Nigerians insured hit 42m by 2020 – Salami

By Favour Nnabugwu


The nation’s insurance industry has done well with it’s progress so far as the Head Corporate Communications and Market Development Department,. Mr.Abdul Rassaq Salami revealed that 42 million Nigerians have so far been insured at as December 2020.

Salami who was elated by the progress of the insurance industry coupled with the leadership style of the Commissioner for Insurance, Mr. Sunday Thomas, reel out some margins achieved so far.

“Launched Market Development and Restructuring Initiative (MDRI) in 2009 as a vehicle to amongst others drive enforcement of compulsory insurances, reduce incidences of fake insurance and in the process, grow the approximately 800,000 Nigerians insured in 2010 to 24 million in 2016 and 42 million by 2020 while achieving N1 trillion Gross Written Premuim

He went further to say that policies held by individual Nigerians stood at 1,034,383; Corporate & Non-Individual policies reached 891, 128; Total policies written was put at 1,925,511; Penetration as at December 2020, 0.72% (About 1%) while the Gross Written Premium by 2020 hit N520billion.

Salami said that NAICOM’s market development initiatives have indeed been very successful.

The image maker of Naicom said that the regulators were pursuing compulsory microinsurance and Takaful, with vigour.

The Commission according to him, would do more to promote Micro-Insurance and Takaful while enforcing Compulsory insurances across the States in Nigeria.

Above all, Salami said that builders liability insurances; Group Life Insurance; Healthcare Professional Indemnity Insurance; Occupiers Liability Insurance; and Motor Third party Liability Insurance would receive fresh push, going forward



NCAA approves prepackaged in-fight catering service for passengers

By Favour Nnabugwu


THE Nigerian Civil Aviation Authority (NCAA) has approved that domestic airlines shall serve pre-packed meals, snacks etc in sealed containers to their passengers during disembarkation but passengers are not allowed to consume in-flight.

This was made known in an All Operators Letter (AOL) signed by Director General NCAA, Captain Musa Nuhu with Ref: NCAA/DG/AIR/11/16/312 addressed to Accountable Managers on June 4th, 2021 titled ‘Public health guidelines for companies providing in flight catering services to airlines operating domestic flights.

The letter read, “Catering Service providers have been identified by the Authority as one of the key service providers to airlines that are required to put in place COVID-19 risk management measures to assure the travelling public that catering products (meals, snacks etc) served on board flights are not a potential source of COVID-19 infection.

“With the resumption of domestic flight operations in the country in-flight catering companies were required by the Authority to carry out regular risk assessments of their operations and put in place remedial actions to address any identified hazard to prevent the possible spread of COVID-19 virus to their customers through their products.

“Catering in form of packed meals (food and snacks) can be served on domestic flights by in-flight catering companies who have carried out the appropriate risk assessment and have the approval of the Nigerian Civil Aviation Authority.

“Domestic airlines shall serve pre-packed catering products (Meals, snacks etc) in sealed containers to their passengers during disembarkation.  No catering products shall be served or consumed in-flight by airlines or passengers respectively on any domestic flight.

The letter directed, “This AOL supersedes previous AOLs issued on in-flight catering services on domestic flights with respect to COVID-19 restrictions/limitations.

The NCAA stressed that Non-compliance with this AOL shall attract appropriate sanctions.

Operators of US, UK passenger services call for reopening of transatlantic travel



Chief Executive Officers, CEOs of all airlines that offer UK-US passenger services – American Airlines, British Airways, Delta Air Lines, JetBlue, United Airlines and Virgin Atlantic joined today with Heathrow Airport and other industry in calling for the re-opening of transatlantic travel, a move that will be essential to igniting economic recovery.

Top leaders in aviation and travel came together ahead of the G7 meeting in Cornwall later this week to push for the reopening of the UK – US travel corridor.

With world-leading vaccination programmes in both the UK and US, there is a clear opportunity to safely open up travel between these two low-risk countries, enabling consumers on both sides of the Atlantic to reconnect with loved ones, re-establish business relationships and explore new destinations after more than a year of lockdowns and restrictions.

The CEOs urged both governments to take a data-driven and risk-based approach to re-opening borders to travel.

A line-up of American Airlines CEO Doug Parker, British Airways CEO and Chairman Sean Doyle, Delta Air Lines CEO Ed Bastian, Heathrow CEO John Holland-Kaye, JetBlue CEO Robin Hayes, United CEO Scott Kirby, U.S.

Travel Association President and CEO Roger Dow and Virgin Atlantic CEO Shai Weiss joined forces at the panel event, hosted by Duncan Edwards, Chief Executive of BritishAmerican Business.

The participants spoke up after more than a year of travel restrictions that have deeply impacted the global economy and trade and tourism between the two countries.

They discussed the merits of having the US on the UK’s ‘green list’, which means travellers from the US would no longer need to self-isolate on arrival in the UK, as well as the benefits that would arise from the US lifting the UK-related travel ban (the so-called 212(f) order)  to open up the transatlantic corridor for UK residents to enter the US.

