Nigerian teenager, Victoria Banjo, gets 19 American scholarships

By admin

One Nigerian teenager must feel like she has the world at her feet after receiving 19 full-ride scholarship offers from universities across the United States and Canada.

Victory Yinka-Banjo, a 17-year-old high school graduate, was offered more than $5 million dollars’ worth of scholarship money for an undergraduate program of study, according to admission documents and estimates of financial aid award.

“It still feels pretty unbelievable. I applied to so many schools because I didn’t even think any school would accept me,” Victory told CNN, relishing her academic prowess.

Born to Nigerian parents, Chika Yinka-Banjo, a senior lecturer at the University of Lagos, and Adeyinka Banjo, a private sector procurement and supply chain executive, Victory was given potential full scholarships from the Ivy League schools, Yale College, Princeton University, Harvard College, and Brown University.

Other US scholarship offers included those from the Massachusetts Institute of Technology (MIT), Stanford University, Johns Hopkins University and the University of Virginia.

In Canada, Victory was offered the Lester B. Pearson scholarship from the University of Toronto and the Karen McKellin International Leader of Tomorrow (KMILOT) scholarship from the University of British Columbia.

“Their admissions processes are extremely selective,” Victory added. “They only accept the best of the best. So, you can imagine how, on a daily basis, I have to remind myself that I actually got into these schools. It is surreal!”

Academic strides

A senior prefect during her time in high school, Victory rose to national prominence in late 2020 after she scored straight As in her West African Senior School Certificate Examination (WASSCE).

Months earlier, the Nigerian teen had been rated as the “Top in the World” in English as a second language (speaking endorsement) by the University of Cambridge International Examination (CIE). Victory aced the Cambridge IGCSE exam — acquiring A* in all six subjects she sat for.

Victory told CNN her remarkable achievements are borne out of hard work.
“They have made me truly feel proud about the hard work I have put into several areas of my life over the years. I am slowly beginning to realize that I deserve them,” she said.

The teenager remarked that her multiple scholarship offers “have made me stand taller, smile wider, and pat myself on the back more often.”

Victory said she hopes to study Computational Biology. However, she is still weighing up her options on which school to choose, having been wooed by many prestigious institutions.

“I am still doing research on some schools that are at the top of my list, like Stanford, Harvard, MIT, Duke, Johns Hopkins, and just trying to compare and contrast all of them thoroughly,” she told CNN.

An inspiration to Nigerian youth

Victory’s mother, Chika, says her daughter’s story could inspire other young Nigerians.
“It is noteworthy that she is not one of the Nigerian-Americans who often get into these schools because of their advantage of being born and bred in the US. She completed her secondary school here [in Nigeria]. It would be great if her story can be used to inspire the youths of our country,” she told CNN.

Victory credits her academic success story to faith, parental guidance and discipline. She currently spends some of her free time tutoring other university admission seekers — through the radio — on key subjects such as math, English language, biology, chemistry and physics.

Culled from the Cable News Network, CNN.

Naicom, FCT Minister talk on compulsory insurance, Fitness Walk

Caption:

L-R: Chairman NAICOM Board, Chief Emmanuel Jideofor Nwosu and Hon Minister, FCT, Mallam Mohammed Musa Bello, during the courtesy visit in Abuja yesterday.

 

By Favour Nnabugwu

 

The Board and Management of National Insurance Commission (NAICOM ) met with Minister of the Federal Capital Territory (FCT) Mallam Mohammed Musa Bello to discuss the enforcement of compulsory insurances in the FCT and the insurance awareness fitness walk coming up next month.

NAICOM Board Chairman, Chief Emmanuel Jideofor Nwosu, while speaking at the event, appealed for the FCT Minister’s support just as he highlighted what the FCT stands to benefit from the partnership and expressed hope that “with the support of the Hon. Minister and indeed the Ministry, Abuja will lead NAICOM’s renewed awareness campaigns, sensitization and enforcement of compliance.

