AM Best sponsors 50th AIO in Namibia

By Favour Nnabugwu

 

 

AM Best will sponsor and attend the 50th African Insurance Organisation (AIO) Conference and Annual General Assembly, to be held 1-5 June 2024 in Windhoek, Namibia.

Nick Charteris-Black, managing director, market development, Europe, Middle East and Africa, AM Best, along with Dr Edem Kuenyehia, director, market development and communications, and in his capacity as AM Best’s director for market development in Africa, will be in attendance and will be conducting scheduled bilateral meetings with industry stakeholders during the conference to discuss Best’s Credit Ratings and Best’s Performance Assessments for Delegated Underwriting Authority Enterprises (DUAE), along with other insurance sector reports, data and analytic resources available to insurance professionals. To schedule a meeting with the AM Best delegation, please email charlotte.shoesmith@ambest.com.

AM Best is a sponsor of the event, which is themed as “Coping With Rising Natural Catastrophes Across Africa.” Topics during the programme center on the implications of increased catastrophic events across the continent and insurance’s role in building resilience and mitigating related losses. Discussions will include how natural catastrophes compound Africa’s insurance penetration dilemma, a rethink on catastrophe modeling and integrating technologies, as well as life insurance in the face of climate risks and others.

The AIO, established in 1972, is a non-governmental organisation recognised by many African governments. It was established to help develop a healthy insurance industry and to foster insurance co-operation in Africa. For more information about the AIO conference, which will be held at Mercure Hotel, please visit the event overview.

NAICOM, RMAFC strengthen ties on diversification of nation’s economy

CAPTION:
L- Engr. Mohammed Sani Baba (RMAFC Commissioner Rep Bauchi State); Commissioner for Insurance/CEO Mr. Olusegun Ayo Omosehin and Alh. Abubakar Sadiq A. Gusau (RMAFC Commissioner Rep Zamfara State)
By Favour Nnabugwu
The National Insurance Commission, Naicom and the Revenue Mobilisation Allocation and Fiscal Commission, RMFC, have began moves to explore collaborative opportunities to advance the diversification of the Nigerian economy.
The Commissioner for Insurance and CEO of the National Insurance Commission, Naicom, Mr. Olusegun Ayo Omosehin, and his management team welcomed the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Engr. Sani Mohammed Baba, during their working visit to the Commission on Tuesday, 14th May, 2024.
Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders. He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.
The CFI also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu GCFR’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.
In closing, Mr. Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
On his part, Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
Allianz Group records profit of €4bn in Q1 2024

By Favour Nnabugwu 

 

 

Allianz Group, a global insurer and asset manager, has reported an increase in operating profit of almost 7% to €4 billion for the first quarter of 2024, up from last year’s €3.7 billion, driven by the firm’s property and casualty business, supported by good results in the asset management and life and health segments.

Total business volume advanced by 5.3% to €48.4 billion driven by all business segments, as shareholders’ core net income rose to €2.5 billion, a 15.7% increase from 2023’s €2.2 billion.

The insurer’s P&C business segment recorded good price-driven growth, while the increase in the Life/Health business segment was primarily due to favourable sales momentum in the United States and Italy. The growth in the Asset Management business segment benefited from higher assets under management and higher performance fees.

In P&C, total business volume increased by 5.7% to €25.5 billion, compared to €24.1 billion in the prior year. The insurer stated that the main driver for the solid results was “very good” growth of 9% in Retail, SME & Fleet. Commercial lines grew by 4%, meanwhile, the total operating profit for the segment grew strongly by 10.4% to €2.1 billion compared to €1.9 billion in the year prior.

The combined ratio remained flat at 91.9%, with a loss ratio of 67.3% as lower run-off was partly offset by benign claims from natural catastrophes and a better attritional loss ratio.

In its life and health insurance segment, the present value of new business premiums increased to €22.3 billion from €18.5 billion, driven by higher volume in most entities. The main contributors were Allianz Re and positive sales momentum in Italy and the United States. The operating profit remained flat at €1.3 billion and the contractual service margin rose from €52.6 billion at the end of 2023, to €53.2 billion in Q1 2024, with strong normalized CSM growth of 1.7%.