The US is the UK’s largest trading partner and UK businesses are losing £23 million each day that transatlantic links remain closed.  In 2019, 900,000 tonnes of cargo also travelled between the two countries.

In the US, 63.5 percent of adults have received at least one dose, while about half of adults – 139 million people have been fully vaccinated. In the UK, almost 68 million have received shots – more than 75% of the country’s adult population. Studies show that the vaccine programmes in both countries are successfully reducing transmission and the severity of infection, plus fighting variants, and case counts in both countries continue to decline rapidly.

Shai Weiss, CEO, Virgin Atlantic commented: “There is no reason for the US to be absent from the UK ‘Green’ list. This overly cautious approach fails to reap the benefits of the successful vaccination programmes in both the UK and the US. While transatlantic links with the US are restricted, it’s costing UK economy £23 million each day. We urge Prime Minister Johnson and President Biden to lead the way in opening the skies, making it a top priority at the G7 Summit. Customers, families and businesses need to book and travel with confidence. After 15 months of restrictions, the time to act is now.”

Sean Doyle, Chairman and CEO, British Airways said: “As President Joe Biden and Prime Minister Boris Johnson meet this week, they must address the transatlantic ban that is separating our two low-risk countries at a major cost to our citizens and economies. We urgently need them to look to the science and base their judgements on a proper risk analysis, allowing us all to benefit from the protection offered by our successful vaccine rollouts.

In the UK this means making the traffic light system fit for purpose, including a pathway to restriction-free travel for vaccinated travellers, and getting rid of complexity surrounding ‘amber list’ countries, eliminating quarantine and reducing the number of tests passengers are required to take.”

John Holland-Kaye, CEO, Heathrow said: “Connectivity between the UK and the US is one of the great engines of the global economy. The scientific data shows transatlantic travel and trade can be reopened safely and every day that policymakers delay puts jobs, livelihoods and the economic chances of hardworking folks across our countries at risk unnecessarily.

“We cannot continue to keep locked-up indefinitely. Politicians should seize on the successful vaccination programmes in our two countries to begin looking to a future where we manage COVID rather than letting it manage us.”

“As we see people reclaiming their lives and reconnecting with loved ones, it’s clear that the infection rates of our countries indicate an extraordinarily low risk to travel between the US the UK, provided travelers are vaccinated or can produce a negative PCR test prior to boarding a flight,” said Ed Bastian, CEO, Delta Air Lines. “Our modeling studies conducted with Mayo Clinic put the risk of transmission on a plane traveling between the UK and US at 1 in 1 million.”

“We’re proud of the measures American and others have taken to navigate the pandemic and ensure we deliver a safe, healthy and enjoyable experience for customers as they return to travel,” said Doug Parker, Chairman and CEO of American Airlines.

“Reopening travel between the US and UK is a critical next step in both the travel industry and the global economy’s recovery. With vaccine availability continuing to expand, we know that our business and leisure customers are increasingly eager to cross the Atlantic, and we know that when they do, it will provide a major boost to the economies in the US, UK and around the world. We look forward to continuing to work with both governments as they make this important decision.”

“Throughout the pandemic, experts have encouraged governments, businesses and the public to follow the science,” said United’s CEO, Scott Kirby. “United and other airlines have done just that and implemented the necessary safety protocols to confidently re-open key international routes like the air corridor between our two countries.

Programs like the trials of COVID-free flights between Newark and Heathrow and the US Department of Defense air filtration study conducted on board United aircraft not only contributed to the body of scientific knowledge, they have demonstrated the near non-existent rates of viral transmission aboard an aircraft. And now, through mobile app, travelers can upload verified test results and vaccine records before international travel. All this with the successful leadership of vaccination efforts by both governments, no interests are served by delaying re-opening of these essential air routes any longer. We are ready.”

“The surge in travel in recent weeks has been remarkable as case counts fall and vaccination rates rise and we’re confident that demand for travel between the US and the UK would follow a similar recovery pattern with an established travel corridor between the two countries,” said Robin Hayes, Chief Executive Officer, JetBlue.

“As international destinations have opened to travelers across our Latin America and Caribbean network and traveling has been made easier with fewer border restrictions, we’ve seen a notable uptick in the number of people flying to these destinations. Data has shown that people can travel safely when certain health and safety protocols remain in place and we believe the UK should implement revised border restrictions similar to those that have already been successful in many other countries.”

A recent York Aviation report stated that a second ‘lost summer’ of international travel would result in £55.7bn in lost trade and £3.0bn in tourism GDP if reopening is delayed until September. If international travel remains restricted, it will cost the US economy $325 billion in total losses and 1.1 million jobs by the end of 2021, according to analysis from the U.S. Travel Association.

