By admin
As the world grapples with the second wave of the dreaded Coronavirus pandemic, the Federal Airports Authority of Nigeria has stepped up measures to ensure the safety of travelling passengers and other airport users across the nation.

From the Nnamdi Azikiwe International Airport, Abuja, to Murtala Muhammed International Airport, Lagos, Port Harcourt International Airport, Mallam Aminu Kano International Airport and others within its network, the Authority is not leaving any stone unturned to ensure safe and secure facilitation of travellers.

Across the airports, car parks have been rearranged for seamless pick-up and drop off to avoid congestion. We have also created new drop off zones for passengers with reduced mobility.

Operational and directional signages have also been conspicuously remarked at both the airsides and landsides to make movements easier for airport users and to promote social distancing protocols.

Additionally, we have intensified the process of disinfecting all baggage before entering the terminals, as well as enhanced temperature screening of all passengers and staff using infrared scanners. We have also separated access entry points for passengers and staff to reduce congestion and improve on facilitation.

The Authority will like to use this opportunity to advise all travellers and airport users to strictly abide by all laid down travel protocols and also reiterate that only passengers will be allowed into the terminals.

A compliance monitoring team has been constituted for each of our airports to drive total compliance.

By Favour Nnabugwu

Fidelity Bank has announced the appointments of new board executives to replace outgoing directors who recently completed their tenure in accordance with the bank’s internal governance policies as Mustapha Chìka-Obi is new Chairman.

Chike-Obi, Chairman, Board of Directors of the bank  in a statement listed the newly appointed board members to include Mrs Amaka Onwughalu, Mr Nelson Nweke and Mr. Chinedu Okeke, as Non-Executive Directors.

While the appointment of Onwughalu and Nweke have been approved by the Central Bank of Nigeria (CBN) that of Mr Okeke is awaiting approval.

He said that the bank looked forward to leveraging on the multi-disciplinary experiences of the new board members.

Chike-Obi said: “The board is pleased with the appointments and is confident that the new directors will bring their considerable experience to bear in the bank’s growth trajectory.

“We are very delighted to welcome the newly appointed directors to the Fidelity family. These appointments end the ongoing board realignment, occasioned by the retirements that had to happen, in line with our governance policies,’’ he said

After several years living abroad among the Nigerian diaspora, Mustafa Chike-Obi returned to the country in 2010, sensing that he could make a positive impact. He immediately began to do just that, taking on a position as CEO and Managing Director of AMCON, where to this day he continues his mission to set the national tone for fiscal responsibility, accountability and efficiency. “Avoid the ostentatious lifestyle; it is not sustainable,” he advises the youth. “Dependence on foreign goods is not sustainable either. Let’s do things our own way, and let’s hold our leaders accountable.”

By Favour Nnabugwu
Continental Reinsurance Plc has announced the appointment of Mr Ogadi Onwuaduegbo as its new Regional Director and Mr Nkwenti Njah for Regional Director and Life Manager for English speaking (Anglophone) countries in West Africa, effective from January 2021.
In lieu of this recent appointment, Mr Ogadi takes over the helm of affairs from Mr Shola Ajibade, whose 5-year employment contract will elapse by the end of December 2020.
Mr  Ogadi is an insurance expert with more than ten years’ experience in Nigeria and the UK.  He is also a Chartered Insurer, Insurance Institute of London.  He has worked for reputable organizations including Marsh Limited, London and Afro-Asian Insurance Services, London where until most recently he held the role of Senior Broker and Business Producer for Nigeria.
In the same vein, Nairametrics gathered that Mr Nkwenti Njah has recently joined the Lagos team as Head of Life and Health Operations for Anglophone countries in West Africa. He replaced Mr Olaolu Omifare who retired after 24 years of active service to the company.
Nkwenti Njah holds a Master’s degree in Actuarial Science from the University of Lisbon, Portugal and a Master’s degree in Economics from the University of BUEA, Cameroon. He has acquired 14 years of experience in risk management, actuarial, finance, accounting and auditing.
Commenting on the appointment of Mr. Ogadi, the Group Managing Director of Continental Reinsurance Plc, Dr. Femi Oyetunji said: “We have selected Ogadi to accelerate our ongoing strategy for Anglophone, West Africa, the region of our corporate genesis.  We still see significant growth opportunities that require an emphasis on advisory skills in underwriting and claims handling, risk assessment, and relationship management – all of which were factors that led to Ogadi’s selection.”
Accepting his appointment, Mr. Ogadi stated that: “I join Continental Re at an opportune moment in its journey.  I am happy to pick up the pace in executing the current strategy in line with the Company’s value proposition for claims settlement excellence.’’
Continental Reinsurance Plc was established on the 24th of July, 1985 as a private reinsurance company. It changed to its present status of being a composite reinsurer in 1990.
Inline with its goal of becoming a recognized leading insurance company in Africa, it converted to a public limited liability company in 2000, and recapitalised to N10 billion in 2007.
It subsequently got listed on the Nigerian stock Exchange in the same year (2007).
In 2019, the firm restructured and its 100% stake was acquired by the parent company, CRe African Investment Limited, leading to its delisting from the NSE.
LIoyd’s opens European Union Headoffice

Lloyd’s, the insurance and reinsurance market, officially opened Lloyd’s Brussels, its post-Brexit headquarters in the European Union.

