All Posts in "Day: August 6, 2021"

FG will complete all aviation projects before 2023 – Sirika

 

The Minister of Aviation, Senator Hadi Sirika has said that the Federal Government will not leave any outstanding Aviation projects incomplete before 2023

Sirika stated this in Lagos at the 25th annual conference of the League of Airport and Aviation Correspondents (LAAC) with the theme: ‘Nigeria’s Aviation Industry: Management, Policy and Regulation,’ in his keynote address.

Sirika also revealed that Nigeria has no fewer than 89 Bilateral Air Service Agreement (BASA) arrangements with countries, while 15 others have indicated readiness to sign additional agreements with the country , 13 others are in the threshold of re-negotiation the existing agreements.

The Minister who was represented at the occasion by Engr. Akin Olateru, the Commissioner, Accident Investigation Bureau-Nigeria (AIB-N) , said ” that all hands were on deck to ensure that the government completed all the ongoing projects in the sector.”

He listed the projects as ” the ongoing construction of the new terminal at the international wing of the Murtala Muhammed Airport (MMA), which commenced in 2013″.

” The $600 million; $500 million loan deal secured from China and the $100 million counterpart funding from the Federal Government for the project which had commenced in 2013 with a completion period of 20 months.”

Recall the two chairmen of Aviation Committees in the Senate and House of Representatives had last week raised the alarm over the alleged abandonment of the project, which they said had reached over 90 per cent completion stage.

Responding to the alarm raised, the Minister said ,“We are committed to achieving the completion of outstanding projects we have set out for ourselves before our term runs out.

“We have a vision of a sector that will provide utmost comfort, safety, and security for majority of passengers”.

He further assured that the ministry has a clear roadmap for the development of the sector in Nigeria, stressing that it would ensure its growth to the nation’s Gross Domestic Product (GDP) through its policies and programmes.

He, however, regretted the negative impact of Covid-19 pandemic on the sector and quoted the statistics from the International Air Transport Association (IATA), which put the revenue loss in Nigeria at ” $994 million in 2020, unemployment; 125,370 and loss of contribution to the GDP at $885 million”.

According to him, in a bid to improve the operating environment for investors in the sector, ” government ensured zero import duties on aircraft engine and spare parts, special foreign exchange window for the aviation sector, improved availability of aviation fuel, restructured the aviation agencies, improved safety and security.”

” Others are upgrade of the Nigerian College of Aviation Technology (NCAT), Zaria into a regional centre of excellence, introduction of policies on remotely piloted aircraft and employment policies on the enforcement of expatriate quota for the system,” he said.

Patoma Admin by — August 6, 2021 in Aviation 0
Global Indemnity records $338.8m GWP in first half 2021

By admin

 

 

Property and casualty insurer Global Indemnity recorded gross written premiums (GWP) of $338.8 million over the first six months of 2021, the highest level for any six-month period since the company became publicly traded.

Despite the 5.8% increase in GWP, underwriting income over the H1 period totalled just $0.3 million, compared to $32.3 million in 2020, leaving the company’s combined ratio at 100.2% versus 89.0% last year.

But Global Indemnity still reported net income of $11.7 million thanks to improvements in investment income and realized gains.

Investment income totalled $20.5 million in H1 2021 compared to $7.8 million in 2020, due to increased returns from alternative investments offset by a decrease in yield within the fixed maturities portfolio.

Likewise, the insurer saw realized gains of $7.7 million for the period, compared to a realized loss of $29.7 million last year, when financial markets were disrupted by the COVID-19 pandemic.

For the three-month Q2 period, Global Indemnity reported net income of $6.3 million, as GWP increased 6.5% to $175.2 million.

Underwriting income during this time was $1.8 million compared to $21.7 million in 2020, which resulted in a combined ratio of 99.2%, compared to 85.2% for Q2 2020.

Excluding prior year loss development, underwriting income increased to $7.3 million in 2021 from $2.4 million in 2020 due to lower property catastrophe losses partially offset by higher severity on casualty and non-catastrophe property claims.

2021 also included strengthening of prior accident year loss reserves of $5.5 million primarily due to an increase in severity from a 2018 Hurricane Michael claim.

Global Indemnity also turned investment income of $10.6 million in Q2 and saw realized gains of $3.8 million.

Patoma Admin by — August 6, 2021 in Insurance 0
Allianz expects $900m claims from flood loss, to get $500m from reinsurance

By admin

 

Global insurance carrier Allianz is anticipating around €900 million of gross losses just from storm Bernd’s impacts in Europe and the related severe flooding that struck the region, with Germany the worst affected.

The company anticipates making a significant reinsurance recovery against this, with its excess-of-loss reinsurance tower set to be triggered and more than half of the gross loss burden set to be recovered.

Speaking this morning, Allianz CFO Giulio Terzariol gave some clarity on the expected impacts, saying that the €900 million of losses that has been reported already is solely from the impacts of storm Bernd.

Allianz Deutschland had previously said it expected at least €500 million of claims from the floods in Germany alone.

Storm Bernd struck Central Europe in July and caused most of its damage from flooding caused by a number of major rivers overflowing following extreme rainfall levels.

Allianz’s CFO Terzariol commented on the impacts of storm Bernd this morning, saying, “We assume that we’ll pay out around EUR 900m to our customers only from storm Bernd.”

Given Europe had faced more severe storms and floods in June as well and further storm activity in August, it likely means Allianz is facing a billion Euro plus gross claims burden from recent weeks of storm activity across the continent.

The CFO noted that Allianz tries to help its customers recover quickly from this type of catastrophe, saying that the insurer has made upfront payments of up to EUR 10,000 per customer.

Allianz’z reinsurance panel are now anticipating their own burden, as the company expects that after reinsurance and reinstatement premiums, its net loss from the storm Bernd impacts and flooding will only be around €400 million.

Which means more than €500 million of reinsurance recoveries are anticipated by Allianz after these floods, which is largely anticipated to be from its catastrophe excess-of-loss reinsurance tower.

Patoma Admin by — August 6, 2021 in Insurance 0
NiMet warns of heavy rainfalls; imminent floods, flight disruption around Nigeria

By Favour Nnabugwu

 

The Nigerian Meteorological Agency (NiMet), has warned of possible heavy rainfall across the country in days to come with chances of flooding of roads, low lying settlements, disruption of traffic due to flood or closed roads, reduction in visibility and possible delay in flight operations among others

In a three day forecast released by the Central Forecast Office (CFO), today,  the agency observed that thunderstorms are expected over parts of Sokoto, Zamfara, Kebbi, Adamawa, Taraba, Bauchi and Kaduna.

Others expecting same are Jigawa, Gombe, Kano and Yobe states. Parts of Niger, FCT and Nasarawa also have prospects of thunderstorm and intermittent rains.

The statement further noted that there are chances of moderate to heavy rainfall in over parts of Benue, Bauchi, Plateau, Southern Borno, Gombe and Southern Yobe, while cloudy conditions and light rains are expected over the rest of the country.

A statement signed by General Manager Public Relations,NiMET,  Muntari Yusuf Ibrahim read,”As a result of the expected heavy rainfall and presence of good amount of soil moisture over most places in the next couple of days, there are chances of flooding of roads, low lying settlements, stream and river channels, disruption of traffic due to flood or closed roads, reduction in visibility, possible delay in flight operations, damage to mud houses and make shift structures, possible damage to roads and bridges.

“The Nigerian Meteorological Agency therefore advised the public to exercise restraint and wait till after the rains to commute. As always NiMet assures of continuous monitoring and update on any changes in the weather pattern.

Patoma Admin by — August 6, 2021 in Aviation 0