In the asset management segment, for Q1 2024, operating revenues reached €2 billion, an increase of 4.7%, driven by increased AuM and higher performance fees, the operating revenues grew by 5.7%. Operating profit increased to €773 million from €723 million, up by 7%, and the total assets under management were €2.297 trillion at the end of Q1 2024, compared to €73 billion at the end of 2023, in line with the results for the third-party assets under management.

Claire-Marie Coste-Lepoutre, Chief Financial Officer, Allianz, commented, “Allianz’s strong performance in the first quarter demonstrates our unwavering commitment to value creation: In our Property-Casualty operations strong price-driven internal growth and strict underwriting discipline contributed to a very good increase in our operating profit. Benign natural catastrophes and higher investment income also supported the result.

“The widespread new business growth across our Life/Health segment underlined the quality of our global franchise in a competitive environment. Together with an attractive new business margin, this puts us in a very good position for continued value creation. In our Asset Management operations, strong third-party net inflows and exceptional performance fees demonstrated that we successfully managed a volatile capital markets environment. An increase in our third-party AuM and our competitive cost-income ratio position us well for profitable growth.

“We had a very good start into the year and our ability to create value for our shareholders is supported by a strong Solvency II ratio of 203 percent. We confirm our full-year outlook of an operating profit of 14.8 billion euros, plus or minus 1 billion euros.”

Oliver Bäte, Chief Executive Officer, Allianz, said: “Allianz’s strong results demonstrate the quality of our fundamentals, the value of consistency in the execution of our strategy, and the advantage of the broad talents and skillsets that are represented across our organization.

“Our 5 percent business volume growth and double-digit increase in shareholders’ net income signal a strong start to the year. In our Property-Casualty business, solid top-line growth and bottom-line increase reflect the balance of growth and underwriting discipline. The Life/Health new business development confirmed the attractiveness of our broad product portfolio. In our Asset Management operations, net flows in the first quarter already exceeded last year’s full-year levels, underscoring the quality of our business and its value to clients.

“Our proven track record of profitability, resilience, and consistent capital management make us the trusted partner of choice, especially in times of heightened uncertainty and accelerated change.”

Nigeria inflation stands at 33.69 %

By Favour Nnabugwu

 

 

Nigeria’s inflation rate rose to 33.69% in April 2024 compared to March 2024 headline inflation rate which was 33.20%, according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Wednesday.

“In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%,” the Bureau said in its report.

Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%). This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of in crease in the average price level in March 2024.”

Prices of food and basic commodities have gone through the roof in the last weeks, as Nigerians continue to battle with high cost of living and one of the country’s toughest economic crises sparked by the current government’s twin policies of petrol subsidy removal and unification of forex windows. The naira, which initially appreciated against the dollar in April, tumbled from about N1,100/$1 to about N1,500/$1.

With the fresh inflation report by the NBS, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), expected to review the country’s interest rate from 24.75%.

Dangote Cement offers free malaria treatment in Edo

By Favour Nnabugwu

 

 

The Dangote Cement Plc has flagged off its malaria intervention programme for host communities at Okpella, Etsako East Local Government Area of Edo State.

Group Head of Sustainability, Dangote Cement Plc, Dr Igazeuma Okoroba, said the 2024 Malaria Campaign is not just to commemorate World Malaria Day, but also to contribute to advancing Nigeria’s progress on Sustainable Development Goal (SDG) 3 of the United Nations, which harps on good health and wellbeing.

Dr. Okoroba described the relationship between the Dangote Cement and host communities as robust.

“As we observe, a significant portion of the population lacks access to vital healthcare services. Dangote Cement PLC aims to bridge this gap by addressing disparities in our host communities.

“We believe that healthy people are the foundation for healthy economies, and for this reason, countries are taking decisive actions to counteract health challenges. Our target for this campaign is Edo State.

According to the United Nations, efforts to combat infectious diseases like HIV, TB and malaria improved between 2000 and 2015; however, progress has since slowed, she said.

According to her, Dangote Cement’s response to this situation is to join the world in “accelerating the fight against malaria for a more equitable world.”

“Today’s campaign in Okpella, therefore, aims to engage our communities, bring health care close to where people live, and address factors that increase malaria risk while also demonstrating our corporate social responsibility.”

While calling on the people to participate actively in the two-day activities, she commended the Edo state Ministry of Health and partners for their collaboration in making this programme successful.

Speaking at the flagged off ceremony, the Coordinator Sustainability Dangote Cement Plc, Okpella, Engr. Sunday Adondua, said the programme was aimed at reducing incidence of malaria to as low as possible in the company’s host communities.

