemic.

If the negotiations conclude successfully, a deal could be announced by early December, the sources said.

MetLife, whose offerings also include life insurance, employee benefits and asset management, earlier this month reported a 68% drop in third-quarter adjusted earnings at its U.S. property and casualty division, to $18 million.

The decline was driven by catastrophe losses caused by storms in the United States, it said.

The New York-based company’s chief executive, Michel Khalaf, said during its latest quarterly earnings call that the P&C business had “an important strategic connection” to the rest of MetLife, but declined to comment on whether he would sell it.

MetLife has been turning to deal-making to move into more profitable areas.

It said in September it would buy vision-care benefits company Versant Health for $1.68 billion, which would make it the third-largest vision insurer in the United States by membership, and announced in December it would enter the pet insurance market by acquiring PetFirst Healthcare.

Zurich Insurance’s U.S. footprint currently includes Farmers Group, an administrator of insurance policies for Farmers Insurance. Zurich Insurance acquired Farmers Group in 1998, while Farmers Insurance is owned by its policyholders.

Farmers Insurance was the fifth- and seventh-largest provider of home and auto insurance, respectively, in the United States in 2019, according to data provider S&P Global Market Intelligence. MetLife was 14th and 18th, respectively.

Aviva Plc is selling its stake in its Italian life insurance joint venture for about 400 million euros ($475 million) as Chief Executive Officer Amanda Blanc continues her revamp of the firm.

The insurer will sell its 80% holding in Aviva Vita to its partner UBI Banca, according to a statement Monday. The sale leaves Aviva with three insurance businesses in Italy, which are all currently being assessed to “maximize shareholder value,” the company said.

Blanc announced in August that Aviva would focus on its operations in the U.K., Ireland and Canada, signaling that underperforming units in other countries could be disposed of. The company sold control of its Singapore business in September and is also pursuing a sale of its French unit.

“The sale of Aviva Vita is another important step forward as we reshape our portfolio,” Blanc said in the statement. “We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders.”

The deal adds to a flurry of recent insurance activity, topped by last week’s $9.6 billion takeover of RSA Insurance Group Plc in the biggest acquisition of a U.K.-listed company this year. On Friday, Zurich Insurance Group AG revealed it’s in talks to buy MetLife Inc.’s U.S. property and casualty unit.

Insurers are seeking to gain scale as they grapple with the impact of low interest rates and the coronavirus pandemic. Industry deals have been on a tear this year, with transactions totaling $78.5 billion announced so far, up 85% from a year earlier, according to data compiled by Bloomberg.

National Insurance Commission, Naicom has signed Memorandum of Understanding, MoU with five tertiary institutions.

The Commission which in it’s Twitter handle  this evening said the MoU is to promote insurance education and human capital development
Though Naicom did not mention the name of the institution as at the time of writing this report but was sure to propagate insurance education.
`”The National Insurance Commission today signed MoU with 5 tertiary institutions to promote insurance education and human capital development in Nigeria.”
Naicom had in time past to institutions one of which the Commission donated N10million to the Federal Polytechnic Offa, Kwara State to boost the institution’s ICT Centre and a grant of N5.4m for the purchase of insurance textbooks for insurance education.

The Commission’s donation is to propagate insurance education and help the sector deepen insurance reach in tertiary institutions in the country.

Salami said that NAICOM is committed in promoting financial literacy through the introduction of Micro insurance, takaful insurance, and agricultural insurance policies as a vehicle for meeting the needs of the masses.

NAICOM had granted financial supports to Ahmadu Bello University Zaria, Lagos State University, University of Uyo, IMT Enugu,  Niger Delta University and Evans Ewerem University, among others.

This, according to the head of Communication of the Commission, Abudul Rasaaq Salami, is aimed at instilling insurance knowledge and understanding among the younger generation and thereby deepening insurance education

Federal Executive Council, FEC, has approved a total sum of N39.7 billion for road maintenance and award of contract for erosion/flood and pollution control accelerated intervention projects in the country.

