All Posts in "Month: November 2022"

Trans-border operations: Intending company must meet capital requirement of host countries

By Favour Nnabugwu
 
Divided by no less than 32 000 km of terrestrial borders, intending insurance companies with the West African borders are required to submit requisite documents to the insurance regulatory body.
Prospective investor in Nigeria for instance must obtain an Approval-in-Principle and final approval before commencing insurance business in Nigeria from the National Insurance Commission, Naicom.
Director, Inspectorate of the National Insurance Commission, Naicom, Mr Pius Agboola who spoke on trans border operations of companies with West Africa said it is quite impossible for a company to come into Nigeria and every other country to operate without meeting the requirement of the host country.
Despite the fact that Naicom operates business-friendly regulatory environment, prospective company coming into Nigeria must respect the law regulating insurance industry.
The country’s insurance sector undoubtedly entice established foreign insurance companies to focus on doing insurance business in Nigeria but should obey the laws guiding the business.
Nevertheless, countries must respect each other insurance laws such as the capital requirement before they operate in one another’s country.
However, Agboola said that proper supervision of cross-border insurance is required to ensure a maintenance of organization in the mode of doing insurance business in Nigeria.
The Director who is also the chairman of  College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ) while responding to question on how CIMA countries operate, noted that it is not possible for a company to come another border without first obeying the laws for which they want to operate in
The insurance supervisors of Nigeria, Ghana, Liberia, Sierra Leone, and The Gambia have established West African Insurance Supervisors Association (WAISA) to formalise cross-border supervision in the sub-region.
He said the Association had been able to make uniform due diligence  and some other initiatives but not the capital requirement of establishing a company.
Agboola said the College of Insurance Supervisors of West Africa, said the College was established to complement and implement the ideas, projects and directives of the parent body, the West African Insurance Supervisors Association (WAISA).
CIMA is the Central insurance supervisory authority in Sub-Saharan French speaking African countries. which Benin, Burkina Faso, Congo-Brazzaville, Mali, Niger, Senegal, Togo, Equatorial Guinea and the Comoros Islands.
The NAICOM-required paid-up capital for insurance companies in Nigeria is (i) general insurance business – ₦3 Billion; (ii) life insurance – ₦2 Billion; and (iii) ₦10 Billion for reinsurance business
However, the Insurance Act indirectly regulates cross-border insurance business carried on in Nigeria. The relevant sections of the Insurance Act specifically provides that “no person shall transact an insurance or reinsurance business with a foreign insurer-reinsurer in respect of any life, asset, interest or other properties in Nigerian businesses classified as domestic insurance unless a company registered under the Insurance Act”
The foreign investors, having noted these great opportunities, are attracted by the huge potential in the Nigerian insurance space.
The investors are ready to position themselves for the future, hence the likes of AXA, Prudential, Liberty, Swiss Re, SUNU Group, Saham, have taken positions in the industry and in partnership with indigenous companies for development and growth.”
On the new capital that Naicom desired for the industry but yet actualised, for life and general insurance companies, they were directed to increase from N2 billion and N3 billion to N8 billion and N10 billion, respectively, while composite insurance companies and reinsurance companies were directed to increase theirs from N5 billion and N10 billion to N18 billion and N20 billion, respectively.
In the past investors into Nigeria shore included NSIA Participations S.A Holdings,which acquired 96.15 per cent in ADIC Insurance, a former subsidiary of Diamond Bank Plc; Mutual & Federal Insurance Company, South Africa, which acquired 70 per cent of Oceanic Insurance Company Limited, formerly owned by Oceanic Bank Plc; Old Mutual Nigeria Services Company (Old Mutual Nigeria)also acquired 70 per cent of Oceanic Life Assurance Limited, a subsidiary of Oceanic Bank.
Others are UBA Capital Holding Limited/MMI Holdings, which had 50/50 per cent of UBA Metropolitan Life, formerly owned by United Bank for Africa Plc; FBN Holdings/Samlam Group SA, had 65/35 ownership of FBN Life, formerly owned by First Bank of Nigeria; Assur Africa Holding acquired 67.68 per cent of Mansard Insurance, formerly owned by GTBank; while New India Assurance Company had 51 per cent stake in Prestige Assurance Plc.
AXA SA acquired majority stake in Mansard Insurance in 2014 and changed the firm’s name to AXA Mansard Insurance; Metropolitan International Holdings (Proprietary) Limited acquired 100 per cent of UBA Metropolitan Life and changed it to United Metropolitan Nigeria Life Insurance Limited; Old Mutual completed the firm’s acquisition from Ecobank Group (after the bank acquired Oceanic Bank) and changed its name to Old Mutual Nigeria.
Patoma Admin by — November 11, 2022 in Insurance 0
Sanlam Life Nigeria wins BAFI Awards 2022 Life Insurance Company of the Year

