All Posts in "Day: February 15, 2021"

By admin

WAICA Reinsurance Corporation will give a whopping $100,000 to the winner of its maiden edition of ‘Annual Corporate Social Responsibility (CSR) Competition Project and Ambassadors for 2021/2022’ across all its operating countries.

The Group Managing Director of the corporation, Biola Ekundayo, stated that the winner of the competition will become WAICA Re’s goodwill ambassador for a year, having supported the winning project with up to $100,000, while the ambassador will have a cash award of $5000.

There will also be 1st and 2nd runners-up with cash awards of $2000 and $1000 respectively, he stressed.

Besides the competition, he said, WAICA Re has initiated several CSR projects across all its operating countries and has always felt that education is one of the major back bones of the industry and as a result has contributed immensely to education in the subregion as well as the development of the insurance industry.

“We also carry out CSR activities to support the countries where we operate, Sierra Leone – Supporting the insurance industry by establishing a college of Insurance designated in the Insurance Commission’s building. We will furnish and supply the needed textbooks, facilitators, and conducive environment for learning. This will be the first insurance training platform in the country.

Furthermore, he stated that WAICA Re has made giant strides because of the inestimable supports it is getting from the reinsurance market across Africa, Middle East and Asia, the corporation, he said, started as a spark in July 2011 in Sierra Leone, West Africa.

“Today, it has grown into a group. We have continued to expand throughout Africa and beyond, with 4 regional offices located in Nigeria, Ghana, Tunisia, and Ivory Coast.”

Also, we have four subsidiaries: WAICA Re (UK) Ltd, WAICA Re Zimbabwe (Private) Ltd, WAICA Re Capital Ltd (Ghana) and WAICA Re (Kenya) Ltd. In the short 10 years of the WAICA Re’s existence, our gross premium grew from USD35,000 in 2011 to USD103 million in 2020.

To him, “In 2020, inspite of the COVID–19 challenges, we grew by about 50%. The performance makes WAICA Re one of the fastest-growing reinsurance companies within the African region.”

Assessing reinsurance business in African continent, he said: “Reinsurance in Africa is on a steady growth path despite the turbulence created by the COVID-19 pandemic. The top 10 reinsurance players still control a significant share of the market. There have been improvements in local content; however, significant large risk exposures in engineering, oil and gas are still ferried to non-domestic reinsurers.”

While believing there has been a continued shift in building capacity as major players have conferences, academies, training and competitions tailored to skill enhancement and capacity building, he added that, the level of capital needs to be shored up to provide capital adequate enough to bear risks and meet stakeholders’ expectations.

To him, “Reinsurance companies should focus more on emerging risks such as: political risks, terrorism, cyber security, artificial intelligence, among others. Finally, African reinsurers need to invest and leverage technology in driving their businesses. Supports for insurtech is the way to go.”

Established in 2011 with the philosophy of strengthening the financial sector of the sub-region by providing greater and viable insurance and reinsurance capacity, the corporation said, the theme of its CSR competition is ‘Practical Solutions to Natural Disasters in West Africa.’

Patoma Admin by — February 15, 2021 in Insurance 0

By admin

Dr. Ngozi Okonjo-Iweala, Nigeria’s finest economist has been confirmed the first African and the first woman to head the WTO as Director General (DG) by the World Trade Organization (WTO)

Her appointment was confirmed on Monday as she assumes office on March 1, 2020

WTO is the intergovernmental organization that is concerned with the regulation of international trade between nations

Dr. Okonjo-Iweala makes history as the first woman and the first African to lead the WTO.

In a congratulatory message, President of the European Council (EC), Charles Michel said Okonjo-Iweala can count on the full support of the European Union (EU).

“My warmest wishes to Ngozi Okonjo-Iweala @NOIweala on your appointment as Director General of @wto. You bring a wealth of experience and expertise at a time when the WTO needs reform. Count on full support of the EU,” Michel tweeted.

Okonjo-Iweala prevailed over several other candidates in the months-long WTO leadership race, including South Korean Trade Minister Yoo Myung Hee, her main rival.

Okonjo-Iweala emerged victorious in the contest over Ms Yoo Myung-hee by a wide margin. She polled 104 votes from 164 member countries to defeat the South Korea’s trade minister at the final stage of the race.

The South Korea trade minister later stepped down paving the way for Okonjo-Iweala, whose today’s confirmation at a meeting of envoys from the 164 WTO member countries has been considered a mere formality.

The previous U.S. administration of President Donald Trump had tried to block Okonjo-Iweala’s appointment by opposing her.

Okonjo-Iweala is set to succeed the Brazilian Roberto Azevedo, who left the WTO before the end of his term in August.

He has joined U.S. beverage giant Pepsico as an executive.

Responding to the confirmation of her appointment, Okonjo-Iweala said she work closely with members to recover the devastating effect of Covid-19.

She said, “I am honoured to have been selected by WTO members as WTO Director-General. A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the COVID-19 pandemic”.

“I look forward to working with members to shape and implement the policy responses we need to get the global economy going again”.