Lloyd’s Brussels is Lloyd’s first Europe-wide operation and will bring Lloyd’s expertise closer to its customers and partners in Europe, Lloyd’s said in a statement. The company has an executive committee and board with 50 staff in Brussels as well as 45 other employees across Europe.

Lloyd’s is ready for Brexit with Lloyd’s Brussels now officially open for business,” commented Lloyd’s Chairman Bruce Carnegie-Brown.

“Our decision to set up an insurance company in Brussels has provided certainty to our partners and customers throughout Europe, reassuring them that they can continue to benefit from Lloyd’s specialist expertise and financial security post-Brexit,” he said, noting that Lloyd’s Brussels is now placing and processing European risks.

“Now that Lloyd’s Brussels is operational, we are looking forward to the new opportunities that we will have to grow our business with European customers through a locally staffed, locally regulated and locally capitalized insurer,” he added.

“By using electronic placement and digital data capture, Lloyd’s Brussels offers its partners in Europe the very best that Lloyd’s has to offer in an easily accessible and cost-effective way,” he affirmed.

Lloyd’s Brussels (Lloyd’s Insurance Co. S.A.) is a subsidiary of Lloyd’s with 19 European branches, working with over 400 coverholders and 40 Lloyd’s brokers across Europe. It was set up to ensure that customers and partners in the European Economic Area (EEA) continue to have access to Lloyd’s world class services and expertise, while also facilitating continued growth and further digital transformation.

  1. Lloyd’s Brussels writes all non-life risks, as well as facultative and non-proportional excess of loss treaty reinsurance, and since the beginning of November has started accepting and processing EEA risks with inception from Jan. 1, 2019.

By Favour Nnabugwu

In an effort to protect themselves from the financial burden made by medical bills left unpaid by tourists, more and more countries are now requiring visitors to show proof of travel insurance before being allowed to enter. 

Travel insurance is a type of coverage that helps protect you if your vacation or business travel plans change. It may also provide medical coverage for emergencies that occur outside of your network.
Yes, for many of the countries that require travel insurance for entry, there are travel insurance kiosks/offices that offer travel insurance for those who are ill-prepared.
It is better, however, if you get the proper travel insurance before you leave for your trip.
A travel visa does not replace travel insurance. Many of the countries that require travel insurance for entry also require a valid passport and an entry visa
Twenty-four countries now impose a travel insurance including Covid-19 treatment fees on travellers. They are required to benefit from such coverage when travelling to the following destinations:

China, Russia, Algeria, Cuba, Argentina, Aruba, Brazil, Bahamas, Chile, Costa Rica, Dominican Republic, Ecuador, Jordan, Lebanon, Jamaica, Namibia, Nepal, Paraguay, Pakistan, Seychelles, South Africa, Thailand, Sint Maarten (NL), Ukraine.

Other countries such as Dubai or French Polynesia do not impose a travel insurance yet strongly recommend it.

Some airlines are working with insurance companies to integrate Covid-19 risk in their coverage.



European Commission (EC) has launched a 5months Phase II competition investigation before it will approve or reject the proposed $30bn Aon acquisition of Willis Towers Watson (WTW),

The broker said it expected a full competition review of the deal, and believes its current completion schedule for the first half of 2021 will be met. The EC has until 10 May to deliver its verdict.

Opening the in-depth probe, EC competition commissioner Margrethe Vestager said the investigation will “assess carefully whether the transaction could lead to negative effects for competition, less choice and higher prices for European customers in the commercial risk brokerage market”.

The EC’s initial review raised several concerns and the EC said it could not approve the merger without further investigation.

The EC said it is concerned that bringing the two brokers together “could significantly reduce competition” in commercial broking, reinsurance broking and retirement services for commercial clients.

In an initial market probe, the EC identified a number of concerns, particularly when it comes to the supply of commercial broking services to large multinational clients that depend on high-level expertise.

It said multinational broking services for P&C, financial and professional services, credit and political, cyber and marine risks would be most affected by combining Aon and WTW.

