All Posts in "Month: October 2021"

New NCRIB president to make broking profession a thing of pride

By Favour Nnabugwu

 

The new President and Chairman of the Governing Council of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Oluwarotimi Edu, has promised to take the broking arm and it’s profession a thing of pride

Barr. Rotimi Edu in his acceptance speech during his investiture as the 21st President/Chairmen of the Governing Council of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos yesterday

According to him, As we are all aware, our Council as a critical player in the nation’s financial ecosystem has a lot of opportunities, as well as besetting challenges at the moment. This requires that the leadership team under my humble self must be purposeful, selfless, focused and decisive in accompanying the tasks ahead.

The bigger the larger pie by the industry, the bigger the portion that accrues to the insurance broking sub sector.

“Professionalism: It is no longer news that the hallmark of all professions in is the continuous acquisition of knowledge and openness to new and evolving knowledge. The Insurance Broker can definitely not be an exception. This tenure would open channels of training needs for it members within and outside the country.

“While reinforcing ties with already existing institutions in the country and without, we would also open up relationship with new ones. Being the main professional in the insurance value chain, the Broker under my tenure would be an encyclopedia of knowledge and professionalism.

“Strategic Government and Institutional Relations: It is noteworthy that the Council has recorded phenomenal feats in strategic government relations under the immediate administration. Doors in Government Houses, Palaces and renowned institutions were opened for the NCRIB.

However, since the largest room in life is the room of improvement, this tenure would open new vistas of qualitative relationship with more government institutions with a view to registering the brand of the Broker in their consciousness as valuable allies.

“Mentoring: It is the intention of my team to ensure that Insurance Broking does not go into extinction through deliberate mentoring of the younger generation of operators. This we would do by stimulating the interest of the younger scholars in insurance broking right from their school days.

“We would device strategic plans to reach out to educational institutions across the country and create awards and scholarships to those who have inclination towards Insurance Broking as a career.”

“Corporate Visibility Sustenance: As it is often said that image is everything, the current leadership team would sustain the corporate visibility initiatives of the Council.

In doing this, we shall tweak strategies for identifying and reaching out to more corporate institutions outside the remit of those we have already reached out to to generate more news items for the media. We would also deploy our vast contacts with the media to enhance the Broker’s brand in the consciousness of Nigerians.

“Secretariat Development: Realising the fact that the Secretariat is the engine room for effective discharge of the set mandate of this tenure, this tenure would improve the quality and content of the secretariat’s human resource. It is our intention to train, retrain and motivate our staff for them to be at per with their contemporaries in high flying related institutions.”

“While admitting that leadership is a continuum, requiring that every successive tenure builds on the previous ones, it behooves my tenure to evolve a well-conceived thrust of office, which ultimately would become the trajectory of office and benchmark for my accomplishments in office.

“Having engaged in wide range consultations amongst members of the Council and some seasoned and well-meaning professionals, I have come up with BROKER CENTRICISM as the focus of my tenure as President.”

“This focus connotes that the Insurance Brokers’ welfare, progress and development, irrespective of their location and sizes would be the vortex of all decisions and actions that would be taken throughout this tenure, God helping me.”

He said his administration would be driven by Financial Solvency; Professionalism; Strategic Government and Institutional Relations; Mentoring; Corporate Visibility Sustenance and Secretariat Development.

“As an embodiment of this focus, my team would also have the following thrusts;
Financial Solvency: There is a common saying that no man or institution suffers financial destitution, rather they suffer from destitution of ideas.

“It is the intention of my team to be highly creative in stimulating ideas that would lead to financial solvency of the Council aside from the traditional subscription of members which is fast dwindling. It follows that if individual insurance brokers would be solvent, the Council must make strident efforts to ensure it complements all relevant institutions, including NAICOM for the deepening of the insurance sector.

While commending the outgoing President for Dr. (Mrs) Bola Onigbogi for her strides, he solicited the support of all and sundry for the success of his administration.