CAPTION:

L- Dr Ogho Okiti, MD/CEO, Business Day Media; Mr Tunde Mimiko, MD/CEO and Thomas Meisinger, Chief Operating Officer, Sanlam Life Nigeria during the awards presentation at the Sanlam Head Office in Lagos.

 

By Favour Nnabugwu

 

 

Sanlam Life Insurance Nigeria Limited, formerly FBNInsurance, won the Business Day Bank and Other Financial Institutions (BAFI) Life Insurance Company of the Year.

The announcement was made at a high-profile ceremony held recently inLagos.Awarded annually and backed by the highly rated Business Day’s Research and Intelligence Unit, the BAFI Awards seeks to identify and celebrate financial institutions snd their leadership that have excelled across a number of areas.

These include financial performance, shareholder value creation, brand value accretion, corporate governance, sustainability, employment of new technologies, compliance to standards,innovations, and contribution to the industry’s overall growth.

During the award presentation at Sanlam Life’s Head Office in Marina, Lagos, the Managing Director/Chief Executive Officer, Business Day Media, Dr Ogho Okiti,congratulated the management of the Life Insurer on the win while also acknowledging the massive impact Sanlam has made on the continent and in the country.

While accepting the award on behalf of the company, the Managing Director/Chief Executive Officer, Sanlam Life Insurance, Mr Tunde Mimiko, thanked the organizers forthe recognition. “At Sanlam Nigeria, we remain committed to providing exceptional service and adding value to our customers. Our mandate is to continue to deliver efficient and customer friendly insurance services that help our teeming policyholders live with confidence,” he said.

Speaking further, Mimiko said “we are delighted to be honoured with this award, it further confirms our growing leadership status in the industry. We are not slowing down now, indeed, we will take this as another impetus to continuously add superior value and ensure the very best of our policyholders

.”Sanlam is a pan-African brand with a rich history and heritage. Founded in 1918 as a life insurance company, Sanlam has grown to become the largest non-banking financial services group in Africa.

With a strong presence in 33 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia, Sanlam is in 8 out of the 10 largest economies in Africa, with a market capitalization of over $8bn, operating profit of $1b before tax and over 154,000 employees globally,delivering superior value to customers, shareholders and the broader society.

Patoma Admin by — November 11, 2022 in Insurance 0
Katsina, Kano embrace Takaful insurance, Edo enforces third party

CAPTION:

His Excellencies: Abdullahi Umar Ganduje, Kano State Governor;  Godwin Nogheghase Obaseki, Edo State Governor and Aminu Bello Masar, Katsina State Governor

 

By Favour Nnabugwu

 

 

Two States have embraced insurance as part of the state budget for 2023 even as one other state enforced third party insurance in major routes of the state following National Insurance Commission, Naicom market development visits to states

The two state included insurance in their 2023 budget are Katsina and Kano whilst Edo State follow through with third party insurance

Deputy Director, Communication and Market Development, Mr AbdulRasaaq Salami made the disclosure at the recent seminar the Commission organised for insurance Correspondents in Lagos.