The virtual FEC meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja today

Of the amount, the sum of N20.925 billion was for road repairs and maintenance, while N17.75 billion was for erosion/flood and pollution control accelerated intervention projects and others.

The Minister of Works and Housing, Mr. Babatunde Fashola, said, “The memorandum we presented today was on behalf of FERMA (Federal Emergency Road Management Agency). FERMA is the parastatal of the Ministry of Works and Housing responsible for maintenance of federal roads.

“During the meetings of the Economic Sustainability Committee set up to manage the impact of COVID-19, one of the responsibilities of FERMA is to execute extensive labour works on road repairs and the budget of 2020 was then amended to deal with Covid impact.

“As a result of that, FERMA then had a total of 191 road repairs, road rehabilitation, road intervention projects nationwide. 92 of those projects have been awarded by FERMA at its threshold level. 89 of them have been approved by the ministry at the ministerial tenders board threshold level.

“So, all of those projects are now being issued letters of award, mobilization, and others. Now, there are 10 that require to come to Federal Executive Council because of their financial threshold level.

“Out of those 10 projects, three were presented today. So, those three presented and approved by council today was for Gasamu-Hamshi-Gogoram road in Yobe State for N14.528billion to MotherCat, the link road connecting Uneme-Tusamu-Odoga to Okpekpe in Etsako East Local Government Area of Edo State for N991.851million, and Mamabu Donga Local Government Area road in Taraba South Local Government Area of Taraba State to Wishchina Engineering Limited for N6.397 billion.

“These are late third quarter, early fourth quarter interventions to respond to the Covid-19 impact on the economy. This will tell you some of the things the Minister of Finance was saying that Economic Sustainability Plan implementation is what will take us out of recession.

“So, you see efforts to do that and so many other departments doing different things. This is our responsibility.”

Also briefing, Special Adviser to the President on Media and Publicity, Chief Femi Adesina, said, “FEC gave approval for award of contracts for emergency procurement of first and second quarters 2020 soil erosion/flood and pollution control accelerated intervention projects in favour of various contractors in the sum of N17.754,717,234.41 inclusive of 7.5 percent VAT with various completion/delivery periods.

The contracts are the gully erosion and control contract along Ndam/Agbor road, Nnobi and Alor towns in Idemili/South Local Government Area, Phase two, Anambra State (to Telesis Limited) N.495,878,764 with the completion date of 18 months

The erosion and flood menace beside Yem Kem House along Oye-Ifaki road, Oye Local Government Area of Ekiti State awarded to Strabic Construction Ltd at the cost of N792,311,211.11) with completion of nine months

The Somolu/Bariga Local Government Area, Akoka/Ilaje community, Akoka-Lagos flood and erosion control project, Lagos State was awarded to Partibon Services Ltd at the cost of N1.786,146,630.98 and 10 months completion.

Others are, “Gully erosion control at Egbo-Ideh community, Ugheli South LGA, Delta State (Harris & Dome Nigeria Ltd.) N1,328,306,924.00 – 24 months

“Gully erosion control and road improvement works in Darazo LGA, Bauchi State (Powerhill Construction Ltd.) N3,897,577,627.79 – 24 months

“Gully erosion control works at Ladanal community, Nasarawa LGA, Kano State (U.Y.K. Nigeria Ltd.) N1,337,681,584.69 – eight month

“Devastating effect of gully erosion in Gboko township, Benue State (Gaffar Worldwide Resources Ltd.) N1.503,970.714.83 – 12 months

“Erosion and flood control works in Wase and Bashar towns, Wase LGA, Plateau State (Global Legend Integrated Concept Ltd.) N1,687,162,328.95 – 14 months

“Gully erosion control and road improvement works along Plot 1398, off Kainji Crescent and Katampe Extension, FCT, Abuja (IMB Corporate Synergy Ltd.) N555,569,610.76 – six months

“Soil erosion, River channelisation and slope protection within Maitama District (Phase II, FCT, Abuja (Masarki Nigeria Ltd.) N1,887,495,486.63 – 12 months

Adesina said that contract for the supply and installation of six numbers containerised incinerators (250kg/her) for the National Centre for Disease Control (NCDC) one in each geo-political zone was awarded to STJ Integrated Resources Ltd at the cost of N658,938,450.00 and six months competition.