“Our organization faces a great many challenges but working together we can collectively make the WTO stronger, more agile and better adapted to the realities of today,” Dr Okonjo-Iweala said.

Patoma Admin by — February 15, 2021 in News 0

Linkage Assurance Plc has settled N375million hull claims for the helicopter that crashed in Lagos 2020 in which two crew members died on the spot while the passenger, who chartered it, later died in an hospital

The Managing Director, Linkage Assurance, Daniel Braie made this known during the hosting of members of the Lagos Area Council of Nigerian Council of Registered Insurance Brokers (NCRIB) by the company.

“The underwriting firm insured 100 per cent the chopper that crashed in the Opebi area of Ikeja killing three people.

Braie said: “We had the largest aviation treaty in the market last year, and this year we about the highest in fire treaty.

So, we are ready to serve you well. “Linkage insured 100 per cent of the helicopter that crashed last year in Opebi, Ikeja, Lagos and has settled the hull claim of N375 million and about concluding the settlement of the passenger liability claim of $300,000 for the three passengers that died in that unfortunate incident.”

It will be recalled that the helicopter operated by Quorom Aviation had departed Port Harcourt, Rivers State, with one passenger onboard. It was gathered that the copter dropped from the sky around 12 noon and crashed into a residential building on Salvation Road in the Opebi area. Two crew members died on the spot while the passenger, who chartered it, later died in an hospital.

Each of the victims is expectd to receive $100,000 insurance claim, according to global aviation standard. Meanwhile, while appreciating the brokers for the continuous growth of the underwriting firm, the managing director said its focus going into 2021 and beyond would be to strengthen the relationship by continuously providing efficient services and meting claims obligations promptly.

Braie said: “Linkage Assurance Plc recognises the pivotal role of the broker’s community in the growth of insurance business and that is why we decided that apart from hosting the national body, we would go a step further to host the various Area Councils across the country”.

“So far, we have done this in Abuja, Kaduna, Port Harcourt and now Lagos. If not for the COVID-19 that broke last year, which affected businesses all over the word including Nigeria, we would have covered more states.”

According to him, “Linkage Assurance is still very committed to achieving this objective because of the importance it places on brokers as her strategic partners, as it is committed to delivering on the promises of her vision and mission statements”.

He also disclosed that Linkage from its unaudited result for the year 2020 grew its gross premium written by 28 per cent from N6.5 billion in 2019 to N8.3 billion. This is as Linkage also achieved profit before tax of N2.5 billion, and paid out claims amounting to N2.4 billion during the same period.

“These are indications that we are poised to provide robust and efficient insurance service to the Insuring public. “We have robust reinsurance in place. For year 2021, our fire treaty is abut the largest in the market and we settle our claims promptly.

For businesses placed with Linkage, I say, go to bed and sleep with your two eyes closed because when there is claim, we will settle. “We could not have done all these without the partnership of the brokers and in line with our strategic focus for the year, we intend to deepen the level of our relationship with the brokers,” he noted.

On recapitalisation exercise in the industry, Braie said “we achieved the first phase of our recapitalization of N5 billion even before the deadline of December 2020 set by NAICOM from internal funds.

We are all aware that there is a court injunction in force regarding the capitalisation, but we are committed to concluding the second phase on or before this first quarter 2021.”

Patoma Admin by — February 15, 2021 in Insurance 0

In less than two months into year 2021,  African Alliance Insurance, has made a claims settlement  of N967million

The information was released by the firm’s Brand, Media and Communications Manager, Bankole Banjo.

The Managing Director of the 61-year-old company, Joyce Ojemudia, in the statement, said,  “For us at African Alliance, we are poised to continue our renewed commitment to fulfilling our stated obligations to our stakeholders. Paying claims as due, therefore, is non-negotiable. Indeed, the bedrock of a sustainable insurance business is a mutually beneficial arrangement where the insured and the insurer both stick to their obligations to each other without fail.”

Continuing, Ojemudia broke down the payments across the firm’s business lines; “between the first of January and now, we have paid about N148.2m to 155 individual life customers, N307.5m to 141 Group Life claimants, N124.1m to 168 Takaful claimants not forgetting some N387.3m to our annuitants.

We won’t shirk our responsibilities; we have promised to remain with our customers for life, we will not relent on our oars as we continue to excite our policyholders.”

Recall that in the last quarter of 2020, the firm had announced payments of over N2.3bn in claims in line with their continued drive for customer satisfaction.

Incorporated in 1960, African Alliance Insurance is Nigeria’s oldest and indigenous life insurer. Recently, the company announced the appointment of Joyce Ojemudia, a seasoned manager of resources and outstanding sales/marketing professional who is also a Council Member of the Chartered Insurance Institute of Nigeria and the current President of the Professionmal Insurance Ladies Association (PILA), as its substantive MD/CEO.

As a statement of the legacy firm’s renewed vigor, representation and repositioning for profitability, it is set to host the Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) come the 23rd of February, 2021.

Patoma Admin by — February 15, 2021 in Insurance 0