Chief Nwosu noted that in all Mega Cities across the world, aside from infrastructural development, there are social programmes and policies that are enforced for the benefits of the citizens and residents, adding that one of such policies in Nigeria is the compulsory insurances.

He said the development of the insurance sector in Nigeria hinges on the increased economic activities, improved level of awareness and the acceptability of insurance as a safety net for citizens, businesses and indeed public institutions.

On the benefits and advantages of insurance, he said “As we develop the sector, NAICOM’s partnership with the FCT and indeed the Hon. Minister will be critical in the following ways:

“The growth in economic activities, infrastructural development and increased population of Abuja means NAICOM will continue to partner with key players under the Ministry of FCT to provide cover for their businesses and persons.

“Abuja is the home of most Federal Government institutions and buildings and NAICOM will ensure their adequate protection.

“NAICOM will continue to encourage more and more players within the insurance sector to open up offices and centers in Abuja thereby facilitating skill transfer and development. This will further boost financial inclusion, faster digitalization and competitiveness of the FCT.”

He said it is worthy of note that in December 2020, NAICOM organized a Free 2-days Sensitization workshop for small businesses in Abuja and was a huge success with over 1000 businesses in attendance and 250 businesses receiving free insurance premium for one year.

In his remarks, the FCT minister, Mallam Musa Bello, stated that he was delighted to receive NAICOM officials and assured the Commission of his full support towards enforcement of compulsory insurances in the FCT as he has very close relationship with the industry.

The Honourable Minister requested NAICOM to provide him with details of agencies under his ministry complying with the requirements of compulsory insurances.

It was also agreed that a joint enforcement committee would be setup comprising relevant departments of the ministry, NAICOM and other relevant security agencies.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olorundare SundayThomas, in his response, said NAICOM is elated with the support and assurances from the Honourable Minister and promised to provide the information requested as quickly as possible

Chuks Udo Okonta emerges runner-up Pan-African re/insurance 2021 journalism awards

By admin

The Publisher of Inspenonline Nigeria’s premier Insurance and Pension online news channel, Chuks Udo Okonta has emerged as runner-up in the 2021 Pan-African re/insurance journalism awards, sponsored by Continental Reinsurance Plc.

Announcing the winners today, Continental Reinsurance Plc, said Chuks won the third prize under the Online category with the article, ‘Insurers moving beyond claims settlement amid COVID-19’.

The award organisers said the 6th pan-African (re)insurance journalism awards category winners are: Best Re/Insurance French entry – Amadou Oury Diallo, Jeune Afrique Media Group, Senegal.

Best Re/Insurance Print Article, Patrick Alushula, Nation Media Group, Kenya.

Best Re/Insurance online article, Londiwe Buthelezi, Fin24, South Africa.

Best Re/Insurance Broadcast Article, Mwape Zulu Kumwenda, Prime Television, Zambia.

It noted that Anass Sabit, Joy News, Ghana, won the Future Talent award for highlighting the plight of a community battling the absence of water amidst the Covid-19 pandemic.

It said the 6th edition attracted close to 100 entries across 16 African countries, adding that 66 entries were shortlisted for an independent jury to select the overall winners and that they assessed the entries on set criteria, including raising awareness on a current news story or other noteworthy insurance issue.

The winners will receive an exclusive year-long mentorship to develop their insurance sector reporting skills further. This is in addition to cash prizes and attendance at the next Continental Re’s CEO summit, health situation and government restrictions permitting, it said.

Michael Wilson, Chair of the judging panel, said, “We were inspired by the diversity in the reporting showcasing varied angles on the subject of insurance. We reviewed entries that connected with the audience in exciting and balanced ways. We encourage all who participated to continue carrying the message of insurance as this will, over time, positively change the trajectory of the insurance subject.

“I want to thank my fellow co-judges Shiam Appannah, Nadia Acogny-Mensah, Gareth Stokes, Jared Obuya and Kenneth Igbomor for their work in reviewing the submissions.”