“Katsina and Kano have included insurance in their 2923 state budget. Edo State has began the third insurance in major routes of the state since November 1, 2022”

So, we want to spread insurance education all over the country. We visited Katsina twice. On our first visit, the Governor was sincere that he was hearing insurance takaful for the very first time.

On our second visit, we had a fuller engagement involving the grand khadi, emirs and all the rest of the influencers and we taught the gathering about takaful. They researched about it and showed them where the takaful was talked about in Quran.

According to him, “Insurance education remains a very critical issue, especially now that a lot of states, especially in the north, were outside the insurance net”

“We will visit all the states of the country because the insurance business is an integral part of the economy,” he noted.

During Naicom’s visit to Katsina, the Governor of Katsina State Aminu Bello Masari and his Deputy Mannir Yakubu inaugurated Technical Committee on the Sensitisation/Implementation of Compulsory Insurances and Takaful in the state.

The Governor, Aminu Masari while inaugurating the Technical Committee noted that the initiative to introduce Takaful insurance is a welcome development and will serve as an alternative especially to attract people of the state who are left out due to religious or cultural barriers.

He assured the insurance regulator of the Katsina State Government’s full support in the development of insurance in the State.

Takaful is a type of Islamic insurance wherein members contribute money into a pool system, to guarantee each other against loss or damage.
The Takaful fund is formed by a collection of contributions. Each participant’s contribution is determined by the type of coverage they require and their personal circumstances. A Takaful contract, like a conventional insurance policy, specifies the nature of the risk and the length of the coverage
Salami said that Naicom went to Katsina with six Takaful companies for which the state give the space to mount their offices for easy access to government and citizens in the state.
Like any other establishment and general insurance industry/business, Takaful (Islamic Insurance) industry is regulated by laws, rules, regulations or guidelines that control its operation.
The Insurance Act of 2003 applies to all insurance businesses and insurers. The Act is the primary legislation that regulates insurance Companies in Nigeria, and makes provision for Requirements and Applications for Registration, Modes of Operation of Insurers, Winding Up, Premiums and Commissions, Insurance of Properties, General Insurance, Life Insurance, Offences and so on.
The Insurance Act of 1997 established the National Insurance Commission with the responsibility to ensure the effective administration, supervision and regulation of Insurance businesses and by virtue of Section 1 of the Insurance Act 2003, it is conferred the power to Register insurance businesses. In perusing the Act, it is an obvious fact that the Act did not expressly make provisions for Takaful which is a grave flaw.
However, the Act by virtue of its provision granted the NAICOM the power to regulate Insurance Businesses. The implication of this is that they can establish guidelines that will regulate the Operations of any Insurance business. Hence, this resulted in the establishment of the Naicom Takaful Operational Guidelines 2013 .
Patoma Admin by — November 11, 2022 in Insurance 0
NAICOM determines to lift Insurance sector to global standard

By Favour Nnabugw

 

 

Undeterred by challenges upstructing smooth development of the insurance industry, the National Insurance Commission (NAICOM) is determined to take in the sector to a global standard.

The Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Olorundare Sunday Thomas, made the disclosure during the seminar organised by the Commission for insurance journalists at the weekend in Lagos with the theme “The Future of the Nigerian Insurance Sector in a Shifting Landscape.”

The Commissioner said they will do this through continued mutual collaboration with the media and other relevant stakeholders.

“As regulators, we would continue to consolidate on the administration’s cardinal agenda of developing the market and fostering insurance inclusion along with mutual collaboration of the press and other relevant stakeholders.”

Thomas said the Commission will continue its execution of various regulatory and market development initiatives to uplift the insurance sector to a global standard.