Patoma Admin by — October 22, 2021 in Insurance 0
Speech of the 21st President of NCRIB, Rotimi Edu in Lagos

INAUGURAL SPEECH DELIVERED BY BARR. ROTIMI EDU, mni AT HIS INVESTITURE AS THE 21ST PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS HELD ON THURSDAY, OCTOBER 21ST 2021 AT MARRIOTT HOTEL, IKEJA, LAGOS

• The Vice President, Federal Republic of Nigeria, His Excellency, Prof. Yemi Osinbajo, SAN
• His Excellency, the Executive Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu
• Former President, Federal Republic of Nigeria, Chief Aremu Olusegun Obasanjo, GCFR
• Hon. Darlington Nwokocha, Chairman House Committee on Insurance & Actuarial Matters and Other Members of the Committee here present
• The Commissioner for Insurance, Mr. Sunday Olorundare Thomas
• Outgoing President, Dr. (Mrs.) Bola Onigbogi, FCIB
• Distinguished Past Presidents and respected Elders of the Council
• Our revered Royal Fathers in attendance
• My Fellow Insurance Brokers and Members of Our Council
• Our Sponsors
• Heads of Insurance Constituent Bodies here present
• Members of the Social and Organised Private Sector
• Friends, Classmates and numerous well-wishers and dignitaries here present
• My admirable wife, Mrs. Olayemi Edu and my darling children, Kenny and Taiwo Edu
• Gentlemen of the Media
• Ladies and Gentlemen

I must give all praises and adoration to the Almighty God, the maker and preserver of human lives for making me see the joy of this great day.

There is no doubt that our Council is again at another threshold of history with the successful transfer of baton of leadership. It is heartwarming that I stand here to address you as the 21st President of The Nigerian Council of Registered Insurance Brokers this 21st Day of October 2021.

The hitch free transfer of leadership baton which has been institutionalized by our forebears in the Council has remained an enviable tradition that is being emulated by other institutions of repute in the country.
Permit me to use this auspicious medium to appreciate the pivotal roles played by our Past Presidents and leaders of the Council who, in spite of occasional daunting challenges, saw to it that the Council becomes an institution to reckon with in the comity of other professions in our Country.

Personally, I see my ascension of office today as the crystallization of my diligent commitment, love and valuable contributions to our great Council in the last two decades. With all sense of modesty, I have strived to consistently make myself available to serve several Presidents and Leaders of the Council and it is an irony of faith that I am emerging today as President of the Council, as well as the nation’s number one Insurance Broker.

I cannot but particularly appreciate my predecessor, Dr. (Mrs) Bola Onigbogi, FCIB whom I closely worked with as Deputy President in the last two years. There is no doubt that she perfectly acquitted herself as a specimen of a true leader, excellent team player and pride of womanhood in the professions. I learned a lot from her strength of character and love for our noble Council.
As we are all aware, our Council as a critical player in the nation’s financial ecosystem has a lot of opportunities, as well as besetting challenges at the moment.

This requires that the leadership team under my humble self must be purposeful, selfless, focused and decisive in accompanying the tasks ahead. While admitting that leadership is a continuum, requiring that every successive tenure builds on the previous ones, it behooves my tenure to evolve a well-conceived thrust of office, which ultimately would become the trajectory of office and benchmark for my accomplishments in office.

Having engaged in wide range consultations amongst members of the Council and some seasoned and well-meaning professionals, I have come up with BROKER CENTRICISM as the focus of my tenure as President. This focus connotes that the Insurance Brokers’ welfare, progress and development, irrespectiveof their location and sizes would be the vortex of all decisions and actions that would be taken throughout this tenure, God helping me.

As a an embodiment of this focus, my team would also have the following thrusts;
Financial Solvency: There is a common saying that no man or institution suffers financial destitution, rather they suffer from destitution of ideas. It is the intention of my team to be highly creative in stimulating ideas that would lead to financial solvency of the Council aside from the traditional subscription of members which is fast dwindling. If follows that if individual insurance brokers would be solvent, the Council must make strident efforts to ensure it complements all relevant institutions, including NAICOM for the deepening of the insurance sector. The bigger the larger pie by the industry, the bigger the portion that accrues to the insurance broking sub sector.

