All Posts in "Month: November 2021"

Five died from industrial gas explosion in Mushin

By Favour Nnabugwu

 

Five people have allegefly died from the industrial gas cylinders explosion tragedy that struck yesterday at Papa Ajao in Mushin Local Council of Lagos State,

The deceased are three male adults, a woman and a male teenager. Eye witnesses said the incident occurred when the cylinders stocked at No 33/35, Ojekunle Street in  Papa Ajao area of  Mushin were being refilled  from a cylinder when it ignited fire from a woman frying buns close to the cylinders.

The National Emergency Management Agency (NEMA),  Lagos State Fire Service, Police Disaster Management Unit and Lagos State Emergency Management Agency  (LASEMA), immediately responded to the distress call and were able to contain the fire within an hour

According to a source, four of the victims died on the spot, while the teenager was pulled out of the scene but died on the way to the hospital.

The explosion also affected three houses opposite the scene, which LASEMA) officials said would undergo integrity test to determine their fitness for habitation.

Speaking on the incident,  the Managing Director of LASEMA, Oluwafemi Oke-Osanyintolu said: “At 7:50 a.m, we received a distressed call and we activated all our  emergency responses. With a combined effort, we were able to put out the fire within an hour.

“After the rigorous effort to put off the fire, we were able to pull out ten persons and five of them had already died, while five others survived, the survivors were treated on the spot and were released immediately

“We are going to constitute a panel to look into this holistically so that such incident will not occur again. I appeal to Lagosians to abide by the rules and regulations . “ However, we sympathise with families of those who lost their lives and I can assure you that we will secure life and property in the area.”

Also, South West Coordinator of NEMA,  Ibrahim Farinloye said the authority’s investigation showed that the shop was earlier sealed because the side of the street was dedicated as a mechanic village, which was not accessible to other users.

Farinloye said after some time, the seal and lock were removed before the incident occurred. Narrating the incident, the Public Relations Officer, ASPADA Union, Ojekunle, John Ikemefuna, said: “I was in my shop when the incident happened. It happened during refilling of gas from one cylinder to another. The owner of the gas plant is my friend. The woman is a very known person because we normally buy buns from her every morning.”

Also, the chairman  of Mushin Local Council , Emmanuel Bamigboye , who arrived the scene by 12:26 p.m, promised to set up a committee to investigate the incident.

He said: “This is an unexpected occurrence and it is very unfortunate. A lot of things have been destroyed here, but we are going to investigate. We are going to set up a committee to investigate the incident

Patoma Admin by — November 17, 2021 in Oil & Gas 0
Nigeria’s eNaira Attracting Global Attention – IMF

By Favour Nnabugwu

 

The International Monetary Fund (IMF) has said that Nigeria is drawing substantial interest from the outside world currency with the digital  eNaira unveiled on October 25, 2021.

In its ‘Country Focus’ article on Nigeria authored by Jack Ree of the African Department and published in its website, the IMF noted that like digital currencies elsewhere, the eNaira carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability.

The fund noted that although the digital currency was expected to increase financial inclusion and facilitate remittances, the CBN should be prepared to manage the potential risk associated with managing a digital currency.

Noting that Nigeria’s eNaira was the second central bank-backed digital currency (CBDC) fully open to the public after the Bahamas, the IMF stated that countries and regions, such as China and the Eastern Caribbean Currency Union had been conducting CBDC pilots with a subset of their citizens.

It stated: “For example, eNaira wallets may be perceived, or even effectively function, as a deposit at the central bank, which may reduce demand for deposits in commercial banks. Relying as it does on digital technology, there is a need to manage cybersecurity and operational risks associated with the eNaira.”

The multilateral institution stated that in introducing the eNaira, the CBN envisaged that it would bring multiple benefits, which were expected to materialise gradually as it becomes more widespread and is supported by a robust regulatory system.

It listed some of the key benefits to include increase in financial inclusion; facilitation of remittances; exchange rate reforms, including a unified market-clearing rate that reduces the gap between official and parallel market exchange rates, and greater transparency to informal payments, among others.

The IMF noted: “For now, the eNaira wallet is provided only to people with bank accounts, but its coverage is expected to eventually expand to anyone with a mobile phone even if they do not have a bank account. A large number of people do not have bank accounts (38 million people; 36 per cent of the adult population), and allowing those of them with a mobile phone to have access to the eNaira would increase financial inclusion and facilitate more direct and effective implementation of social transfers programmes.”