Engr. Adodua, a General Manager, Training and Development, added: “If the people use what we gave them in terms of drugs and mosquitos nets, we will chase malaria out of the communities.

“The essence of this programme is to make life more meaningful for the people of our host communities who are vulnerable in terms of finance and resources endowment to afford good medical establishments for treatment.

“So, we are bringing the treatment to them right in their home. We want to reach as many people as possible, we start today, and it is continuing tomorrow. So those who heard the news of today’s event will come tomorrow. Even if 2,000, 5000 and 10,000 people visit us, they will get treatment.

“Here, we look at the patients’ conditions as regards malaria. It is more like a scourge in some communities, and you find a great numbers of them losing their lives to it.

“We have heard some cases where people go to the hospital and are diagnosed but when they are asked to get drugs, they will leave because they don’t have money.
“Dangote has a robust CSR programme for host communities, we have been doing this every year. Last year we have our sustainability week and at Okpella community we established a library with 10 laptops and internet connectivity for the community. The donation would be done next week.”

He said the company is determined at breaking the cycle of malaria in the host communities.

Speaking, Comrade Victor Ojeifo, Director Community Health Service, in charge of Malaria Elimination Programme, Primary Healthcare Development Agency, Etsako East Local Government Area, commended Dangote Cement for the medical outreach for host communities.

“This is what we have been expecting to see when we preach to nongovernmental organization to try to attend to the vulnerable who can’t afford to buy drugs.

He called on communities to compliment the Dangote programme by clearing bushes and stagnant water in their areas as part of efforts in eradicating malaria.

A beneficiary, Mrs. Adiza Aliu, who was treated, said the programme has given her the opportunity to attend to her health without spending money.

“I was diagnosed of malaria. They gave me drugs and mosquito net. They asked me to be sleeping under the net to prevent malaria. Look at the drugs they gave me. I didn’t pay any money.”

She however thanked Dangote Cement Plc for coming to their aids, saying God will bless Dangote.

For Innocent Valetina, Dangote is God’s sent to alleviate their suffering, as regards their health need.

He said: “I am grateful to Dangote because the mosquito net is very expensive and most of us couldn’t afford but we got it free from the free malaria programme.”
Drugs are expensive and not everybody can afford drug now but with this programme, we got free test, drugs and mosquito nets for ourselves and children. God should continue to bless Dangote.
On her part. Mrs. Adiza Sedu, said she was happy to be among the beneficiaries of the free malaria treatment.

She added: “I was screened, I don’t have malaria, but they said my blood pressure is high. They gave me drugs and mosquito net and advise me to always go to the health centre to check.”

She however prayed that God should bless Dangote and meet his needs.

Also, Mrs. Eunice Solomon, said she was given malaria drugs and mosquito net after tested positive to malaria.

“I thank Dangote for these drugs, he has saved me from going to the hospital and the money I would have spent on drugs. God will bless Dangote,” she said.

Another beneficiary, Pastor Joshua, who was treated for Malaria, said he is happy to be part of the programme.

“I thank the people very well. We have not been seeing this kind of thing before. We appreciate Dangote and all those that are here to treat us.”

NIA Governing Council visits CFI, Olusegun. Omosehin in Abuja

By Favour Nnabugwu

 

 

National Insurance Commission, Naicom received in audience the Governing Council members of the Nigerian Insurers Association in Abuja yesterday

Welcoming the NIA delegations led by the association incoming chairman, Mr Kunle Ahmed, the Commissioner for Insurance/CEO, Mr. Segun Ayo Omosehin,

During the meeting, the NIA incoming Chairman extended congratulations to the recently appointed Executive Management and expressed gratitude to the Commission for its pivotal role in maintaining a fair and stable insurance sector.

Ahmed emphasized the importance of initiating the implementation of the ten-year strategic plan and finalizing the consolidated insurance bill. Furthermore, he expressed willingness to collaborate with the new Executive, expressing confidence in their ability to elevate the insurance sector to greater heights.

The NIA delegation was briefed on the Commission’s ongoing review of its strategic plan to align it with the Nigerian Insurance Industry’s ten-year strategic plan.

The Commissioner for Insurance (CFI) assured continued collaboration with the NIA to safeguard consumer rights, particularly in ensuring the prompt settlement of genuine claims. In his concluding remarks, the CFI affirmed the Executive Management’s ambition to drive growth in the Nigerian Insurance Market.