Professionalism: It is no longer news that the hallmark of all professions in is the continuous acquisition of knowledge and openness to new and evolving knowledge. The Insurance Broker can definitely not be an exception. This tenure would open channels of training needs for it members within and outside the country. While reinforcing ties with already existing institutions in the country and without, we would also open up relationship with new ones. Being the main professional in the insurance value chain, the Broker under my tenure would be an encyclopedia of knowledge and professionalism.

Strategic Government and Institutional Relations: It is noteworthy that the Council has recorded phenomenal feats in strategic government relations under the immediate administration. Doors in Government Houses, Palaces and renowned institutions were opened for the NCRIB. However, since the largest room in life is the room of improvement, this tenure would open new vistas of qualitative relationship with more government institutions with a view to registering the brand of the Broker in their consciousness as valuable allies.

Mentoring: It is the intention of my team to ensure that Insurance Broking does not go into extinction through deliberate mentoring of the younger generation of operators. This we would do by stimulating the interest of the younger scholars in insurance broking right from their school days. We would device strategic plans to reach out to educational institutions across the country and create awards and scholarships to those who have inclination towards Insurance Broking as a career.

Corporate Visibility Sustenance: As it is often said that image is everything, the current leadership team would sustain the corporate visibility initiatives of the Council. In doing this, we shall tweak strategies for identifying and reaching out to more corporate institutions outside the remit of those we have already reached out to to generate more news items for the media. We would also deploy our vast contacts with the media to enhance the Broker’s brand in the consciousness of Nigerians.

Secretariat Development: Realising the fact that the Secretariat is the engine room for effective discharge of the set mandate of this tenure, this tenure would improve the quality and content of the secretariat’s human resource. It is our intention to train, retrain and motivate our staff for them to be at per with their contemporaries in high flying related institutions.

While realizing that the task of leading a reputable institution like ours is quite daunting, I hope to latch on the support of all our esteemed members and goodwill of these array of distinguished personalities who have made it to this event and several others who could not make it, to achieve brilliant success in office.

Once again, I promise to devote myself unselfishly to giving qualitative leadership to our Council during this tenure. So help me God. Amen.

I thank you for listening and God bless.

Barr. Rotimi Edu, mni
President & Chairman Governing Board
The Nigerian Council of Registered Insurance Brokers

Patoma Admin by — October 22, 2021 in Insurance 0
Pension operators navigate better health wellness as PenOps enlightens industry

By Favour Nnabugwu

 

 

Pension Fund operators Association of Nigeria (PenOp) hosted participants across the pension industry on a mental health awareness webinar to mark the World Mental Health Day

The workplace, where people spend most of their time also contributes to pressures that result in increased mental health challenges.l

PenOps leveraged on its monthly knowledge sharing sessions as an avenue to create awareness, initiate these conversations and seek to better inform its members on this issue.

Mental health concerns have risen in recent times in Nigeria, however, these conversations are not being had as much as it should.

The session, which was facilitated by Akanimo Ekong; a certified Mental Health Counsellor and Performance Coach was engaging and interactive with participant asking questions and getting answers on how to be empathetic in the workplace, how to spot danger signals and where to go to get help.

Participants left the session understanding new ways to navigate life for better mental wellbeing for themselves and others around them.

The CEO of Pension Fund Operators Association of Nigeria (PenOp), Mr. Oguche Agudah, said: “The workplace can sometimes seem like a war zone or a hostile and tense environment. People are already going through a lot and as managers or leaders of organizations, we need to support our employees and teams to overcome personal issues and be better individuals for the workplace and society.”

He concluded by encouraging participants to take the learnings into their workplace and homes.

PenOp has over the past months committed to enhancing capacity in the sector through its monthly knowledge sharing series which incorporates technical and soft skills training.

Patoma Admin by — October 22, 2021 in Pension 0
GoG, Nigerian waters record first piracy drop in 17yrs

By admin

 

 

 

For the first time in 17years, the Gulf of Guinea and the Nigerian waters recorded the lowest piracy drop, in the first nine months of year 2021.

This was disclosed by a report released this week by the International Maritime Bureau , IMB .

However, at the other end of the scale, one crew member was killed, 51 kidnapped and eight taken hostage

The latest piracy report from IMB revealed that 85 vessels were boarded with nine attempted attacks. Also, two vessels were shot at and one hijacked.