“This will be achieved through a 12-point laid down initiatives that will focus on engaging stakeholders including state governments towards ensuring domestication of the laws to ensure compliance with compulsory insurances and improve the business of insurance in their respective states; driving the Market Development and Restructuring Initiative (MDRI) to promote compulsory insurance products; feasibility Assessment for Index Based Risk Transfer Solution in the agricultural sector; financial Inclusion Drive via focused Insurance awareness campaign for the financially excluded.

“Other areas are launch of the Insurtech Accelerator Platforms under the Insurance Market Development programme i.e Bimalab Programme in conjunction with FSD Africa; ongoing synergy with FSD Africa on developing a Risk Based Capital Model for the Nigerian Insurance Industry; promoting the development of products and business models that meet the needs of the financially excluded group; automation of the Commission’s processes; actuarial capacity development programme; risk based supervision regime; regional Integration and setting up of the insurance sector committee on African Continental Free Trade Area (AfCFTA) amongst others.

“Stemming from the theme for this seminar, it is worth noting that insurance over the ages has always been seen as a business that exists for the survival of other businesses.

“At this period of rejuvenation, it calls for the Nigerian insurance sector to develop innovative products and distribution channels, embark upon massive infrastructural development, improvement in social safety nets scheme, rejig business continuity plans and general deployment of technology to meet the expectation of today’s consumers and create new experiences that add value,” Thomas said.

On importance of insurance, NAICOM boss said “The insurance sector plays a vital role in financial inclusion because it reduces the poverty line, assist people to manage their risk and protect them from negative adverse effect of any unforeseeable circumstances as well as increases access to other financial services

“In today’s modern business environment, disruption plays an integral part of any business, hence innovation being implemented by the Commission is geared towards gaining control of a specific segment of the market that have been left untapped by encouraging the introduction of products tailored to the consumers in order to grow insurance businesses.”

Patoma Admin by — November 10, 2022 in Insurance 0
Insurance gap: why most floods not covered by insurance

By Favour Nnabugwu

 Many floods cases may not be paid claims due to insurance gap as many who are exposed to flood risk are not covered by flood insurance
Flood insurance is a type of property insurance that covers a dwelling for losses sustained by water damage specifically due to flooding but after simulating the insurance uptake decisions insurance is able to assess the level of flood risk that is not covered, also known as the insurance gap.
Floods which cost the global economy more than $82 billion in 2021, the reason for insurance gap is that flood insurance is a special peril that is covered under a policy extension.
This, the Commissioner for Insurance, Mr Olorundare Sunday Thomas said that if insurers have to pay the enormity of the floods claims, it will shake the financial stand of the companies except the right premium is changed for flooding
But for those who have insurance, Thomas said, their claims would be paid soon for as long as they submit the right document for their claims.
“The enormity of damage caused by flood is massive. There is insurance gap where what is covered and what is not covered also comes in, he said”
“Floods  in the country is certain, it comes year-in year-out. And insurance is not based on certainty”
There are about 18 states of the federation submerged in flood whilst many people were exposed to flood risk that are not covered by flood insurance.
The states are Kogi, Niger, Plateau, Benue, Ebonyi, Kano, Kaduna, Niger, Benue, Adamawa, Jigawa, Taraba, Bauchi, Anambra, Ebonyi, Yobe, Edo, Delta, Kogi, Lagos, Ogun, Ekiti and Plateau
Insurance covers only a fraction of the resulting economic losses. Insured losses from floods have averaged about N600 million yearly.  And the protection gap is widest in emerging markets, where insurance covered just 5 percent of economic losses from floods compared with 34 percent in advanced economies.
In that case, the insured is charged extra premium for this extension, though it could be a small amount added to the original premium.”
Managing director of Tangerine Insurance, Mayowa Adeduro had said during an interview, that the level of patronage by individuals and house owners was still very low as many people were yet to appreciate that climate change is here with us.
Adeduro stated that since after the rains of past years, many corporate organizations and churches are beginning to take flood insurance and we are only hoping that more households consider this risk as a necessity.
For the market to provide cover for this specialised risk, it is important that house owners are included in the package so that payment of claims to affected people can easily be managed, an insurance broker said.
According to him, ‘In a normal traditional insurance, insurers use the economic law of large numbers to charge a relatively small fee to large numbers of people in order to pay the claims of the small numbers of claimants who have suffered a loss, and this makes it a manageable risks
Unfortunately, in flood insurance, the numbers of claimants is larger than the available number of persons interested in protecting their property from the peril, which means that insurers are unable to cover their costs in flood insurance, and this underscores why some insurers do not want to get involved in it, the broker also said.
Patoma Admin by — November 10, 2022 in Insurance 0
Africa marks special day at COP27 with a resolve to tackle climate change relentlessly