Lawrence Nazare, newly-installed Group Managing Director, Continental Reinsurance Plc, added, “Currently, insurance penetration ranges between one and three percent in most African countries. But this is a sector on the up and the subject is gaining appreciation. As industry players, we have the responsibility to encourage and inspire journalists to report on insurance.

“And as a pan-African entity, we welcome this year’s improved geographic diversity of the finalists’ and balanced gender inclusivity. Two female journalists made it to the top whilst the winners represented five different countries: Senegal, Kenya, South Africa, Zambia and Ghana.

“I want to congratulate all the winners. Continue to tell the insurance story and remain great role models to other insurance reporters. We are optimistic that reach and positive perception of insurance will be expanded and subsequently the uptake of insurance products enhanced across Africa.”

No pensioners under Defined Benefits Scheme will be left out – PTAD

By Favour Nnabugwu

 

The Pension Transitional Arrangement Directorate (PTAD) has said no pensioner under the Defined Benefits Scheme (DBS) would be left out in the recently approved federal government pension consequential addjustment.

PTAD in a statement by its Head, Corporate Communications Unit, PTAD, Olugbenga Ajayi, said it attention has been drawn to the statement issued by the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPAN) in the Vanguard Newspaper (online edition) of 1st May 2021 in which the Association alleged that it had been left out of the consequential pension adjustment approved by President Muhammadu Buhari.

“We would like to state emphatically that Mr. President’s approval under reference covers all pensioners under the Defined Benefit Scheme (DBS) including parastatal pensioners who constitute the membership of FEPPAN, and does not discriminate against any category of pensioners.

“For the avoidance of doubt, the Directorate has already computed the entitlements of all its pensioners and will commence the immediate implementation of the consequential increment as approved by Mr. President. This, therefore, renders any call of potential engagement of any Federal Government agency by FEPPAN irrelevant as all its members are covered under the DBS umbrella as stated in the circular released by the National Salaries Wages and Incomes Commission (NSWIC),” it said.

PTAD noted that It would, therefore, like to use this opportunity to continue to appeal to the leadership of all pension unions to avail themselves of the freedom of information offered by the Directorate pertaining to all pension matters in order to avoid the unfortunate misconception of laudable government policies as was evident in the news story mentioned earlier

Virgin Atlantic records $911m pre-tax lost for 2020

By Favour Nnabugwu

 

Virgin Atlantic in its financial results for 2020 lost $911m pre-tax for 2020 ddueto the conditions of the pandemic, figures are down compared to 2019.

Across Virgin Atlantic, Virgin Holidays, and Virgin Atlantic Cargo, the reported revenue for the year is £868 million (~$1.2 billion). While this figure might seem like a lot, this is down from £2.9bn (~$4.01bn).

Notably, Virgin Atlantic has been going through a billion-dollar restructuring plan. This privately funded plan was completed in September 2020 and was based on borders opening in time for spring 2021.

With the aviation industry still heavily restricted in the new year, the airline has also been in talks this year about a £160 million (~$223m) support package with its shareholders and creditors, which followed a $230 million financing on two Boeing 787s.

The airline previously stated that it looks to expects to return to profitability in 2022. Until then, it is confident that it has sufficient liquidity to trade through until restrictions ease and passenger activity increases. Nonetheless, 2020 has been Virgin Atlantic’s most challenging year.

“At the start of 2020, we were on course to return to profitability, however, few could have predicted the scale and impact of the global crisis that the Covid-19 pandemic would bring. Ongoing travel restrictions, border closures and country-wide lockdowns reduced demand for travel and drove unprecedented levels of customer refunds, with over £600 million processed by Virgin Atlantic during 2020,” Virgin Atlantic CEO Shai Weiss shared in a statement.

“While we welcome the adoption of a risk-based traffic light framework and that progress is being made towards the resumption of international travel at scale from 17 May, it doesn’t go far enough, given that economic recovery and 500,000 UK jobs are at stake. Now we need certainty that the framework will allow for a phased removal of testing and quarantine.”

