All Posts in "Day: July 26, 2023"

NIA, FSRC consolidate ties on motor insurance 

By Favour Nnabugwu

 

 

The Nigerian Insurers Association in in partnership with the Federal Road Safety Crops, FRSC to consolidate on the ties between the bodies.

The Chairman of the Nigerian Insurers Association (NIA), Mr. Olusegun Omosehin in line with the theme of his tenure – “Expanding the Frontiers of Insurance Through Partnership and Stakeholders’ Engagement’ led a delegation of some members of the Governing Council to pay a working visit to the Corps Marshal, Federal Road Safety Corps (FRSC), Mr. Dauda Ali Biu in Abuja

The visit was aimed at strengthening the long-standing relationship between the NIA and the FRSC and to explore other areas of mutual collaboration between the two bodies.

Addressing the Corps Marshal and his team, the NIA helmsman congratulated him on his appointment and acknowledged the good work of the FRSC in curbing road accidents through periodic checks on the road which is positively impacting motor vehicle administration in Nigeria.

He expressed the support of the Association to the FRSC and urged the leadership to intensify their campaign for safety on the roads by emphasizing the need for motorists to obtain the necessary insurance policies in line with then relevant laws of the land.

The chairman assured that “the NIA will continue to be a strong ally and do all within its powers to support the Corps Marshal and his team.

“Our appeal is that the FRSC should continue to help ensure the validation of genuine insurance in line with the law”. he added.

He promised that NIA will collaborate with FRSC to address the concern to have victims of motor vehicle accidents adequately compensated through continued access to the Nigerian Insurance Industry Database platform that would aid verification of insurance documents presented by motorist to FRSC field officers which should include passenger liability cover.

In his remarks, the Corps Marshal thanked the NIA delegation for the visit and enjoined the Association to maintain more frequent interaction and extend same to other enforcement agencies as well to ensure total eradication of fake insurances, adding that creating more awareness on benefits of insurance to the public will encourage more vehicle owners to embrace insurance.

The Director General of the Association, Mrs. Yetunde Ilori in her brief remarks, thanked the Corps Marshal for the opportunity to visit and discuss matters of mutual interest between the two institutions and promised that the Association would work hard to deliver on the expectations.
She urged the FRSC to continue its good work of restoring sanity on our roads.
At the end of the parley, the leadership of NIA and FRSC agreed to consolidate on the long-standing relationship through regular interactions.

Patoma Admin by — July 26, 2023 in Insurance 0
African Development Bank to launch East Africa Economic Outlook 2023 tomorrow

The African Development Bank Group will launch the East Africa Economic Outlook 2023 on Thursday, 27 July 2023.

This follows the launch of the main African Economic Outlook report in May during the Bank’s Annual Meetings in Sharm El Sheikh, Egypt.

The African Development Bank’s East Africa Economic Outlook 2023 reviews the economic performance of 13 Eastern African countries over the past year. The countries are Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, South Sudan, Sudan, Tanzania, and Uganda.

It provides key economic trends in the East Africa region for 2022. The report titled: Mobilising Private Sector Financing for Climate and Green Growth in East Africa, also forecasts the medium-term (2023-2024) economic performance for the region. Furthermore, it examines options for accelerating the mobilisation of private sector financing for climate and green growth in East Africa.

The report discusses a mix of policy interventions to accelerate East Africa’s growth amid existing and emerging shocks, including climate change.

Patoma Admin by — July 26, 2023 in Banking & Finance 0
Allianz unites AGCS, Allianz P&C under ‘Allianz Commercial’ for enhanced insurance offerings

By Favour Nnabugwu

 

 

 

The unified business will provide comprehensive insurance solutions for mid-sized businesses, large enterprises, and specialist risks.

Effective immediately, AGCS, a renowned global carrier, and Allianz’s commercial businesses in key markets such as Australia, France, Germany, and the UK will officially operate under the new trading name of Allianz Commercial. The shift to the unified identity will be gradually rolled out in other countries in the coming months.

Chris Townsend, Member of the Allianz SE Board of Management, expressed his enthusiasm for this transformative step, stating, “Our commercial businesses have been united in ONE global model. With Allianz Commercial, we can service a fuller, more dynamic range of customers under our new unifying name – this gives us an immense competitive advantage and a compelling customer value proposition across the commercial insurance market, rooted in simplicity and consistency.”

In addition to the new trading identity, Allianz Commercial is also adopting a new structure comprising 11 regions. This restructuring brings together the existing six regional units of AGCS with Allianz’s national Commercial businesses.

Each region will be led by one Commercial Managing Director, representing the integrated Allianz Commercial business to customers and distribution partners. This approach aims to provide a more consistent trading experience and a broader range of solutions, while reflecting market characteristics, broker and distribution practices, and geographic proximity.

Joachim Mueller, the CEO of Allianz Commercial, commented on the significance of the new regional set-up, saying, “The new regional set-up gives us the optimum footprint in all major commercial markets worldwide. We will be able to play the full market in one consistent approach with advanced product solutions, which are grounded in global industry and underwriting expertise and delivered with local market knowledge.”