By admin

 

African nations on Tuesday marked a special day on the sidelines of the 27th United Nations Climate Conference (COP27) in Egypt, with a common resolve to mobilize internal and external resources to tackle climate change.

The event, dubbed ‘Africa Day,’ provided countries and development partners, including the African Development Bank, the opportunity to highlight measures to tap the continent’s unique economic potential.

The African Union Commission, African Development Bank, the United Nations Economic Commission for Africa, and the New Economic Partnership for Africa (NEPAD) Planning and Coordinating Agency organized the event. Hundreds of youths from across the continent seized the chance to urge the world’s industrialized nations to deliver on their climate finance pledges and other commitments to Africa without further delay.

In his opening remarks, African Union Commission chairperson Moussa Faki Mahamat said the challenges facing Africa in the wake of the Covid-19 pandemic and the Russia-Ukraine war had become enormous, and had taken a toll on government budgets.
years. This is to prepare the continent for the consequences of climate change faster and at scale.

COP27, commonly referred to as “the African COP,” allows Africa to spotlight its special needs, circumstances and opportunities.

COP27 is expected to deliver action on an array of issues critical to tackling the climate emergency – from urgently reducing greenhouse gas emissions, building resilience and adapting to the inevitable impacts of climate change, to delivering on the commitments to finance climate action in developing countries.

Patoma Admin by — November 9, 2022 in Banking & Finance 0
Africa Alliance wins Claims Excellent Insurance Company of the Year Award from BAFI

By Favour Nnabugwu
Foremost Life Insurer, African Alliance Insurance, has emerged as the Claims Excellence Insurance Company of the Year
The life company won the Award from the Business Day’s Banks and Financial Institutions (BAFI) Awards in Lagos.
 A statement by the awards Committee expressed that “The Claims Excellence Insurance Company of the Year Award is given to the life or Non-life insurance company, or broking firm, that has demonstrated unmatched leadership, as far as claim handling/facilitation, is concerned.
African Alliance has matched pay-outs with a carefully executed expansion strategy to serve retail clients in geographies where the opportunity exists”.
The Managing Director of Africa Alliance, Joyce Ojemudia, dedicated the award to; “Almighty God who has strengthened African Alliance to keep moving forward even after 62 years. I also dedicate this award to my Board of Directors and my amiable team for their continuous support. And finally to our devoted professionals who have continued to work tirelessly to make this process seamless. They dedicate their competent expertise, time and abilities to the company and ultimately to our customers”.
She further restated the firm’s drive to claims excellence; “African Alliance Insurance PLC takes pride in paying genuine claims as and when due because our customers are our priority. With this award, we reaffirm our promise to our customers that we will be with them for life, as the Life insurer they can always trust”.
African Alliance has been and continues to be a major player in the Nigerian insurance industry for over sixty years, upholding values of paying genuine claims and excellent customer service. This award is proof of the company’s claims excellence.
Patoma Admin by — November 9, 2022 in Insurance 0
NAIA Cargo terminal to be Commioner soon by President Muhammadu Buhari

By Favour Nnabugwu

 

 

Minister of Aviation, Hadi Sirika has said that the cargo terminal project at the Nnamdi Azikiwe International Airport, NAIA, Abuja will be commissioned soon.