 

Qatar Airways expand to Africa, begin Côte d’ Ivoire route from June 26

By admin

Doha-based Qatar Airways announced it would operate three flights per week to the Côte d’Ivoire capital Abidjan via Accra in Ghana starting from June 16, 2021.

Since the start of the COVID-19 pandemic, Abidjan will be the fourth new African destination served by the Gulf state carrier. On the route, Qatar Airways will deploy one of its state-of-the-art Boeing 787 Dreamliner configured with 22 seats in business class and 232 seats in economy class.

Abidjan is the economic capital of Côte d’Ivoire and one of the most populous French-speaking cities in Africa, with a population of around 4.7 million people. After gaining independence from France in 1960, Abidjan expanded quickly to become one of West Africa’s most important seaports.

Abidjan is also served by Félix-Houphouët-Boigny International Airport (ABJ) and is a 1 hr 5min flight from Kotoka International Airport (ACC) in Accra, Ghana.
ABJ is new for Qatar Airways
When speaking about the new Abidjan flights in the Qatar Airways statement, Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said:

The airline in a statement last week said, “We are delighted to be launching flights to Abidjan, our fourth new destination in Africa since the start of the pandemic. At Qatar Airways, we remain committed to the African market, expanding our network across the continent and offering seamless connectivity to the largest network of destinations across Asia-Pacific, Europe, the Middle East, and North America”

“We are thankful to the Côte d’Ivoire Government for their support to launch these flights, providing an opportunity to reunite family and friends with their loved ones across the globe. We look forward to working closely with our partners in Côte d’Ivoire to steadily grow this route and support the recovery of tourism and trade in the region.”

Flights to Abidjan (ABJ) from Doha (DOH) via Accra (ACC) will operate on a Monday, Wednesday, and Friday.

Qatar Airways flight number QR1423 will depart DOH at 02:20 and arrive at ABJ at 09:10

Qatar Airways flight number QR1424 will depart ABJ at 17:20 and arrive at DOH at 06:10 +1

To help promote flights from Africa, Qatar Airways offers passengers a new baggage allowance of 46 kilos spread over two bags in economy and 64 kilos spread over two bags in business class.

Seven new destinations
Despite the ongoing COVID-19 pandemic Qatar Airways has managed to remain active flying thousands of people to various destinations worldwide. The state-owned carrier has also added the following seven destinations from its home at Hamad International Airport (DOH):

Nigeria to fine airlines from Brazil, India, Turkey $3,500 for violating travel advisory

By Favour Nnabugwu

 

The Presidential Steering Committee on COVID-19 after carrying out a risk assessment of countries with cases with high incidence, fatality rate of the virus and has issued a travel advisory for passengers arriving Nigeria from Brazil, India and Turkey with a $3500 fine on airlines that violate the travel protocols set for the specific countries.

The committee has also from Tuesday May 4th, 2021 reduced the validity period of pre-boarding COVID-19 PCR test for all Nigeria bound passengers from 96hrs to 72 hours henceforth stating that PCR test results older than 72 hours before departure shall not be accepted.

A statement signed by Secretary to the Government of the Federation/ Chairman, Presidential Steering Committee on COVID-19, Boss  Mustapha stressed that  Nigeria has been monitoring with concern, the increasing trend of COVID-19 cases in several countries over the last few weeks.

He stated that the Government of Nigeria deeply empathizes with the citizens and governments of these countries, and assures them of our commitment, unflinching support and solidarity at this time of need.

Mustapha said that in an effort to continue to safeguard the health of the Nigerian population, as well as to minimize the risk of a surge in the number of COVID-19 cases in Nigeria, the Presidential Steering Committee carried out a risk assessment of countries with high incidence of cases.

The risk assessment took into consideration the epidemiology of cases, prevalence of variants of concern and average passenger volume between Nigeria and each country amongst other indicators.

He said,” Of the countries assessed, this interim travel advisory applies to three (3) countries in the first instance. These precautionary measures are a necessary step to minimize the risk of a surge in COVID-19 cases introduced to Nigeria from other countries, while national response activities continue.