On facilitation of remittances, the IMF stated that Nigeria was among the key remittance destinations in sub-Saharan Africa, with remittance receipts amounting to $24 billion in 2019, adding that remittances are typically made through international money transfer operators such as Western Union with fees ranging from one per cent to 5 per cent of the value of the transaction.

“The eNaira is expected to lower remittance transfer costs, making it easier for the Nigerian diaspora to remit funds to Nigeria by obtaining eNaira from international money transfer operators and transferring them to recipients in Nigeria by wallet-to-wallet transfers free of charge,” it stated.

“Exchange rate reforms, including a unified market-clearing rate, that reduce the gap between official and parallel market exchange rates would enhance the incentives for using eNaira wallets to send remittances.

“Nigeria has a large informal economy, with transactions and employment equivalent, respectively, to over half of GDP and 80 percent of employment. The eNaira is account-based, and transactions are in principle fully traceable, unlike token-based crypto asset transactions.

“Once the eNaira becomes more widespread and embedded into the economy, it may bring greater transparency to informal payments and strengthen the tax base. Informal and formal businesses may also benefit if eNaira adoption enhances consumption through greater financial inclusion,” the IMF stressed.

The IMF pointed out that the Nigerian authorities have so far taken measures to manage the risks, adding that the transfer of funds from bank deposits to eNaira wallets was subject to daily transactions and balance limits to mitigate risks of diminishing the roles of banks and other financial institutions.

It stressed that financial integrity risks, such as those arising from the potential use of the eNaira for monetary laundering, are mitigated by using a tiered identity verification system and applying more stringent controls to relatively less verified users.

“For example, for now only people with a bank verification number can open a wallet, but over time coverage will be expanded to people with registered SIM cards and to those with mobile phones but no ID numbers. The latter categories of holders would be subject to tighter transactions and balance limits.

“Even so, wallet holders who meet the highest identity verification standards cannot hold more than 5 million naira (about $12,200) each in their eNaira wallets. To address cybersecurity risk, regular IT security assessments are expected to be conducted,” the IMF stated.

The multilateral agency noted that it remains available to help with technical assistance and policy advice, noting that the IMF’s Monetary and Capital Markets Department has been involved in the eNaira rollout process, including by providing reviews of the product design.

It further explained: “The 2021 IMF Article IV mission emphasized the need for monitoring risks and macro-financial impacts associated with a central bank digital currency.

“The IMF is ready to collaborate with the authorities on data analysis, cross-country studies, sharing the eNaira experience with other countries, and discussing further evolution of the eNaira including its design, regulatory framework, and other aspects.”

Patoma Admin by — November 17, 2021 in Banking & Finance 0
14 PFAs gearing up to complete N5bn recapitalisation

By Favour Nnabugwu

 

Fourteen Pension Fund Administration are on the verge of completing the recapitalisation from N1billion to N5billion as stipulated by the National Pension Commisdion.

Only 8 out of the 22 Pension Fund Administrators (PFAs) in the country have recapitalized from to N5 billion

PenOp’s Chief Executive Officer, Oguche Agudah, who made this known at a virtual event tagged: ‘Beyond Capital – A Recapitalisation Strategy Workshop for Pension Operators’ organised by PenOp.

Agudah as saying that the operators have been working assiduously to comply with the recapitalisation mandate issued by PenCom in April this year.

Oguche Agudah, CEO, PenOp
He expressed optimism that other operators would meet the mandate before the deadline issued by PenCom.

Agudah stated that the recapitalisation would help strengthen the industry’s operators, adding that PenOp’s corporate strategy would have been met, when the PFAs achieve their set target.

PenCom said it increased the shareholders’ fund of PFAs from N1 billion to N5 billion to boost their capacity in terms of operational efficiency and service delivery.
PenCom stated this in a circular entitled: Revised Minimum Share Requirement for Licensed Pension Fund Administrators (PFAs), dated April 29, 2021 and sent to managing directors/chief executive officers of all licensed pension fund operators.

“The increase in the minimum regulatory capital is necessitated by the need to improve the capacity of PFAs, in terms of operational efficiency and effectiveness as well as service delivery,” PenCom stated.

The pension sector regulator noted that its board also approved a 12-month transition period, effective April 27, 2021, within which PFAs are to meet the new minimum capital.