Overall, the meeting showcased a collaborative spirit between NAICOM and NIA, highlighting a shared commitment to advancing the insurance sector and protecting the interests of consumers.

Stanbic IBTC Insurance visits Deputy Commissioner for Insurance, Technical, Ekerete Gam-Ikon

By Favour Nnabugwu

 

A delegation of Stanbic IBTC Insurance left by it’s Managing Director, paid a courtesy visit to the Deputy Commissioner for Insurance, Technical, Mr Ekerete Ola Gam-Ikon in Abuja recently.

CAPTION

L- Deputy Director, Corporate Affairs, Mr AbdulRasaaq Salami, the Commissioner for Insurance, Technical, Mr Ekerete Ola Gam-Ikon; Independent Non-Executive Director Mr. Godwin Wiggle of Stanbic Insurance Ltd and the Chief Executive Officer, Stanbic IBTC Insurance Limited, Mr. Akinjide Orimolade during the courtesy visit to the DCFI, T in Abuja today

 

 

Insurance industry to play critical role in FG $1 trillion economy by 2026- New CFI

By Favour Nnabugwu 
The newly appointed Commissioner for Insurance and the Chief Executive Officer of the National Insurance Commission, Naicom, Mr Olusegun Ayo Omosehin resumed office yesterday and was welcomed by management staff of the commission.
Following his arrival, the CFI had an interactive session with the entire Management and Staff of the Commission, during his opening remark he stated the Executive management staff would set a new tone for the Nigerian Insurance .
His predecessor, Mr. Olorundare Sunday Thomas who was in attendance to officially handover to the new CFI, having played hie role massively well during his tenure, thanked the staff for their support while in office.
Omosehin was optimistic that the insurance sector would be more vibrant and following the Federal Government intends to achieve a $1Trillion economy by 2026, he pledged the the sector would be Contributory to it.
“With this target in cognizance, the Insurance Sector is expected to play a critical role and contribute to its achievement”
A combination of solid leadership, communication and access to good resources contribute to productive collaboration, but it all comes down to having people who understand each other and work well together.
And going by the goal of Naicom,
To ensure safe, sound and stable insurance sector; adequately protect policyholders and public interest. Improve trust and confidence in the insurance sector and to encourage innovation and promote insurance market development, the three insurance persons will take Naicom and entire industry to it new level

Olusegun Ayo Omosehin, born over five decades ago in Abe-alala of the Ilaje Local Government Area of Ondo State, he is not new to the insurance business and profession in Nigeria for he has practiced the trade for over 29 years considering that he joined the practice in 1993 as staff of Crusader Insurance Plc.

Not minding his pet dream of joining Nigeria’s foreign service, ‘Segun Omosehin strived hard from the onset to become one of the best practitioners that the nation’s insurance industry could boast of thus paving the way to his rising to the pinnacle of the profession in a record time.

A graduate of Political Science of the then Ondo State University and a holder of a Masters degree in International Law and Diplomacy from the University of Lagos, ‘Segun became a Chartered insurance professional in 1996, a fit that he achieved in only two seatings, he stands out as one of the multi-disciplinary professionals in the Nigerian insurance industry today.

Before joining Old Mutual Nigeria Life Assurance Company Limited where he currently serves as the Managing Director and Chief Executive Officer in 2020, Olusegun Omosehin had previously worked for other insurance companies including Custodian and Allied Insurance Plc where he served for about nine years before leaving in 20003 as Divisional Head of Operations to join Admiral Insurance Company as the Managing Director.

It is to his credit that his transformational agenda at the 22-year-old company culminated in the turning around of the loss-making company into a profitable venture.  His days at AIICO Insurance Plc were that of a sterling service considering that he engineered and led the transformation agenda for the group and thus reset a clear path to profitability for the business.

His leaving AIICO Insurance in 2009 and his joining Mutual Benefits Assurance Plc in 2010 were in continuation of his professional growth as every stop over presented him with the opportunity of exhibiting his craftsmanship as an insurance technocrat.  His over 10 years of stay in the corridors of power at Mutual Benefits Assurance exposed him to greater challenges amidst opportunities as his professional competence continued to drag him onto higher grounds in total reflection of the saying that the golden fish has no hiding place.