“Nigerians are strongly advised to avoid any non-essential international travels to any country at this period and specifically to countries that are showing rising number of cases and deaths. The Presidential Steering Committee on COVID-19, after due consideration has therefore approved the implementation of the following measures:

“(i) Reduction of the validity period of pre-boarding COVID-19 PCR test for all Nigeria bound passengers from 96hrs to 72 hours. Henceforth PCR test results older than 72 hours before departure shall not be accepted;

(ii) Guidelines Specific to Brazil, India and Turkey

“a. Non-Nigerian passport holders and non-residents who visited Brazil, India  or Turkey within Fourteen (14) days preceding travel to Nigeria, shall be  denied entry into Nigeria. This regulation, however, does not apply to passengers who transited through these countries;

“b. The following measures shall apply to airlines and passengers who fail to comply with (i) and (ii) a above: i. Airlines shall mandatorily pay a penalty of $3,500 (Three Thousand Five Hundred dollars) for each defaulting passenger; and ii. Non-Nigerians will be denied entry and returned to the country of embarkation at cost to the Airline;

“c. Nigerians and those with permanent resident permit who visited Brazil, India or Turkey within Fourteen (14) days preceding travel to Nigeria shall be made to undergo seven (7) days of mandatory quarantine in a Government approved facility at the point-of-entry city and at cost to the passenger. The following condition shall apply to such passengers:

  1. Within 24 hours of arrival shall take a COVID-19 PCR test; ii. If Positive, the passenger shall be admitted within a government approved treatment centre, in line with National treatment protocols; and iii. If Negative, the Passenger shall continue to remain in quarantine and made to undergo a repeat PCR test on Day-7 of their quarantine.

(iii) Passenger(s) arriving in Nigeria from other destinations: a. Must observe a 7-day self-isolation at their final destination; b. Carry out a COVID-19 PCR test on day 7 at selected laboratory; and c. Shall be monitored for compliance to isolation protocol by appropriate authorities.

2.(iv) False declaration:  a. Passenger(s) who provided false or misleading contact information will be  liable to prosecution; and b. Person(s) who willfully disregard or refuse to comply with directions of Port Health staff, security agencies or evade quarantine shall be prosecuted in  accordance with the law;

(v) State Governments are required to ensure that all returning travelers from all  countries are monitored to ensure adherence to the mandatory seven-day self isolation period and the repeat COVID-19 PCR test on the seventh day after arrival;  and (vi)We urge members of the public to adhere to all COVID-19 preventive measures in  place including adherence to the national travel protocol, proper use of face mask,  regular hand washing and physical distancing.

This travel advisory shall come into effect from Tuesday, 4th day of May, 2021. The guidelines provided in this document shall be subject to review after an initial period of 4 weeks.

NCAA lifts suspension on Azman Air for correction, compliance

By Favour Nnabugwu

 

Nigerian Civil Aviation Authority (NCAA) has lifted the suspension placed on Azman Air since March 25, 2021 over safety related issues after the airline has complied with its recommendations and carried out Corrective Action Plan (CAP) effectively.

The airline was the first to hint this on its social media handles on May 1st this was confirmed by a top official of the NCAA.

Azman Air in a recent tweet stated that it is back to operations and would be releasing it operational schedule soon, urging its clients to prepare for schedule rollout.

In a recent interview, the Director General of the NCAA, Captain Nuhu Musa said the CAA’s responsibility and duty to guide and work with the operators and assist them to ensure they are in compliance with our regulations

He stated that Azman Air is responding to the corrective action plan that followed the regulators audit stressing that the airline would come out better for it  and that the NCAA too has learned from the incident and would improve on all perceived deficiencies.

“I must tell you the response from Azman the last couple of times is very encouraging and very positive and they are taking our advice, now they understand and it is even better for them as it will improve their business modem and I have seen a shift”

“I can guarantee you by the time Azman complies; the public will see a different Azman that is our whole purpose we are not here to kill anybody, we are not here to ruin any airline but to guide them to operate safely, efficiently and provide the necessary services too.”