“Supply and installation of 12 nos. on site flameless/smell-less incinerator (50kg/he) for the national blood transfusion centres in some federal medical centres and teaching hospitals (Black Wheel Multi-Links Ltd.) N823.677,900.00 – six months.”

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Emirates has launched free multi-risk travel insurance for customers, on top of its current Covid-19 cover effective from December 1, 2020
The insurance provided by AIG Travel, the new policy will automatically apply to all Emirates tickets purchased

Emirates customers will be covered when they fly to any destination, in any class of travel. This extends to Emirates codeshare flights operated by partner airlines, as long as the ticket number starts with 176. Customers do not have to fill in any forms or register before they travel.

Highlights of the new cover include out-of-country emergency medical expenses and emergency medical evacuation of up to $500,000. This is valid for Covid-19 cases, if the virus is contracted during the trip, as well as other medical emergencies.

Also included is up to $7,500 of trip cancellation cover for non-refundable costs, if the traveller or a relative (as defined in the policy) is unable to travel because they are diagnosed with Covid-19 before the scheduled departure date, or for other specified reasons.

There is also trip curtailment cover of up to $7,500 for non-refundable trip costs and additional costs for passengers to return to their country of residence, if they or a relative contracts Covid-19 or any other critical illness while abroad.

If a passenger fails a Covid-19-related test or medical screening at the airport and is required to abandon their trip, they will be eligible to receive up to $7,500. Passengers can also get $150 per day, for up to 14 consecutive days, if they test positive for Covid-19 and are unexpectedly placed into a mandatory quarantine outside their country of residence.

Chairman and chief executive of Emirates, Sheikh Ahmed bin Saeed Al Maktoum stated that Emirates was the first airline to offer complimentary global Covid-19 cover for travellers back in July, and the response from its customers has been tremendously encouraging.

“We’ve not rested on our laurels and instead continued to look at how we can offer our customers an even better proposition,” he continued.
“We see a strong appetite for travel around the world, especially heading into the winter holidays as people seek warmer climates and family destinations like Dubai.

“By launching this new multi-risk travel insurance and Covid-19 cover, we aim to give our customers even more confidence in making their travel plans this winter and moving into 2021.”

By admin

The insurance sector contracted by 16.54 per cent in the third quarter of 2020 financial period, according to the National Bureau of Statistics.

The NBS revealed that the sector which contracted by 28.15 per cent in the second quarter had earlier recorded 5.64 per cent growth in the first quarter of the year.

Part of the report read, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 88.89 per cent and 11.11 per cent of the sector in real terms in Q3 2020.

“As a whole, the sector grew at 5.91 per cent in nominal terms (year on year), with the growth rate of financial institutions at 9.60 per cent and –16.54 per cent growth rate recorded for insurance.

“The overall rate was higher than that in Q3 2019 by 2.20 per cent points, but –14.91 per cent points lower than the preceding quarter. Quarter on quarter, growth was -24.76 per cent”

“The sector’s contribution to the overall nominal GDP was 2.46 per cent in Q3 2020, higher than the 2.40 per cent it represented a year prior, but lower than the contribution of 3.76 per cent it made in the preceding quarter.”

In real terms, the NBS stated that growth in this sector was estimated at 3.21 per cent during Q3 2020, or 2.14 per cent points from the rate recorded in the third quarter, though down by –15.29 per cent points from the rate recorded in the preceding quarter. Quarter on quarter growth in real terms stood at –25.24 per cent.

