All Posts in "Insurance"

Withdrawal Niger, Mali, Burkina Faso impacted on insurance – AM Best

By Favour Nnabugwu
The potential withdrawal of Niger, Mali and Burkina Faso from the Economic Community of West African States is the latest sign of political turmoil in the region, but should have relatively little impact on those countries’ insurance markets for now, according AM Best report
 Insurance penetration in Niger, Mali and Burkina Faso remains low but there is solid demand for reinsurance for larger commercial risks, including retrocession into international markets.
Commercial relationships between domestic insurers and regional reinsurers are likely to persist, even if the trio withdraw from regional political, customs and economic unions.
However, departure from the Conférence Interafricaine des Marchés d’Assurances (CIMA) community could have regulatory implications for those countries’ (re)insurers.
AM Best analysts continue to monitor developments. (Re)insurance markets in West Africa are likely to remain largely unaffected by the political and
economic uncertainty besetting parts of the region, according to analysis from AM Best.
Five West African countries—Gabon, Guinea, Niger, Mali and Burkina Faso—have experienced military coups since 2020. More recently three of those countries—Niger, Mali and Burkina Faso—have signalled their intention to leave the Economic Community of West African States (ECOWAS), a political and economic union of 15 states, and set up their own trading bloc, the Alliance of Sahel States/l’Alliance des États du Sahel.
Withdrawal from ECOWAS requires 12 months written notice, which each of the three submitted at the end of January. However, there is some speculation that the junta-led nations are looking to secure concessions from ECOWAS rather than to fully withdraw.
In a separate sign of regional upheaval, Senegal—regarded as one of the region’s more politically stable countries—looks set to experience a wave of instability following its president’s decision to postpone the 25 February presidential election until the end of 2024. 
This has prompted anger among some political rivals and drawn condemnation from ECOWAS.Potential ECOWAS Withdrawal
The threat of withdrawal from ECOWAS by Niger, Mali and Burkina Faso had been widely predicted. The three countries have accused ECOWAS of straying from pan-African principles and falling under the influence of external forces such as France, the US, UK and the European
Union.
Reports suggest Western governments fear the three countries are becoming more closely aligned with China and Russia
West Africa Tensions
ECOWAS had imposed economic sanctions on each of the trio’s transitional governments and had demanded elections within a reasonable timeframe. The sanctions added to inflationary pressures in each of the affected countries, and while some of them sanctions were lifted in July 2022, political resentment has remained.
As a result of the sanctions, borders between the three countries and other ECOWAS members were largely closed except for essential supplies, and economic activity with other ECOWAS members was severely curtailed.
Reports suggest the trio are seeking bilateral trade arrangements with neighbouring countries, notably Togo, either individually or under the auspices of the newly formed Alliance of Sahel
States.
Criticism has also been levelled by the trio towards the CFA Franc, the common currency of The West African Economic and Monetary Union (UEMOA), a customs and currency union of eight ECOWAS countries established in 1994. Preliminary discussions of withdrawal from UEMOA and establishment of a separate currency have taken place, although Mali has stated its intention to remain part of UEMOA, despite its ECOWAS withdrawal.
Insurance Implications
Insurance markets in Niger, Mali and Burkina Faso remain relatively small and immature.
Political upheaval in those countries is unlikely to significantly affect the levels of demand for Insurance, AM Best believes. Penetration rates (currently around 1%) are likely to remain low, especially for personal lines, though commercial risks will still require reinsurance.
This is predominantly provided through mandated cessions to national and regional carriers (and retroceded to international markets) and traditional reinsurance buying.
Despite solid growth in capital in recent years, the capacity offered by Africa-domiciled reinsurers remains low, and insufficient to meet the needs of local primary markets fully, particularly where
major property and energy risks are concerned.
As the region’s economies have industrialised, their insurance needs have grown at a faster pace than the local market’s capacity. This is evidenced by rising levels of premium written but declining levels of retention for sub-Sahara African reinsurers who have relied on retrocession to provide capacity. As well as capacity, local players often lean on more sophisticated global reinsurers for the expertise needed to underwrite complex risks.
The region remains attractive as a profitable market for international reinsurers, in part because of the relative lack of natural catastrophe exposures, in conjunction with the market’s profitability. Niger, Mali and Burkina Faso are members of the Conférence Interafricaine des Marchés d’Assurances (CIMA), an organisation established in its current form in 1992 with the aim of harmonising insurance regulations among member countries in sub-Saharan Africa.
Insurers operating within CIMA face restrictions on the amount of business they can cede to reinsurers outside the regulatory bloc. Locally licensed insurers
There are also compulsory reinsurance cessions to CICA-Re and Africa Re, and certain member countries also require local insurers to cede a portion of their business to state reinsurers, such as
Société Commerciale Gabonaise de Réassurance in Gabon.
AM Best considers the relationships between local insurers and regional insurers to be commercial rather than purely driven by regulation. As such, even if the trio were to leave ECOWAS, AM Best would expect insurers in those three countries to continue to cede business to the cadre of regional reinsurers, much as they do today. However, as the situation generates increased risks (in particular 
political) for reinsurers, reinsurance and retrocession rates are likely to be adjusted accordingly.
None of the trio have given an indication of any change to their future involvement with CIMA.
However, if any of those countries were to leave that community there would be regulatory implications for their domestic insurers as insurance regulation is managed through CIMA
AM Best recognises that insurers in the three countries could see some negative repercussions were they to withdraw from ECOWAS and especially from UEMOA, albeit with the impact being
manageable.
Although Niger, Mali and Burkina Faso together account for nearly a quarter of the population of ECOWAS, the three countries make up only 8% of the community’s gross domestic product (GDP).
There is more concern that the exit of these countries from the community could further affect the flow of goods and services. Any increase in costs would likely have a knock-on effect on insurance claims costs, potentially causing a spike in claims inflation.
Furthermore, there would likely be a more limited range of assets in which domestic insurers could invest.
Withdrawing from ECOWAS would end the free movement of persons between Niger, Mali and Burkina Faso and other members of the community.
That could contribute to greater trade frictions, and further increase inflation. That upward pressure on costs would likely be exacerbated in countries leaving the customs union of UEMOA.
In general, AM Best views these countries similarly to other emerging markets: Domestic (re)insurers’ enterprise risk management (ERM) and solvency are affected by high levels of risk, compounded by relatively unsophisticated capital management, compared to more mature markets
However, similar to other emerging markets, their domestic insurers benefit from good growth and technical margins.
Patoma Admin by — February 27, 2024 in Insurance 0
Africa Re, ATIDI, AFC, others found AAMFI