Deputy Commissioner for Insurance, Technical, Ekerete Ola Gam-Ikon is a member of several professional institutes including the Chartered Insurance Institute of Nigeria, the Chartered Institute of Personnel Management of Nigeria, the Institute of Management Consultants of Nigeria, the Nigerian Institute of Management, the Nigerian Institute of Marketing, and the International Process & Performance Institute.
He previously worked as an Executive Director at Guinea Insurance Plc in 2011.
He obtained an undergraduate degree from the University of Calabar.
Currently, Mr. Gam-Ikon holds multiple positions in various professional institutes.
Usman Jamada Jankara, the Deputy Commissioner for Insurance, Finance & Administration was able within few months of his appointment as the head of the Corporate Strategy and Special Duties Department, he developed and obtained the Board’s approval for a Strategic Plan for the National Insurance Commission, which has been acclaimed as the best in the history of the organization.
He earned his Doctorate of Philosophy (PhD) in Business Administration from the UNICAF University, Cyprus with his PhD Thesis focused on strategy/stakeholder management and insurance penetration.
He obtained a Master of Business Administration in 2015 from the National Open University of Nigeria, Abuja, a diploma in Risk Management and Insurance in 2006 from the West African Insurance Institute (WAII), Banjul-Gambia and a Bachelor of Sciences Degree in 2002 from the Rivers State University of Science and Technology (RSUST), Port-Harcourt.
Usman Jankara has won many scholarly awards namely; the overall Best Graduating Student Award of WAII 2006 set, the Best Student of his Department in RSUST as well as the Rector’s Honours List/Best Graduating Student at the Federal Polytechnic, Bida. He was also awarded a Certificate of Recognition by the NYSC, Osun State chapter in recognition of his exemplary leadership as a Corps Liaison Officer.
He is an Associate of the Chartered Insurance Institute of Nigeria by examination (2007), a fellow of the International Fellows Programme of the National Association of Insurance Commissioners, Kansas, Missouri, USA (2013) and a Member of the Chartered Institute of Administrators, Nigeria
Usman Jankara began his career with Sakampu Nigeria Ltd, Port-Harcourt as an Administrative Officer in 2002. He was the NYSC Corps Liaison Officer in Iwo Local Government of Osun State and worked with Startech Connections Limited, Abuja briefly before he joined the National Insurance Commission in 2004.
In 2006, he attended the West African Insurance Institute’s Diploma in Risk Management and Insurance programme where he graduated with Distinction and won the Best Graduating Student Award. Upon return to Nigeria, he became the Personal Assistant to the Commissioner for Insurance/Chief Executive of the National Insurance Commission
He was re-employed as a Deputy Manager in 2009 before he became the Manager/Head of the Commissioner’s Office in 2013, a position he retained when he was promoted to the rank of a Senior Manager in 2016. He became an Assistant Director in 2019 and later became the Head of the Corporate Strategy & Special Duties Department.
Until his recent appointment as a Deputy Commissioner by the President of the Federal Republic of Nigeria on 19th April 2024, as the Head of the Corporate Strategy & Special Duties Department, he was responsible for strategic planning, implementation, monitoring, coordinating strategic projects, as well as handling special duties and implementing solutions to insurance regulatory/supervisory issues, among others.
He is credited with anchoring many flagship projects and initiatives in the National Insurance Commission such as designing and implementing the quality assurance/executive support activities of the Commissioner’s Office staff, anchoring the crafting of the guidelines for oil & gas insurance business in Nigeria, steering the local content guidelines and aviation insurance guidelines, harmonization of the regulatory returns, and development/implementation of the NAICOM Strategic Plan ‪2021-2023‬ as well as coordination of the Commission’s technical partnership with FSD Africa, among many others.
These efforts resulted in the fastest CFI’s Office and Commission’s response time in the history of NAICOM, increased risk retention in Nigeria and higher quality reinsurance treaties/securities, and supervisory effectiveness in the oil & gas and aviation insurance segment.
He is also credited with coordinating the review/consolidation of all the Insurance Guidelines which culminated in NAICOM’s issuance of the landmark Market Conduct Guidelines and Prudential Guidelines in 2015 as well as the draft frameworks for ESG and RBC, among others.
Usman Jankara is a dedicated, principled and self-motivated manager who has inculcated a very strong sense of commitment, discipline and good corporate culture in the staff of his Office and Department. He has received letters of commendation for his exemplary leadership and dedication to his job.
Usman Jankara has attended several management and leadership training programmes at leading local and international organizations including NAIC (USA), Africa-Re (Lagos), Toronto Centre (Canada), TEXEM (UK), RIPA International (London), IFISA (South Africa), Swiss-Re Academy (Lagos), JLT (London), MIF & BNM (Malaysia), Munich-Re (Dakar, Senegal), TrustComm (Banjul-Gambia), AITRI (Singapore), IAIS (Seoul, South Korea), among numerous others
CAC registers Association of Corporate Online Editors as a corporate entity