South Africa sentence Nigerian man to 3 life imprisonment terms for sex slaving 12-year-old girl

By admin

 

A Nigerian national, Augustine Omini Obono, who kidnapped a 12-year-old girl, fed her drugs and forced her to have sex with up to six men a day over a three-month period has been sentenced to three life imprisonment terms by a South African court in Gauteng.

The Gauteng North High Court handed down three life imprisonment terms for human trafficking, rape, statutory rape and sexual exploitation. Obono was further sentenced to three years for kidnapping and seven years for keeping a brothel.

The National Prosecuting Authority spokesperson Lumka Mahanjana said in September 2016, the girl was at a park in Derdepoort for a picnic with her friends when she met a woman who asked her to accompany her to a flat in Sunnyside, Pretoria, where she would meet a man.

“The woman promised the minor that she would give her taxi money to go to Mamelodi the following morning,” he said.

When they arrived at the flat in Sunnyside, the woman handed the minor over to Obono for purposes of sexual exploitation or for her to be used as a prostitute.

“Obono kept the minor in the flat for three months,” Mahanjana said.

She said over the three-month period, Obono fed the girl drugs and forced her to have sex with between five to six men a day.

“In December 2016, the minor eventually managed to escape and went to her uncle’s place in Mamelodi. When she arrived, she informed her uncle of what had happened. The uncle reported the matter to the police and the minor pointed out the flat where she was kept,” she said.

When the police went into the flat, they found Obono and arrested him and he has been in custody since.

South Africa, like Nigeria, is considered to be on the “Tier 2 Watchlist” for human trafficking. Tier 2 represents countries whose governments do not fully comply with the Trafficking Victims Protection Act (TVPA)’s minimum standards but are making significant efforts to bring themselves into compliance with those standards

An overview of insurance, insurtech in Africa

By admin

The Middle East and Africa (MEA) region offers a strong potential in insurance and, specifically insurtech. The Fintech Times looks at the African continent in particular with regards to its insurance market.

An overview of the insurance industry was highlighted in the recent report from The Fintech Times, Fintech: Middle East and Africa 2021 Report, where it discussed various facts in the current state of the continent that is home to over 1.3 billion people.

Africa Is uninsured but has potential to grow

First, Africa is generally less developed than more advanced economies (it is home to some of the world’s poorest countries) and this is reflected in the insurance industry where penetration is some of the world’s lowest. It is also home to a young population as well. For instance, even though Nigeria has an active and emerging fintech scene, the country’s insurance penetration is a lowly 0.4 per cent. Indeed, for much of Africa generally, a combination of factors – from the low income of customers to the large unbanked sector – has resulted in relatively low insurance levels. The report highlighted this, which originally was researched by a report from Deloitte.

The continent has a potential insurance market value of $68billion in terms of gross written premiums, which would put it at the eighth largest in the world. This was originally researched from a report from McKinsey. However, this is not consistent throughout the continent and is heavily concentrated in one country – South Africa. The country in the report says that around 80 per cent of the premiums of Africa are held just there. The remaining is dominated by six “primary insurance regions in Africa”: French-speaking Francophone Africa, English-speaking Anglophone West Africa, Southern Africa, North Africa, East Africa, and Angola.

The $68 billion market for Africa if comparing it to other emerging regions shows the potential growth the continent can have, in addition to it being fragmented at present in particular with South Africa. For instance, a report by Swiss RE highlighted that Latin America and the Caribbean’s insurance market to be at $157 billion in 2019, while Asia (not counting China) had a nearly $200 billion market ($194 billion) in 2019.

South Africa has one of the world’s highest penetration rates of insurance, accounting for an estimated 80 per cent of the continent’s total gross premiums. In Sub-Saharan Africa, South Africa, where its penetration represented 13.8 per cent of gross domestic product in 2017, was followed in second by Namibia at 7.6 per cent of GDP while Kenya ranked third at 2.6 per cent of GDP the same year.