By Favour Nnabugwu 
Some financial institutions created through treaties between African states have come together under the umbrella of the Alliance of African Multilateral Financial Institutions (AAMFI).
The founding members, including. African Reinsurance Corporation (Africa Re), Africa Finance Corporation (AFC), African Export-Import Bank (Afreximbank), Trade and Development Bank Group (TDB Group), African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB), and ZEP-RE (PTA Reinsurance Co.), have converged under the banner of AAMFI to synergize efforts in promoting sustainable economic growth and integration aligned with the Africa Union’s Agenda 2063 and the United Nations Sustainable Development Goals.
Through this alliance, these financial institutions are planning to work together to contribute to the continent’s economic development.
Under the mandate of AAMFI, the Alliance members commit to collaborate to address Africa’s development finance needs, promote the interests of member states, advocate for Africa on global finance issues, develop innovative finance tools, and support sustainable finance strategies. AAMFI’s formation underscores Africa’s commitment to self-reliance and sustainable economic development, leveraging home-grown solutions and resources for the continent’s advancement.
AAMFI’s mandate extends beyond conventional financial cooperation. It seeks to address the specific needs of African sovereigns and facilitate their access to essential financing mechanisms. It will also stand as a strong voice and advocate for African financial interests and concerns on the global stage. Leveraging the expertise and resources of its member institutions, AAMFI is poised to catalyze growth across various sectors, including infrastructure, trade, and investment.
On behalf of its members, Prof. Benedict O. Oramah, inaugural Chair of the Governing Council of the Alliance of African Multilateral Financial Institutions (AAMFI), stated that as Africa embarks on a journey towards prosperity, the Alliance of African Multilateral Financial Institutions stands as a beacon of hope and solidarity.
“Through collaborative efforts and unwavering commitment, the Alliance  will work  to develop unique solutions and joint financing tools and instruments tailored to Africa’s unique developmental needs and pool resources for their effective deployment.”
In addition, AAMFI pledges to protect and promote the interests of member states and shareholders, ensuring their voices are amplified on the global stage.
The inauguration and the declaration signing was attended and witnessed by several African Heads of State and Government, including H.E. William S. Ruto, President of the Republic of Kenya; H.E. Mohamed Al-Menfi, President of the Presidential Council of the State of Libya; H.E. Hakainde Hichilema, President of the Republic of Zambia; H.E. Ntsokoane Samuel Matekane, Prime Minister of the Kingdom of Lesotho and H.E. Mr. Mbella Mbella Lejeune, Minister of Foreign Affairs, representing H.E. Paul Biya, President of the Republic of Cameroon.
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Patoma Admin by — February 27, 2024 in Insurance 0
Insurfeel Initiative protects young folks with school fees insurance plan