A breakdown of piracy incidents showed that the Gulf of Guinea region recorded 28 incidents of and armed robbery between January and September 2021, as against 46 recorded for the same period in 2020.
Notably, Nigeria reported only four, compared to 17 in 2020 and 41 in 2018. Crew kidnappings in the region dropped with a crew member kidnapped in the period under review, as against 31 in five separate incidents during the same quarter in the preceding year.

“All 2021 quarter three incidents were against vessels at port anchorages and the average successful kidnapping location was 100 nautical miles from land.

“The overall reduction of piracy and armed robbery incidents in the region bears testament to enhanced maritime security and response coordination measures adopted by regional and national authorities,” IMB stated

The IMB statement however, made no mention of piracy incidents such as kidnappings, violence against crew or hijackings on the east coast of the continent off Somalia including the Horn of Africa.
But going further east, it noted 20 armed robbery incidents in the Singapore Straits, the highest since last year and four up ,on the 2019 number.

It described the attacks as low level and opportunistic in nature , noting that perpetrators posed a direct threat to seafarers and vessels underway.

Furthermore it stated that in four incidents, crew were threatened, assaulted or injured.
“There was also a noticeable reduction in incidents reported from Indonesian waters. The six reported in the first nine months of this year is the lowest in Indonesian water since 1993”, it stated..

Patoma Admin by — October 22, 2021 in Transportation 0
Elon Musk set to become first trillionaire on earth

By admin

 

 

 

Elon Musk, the world’s richest person is estimated to have a net worth of $242 billion, according to the Bloomberg Billionaires Index. Although he is already the world’s richest person, he could also become the first member of the four-comma club.
According to The Guardian, analysts at Morgan Stanley have predicted that Musk, 50, could become the world’s first trillionaire — largely thanks to his aerospace company SpaceX, People.com reports.

“More than one client has told us that if Elon Musk were to become the first trillionaire… it won’t be because of Tesla,” analyst Adam Jones told the newspaper, referring to the electric car company behind the majority of his wealth to date.

“Others have said SpaceX may eventually be the most highly valued company in the world — in any industry,” Jones added.

Though humans have yet to reach Mars — one of Musk’s goals for the company — via SpaceX’s Starship, the advanced launch system already has high expectations following the success of SpaceX’s Crew Dragon.

“As one client put it, ‘talking about space before Starship is like talking about the internet before Google,’ ” explains Jones.

Earlier this month, the valuation of SpaceX increased to $100.3 billion, up from $74 billion in February, according to CNBC.

The valuation made SpaceX — which Musk owns about 48% of the corporation — the world’s second-biggest privately held company, The Guardian states.

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SpaceX has celebrated a number of milestones this year, including successfully launching and landing a Starship rocket for the first time. Last month, SpaceX sent the first all-civilian crew into orbit.

Musk is currently estimated to have a $242 billion net worth, according to the Bloomberg Billionaires Index. Tesla still remains his biggest asset.

Back in January, Musk overtook Jeff Bezos to become the world’s richest person, only to briefly lose the title back to the Amazon billionaire the following month. Musk went on to reclaim his spot days later, following the completion of a SpaceX funding round, according to Fortune.

Bezos — currently the second-richest person in the world, per Bloomberg — is estimated to have a net worth of $197 billion, followed by Bernard Arnault ($163 billion), Bill Gates ($133 billion), and Mark Zuckerberg ($127 billion).

Musk’s fortunes have rapidly increased since the start of last year.

Back in January 2020, Musk was ranked 35th on their list of billionaires, but that year his net worth rose by $100.3 billion, according to Bloomberg. He became the second-richest person in the world that November.

Bloomberg reported at the time that Musk’s financial surge came as Tesla’s market share hit $500 billion, which was an all-time high for the electric automaker company.

So far this year, the billionaire has increased his fortune by $72 billion, a 42.4% increase from this time last year, per Bloomberg.