African insurers and reinsurers with a strong capital basis and already established digital distribution channels are better prepared to deal with the impact of the COVID-19 crisis.

This,according to the Africa Insurance Pulse 2/2020 theme: ‘Growth perspectives of African re-/insurance markets’ , launched today by the Africa Insurance Organisation (AIO).

The Africa Insurance Pulse 2/2020 is sponsored by Africa Re while which Faber Consulting conducted on behalf of the AIO

The Secretary-General of Africa Insurance Organisation, AIO, Mr. Jean Baptiste Ntukamazina said that insurers and reinsurers with strong capital and good digital network would fee the impact of the pendamic

“The COVID-19 pandemic has caught the global insurance industry largely unprepared. Those African insurance and reinsurance companies with a strong capital base, and the ability to distribute their products digitally were better equipped to weather the impact of the pandemic.

Ntukamazina said the capital and the digitalisation of business will enable them to capitalise faster on the business opportunities arising after the crisis.

“The combination of both factors protected them against the worst effects of the crisis and enabled them to maintain their client relations even during lockdown periods or in a social-distancing environment”.

“As these insurers strengthened their market position during the pandemic, they will be even stronger in capturing those business opportunities, rising in the future”.

Group Managing Director and Chief Executive Officer of Africa Reinsurance Corporation, Dr. Corneille Karekezi said that insurance regulation in Africa has significantly improved in recent years in the way they regulate companies.

“Various regulators have pushed ahead, mandating the implementation of risk-based capital schemes or capital increases, as well as improved operations and risk management. At the same time, we witness rising protectionist efforts to retain insurance and reinsurance premiums locally.”

Karekezi, however, advised regulators to assure that in particular in times of economic distress, insurers have access to the highly-rated risk capacity and expertise that well-diversified reinsurer provides.

“Indeed, some recent catastrophes, including large natural catastrophes or man-made claims in South Africa, Cameroon and Lebanon, and in addition to the threat presented by COVID-19 potentially related claims remind us that some exposures can quickly exceed local capacity.

Executives expect an improved risk awareness among consumers, leading to higher demand for insurance products. However, executives are concerned about the impact of COVID-19 on the income of African households.

Partner at Faber Consulting, Mr. Andreas Bollmann who also spoke said Africa’s insurers and reinsurers remain confident of the fundamental growth potential of their market.

“They believe that the effects of the pandemic will be offset by an accelerated digital transformation, supportive government and regulatory policies, and increased risk awareness by consumers.”

For the remaining part of the year, 2020 and the new 2021, Africa’s insurance executives expect a continuation of the high level of uncertainty. insurers and reinsurers have to maintain adequate solvency, ensure operational resilience and remain responsive to customer needs.

“In 2020 insurers introduced large-scale transformative investments to redefine their core value proposition, optimise operations, update technology and to build a workforce for the future. In 2021 they have to continue on this path of strengthening their competitiveness and thus contributing to a more robust marketplace”

 

Another 3 aircraft received at NCAT – Sirika

The Nigerian government has acquired another three new aircrafts for Nigeria College of Aviation Technology Nigeria (NCAT) making a total of six new aircrafts.

The Minister of Aviation, Hadi Sirika, disclosed this on his Twitter handle two hours ago

According to him, “Another batch of 3 training aircraft for our training school in Zaria has just been received. Good training and proficiency is sure guarantee for safety. Thank you for the support”

The Minister said there was no better aviation safety than having well trained, proficient aviators.

According to him, training will now be more efficient, faster and cheaper.
“Our roadmap is yielding good result. We appreciate your support, ” he added

NCAT was designed to be a training centre for Nigerian and African pilots, aircraft maintenance engineers and navigation aid technicians.

It subsequently created a flying school, air traffic services and communications school and aeronautical electronics and telecommunications school to meet its objectives.