It added that the broking services to commercial clients of all sizes for aerospace manufacturing risks could also be negatively impacted.

“Aon and Willis Towers Watson are two of the very few brokers that are able to provide these services on a multinational scale,” the EC said. It noted that Aon and WTW did not submit commitments during the initial investigation, which closed yesterday, to address the EC’s preliminary concerns.

Aon said: “The Phase II review is a common next step in the review process for a transaction of this size and complexity under the EU Merger Regulation, and the firm remains on track to close the combination in the first half of 2021.”

But it is confident about a positive outcome from the review and will work with the EC during the process.

The Aon/WTW deal was announced in March this year and was approved by shareholders of both firms in August.

Continental Re boss tasks SMEs on “Must have insurance policies”

By Favour Nnabugwu

Operators in the Small and Medium Enterprises (SMEs) sector in Nigeria have been urged to take up insurance policies that can help them to continue operating in an uncertain and extreme times.

Dr. Femi Oyetunji, the Group Managing Director of Continental Reinsurance Plc, made the call during Access Bank Plc and Coronation Insurance Plc’s webinar themed ‘ Managing Business Risks at a Time of Uncertainty ‘

He identified the following top SMEs business risks are :
* Keyman
* Currency
* Regulatory
* Property damage
* Reputational risks,
* Business interruption
* Supply chain , including
*Cyber risks
* Fraud”

He emphasizes on the need for Keyman policy, saying ” for most SMEs, everything revolves around a person, not necessarily the business owner. It could be the master baker in a bread industry.

The keyman knows everything about the company in his head, and tomorrow he may decide to leave, and what would you do if he suddenly left?

“So, be sure that if anything happen either the keyman suddenly walked away or the death of the owner, you still want to be able to generate income. So, be sure to take up keyman insurance,” he said.

Further, he urged the business owners, to consider” diversify your products and your locations, and instead of importing the raw materials for your product, consider local content that you can use for substitute, because you don’t want to be exposed to a particular source, and in terms of the transfer of money and to be sure you can deliver your product to customers. ”

On Currency Risk, he noted : ” You can’t transfer this risk . It is best to have zero tolerance for the regulator,and be a good business person .

” Property Damage: Don’t cut costs at the point you need it most. The best thing is for you to locate your business where it can be protected, such as in a class – A rated office facility with fire extinguishers. Although, it may be more expensive, yey it is beneficial.

” Cyber Risk: With technology comes cyber risks . Nevertheless, you can invest in modern technology for production , packaging and delivery of your product, such as bread.”

He urged insurance practitioners, not to just sell their products to SMEs, rather, our number one objective is risk management ; we want to sell our products after we have work with you to reduce your exposure to risks as much as possible.

“So, insurers should look at the risks, and what the other options are to transfer the risk to another entity. The entity can come in various forms- reinsurance companies, derivatives, and linked securities,” he said.

The National Insurance Commission has thrown its weight behind Bank – Assurance model, an initiative of Access Bank Plc and Coronation Insurance Plc, for the Small and Medium Enterprises (SME’s) sector in Nigeria.

“The Bank Assurance scheme aligns with the campaign of the Commission, in terms of financial education and inclusiveness, and it will give the insuring public an opportunity to be able to get enlightened as to what insurance products they need to have at any point in time to protect their assets, said Mr. Sunday Thomas, Commissioner for Insurance (NAICOM).

In a keynote, during the company’s webinar themed ‘ Managing Business Risks at a Time of Uncertainty’ the Commissioner urged the insuring public, especially small business owners, to take up insurance products
in the management of their businesses.

“It is good to have a good risk management framework as well as be able to manage our insurances and assets. Many are left with the option of cutting cost, however not all cost-cutting will measure success and some might even end up hurting our businesses”

“As business owners and as businesses spring up, we must ensure that we put the right processes in place in trying to manage our assets and ensure that we have more strategic thinking”.

“Risk is part of our business endeavours and the best thing is to evaluate and see what part of the risk you can transfer. The insurance industry has proven its relevance in the affairs of the economy”, he said.

He commended Coronation Insurance Plc collaboration with Access Bank Plc, saying that their partnership had come to alien with the commission’s campaign of financial education and inclusiveness.

Earlier in his presentation, the Group Managing Director of Continental Reinsurance, Dr. Femi Oyetunji, stated that risk is anything that brings uncertainty into the achievement of objective.

Represented by Mr. Taiwo Adeoyin, Technical Advisor to the Commissioner, he said, “At this time we are in now, what comes to the mind of everyone is how do I reduce cost, how do I reduce the amount of the expenses I incurred as a business, because there are high inflation and recession.