Patoma Admin by — October 22, 2021 in Metro 0
Africa Re, Nem Insurance, Tunis Re among major sponsors of AIO 25th Reinsurance Forum

By Favour Nnabugwu

 

 

The 25th African Reinsurance Forum of the Insurance Organisation, AIO will explore emerging distribution channels that will create further opportunities to serve local African economies in light of AfCFTA..

The theme of this year forum, “Insurance Integration in the context of the African Continental Free Trade Area (AfCFTA).

The Forum will be held from 27th November to 01st December 2021 at the Kigali Convention Centre, Rwanda.

Major sponsors of the forum include Africa Reinsurance Corporation, NEM Insurance Lc and Tunis Re, among other sponsors of the event

Annie Nibishaka, Chairperson,  Organising Committee said Rwander Insurers Association economies continue to evolve, and competition in the insurance industry intensifies, we need to be on the lookout for opportunities to make insurance relevant within these emerging and new business models.

“The outbreak of the COVID Pandemic in 2019 has disrupted “business as usual”, complicated international logistics but could also be an opportunity some would say”.

Nibishaka who doubles as the Managing Director of UAP Insurance Rwanda explained that the event is happening during very challenging times of the COVID Pandemic but I am glad to inform you that Kigali and indeed Rwanda is making tremendous progress in the fight against this scourge.

According to her, “This forum is a vehicle through which insurance executives explore and discuss topical issues of the day and find solutions to the challenges we are facing as an industry. The theme of this year’s Forum aptly named”

Patoma Admin by — October 21, 2021 in Insurance 0
Finance Minister advises insurance industry to push for policies & go for training

By Favour Nnabugwu
The nation insurance industry has been advised toleverage on the relationship the sector shared with the federal government under the President Muhammadu Buhari to boost the image using customer service delivery.
The Minister of Finance, Budget and National Planning, Dr Zainab Shamsuna Ahmed she relationship between government has never been this strengthens.
The Insurance sector in its more than 60 years history has never before this time enjoyed the closeness, romance and positive relationship with the Federal Government as we have presently under the administration of His Excellency President Muhammadu Buhari, GCFR. While insurance industry is celebrating these recent developments of support by the Federal Government”
She said that it will be a good opportunity for the insurance sector to impress in the heart of the general public and businesses the value of insurance as a financial instrument for protection and sustainability.
“The leadership of all arms of the insurance sector must see this opportunity as a challenge to boost the image of the sector and move positively closer with a view to increase its visibility through efficient service delivery”.
She expanciated that the issue of professionalism and business ethics must be taken seriously among members of the insurance broking fraternity and indeed the entire insurance industry.
“This will in turn improve the fragile image and perception of the sector by the populace”
” The harmonious working relationship between the NCRIB and other stakeholders is commendable and we expect that this is sustained and improved upon”
The Minister said the new NCRIB president, Rotimi Edu should the Council leadership to be a formidable partner to your Regulator the National Insurance Commission and the government in the implementation of its various policies and initiatives.
“Now to the man of the moment Barrister Rotimi Edu, congratulations to you oni your election as the 21st President and Chairman in Council of the NCRIB. In your new leadership position it will be expected that you and your council and indeed the entire Insurance Broking family will key into the various initiatives of the Federal government especially those relating to poverty allievation”
“The  Federal Government is not unaware of the challenges confronting businesses including the insurance sector and it is doing so much through various initiatives and policy rearrangements to ensure stability in the system”
Also, she touched on the need for training to professionals and insurance practitioners, “The world has moved many places ahead of Africa in so many fronts in insurance practice and governance. The insurance sector is a knowledge based industry which must take issue of training of its members seriously in order to update itself with current realities across the globe.”
She emphasised, “By  training and retraining we can adequately equip practitioners with modern techniques and practice from the traditional ways of doing business to more robust, all inclusive and diversified channels of reaching our huge potential clients.”
The President and Chairman in Council of the NCRIB Mr Rotimi Edu, your deep knowledge about the industry, versatility and pedigree and recently a graduate of National Institute for Policy and Strategic Studies (NIPSS) which earned you Membership of the Institute (mni) certificate gives me the confidence
“I want to use medium to encourage members of the NCRIB to be open to initiatives including the adoption of relevant technologies aimed at making the insurance market robust and all inclusive especially at a time that the Commission’s cardinal objective is centered on deepening penetration and developing the market.”
She sdded, “It is worthy to say that extreme times like this require extreme measures to reach out to the nooks and crannies of the country. Partnerships and collaborations must be sustained with other stakeholders we perceive as progress partners in consumption, supply or distribution of insurance products in the country”
“The market is indeed in a dare need of serious partnership, collaboration and synergy if truly the industry want to make the required impact. The efforts been made so far by the Commission require the industry players to actively get involved.”
Ahmed noted that insurance market is so large and urged intermediaries to comb nooks and crannies, “My observation has revealed that there is huge market for insurance in every State of the Federation but lack of or inadequate presence of insurers and intermediaries may have hindered uptake of insurance in those places”
“I want to challenge the intermediaries that there is huge untapped market in the retail business and I urge your members to learn new ways to reach out and explore this area of huge potential for inclusiveness”
The Minister assured the insurance industry of the current administration’s support, “I want to assure you of the commitment and support of the administration of His Excellency President Muhammadu Buhari, GCFR to the development of the insurance industry and make it a veritable instrument for national growth and developoment. The contribution of the insurance sector to the nations GDP must become significant for recognition”.
Patoma Admin by — October 21, 2021 in Insurance 0
Allianz brand value climbs 17% over $15bn in a year