“The board of the commission at its 48th meeting on April 27, 2021 approved the increase of the minimum regulatory capital (shareholders’ fund) requirement for PFAs from the current N1billion to N5 billion, unimpaired losses,” it said.

Patoma Admin by — November 15, 2021 in Pension 0
World Bank says 5.6 million Nigerians will fall into poverty due to high inflation

By Favour Nnabugwu

 

The World Bank has said that the drivers of Nigeria’s inflation rate are unique to the nation alone as it differs from what is experienced in other parts of the world. The report also claimed higher inflation could send about 5.6 million Nigerians into poverty.

“Admittedly, higher inflation reduces purchasing power, translating into higher levels of poverty and, ultimately, insecurity. The IMF estimates that between 2020 and 2021, high inflation may drive 5.6 million Nigerians into poverty.”

In a recent Annual World Bank Group/IMF Meetings hosted by the Standard Bank Research Group, the World Bank Group’s Lead Economist for Nigeria and IMF’s mission team made the remark explaining that “Nigeria has one of the highest levels of inflation — but the drivers here differ from across the globe.” Nairametrics saw a copy of the Standard Bank Group report detailing the remarks.

Nairametrics has often reported that Nigeria’s inflation rate challenges are supply-side driven, caused mostly by issues such as insecurity, border closure, supply chain and logistic gridlocks, exchange rate volatility and other issues that are hard to solve with monetary policy alone.

They also blamed the border closure and food inflation as the main drivers of the rising inflationary trend recorded this year.

“Closed borders in Aug ’19 caused inflation to shoot up, mainly driven by food inflation and, while inflation has been trending lower since Mar ’21, it remains high due to FX liquidity difficulties, supply chain disruptions, and insecurity.”

The World Bank/IMF team also projected Nigeria’s annual growth at 2.6% for 2021 and 2.7% for 2022 citing that “Oil production should improve, with the oil sector expected to recover in the medium term.”

They spoke about other issues as well, such as Nigeria’s forex (FX) situation, fuel subsidy and Nigeria’s debt status. See highlights below

Patoma Admin by — November 15, 2021 in Banking & Finance 0
AIO president woos industry on market development

By Favour Nnabugwu

 

The Africa Insurance Organisation(AIO) has collaborated with the Nigerian Insurers Association (NIA) to build a strong market structure to benefit from African Continental Free Trade Area (AfCFTA).

The President, AIO, Tope Smart, on a courtesy visit to the association, said AfCFTA remains the market booster for the benefit of insurance consumers in the African market.

He stressed that there is a need for the Nigerian insurance market to upscale its digitisation programme to fast-track penetration.

According to him, the meeting with the Nigerian market is the beginning of AIO’s engagement with Key Markets in Africa to increase Insurance penetration in the region.

“As part of the engagement, we shall also be meeting with governments and regulators across the region to share with them their roles in market penetration, Smart added.”

He expressed his gratitude to the market for hosting a very successful conference.

He also applauded the market for their support at the investiture ceremony where he became the 47th President of AIO and vowed not to disappoint them.

Patoma Admin by — November 15, 2021 in Insurance 0
Stakeholders laud PILA’s contribution to sector growth

Stakeholders in the insurance sector have applauded the Professional Insurance Ladies Association (PILA) for its contribution to the growth of the Nigerian insurance market.

The Commissioner for Insurance, National Insurance Commission, Sunday Thomas, spoke at the official commissioning of the multimillion-naira PILA House in Lagos, underscored the fact that women are taking up important space in leadership and doing a great job at it.

“Women are multipliers. Whatever you give to them they make it better, and as we have seen with PILA and this beautiful edifice, our women have taken charge and are doing great things. You will always have my support,” Thomas said.

Whilst delivering his speech as the Special Guest of Honour, Thomas acknowledged the visible support of the Lagos State Commissioner for Finance, Dr. Rabiu Olowo, to the cause of the industry, stating that the action underscores the disposition of the Lagos State government towards insurance.

Olowo on his part reiterated the importance of insurance to the Lagos State Government, which he said was why the state government is making insurance culture in the State.

He commended the association on their efforts for the insurance industry and that they could count on the support of the Lagos State Government at all times.

President of PILA and the Managing Director/Chief Executive Officer, African Alliance Insurance Plc, Joyce Ojemudia, appreciated the staunch support of the entire Forthright Ladies. “This beautiful edifice is the culmination of many years of planning, pushing and belief.