The  cargo terminal that will be commission by President Muhammadu Buhari reiterated that the national carrier will take off before the end of the year with boeing 737 series airplanes.

Sirika stated while responding to questions from lawmakers during his defence or 2023 budget at the House of Representatives on Tuesday.

He said: “There are two cargo projects in Abuja. One has been completely finished and will be commissioned by His Excellency Mr. President soon. The second one, the contract was given in 2012, the contractors were advanced money up to about 75%.

“These contracts were abandoned by the contractors. Mr. President directed that they be investigated, prosecuted and the monies recovered but because we don’t have prosecuting powers, we reported to EFCC.

“Now in the last three and half years, they confirmed to me that they have finished the investigation. This is worrisome. We will inform the the House when we see EFCC and they brief us formally.

“The aviation ministry has recorded some significant achievements in virtually all areas of the sector within the life of this administration of President Muhammadu Buhari.

“We have provided the safety and security needed in the aviation sector, which has led to the certification for the first time ever in the history of the country of Murtala Mohamed Airport, Nnamdi Azikiwe International airport.

“It is a milestone being the first ever airports to be certified, government in, government out. This testimony as to our concern to our focus on safety. We have recorded the highest level of safety and unprecedented growth, making aviation the fastest growing sector of the Nigerian economy.

“Today, Nigeria is the 7th highest country in recovery from COVID. Some airlines also received interventions to be saved from total collapse. We also created an enabling environment, which provided airlines in the country to attain certification and international air transport association operational safety audit. Our airports are wearing new and befitting looks.”

In his remarks, earlier, the chairman of the House Committee, Hon. Nnolim Nnaji expressed concern over the omission of the 2023 budget of the Nigerian Airspace Management Agency (NAMA) by the government, promising to address the matter.

“You would recall that the committee spend most of last week visiting some projects executed by the ministry and some of its agencies within the FCT. Within the next few weeks, the committee will be embarking on similar tours to most importantly but not limited to the other three International Airports Terminals slated for concession.

“The Committee has noticed with great concern the omission of one of the critical Security and Safety Agency of the Ministry, the Nigerian Airspace Management Agency (NAMA) from the 2023 FGN budget.

“This Committee and its Senate counterpart is committed to ensuring that the abnormality is corrected. However, as the minister superintending the ministry, we request that you make the clarification on the matter,” Nnaji said.

Patoma Admin by — November 9, 2022 in Aviation 0
Munich Re posts €527 m profits in Q3 2022

By Admin

 

Global reinsurer Munich Re has reported profit of €527 million and €1.9 billion for the third quarter of 2022, respectively, despite a rise in major losses within property and casualty (P&C) reinsurance on the back of Hurricane Ian losses of around €1.6 billion.

Profit for the quarter increased year-on-year, although declined slightly for 9M 2022 as the reinsurer notes above-average expenditure for natural catastrophes.

In fact, major losses of more than €10 million each reached over €2.6 billion in Q3 2022, corresponding to 26.9% of net earned premiums, and higher than the long-term average expected value of 13% for both Q3 and 9M 2022.

The costliest nat cat event for the reinsurer was Hurricane Ian at €1.6 billion. All in all, nat cats cost the reinsurer €1.8 billion in Q3 2022, compared with €1.7 billion in Q3 2021.

At the same time, Munich Re booked man-made losses of €489 million in the period, compared with €245 million a year earlier.
contributed €81 million to the overall result for the third quarter, and €1.2 billion for the first nine months of the year. Munich Re attributes the quarter-over-quarter decline to the cost of Hurricane Ian and also a lower investment result.

Within reinsurance, the operating result came in negative for the quarter at -€687 million, while gross written premiums jumped significantly, year-on-year, to €13.7 billion.

Turning to the ERGO business, and profit reached €446 million for the quarter and €702 million for 9M 2022, which is up significantly for both periods, driven by a one-off effect in the ERGO Life and Health Germany segment. In the third quarter, all segments continued to see premium growth, with total premium income rising to €4.7 billion in Q3, and gross written premiums rising to €4.5 billion.