By admin

 

Allianz continues to be the world’s most valuable insurance brand, according to the 2021 Best Global Brands ranking, released by leading consultancy Interbrand today.

Within the top 100 global brands, Allianz has climbed five ranks since 2020 to #34. Allianz’s brand value has risen by 2.2 billion USD in one year to $15.2 billion, an increase of 17 percent.

This increase is the strongest since Allianz entered the 100 Best Global Brands ranking in 2007 with a brand value of 4.0 billion USD.

According to Interbrand, Allianz’s rise in the ranking is based on its strong operating performance and outlook, increased branded revenue, and brand strength. Moreover, the influence of the Allianz brand on customers’ purchase decisions has increased over the last year.

“Congratulations to all! The Allianz brand demonstrates strong resilience and delivery of value for people, companies and the broader market. We have been working hard to apply our guiding principles ‘Shape, Care, Deliver’ to the brand and customer experience,” said Serge Raffard, Group Strategy, Marketing, Distribution Officer at Allianz SE.

To further build on its brand strength, Allianz has enhanced its global coherence, affinity, and distinctiveness. The “OneAllianz” approach was applied to unify Allianz’s brand presence into one logo, one message and one campaign. Moreover, Allianz has improved customer experiences globally by listening closely to its customers via numerous programs and addressing their unmet needs.

Allianz’s eight-year worldwide partnership with the Olympic and Paralympic Movements has also been instrumental in underlining Allianz’s role as a global insurer supporting the sports ecosystem. Since the launch of the partnership in January 2021, the likeability of the Allianz brand has increased significantly among people aware of the tie-up.

“I’m extremely proud of this year’s amazing result. A big thanks to Allianz employees, our agents and brokers. They are truly living our purpose – ‘We secure your future’ – and are tirelessly working to improve Allianz customer journeys and to find simple solutions to give our customers more confidence in their daily lives and in their future,” said Dr. Christian Deuringer, Head of Global Brand & Marketing at Allianz SE.

Patoma Admin by — October 21, 2021 in Insurance 0
Rotimi Edu becomes 21st President of NCRIB