The unified business will provide comprehensive insurance solutions for mid-sized businesses, large enterprises, and specialist risks.

Effective immediately, AGCS, a renowned global carrier, and Allianz’s commercial businesses in key markets such as Australia, France, Germany, and the UK will officially operate under the new trading name of Allianz Commercial. The shift to the unified identity will be gradually rolled out in other countries in the coming months.

Chris Townsend, Member of the Allianz SE Board of Management, expressed his enthusiasm for this transformative step, stating, “Our commercial businesses have been united in ONE global model. With Allianz Commercial, we can service a fuller, more dynamic range of customers under our new unifying name – this gives us an immense competitive advantage and a compelling customer value proposition across the commercial insurance market, rooted in simplicity and consistency.”

In addition to the new trading identity, Allianz Commercial is also adopting a new structure comprising 11 regions. This restructuring brings together the existing six regional units of AGCS with Allianz’s national Commercial businesses.

Each region will be led by one Commercial Managing Director, representing the integrated Allianz Commercial business to customers and distribution partners. This approach aims to provide a more consistent trading experience and a broader range of solutions, while reflecting market characteristics, broker and distribution practices, and geographic proximity.

Joachim Mueller, the CEO of Allianz Commercial, commented on the significance of the new regional set-up, saying, “The new regional set-up gives us the optimum footprint in all major commercial markets worldwide. We will be able to play the full market in one consistent approach with advanced product solutions, which are grounded in global industry and underwriting expertise and delivered with local market knowledge.”

Patoma Admin by — July 26, 2023 in Insurance 0
WMO RA1 to boost development of Meteorology, Hydrology across Africa

CAPTION
L- Dr Agnes Kijazi, Director, WMO Regional Office for Africa (L) Mr Fetene Teshome President, WMO Regional Association. n I and DG Ethiopian Met. Institute, (R)*
By Favour Nnabugwu
The World Meteorological Organisation, WMO Regional Association I (RA1) has strategised on ways to develop metreological and hydrology in Africa
The Director of the WMO Regional Office for Africa, Dr Agnes Kijazi, while members to Addis Ababa for the  deliberations on issues related to Meteorology and Hydrology in Africa including the Early Warning for All (EW4ALL) said the continent still faced with development challenges.
 “Africa as a region covers 54 countries, 33 of which are Least-Developed Countries (LDCs); 16 Land-Locked Developing Countries (LLDCS) and 6 are Small Island Developing States (SIDS); hence faced with several human and infrastructural challenges in the region”.
“The Regional Office will continue its role as the “front-line” of the Organization and constitute a two-way communication between Members and the Secretariat “, she added.
The WMO Regional Association I (RA1) Management Group met in
The group examined the outcomes of the 18th Session of the Regional Association (RA I-18, Phase III) and the 2023 Regional Conference (RECO 2023). It also reviewed the 19th Congress (Cg-19) and 77th Executive Council (EC-77) of WMO for implementation in the region.
The Management Group was further briefed by the chairs/co-chairs of the Committees in the Regional Association on their work plans and activities and expected deliverables for 2023 – 2027 sessions in line with the respective resolutions.
In his opening Statement to the Group, the President of the RA I and Director General (DG) of the Ethiopian Meteorological Institute (EMI), Mr Fetene Teshome, stated that the Group have set for itself Strategic Priorities as contained in the Decision of RA I Strategic Plan for 2024–2027.
According to him, the priority will help address the apparent challenges by integrating them into the national strategic Plan.
The WMO Director of Member Services and Development Department, Mr Filipe Lucio, called on the Management Group to ensure that the region’s priorities are addressed and urged them to advise on the appropriate arrangements to enhance the work of NMHSs.
 The RA I Regional Implementation Plan, he said, will be submitted to the SG, which should include significant regional priority areas related to the Congress/Executive Council resolutions/ decisions that addressed thincludinge actions or milestones proposed, the activity description with output/ deliverable, and possible cost implication for the period 2024 – 2027.
Priorities set for address by the RA I Management Group in Infrastructure include Improving the surface-based, upper-air, hydrological and marine observational networks at the national level to comply with GBON requirements. At the regional level, the Group highlighted issues of Regional Basic Observing Network – RBON, Regional WMO Integrated Global Observing System (WIGOS) Centres (RWCs), Regional Climate Centres (RCCs) and Regional Instrument Calibration Centres (RICs).
The Group stressed the need to improve the capacity of Members on the production, delivery, and access to tailor-made products and services with specific attention to improving services in the aviation and marine sectors for cost recovery purposes.
The Management Group is also committed to ensuring the migration from METEOSAT Second to Third Generation has the priority related to enhancing Members’ capacity on the reception of data and products from the METEOSAT Third Generation.
Transformation of NMHSs into autonomous entities, including cost recovery and diversity in resource generation together with their Digital Transformation and Implementation of LDC and SIDS programme in Africa to support their transition to developing countries, are issues highlighted on the priorities
Patoma Admin by — July 26, 2023 in Aviation 0