By Favour Nnabugwu

 

 

The Corporate Affairs Commission (CAC) has registered the Association of Corporate Online Editors (ACOE), as a corporate entity  with the registration number: 7441687.

This is contained in a statement jointly signed by Martins Odiete, Acting Chairman, Shola Akingboye, Acting  Secretary, and made available to newsmen in Abuja.

As a professional body of news editors who publish online newspapers in Nigeria, the registration is a huge milestone for ACOE in line with its mission to strengthen ethical journalism as a prerequisite tool for online media practitioners; to uphold the tenets of the profession, promote corporate values and the welfare of its members, and to maintain associations’ set standard in line with global best practices.

As the association approaches its second anniversary with members across the 36 states of the federation and the FCT at its headquarters, ACOE will be announcing a line of exciting programs to mark its two years of existence and unveil its corporate identity in the days ahead. Stay tuned for more updates and join ACOE in promoting ethical journalism and professional standards in the online media space.

OAISA to focus on Anti-money laundering,  combating financing of terrorism, proliferation financing

By Favour Nnabugwu 
The Organisation of African Insurance Supervisory Authorities (OAISA) has made preparations to launch Anti-money laundering, combating financing of terrorism and countering proliferation financing.
Those are areas where the OAISA need collaboration strategic initiatives are paramount in safeguarding our industry’s integrity and protecting the interests of
policyholders and stakeholders alike, shaping the trajectory of insurance
governance across Africa.
The association was on Wednesday hosted by the National Insurance Commission, Naicom in Abuja.
The Commissioner for Insurance Nigeria/President of OAISA Mr. Olorundare Sunday Thomas at the opening ceremony stated that OAISA stands as a beacon of regulatory excellence, entrusted with the formidable task of developing and harmonizing insurance regulations, while ensuring effective supervision of the insurance sector on the Continent
“Additional, we will focus on crucial matters such as Anti-money Laundering,
Combating the Financing of Terrorism, and Countering Proliferation Financing. strategic initiatives are paramount in safeguarding our industry’s integrity and protecting the interests of policyholders and stakeholders alike, shaping the trajectory of insurance governance across Africa”.
“Its mission is multifaceted, aiming not only to foster a fair, secure, and stable insurance market, but also to play a pivotal role in bolstering regional financial stability”.
According to him, “OAISA stands as a beacon of regulatory excellence, entrusted with the formidable task of developing, harmonizing insurance regulations and ensuring effective supervision of the insurance sector on the Continent. Our missions are aimed not only to foster a fair, secure, and stable insurance market but also to play a pivotal role in bolstering regional financial stability”
“It is also worthy to mention members commitment in developing our human
resources and creating a platform for standardization of insurance laws,and
supervisory structures is more pertinent than ever, especially in light of the
ongoing implementation of the African Continental Free Trade Agreement
(AfCFTA)”.
The AfCFTA presents immense opportunities for trade and economic
integration across our continent. As insurance regulators, it is imperative that we work collaboratively to ensure that our regulatory frameworks align with the
objectives of the AfCFTA in facilitating seamless trade.
He stated, “The Nigerian insurance industry’s efforts in the development of the market is an all inclusive one. It includes; creation of avenues,deepening of insurance penetration; increasing access to insurance products via digital platforms,and increasing visibility of insurance.
He continued, “Consequently, the Commission in its effort to open up the market across the geopolitical zones where insurance penetration is perceived to be very low has implemented various market developmental initiatives to lift the insurance sector.
Above all the President noted, “We have a robust agenda for this assembly that reflects our commitment to addressing critical issues facing the insurance sector, one of which we will be implementation of International Financial Reporting Standards, an essential step towards enhancing transparency,accountability and financial stability within our institutions.