In the late 1970s, it began giving specialised training courses in instrument landing systems, jet simulation, airline transport and VHF omnidirectional range

By Favour Nnabugwu

The Senate has mandated its Committee on Banking, Insurance and other Financial Institutions to facilitate review of the National Insurance Commission (NAICOM) Act to grant the externalization of insurance placements for domestic airlines.

Insurance cover is a statutory or mandatory requirement by the Nigerian Civil Aviation Authority (NCAA) for any airline flying into Nigeria either on its domestic or international routes.

All airlines are by the law required to take valid insurance and reinsurance covers for their aircraft, passengers and for other third party liabilities. It is envisaged that since flying in itself a very risky venture, it was only through insurance and re-insurance that the airline can indemnify passengers or their families should there be any tragic occurrences like the crash of the aircraft with passenger casualty or even the loss of luggage by passengers.

By this law no airline is allowed to fly without showing regulators valid insurance policies. The violation of the law attracts sanctions which could lead to the grounding of the aircraft by the NCCA or even the payment of fines before the aircraft is released.

The Senate also the federal government to fully implement the Executive Order on zero customs duty and zero Value Added Tax (VAT) on importation of commercial aircraft and aircraft spare parts, as well as implement the removal of VAT.

This was even as the Upper Chamber advised the Central Bank of Nigeria to make foreign exchange readily and easily accessible for the aviation sector, and make the interest rate a single digit for airlines so as to reduce the cost of capital.

These formed resolutions reached following a motion considered on “The Need to Protect Nigerian Indigenous Airlines From Extinction.”

Sponsor of the motion, Adamu Aliero (APC – Kebbi Central), in his presentation expressed worry that despite the significant contributions of the Airline Operators of Nigeria (AON) to the growth and development of the Nigerian economy, domestic airlines in the country are faced with multiplicity of challenges that threaten their continuous existence.

It also urged the Ministry of Aviation to allocate more entries and frequencies to domestic airlines on international routes, as well as create a business friendly environment the air transport sector by fast tracking the clearance of Aircraft On Ground (AOG) spare part

According to the lawmaker, the non-implementation of the executive order on zero customs duty and zero VAT on importation of commercial aircrafts and aircraft spare parts; high cost of capital and lack of single digit interest rate for airlines; replacement of NCAA five percent Ticket Sales Charge (TSC) among others, are pertinent issues that continues to plague Nigeria’s aviation industry.

Amaechi apologises to Nigerians over Abuja-Kaduna train breakdowns

By Favour Nnabugwu

Minister of Transportation, Mr Chibuike Amaechi has apologised to Nigerians for the breakdown on the Abuja-Kaduna rail locomotives which occurred between November 18 and 20.

The minister made the plea on Monday at the Moniya rail station during the routine inspection of the ongoing rail project in Ibadan.

“I want to apologise to Nigerians over what happened at the Abuja-Kaduna rail station.
“We now have new locomotives and we have called the Chinese because we never expected the mechanical fault at this early stage.

“On behalf of the Federal Government, the ministry and the Nigerian Railway Corporation (NRC), we apologise to Nigerians and I have instructed the NRC to fix it or invite the Chinese.

“If this is happening now, then they should bring back our old locomotives, it will just affect turnaround times because we get the new locomotive to increase the turnaround time,” he said.

Amaechi called for an increase in the pace of work by the China Civil Engineering Construction Corporation (CCECC) adding that COVID-19 pandemic was no longer an excuse.

The minister said although the CCECC were doing well, they need to increase their pace to enable the ministry to deliver the project on schedule.

The Permanent Secretary, Federal Ministry of Transportation Madeleine Ajani, said there was significant improvement in the ongoing work from what it was in October.

Mrs Ajani said the ministry was not shifting their date of the commissioning but would rather put more pressure on the CCECC to enable them achieve their targets.