Despite the high penetration in South Africa, it is still pretty much uninsured. For instance, if one looks at individual product penetration, such as auto insurance, only 35 per cent of cars in the country are covered.

To note, the McKinsey report highlights that the growth in Africa’s insurance sector is being driven primarily by economic development and growth rather than deepening market penetration. The exceptions are Morocco and Ghana, with the ladder’s matching to its current GDP while the former’s growth being driven through agent networks.

The continent does have its own local health insurance providers and multinational ones

In terms of insurance companies as a whole, when looking at the wider MEA region, Africa is home to home-grown insurance firms. These include (mainly in South Africa) the likes of Old Mutual, Liberty Holdings, and Momentum Metropolitan Life Assurance, as well as Morocco’s RMA and Wafa Assurance.

Other global providers such as American-headquartered Cigna, which according to its website via its Cigna Africa subsidiary have been servicing more than 200,000 members in Africa. They have a solid infrastructure in place that includes local case managers in South Africa and Kenya, a new office in Kenya and an outpatient direct payment network with local health care providers.
Another multinational insurance firm in Africa is Munich, Germany headquartered Allianz, via their Allianz Africa subsidiary, that is present across 12 African countries such as Nigeria, South Africa, Egypt, Morocco and Kenya, and has been established in the region since 1912, according to its website.

French multinational AXA also has a presence in Africa, such as in Egypt, Nigeria, Algeria, Morocco – to name a few according to its website.

There are also other companies such as American multinational Metlife that cater to parts of Africa via hubs such as Dubai, United Arab Emirates (UAE). Dubai, the commercial hub of the UAE generally is home to around two-thirds of global Fortune 500 multinational regional MEA hubs.

Insuretech can help fill the gap

This is where fintech innovations have been able to help. Not unique to South Africa but insurtech solutions can help customers directly by price comparing various products that otherwise would have been difficult to do.

A combination of the still large proportion of Africans uninsured overall coupled with the overall digital transformation happening global (even before pre-COVID-19 times) gives a young population such as the African continent the chance to see its own digital insurance transformation.

First, insurtech can and is being developed to help those who are not able to access insurance at all. For instance, Kenya-based PULA won the “InsureTech of the Year” award at the recent African Insurance Awards. The company helps access insurance easily particularly for smallholder farmers and during its growth has seen it partner with the World Food Programme to insure 3.5 million farmers across 10 African countries. Similar to the unbanked with what other wider fintech solutions are helping, particularly noticeable in the MEA region, insuretech will see much more of this in the continent.

Second, the overall digital transformation which is also happening in the insurance industry, hence the term insurtech, has been clear and has huge potential in Africa as well. For instance, The Mauritius Union Assurance (MUA) won the “Insurance Company of the Year” at the African Insurance Awards via its own digital transformation of its services and client centric services and growth over the last three years. MUA is one of many in the continent that are also digitally transforming the way insurance is done in the continent – as is the trend globally.

At present, a sizeable proportion of insurtech startups in Africa are in the microinsurance & digital brokerage sector. Many that are also growing include in the B2B data analytics, ancillary revenues & insurance add ons to small and medium enterprises (SMEs), and vertical SaaS solutions. Examples of insurtechs include Egypt’s Amanleek and ClickMare, Ghana’s WorldCover, Kenya’s Bismart and InsureAfrika, Nigeria’s Airtel, and South Africa’s CompareGuru and Naked Insurance. To highlight, all those countries were also ranked as tier-two emerging fintech hubs in the recent Fintech: Middle East and Africa 2021 report.

Globally as a whole, global insurtech market revenue was estimated to be valued at $5.48 billion in 2019 and is expected to reach $10.14 billion by 2025, growing at a compound annual growth rate (CAGR) of 10.80 percent during the period 2019-2025. North America is the largest market globally for insurtech and the Asia-Pacific region, at present, shows the fastest growth.

With the overall growth of not only insurance but in particular insurtech, Africa’s young and uninsured population can see potential growth.