She paid homage to the forebears whose efforts were instrumental to the building: Oluyomi Onabanjo, who championed the purchase of the landed property upon which the Secretariat stands; Funmi Folarin, who set up a Building Fund committee that saw to the foundation laying and the late Executive Vice Chairman of IGI, Remi Olowude, who helped the association raise substantial funds which was the seed money with which the foundation of the building was laid in 2012.

Patoma Admin by — November 15, 2021 in Insurance 0
Nigerian banks’ credit to private sector rose by N4.1tn in one year –Report

By Favour Nnabugwu

 

Nigerian banks extended a cumulative credit of N4.1tn between September 2020 and September this year, representing an increase of  13.8 per cent within the review period.

According to the Money and Credit Statistics report of the Central Bank of Nigeria (CBN),in September 2020, bank’s credit to the private sector stood at N29.7tn but rose to N33.8tn in September this year.

In October 2020, the sector’s debt to banks fell to N29.1tn, but climbed by N300bn to N29.4tn in November.

The total value of credit provided by banks to the sector rose to N30.4tn in December and N30.6tn in January 2021 but fell by N100bn in February to N30.5tn.

Lending to the private sector rose to N31.4tn in March, N31.9tn in April, N32.1tn in May and N32.6tn in June.

The credit to private sector rose from N32.8tn in July to N33.4tn in August.

In a bid to drive lending to the real sector, the CBN had in 2019 directed all banks to maintain a minimum of 65 per cent Loans-to-Deposit Ratio by the end of December 2019

The apex bank had noted that the improvement in lending to the real sector followed the introduction of the 65 per cent LDR.

According to The Punch, in his personal statement at the last meeting of the Monetary Policy Committee of the CBN in September, a professor of Economics, University of Ibadan, Adeola Adenikinju, said many sectors of the economy and households benefitted from the increased credit.

“The various interventions by the central bank is providing a boost to personal consumptions and economic growth,” he added.

The Deputy Governor, Economic Policy, CBN, Kingsley Obiora, also attributed the rise in credit to private sector to the LDR policy.

He said, “The increased credit was recorded in manufacturing, consumer credit, general commerce, information and communication and agriculture.

“The credit growth was driven by the LDR policy, the extension of regulatory forbearance and other macro prudential measures.”

The Punch also reported that an economist and Senior Lecturer of Economics at the Pan Atlantic University, Dr Olalekan Aworinde, said while the rise in credit to the real sector was commendable, significant impact and growth in the sector would be reliant on how the funds provided were utilised.

He explained that allowing the sector to bear the cost of basic infrastructures such as roads and electricity would significantly deplete the funds available for production.

He, therefore, called on the government to support the interventions of the banking sector by providing critical infrastructure and implementing interventions in the private sector.

Aworinde said, “If you look at the credit to private sector, you will understand that the banks provide these loans to them to boost output.

“The issue there is that the credit is important, but what the funds are used for is most important. Looking at the private sector, majority are high-cost producers – meaning that majority of these firms have to provide their own roads, electricity and water.

“When all these infrastructures are not in place, you will discover that you will see little impact in the sector. So, in a nutshell, the growth is a step in the right direction but the spending pattern of those who receive the credit and the interest rate of these loans are critical.”

Meanwhile, credit to the government rose by N3.43tn within the same period. The banking sector’s credit to the government rose from N9.6tn in September 2020 to 13.03tn in September 2021, according to the CBN.

Patoma Admin by — November 15, 2021 in Banking & Finance 0
FG to sell 5,000 houses to corporate, individuals – Fashola

CAPTION

Hon. Minister of Works and Housing, Mr Babatunde Fashola, SAN (right), President, Nigerian Guild of Editors, Mr Mustapha Isah (left) shortly after the launching of the Web Portal for sale of the National Housing Programme (NHP) completed homes to Nigerians at the Ministry of Works and Housing, Headquarters, Mabushi, Abuja on Friday, 12th November 2021.

 

Nigerians can now apply for houses built under the current Federal Government’s National Housing Programme (NHP) in 34 states of the country following the launch, Friday of the portal by the Minister of Works and Housing, Mr. Babatunde Fashola, SAN through which interested members of the public could apply for allocation.

