All Posts in "Day: October 6, 2021"

Allianz: two new appointments for Africa, the Mediterranean

By admin

 

 

Allianz Global Corporate & Specialty (AGCS) has made two new appointments to management positions in the Africa and Mediterranean region (France, Italy, Benelux, Greece, Malta, Cyprus, Africa and the Middle East).

Stéphanie Perreau has been promoted to Regional Manager of Third Party Liability Insurance. A graduate of the University of Paris 1 Panthéon-Sorbonne, S. Perreau began her career in 1998 with the French broker Bellan. After working for Assurances Saint Honoré and Aon, she joined AGCS in 2011.

For his part, Nicolas Lewandowski will be succeeding Stéphanie Perreau as Regional Manager of Third Party Liability Insurance for France.

N. Lewandowski is a graduate of the University of Artois, the University of Lille 2 and the University of Paris 2 Panthéon Assas. After five years with Munich Re, he joined AGCS in 2012 as a third-party liability underwriter.

Both appointments became effective on 1 October 2021.

 

Patoma Admin by — October 6, 2021 in Insurance 0
FAAN temporarily close drop off zone for canopy installation

By Favour Nnabugwu

 

The Federal Airports Authority of Nigeria (FAAN) has announced a temporary closure of the regular Drop Off Zone at the departure frontage of the Murtala Muhammed International Airport, Lagos from October 6, 2021

FAAN informed passengers, airport users, stakeholders and the general public that effective Wednesday, October 6, 2021 that temporary closure is to allow for the completion of the ongoing canopy installation works at the concourse of the old international building.

In a Statement signed by Mrs Henrietta Yakubu, General Manager, Corporate Affairs, to ease vehicular and human facilitation around the area, the Authority has temporary opened the Drop Off Zone of the new international terminal to serve airport users, while the project would last.

She also said covered walkways have been put in place to link the old and the new terminal. The Authority will also open the new departure bridge to serve as an exit to motorists.

While appealing to airport users to bear with us while this project will be completed, we will like to appeal to passengers and other stakeholders to please comply with directives from security and traffic agents that have been deployed to ensure orderliness.

Patoma Admin by — October 6, 2021 in Aviation 0
Swiss Re expects $1.27bn hurricane Ida & Euro flood losses

By admin

 

investors in its Sector Re sidecar vehicle (a quota share structure), perhaps also via its managed insurance-linked securities (ILS) fund.

Swiss Re is the first of the big reinsurers to provide a loss estimate for recent major hurricane Ida, as well as an update for the European flood events in July.

We expect other companies will follow-suit in advance of the third-quarter financial reporting season.

Swiss Re’s estimate of its loss from hurricane Ida is given net of retrocession, suggesting some recoveries are likely to be made, and before tax.

The company puts its claims burden from the event at approximately $750 million, based on the industry loss of up to $30 billion, excluding National Flood Insurance Program (NFIP) impacts.

Swiss Re’s loss from hurricane Ida appears in-line with its market share, but the industry estimate is perhaps at the lower-end of market expectations, even minus NFIP claims.

Swiss Re’s losses from the July flooding in Europe, which is likely to be concentrated in Germany, is estimated as around $520 million, again net of retrocession and before tax, based on an industry estimate of $12 billion for this event.

On the European floods, Swiss Re’s market share of the loss has surprised some analyst firms this morning, while its industry estimate is higher than expected.

In fact, the $12 billion industry loss estimate for the European flooding is the highest estimate we’ve seen, eclipsing cresta’s announcement of $11billion market loss from yesterday

The reinsurance firm notes the estimates, which combined add up to a net impact of $1.27 billion for the company, are subject to uncertainty and could need to be adjusted as the claims process proceeds.

The losses appear in-line with where analysts had been expecting for Swiss Re, as one of the more catastrophe line of business exposed of the major global reinsurance firms.

There is a strong chance that all of the major reinsurers end up sharing a portion of their losses from these events with retrocessionaires and possibly capital market investors, through sidecars, or direct retro arrangements.

Patoma Admin by — October 6, 2021 in Insurance 0
Naicom sensitised federal, state fire service on compulsory insurance

By Favour Nnabugwu

 

 

National Insurance Commission, Naicom, embark on sensitisation workshop to have the full support of Federal and state fire service to achieve the above mandate as enshrined in extant laws.

Deputy Commissioner of Insurance, technical, Alhaji Sabiu Bello Abubakar said that the Commission can better achieve this task with the full cooperation of the Federal and State Fire Service.
As follow-up to the success of previous nationwide awareness campaigns for compulsory insurance, he added that NAICOM is moving the bar a notch higher.
“Therefore, this Sensitization Workshop is aimed at equipping Fire Service Officers with the necessary knowledge to properly enforce the  insurance of public buildings and buildings under construction above 2 floors”

According to him, “It is very worrisome to the Commission that most public buildings and buildings under construction above 2 floors are never adequately and appropriately insured, which further accentuated the need for urgent measures to be put in place by the Commission to ensure that these buildings are adequately insured. It is the desire of NAICOM to change this narrative for good”

“It  my pleasure to be here with you today in this sensitization workshop which aims at sensitizing Fire Service Officers on the importance of Insurance of public buildings and buildings under construction above 2 floors”

Abubakar said, “The  essence of Insurance of public buildings and buildings under construction above 2 floors is to cushion the impact and reduce the burden and liabilities that the owner / government would have to bear in likely occurrences of catastrophic events such as natural disasters, fire, accidents, building collapse, injuries or death to third parties, etc, thereby saving the government money which can be channeled towards augmenting the needs of the citizenry, providing infrastructure, and creating employment, among others.”

He emphasised the need and importance to abide by the mandate, “Suffice it to say that it has now more than before become imperative to put in place measures to enforce the insurance of Public Building in Nigeria. Furthermore, let me bring to your attention the provision of Section 65of the Insurance Act 2003 which stipulates that all public building shall be adequately insured.  Also, Section 64of the Act provides that all buildings under construction above 2 floors shall be adequately insured”

He was optimistic that Federal and State Fire Service  officers will now have the knowledge of insurance of public buildings.

Patoma Admin by — October 6, 2021 in Insurance 0