However, the rationality paradox theory tells us that sometimes, what we gain in terms of reducing costs could even be more in terms of what we lose.
” You could say that , Oh, this is not the time to take up insurance, this is not the time to insure some assets, but I tell you that at the end of the day, you might end up eating down into your portfolio and into your bottom line, to be able to find your feet in sustainability.

“At this point in time, it is good to reduce costs but in terms of insurance, we should ensure that all our assets are adequately insured. It’s also important to have a good management framework and be able to manage our insurance assets.”

Mr. Roosevelt Ogbona, Deputy Managing Director, Access Bank Plc , while noting that year 2020 has proven to be very uncertain and unfriendly year to everyone inrespective of the indistry or economic level within the market, said that the bank decided to partner with Coronation Insurance, to evolve the Bank Assurance scheme for the purpose of ” fulfillment of our promise to our customers, that we want to be more than a bank to you.

We want our customers to experience the best of underwriting and claims experience. “I believe that this partnership makes that possible. Coronation is a natural partner for us. First, because of our history we have just shared, and more importantly, it meets all the criteria that we wanted in an insurance partner”.

First, the speed of response and the level of customers that Coronation Insurance brought to the table .Second, and more critically, its financial strength and capitalization of the company.

We believe that by coming together, “We would define and set new standard for quality service delivery within the insurance industry.
More importantly, we will alleviate the level of insurance services to the Micro, Small and Medium Enterprises, MSMEs., matching those that we saw within the banking sector, and to propel the industry to what it is to be – a bench mark for service within the Nigerian space,” he sai

Another speaker, Mr. Omotayo Gbede, Managing Partner, Crowns & Lyord, a chartered Accoutant firm, also told the SMEs operators, to use the Bank Assurance to boost their business success.

In a discourse, “How Inflation could impact on your business ‘, he noted:
“2020 is a year that the like may not come in a long time. It has brought us to the reality that we must always be on our feet. We didn’t plan for inflation and increase in foreign exchange and interest rates”.

“We didn’t plan for a lot of things and yet we are in it, and who are the most impacted? They are the SMEs, because of their lower financial capacity, and their reliance on keyman who may be the owner of the business.”

He added that we are in a New normal , and without effective risks management, it will be difficult for any company t

Mrs. Yinka Adekoya, the Managing Director of Coronation Insurance Plc, concluded the webinar and said, “We hope the webinar has been impactful, and will help you in planning for 2021, and the uncertainty we all face.
“We are extremely excited at this transformational Bank Assurance partnership with the Access Bank, and we hope it will establish us at the point of reference in the insurance industry in Nigeria, and Africa.

Managing Director of FBN Insurance, Mr. Valentine Ojumah has won the CEO of the Year award at the just concluded 6th African Insurance Awards with over 1,250 professionals.

Ojumah turned around FBN Insurance to be a top performer in terms of premium growth (3rd position in Life Insurance), profitability, shareholders’ funds and Return on Equity. Under his leadership FBN insurance oversaw a strategic acquisition

The 2020 edition which was held virtually on Friday, 18 December 2020 witnessed Alpha Direct Insurance Company of Botswana has been named the best innovative insurance company in Africa.

The company emerged winner because it was able developed an easy-to-understand ‘Insurance-in-a-box” product that makes it accessible to low -income groups to access vital insurance products and services.

This BOX IDEA according to the organizers is unique and original with free scratch card and 60 second sign up. It is accessible to all mobile users, even with very basic mobile phones.

Also Mauritius Union Assurance (MUA Ltd) from Mauritius clinching “The Insurance Company of the Year award” for its strong and steady growth in the last three years, successful digitisation of its services and client centric strategies have earned it the consensus ranking from the judges to be the winner .

While PULA from Kenya won the InsurTech of the Year award for being able to find solution for smallholder farmers to easily access insurance.

PULA has also partnered with the World Food Programme to insure 3.5 millions of farmers in 10 African countries.

This year, the Awards featured two panel discussions with industry leaders like Richard Lowe, Hammam Badr, Patrick Tumbo , Dominic Christian and prominent economists like Ludovic Subran and Carlos Lopez who reflected on the impact of Covid-19 in the African economy, especially the insurance industry , and how it can be rebuilt after the pandemic.

The event also witnessed the performance of some African artists like Betty G. from Ethiopia, Femi Kuti from Nigeria and Magic System from Côte d’Ivoire.

In his congratulatory message, Dr. Corneille Karekezi, Group MD and CEO of Africa Re congratulated all the nominees and disclosed that each winner will get a sum of $ 25,000.

He said “ You have made all of us, in the insurance industry, proud and even more determined, to achieve greater success, and to serve our customers and communities to manage better the risks they face”