The formal launch of the portal, https:// nhp.worksandhousing.gov.ng, which took place at the Conference Room of the Ministry in Mabushi, Abuja, throws open the door for Nigerians to apply online to buy the available 5,000 plus housing units, ranging from 1, 2 to 3 bedroom bungalows and blocks of flats in any location of their choice.

In his remarks at the ceremony, which was attended by prominent stakeholders and media executives including the President, Nigeria Guild of Editors, Mr. Mustapha Isah, Fashola said the decision by the Ministry to sell the available houses online was to bring credibility to the exercise and reduce human intervention as well as give all categories of buyers a level playing field.

The Minister told his audience, “We converge here just to introduce a portal on which the National Housing Programme pilot will be offered for sale to the public. What that means is that we will not be selling printed forms, the forms are online and this allows for more openness, limits human intervention and any disposition to any underhand practice”.

Clarifying that the decision to adopt online sale of forms and limit human intervention was not an indictment of the staff, he added, “It is just to make the system more accountable and people seeing credibility if they win and if they are not successful they will equally know that the system has at least given them a fair chance”.

Fashola, who described the launch of the portal as “the end game of our economic objective”, explained that the government did not just set out to build houses, adding that the project has served many purposes, the first of which was to test what sort of houses Nigerians would like to live in so as to make policies to guide its agencies and parastatals, as well as other stakeholders, to build what could be acceptable in the markets.

“We are the policy head of those parastatals like the Federal Housing Authority (FHA), the Federal Mortgage Bank of Nigeria (FMBN) and so on. We are saying that the National Housing Programme had not succeeded in the past and some of the houses built then still remain empty. So we conducted a national survey across the zones just to find out what is acceptable”, the Minister said.

The findings, he said, were that while in the Northern part of the country there was preference for bungalow and large expanse of land which encouraged building horizontally, in the Southern part, there seemed to be acceptance for blocks of flats and lack of space which made building vertically necessary.

Emphasizing that the current National Housing Programme is a pilot or demonstration scheme meant, among others, to galvanize private sector participation, Fashola explained further, “We applied for land from the states and we set out to do a demonstration or a pilot programme because we then wanted to validate what we saw and build a pilot scheme”.

“So as at today we have built 5,000 plus units in different stages of completion. We have done in Phase 1 and we have done in Phase 2 and some have started in Phase 3”, the Minister reiterated adding that the other purpose the scheme has served was to fulfill part of the objectives of the administration’s Economic Recovery and Growth Plan (ERGP).

He added, “It was also a way to implement our Economic Recovery and Growth Plan (ERGP) because as at the time we conceived this programme, the country was in recession”, expressing delight that it has fulfilled that objective because over 1,000 contractors were engaged on the building sites; “businesses owned by Nigerians and Nigerian contractors”.

Pointing out that no foreign contractor was engaged in the project, Fashola added that it was not only an opportunity for nation building but an opportunity for the contractors to sustain their staff.

In his goodwill message after the launch, President of the Nigerian Guild of Editors (NGE), Mr. Mustapha Isah, commended the Federal Government for its commitment to housing delivery. He also commended the Minister for the innovations he has brought to bear at the national level, which, according to him, was a replication of his development initiatives as Governor in Lagos State.

Also in his remarks, the Permanent Secretary, Mr. Babangida Hussaini commended President Buhari and the Minister for their commitment to programmes and projects that promote prosperity for the citizens and grow the nation’s economy.

Aside the NGE President, other media personalities present were the Special Assistant, Digital/New Media to President Muhammadu Buhari, Mr. Tolu Ogunlesi, the Secretary General of the NGE and Editor, Nation’s Capital, THISDAY Newspaper Group, Mr. Iyobosa Uwugiaren and the Deputy-Editor, BusinessDay Newspaper, Abuja Bureau Office, while from the Ministry, were Directors, Special Advisers and other top officials as well as Media Correspondents.

Patoma Admin by — November 14, 2021 in Metro 0
C’ River: Retirees block Ayade’s office over unpaid Pension, 8 years Gratuity

By Favour Nnabugwu

 

Retirees in Cross River state today blocked the governor’s office to protest their unpaid Pension and eight years Gratuity .

The pensioners who prevented vehicular movement into the governor’s office said they were tired of hearing stories everytime they asked for their entitlement.

Speaking with Vanguard , Chairman of Nigerian Union of Pensioners,NUP, Calabar branch ,Dr Eyo Eyo said it was quite unfortunate the way retirees were being treated since July 2013 .