“The millions of travel-supported US jobs lost to the pandemic cannot be replaced without the return of international visitors, and the UK is our No. 1 overseas travel market,” said U.S. Travel Association President and CEO Roger Dow. “Advancing a science-driven approach to restart international travel is crucial, and a US-UK corridor is a logical place to start because of the two countries’ excellent records on vaccinations and declining infections, as well as their strong relationship.”

The group has encouraged the US government to consider lifting entry requirements for UK travellers who have provided a negative COVID test ahead of arriving in the US or are fully vaccinated or can present proof of recovery.

On the UK side, Prime Minister Boris Johnson was asked to consider removing the need for travellers returning to the UK from ‘green list’ countries to complete an expensive and time-consuming PCR test on their arrival, instead calling for lateral flow tests, used in care homes and schools, with only positive tests requiring a PCR test.

AGCS appoints Scott Sayce as Global Head, Cyber

By Favour Nnabugwu


Allianz Global Corporate & Specialty (AGCS) has appointed Scott Sayce as global head of cyber, based in London effective 1 September 2021.

He joins AGCS from AXA and will succeed Dr Catharina Richter, current global head of the cyber centre of competence for AGCS and Allianz Group, who will move to a new role, to be confirmed in due course.

According to AGCS, Mr Sayce will steer AGCS’s cyber underwriting business and will also lead the group-wide cyber centre of competence at Allianz, which is embedded into AGCS. He will report to Shanil Williams, global head of financial lines.

Mr Sayce held a variety of increasingly senior leadership roles at AXA after joining in 2017. He started out as global chief underwriting officer cyber within AXA’s corporate solutions division, while also being group chief underwriting officer for cyber. In 2018, he became group head of cyber, then subsequently, group head of financial lines and cyber. He was previously head of the cyber, technology and life science divisions for CNA Hardy.

AGCS’s chief underwriting officer corporate Tony Buckle said: “A huge thank you to Catharina Richter for her leadership of the cyber centre of competence and her contribution to the further evolution of our cyber underwriting approach and product offering. A warm welcome also to Scott Sayce – he is a leading expert in the field of cyber underwriting, with significant global experience, and he will help drive this key part of our business forward for AGCS and for the wider Allianz Group.”

The Allianz cyber centre of competence was established in 2018 and focuses on group-wide coordination and alignment of cyber exposures and underwriting in the corporate and commercial insurance segment.

Lasaco board appoints Razzaq Abiodun as new MD/CEO

By Favour Nnabugwu


The Board of Directors of Lasaco Assurance Plc has announced the be appointment of Mr Razzaq Abiodun as the new Managing Director/Chief Executive Officer, following the retirement of Mr Segun Balogun.

This was disclosed in a notification that was signed by the firm’s secretary/legal adviser, Gertrude Olutekunbi and sent to the Nigeria Exchange Group Plc (NGX).

Mr. Razzaq Abiodun has over 30 years’ experience in the insurance industry with technical expertise in claims, reinsurance, underwriting and marketing. He worked for a host of leading insurance companies like the defunct  City Union Insurance, Metropolitian Trust Insurance (now Consolidated Hallmark), WAPIC Insurance Plc, among others.

He joined Lasaco Assurance Plc in 2017 as Executive Director Technical and later became Deputy Managing Director Technical.

Abiodun is an alumnus of the Lagos State University and the Ghana Institute of Professional Studies (GIMPA), where he obtained a MBA and LLB respectively.

The company disclosed that its former Managing Director, Mr. Segun Balogun had retired from the Board effective from May 29, 2021.

In a bid to fill the void left by his departure, the Board announced the appointment of Mr. Razzaq Abiodun who will superintend over affairs as the MD/CEO, although in an acting capacity.

Mr. Segun Balogun is a financial industry expert with experience that over three decades of experience. Prior to his appointment as MD of LASACO Assurance Plc, he was the CEO of FBN General Insurance Limited. He was also the former MD/CEO of WAPIC Insurance Plc for 13 years.

Balogun is an alumnus of the prestigious University of Lagos and is a Fellow of the Chartered Insurance Institute of Nigeria. He is an Associate of the Chartered Insurance Institute of the United Kingdom.


Coronation group PAT rises by 460.9% in 2020

By Favour Nnabugwu


Coronation Insurance Plc, has announced the company’s group profit after tax for the year 2020 rose by 460.9 percent

The  company made this known when it released its consolidated and separate financial statements for the year ended 31 December 2020 on the floor of Nigerian Exchange Limited that it’s group profit after tax rose from N214.327 million in 2019 to N1.202 billion in the year under review (2020).

The notice added that the profit for only the company went up from a loss of N308.981 million in 2019 to profit of N215.492 million in 2020.

The company added that group gross written premium appreciated from N15.201 billion in 2019 to N16.186 billion in 2020, while gross premium written by only the company rose to N11.637 billion from N10.709 billion achieved in 2019.

Total claims paid rose by 69.5 percent to N6.91 billion in 2020 while underwriting profit rose slightly by 12.5 percent to N3.29 billion.