By Favour Nnabugwu
Barrister Oluwarotini Edu will be the 21st President of the Nigerian Council of Registered Insurance Brokers, NCRIB, in Lagos today.
The president elect, before now, was the deputy president of the council and he worked assiduously with the outgoing president. Dr. Bola Onigbogi, to deepen insurance awareness through improved education and sensitization exercise across the nooks and crannies of the country, including, at the states and federal levels.
Edu began is journey in the NCRIB when he was appointed as the Auditor of the council under its first female President, Barr Mrs. Laide Osijo.
He started his early education at the Surulere Baptist Primary School,  in Lagos, before he later proceeded to the Lagos Clerical Training College which was a famous school for the training of would-be white collar jobbers at the time.  Oluwarotimi later switched to Premier College, Yaba, for his West Africa School Certificate, which he bagged with flying colours.
The quest for higher scholarship propped the young Oluwarotimi to secure admission with the famous Lagos State Polytechnic, Isolo Lagos for his National Diploma and Higher National Diploma Certificates in Insurance.
He secured his first job with Security Insurance Company under the tutelage of Late Mr. Idowu Silva of blessed memories where he horned his skills in Insurance Marketing.
Though he had a flourishing career in the Insurance Industry, starting his career at the defunct Mulumba Assurance Co. Ltd where he was employed as a Senior Manager, Oluwarotimi briefly left for banking and later returned to the famous Industrial General Insurance Ltd where he exited as Deputy Director (Marketing).
He later became the acting Managing Director of International Health Management Services before he ventured into establishing his own Brokerage firm, Quicklink Insurance Brokers Ltd, which has remained one of the leading Insurance Brokerage firms in Nigeria today.
From that point, there had been no turning back for Oluwarotimi Edu as he rose meteorically on the council’s leadership ladder through his valued and qualitative contributions to become Hon Treasurer, Vice President, Deputy President and today ascending the number One position as 21st President.
 Oluwarotimi Edu’s insatiable appetite for learning even when it was most inconvenient prodded him to enroll for a degree in Accounting crossing in his 2nd year to Law at the University of Lagos where he bagged his Bachelors of Laws degree, and was called into the Nigerian Bar after completing his Law School.
He still went back to study for his Master’s Degree in Law specializing in Secured Credit, Family Law and he later became a Notary Public of the Federal Republic of Nigeria thereafter. These battery of certificates and knowledge he has brought to bear on his profession and the NCRIB in several capacities.
A Chartered Insurance practitioner from the Chartered Insurance Institute London, Barr Oluwarotimi Edu is a proud product of the famous National Institute of Strategic Studies, Kuru, Jos. He was a one-time speaker at NIPSS (SEC 41) and a strong advocate of agricultural insurance development in Nigeria.
As one of the Past Presidents of the famous Lagos Lawn Tennis Club, Barr Oluwarotimi Edu left an impressionable footprints on the Club. Aside from enhancing its financial vibrancy, Barr Edu is remembered for re-energising the Club through aggressive membership drive and drawing more attention of the powers that be to the Club, making it a primus interperes amongst its peers nationally.
Edu is a Chartered member of the Nigerian Institute of Chartered Arbitrators(CIArB); Current Chairman of the Insurance Brokers Forum of the West African Insurance Companies Association (WAICA); Member of the 9th Governing Council of Lagos State Polytechnic (LASPOTECH); Past President of the Lagos State Polytechnic Alumni Association); Member, Institute of Directors (MIoD); Principal Partner of Rotimi Edu & Co. a firm of Estate Managers, among others.
  • Rotimi Efu, taking an oath as the new president of NCRIB
L- Commissioner of Finance, Lagos State Rabiu Olowo and Commissioner for Insurance Sunday Thoma
Patoma Admin by — October 21, 2021 in Insurance 0
Munich Re set for €400m Q3 profit despite €1.8bn nat cat bill

By admin

 

Flooding Germany .Flooded road passing through the railway. A road under water. Germany 2021 Flooding in Germany, July 2021. Credit: Shutterstock/bear_productions
Munich Re expects to deliver profit of about €400m in the third quarter, despite nat cat costs of roughly €1.8bn during the period.

The reinsurer said the “high losses” include about €600m from storm Bernd, which led to flooding in Germany and other parts of Europe. This loss fell on its P&C reinsurance business as well as primary insurer ERGO in Germany.

Munich Re also suffered about €1.2bn in reinsurance losses from Hurricane Ida during the third quarter.

But despite these claims, the reinsurer is set to make a profit of €400m in the period and still expects to hit its €2.8bn profit guidance for the full year.

It is set to post about €2.1bn of profit for the first nine months.

Munich Re said its forecast takes into account higher Covid-19-related losses for life and health reinsurance than expected at the time of its Q2 results.

The firm will announce its full third-quarter results on 9 November.

Patoma Admin by — October 20, 2021 in Insurance 0