His words :” It will interest you to know that many of us have not received our gratuity as far back as July 2013 .

“Many of us were last paid pension in 2020 , while some 99 percent of us are being owed since September ,we don’t understand the logic behind selective payment of pension and gratuity .

“Interestingly , many of the pensioners collect as low as 4,000 ,some get 7,500 while others get a little above 15,000 to 20000 which is amongst the highest ,why are they still being owed .

“We have appealed severally to government and at this point ,we are tired of writing ,they are claiming that the governor is not aware of our plight ,well we have brought ourselves to his door post ,we need money for upkeep ,many have died ,countless are bedridden are are dying daily .

” We are in a sorry situation,look at one of us in the floor ,he just collapsed , because he last had a good meal on Thursday morning , we have written countless letters to the governor through Organised Labour ,we decided to come on our own ,to make our position known today.

“We are aware that the governor is having a meeting at the State House of Assembly with some important visitors including governors,Minister but we rather wait at the office for him because we respect him so much ,” he said.

A retiree ,Etinyin Francis Henshaw who said their condition has become appalling adding that the governor does not have regards for old people as well as senior citizens .

“Many of the people I retired with are either dead or bedridden ,I’m greatful to be alive and healthy, the way we are being treated is so unfair , we can no longer bear it anymore,”he said .

Addressing the retirees , Permanent Secretary , Governor’s Office( Special Duties), Dr Alfred Mboto said it was unfortunate that the situation has degenerated like this .

Mboto said : “I came and saw you my mothers and my fathers. Truly speaking I know that you had wanted to see the the Governor directly, but right now as we speak, he is in a meeting at the house of Assembly.

“Truly I have seen your plight, and I can say that No body will see this and not understand that you are in pain. But I am assuring you that we will do everything possible to address your demands. The issue of pension affects all of us, I have how many years now, and I will join you people.

“And so, anybody who is this way and is not supporting the payment of retirees entitlements, I do not think that person is reasonable.The Truth is that government is doing everything possible to make sure that the pension and gratuities are paid,” Mboto said.

Meanwhile ,one of the retirees who slumped during the protest could not be revived ,he was however rushed to the hospital by Permanent Secretary ,Dr Alfred Mboto for further treatment.

Findings show that the present money owed pensioners in gratuity currently stands at 47billion naira which includes pensioners at both Local Government and State Civil Service .

Further findings also revealed that over 70 percent of the workforce in Cross River would be retiring in 2023 which further deepens the debt burden of the retirees .

In a related development ,Organised Labour has vowed to make sure workers remain at home until government begins implementation of all that will be agreed on by both parties ( Government & Organized Labour) as the strike enters day 24.

Patoma Admin by — November 5, 2021 in Pension 0
Willis Towers Watson to acquire remaining 51% in WTW India

By admin.

Willis Towers Watson (WTW) has signed an agreement to acquire the remaining 51% shares in Willis Towers Watson India Insurance Brokers (WTW India) from Anemone Holdings and Rohit Jain.

WTW currently owns 49% of WTW India and recent changes in regulation have made it possible for WTW to own up to 100% of WTW India, said the broker. The transaction remains subject to customary legal and regulatory approvals.

Pamela Thomson-Hall, head of international, WTW, said: “As one of the world’s largest and fastest-growing economies, with an expected 17% growth rate in the non-life insurance market over the next five years, we see rising demand and opportunities for cyber, health and benefits, crop and surety insurance in the Indian market.

Acquiring 100% ownership of WTW India will enable us to further capitalise on the significant growth opportunities in this market and to better serve the rapidly evolving needs of our clients in India.”

She added: “The Covid-19 crisis has underscored the vital role of risk management and insurance in protecting and strengthening businesses’ and communities’ resilience to pandemic shock in emerging markets such as India. We are committed to the Indian market and see that we can play a significant role to help raise the underpenetration of insurance and close the protection gap as the country needs.”

Jain, head of India, WTW, said: “These are unprecedented times for humanity and businesses, especially the risks that confront both. Emerging forms of risks like climate change, pandemic, cyber threats and the growing health-wealth gap demand immediate and comprehensive solutions that address risk mitigation, incident response and compensation for loss.

WTW already has a significant presence in India and this acquisition is another important milestone towards bringing our clients best-in-class products and solutions, technology and unprecedented insight for sound risk-based decision making

Patoma Admin by — November 5, 2021 in Insurance 0