All in all, Munich Re has announced an operating loss of €346 million for the third quarter, compared with a gain of €204 million a year earlier. The other non-operating result was also negative at -€5 million, while the currency result increased significantly to €846 million, in part as a result of exchange gains on account of the US dollar.

Across the group, gross written premiums increased substantially to more than €18.2 billion for the third quarter, and jumped by 14% to more than €50.9 billion in 9M 2022.

On the asset side of the balance sheet, Munich Re has reported that its investment result dropped from more than €2 billion in Q3 2021 to €904 million in Q3 2022. Overall, the third quarter investment result represented a return of 1.6% on the average market value of portfolio.

Looking ahead, Munich Re says that in light of the “very positive” business performance so far in 2022, it has raised its guidance for gross written premiums in reinsurance to €48 billion from the previous €45 billion, and in ERGO to €19 billion from the previous €18.5 billion. Across the group, the target has increased from €64 billion to €67 billion.

Additionally, the reinsurer is still targeting a consolidated result of €3.3 billion for the 2022 full year, but warns that this will be a lot harder to achieve given the claims experience and business environment. The firm anticipates a consolidated result of €2.5 billion in reinsurance for the year, which is down on the previous target of €2.7 billion. However, at ERGO, the company expects a consolidated result of €800 million for the year, which is up on the previous €600 million target.

In P&C reinsurance, Munich Re now expects to produce a combined ratio of roughly 97% of net earned premiums for the full-year, compared with a previous target of 94%.

In L&H reinsurance, the firm says that it now anticipates a much higher technical result of €800 million for 2022.

Chief Financial Officer (CFO), Christoph Jurecka, commented: “Financial solidity and professional expertise are of fundamental importance to our clients in times of crisis and guide Munich Re in its actions. Hurricane Ian matches the pattern science would expect of a warming world. Therefore the rising probability of such extreme storms is part and parcel of our models and must be reflected in pricing.

“The sustainable and reliable offering our clients expect of us is based on realistic analyses, not only of natural catastrophe risks, but also of cyber and pandemic risks. And although Hurricane Ian and the macroeconomic environment are making it significantly more challenging for us, we are firmly adhering to our annual guidance of €3.3bn. All fields of business are contributing to sustainably positive performance.”

Patoma Admin by — November 8, 2022 in Foreign 0
UK warn citizens against traveling to 22 States in Nigeria

By Favour Nnabugwu

 

The United Kingdom has issued a warning to its citizens to avoid traveling to 22 states in Nigeria.

Meanwhile, the European country cleared Abuja from the list but still asked its citizens to apply caution as this may still be connected to the country’s security situation.

This was contained in a press release by the British High Commission, Abuja, on Monday titled, “Updated Foreign Commonwealth Development Office Travel Advice to British Nationals Traveling to the FCT.”

The British High commission noted that the travel advisory is to help its nationals to make better-informed decisions about international and business travel plan without any danger.

According to the statement many of the states are in the northern parts, while some are in the South.

The statement read, “FCDO travel advice exists to inform British nationals so they can make decisions about travelling abroad. There continues to be a number of states in Nigeria where we advise British Nationals against all but essential travel. These include: Bauchi, Kano, Jigawa, Niger, Sokoto, Kogi, Abia, Plateau, Taraba, within 20km of the border with Niger in Kebbi State and non-riverine areas of Delta, Bayelsa and Rivers States.

The UK keeps its travel advice under regular review and in making these assessments, and uses information from a wide range of sources.  The travel advice is constantly reviewed to make sure it reflects the current situation in Abuja and Nigeria.  Although, the FCDO Travel Advice no longer advises against all but essential travel to the Federal Capital Territory, including the city of Abuja, it makes clear that some risks remain.

Patoma Admin by — November 8, 2022 in Foreign 0