By Favour Nnabugwu
Determined to help the younger generation especially students mitigate their risks, Insurfeel Initiative has rolled plans to donate School Fees Protection Plan to university and secondary students  across the country.
The donation which is a Corporate Social Responsibility (CSR) concept is done in partnership with notable reinsurance firms.
The Promoter of Insurfeel Initiative Chuks Udo Okonta, said the organisation is presently in talks with the selected schools, adding that the policy would be donated to the students very soon.
He noted that the donation exercise is part of the organisation’s one million insurance cover give away for 2024/2025.
According to him, Insurfeel Initiative focus on students is aimed at enhancing academic excellence by creating risk free environment for students.
He noted that the cover which runs for a year, would expose the students to insurance and subsequently stimulate their interest to secure their lives and properties with insurance as they grow.
Okonta submitted that School Fees Protection Plan underwriting by Universal Insurance Plc and some insurance firm to be engaged soon, would provide payment of school fees to the named Beneficiary (or Guardian, Trustee or School in case of a minor) of the insured parent/Guardian in event of the following occurring: Permanent disability resulting from an accident and Death.
He stressed that under the cover, the students would enjoy: Medical expenses worth, N150,000; Permanent disability benefit, N500,000; Death benefit, N500,000
On their guardian (parent), he said  the students will have: Permanent disability benefit of N700,000; Death benefit, N700,000.
Okonta implored individuals, groups, associations and organisations that are committed to corporate social responsibility to join hards with Insurfeel Initiative in donating insurance covers to the insured in the society.
He reiterated his position that donating insurance is far more cheaper than donating money to people when faced with mishap.
He noted that donation of insurance covers to the uninsured remains one of the best means to spread insurance gospel and deepen penetration.
Patoma Admin by — February 27, 2024 in Insurance 0
Allianz announces operating profit of €14.7bn in 2023

By Favour Nnabugwu

 

 

Insurance giant, Allianz has reported a record operating profit of €14.7 billion for the full year 2023, an increase of 6.7% from €13.8 billion in the previous year.

Insurance giant Allianz has reported a record operating profit of €14.7 billion for the full year 2023, an increase of 6.7% from €13.8 billion in the previous year, driven primarily by the Life/Health (L&H) business segment.

Total business volume grew 5.5% to €161.7 billion in 2023, which Allianz attributes to its Property and Casualty (P&C) business segment on the back of positive price and volume effects, supported by the performance of its L&H segment driven by growth in the US.

Core net income grew from €7 billion in 2022 to €9.1 billion in 2023, driven by an improved operating profit in the current period, as net income increased 33% year-on-year to €8.5 billion.

By segment, P&C delivered total business volume growth of 8.4% to €76.5 billion, as operating profit rose 1.2% to €6.9 billion for FY23, driven by a higher operating investment result, partly offset by lower other operating and insurance service results.

The P&C combined ratio increased by 0.6 percentage points to 93.8% for full year 2023. The loss ratio jumped 0.9 percentage points to 69.3% mainly due to higher claims from natural catastrophes and less run-off. Allianz notes that this was partially offset by a favourable impact from discounting and an improvement in the expense ratio by 0.3 percentage points to 24.6% driven by the acquisition cost ratio.

In its L&H business, Allianz has reported that the present value of new business premiums grew to €67.3 billion from €66.2 billion in 2022, driven by higher volume in the US and Allianz Re, the firm’s reinsurance arm. L&H operating profit increased by €1 billion year-on-year to €5.2 billion, while the contractual service margin increased from €52.2 billion to €52.6 billion.

The new business margin remained stable at 5.9%, while the value of new business jumped to €4 billion in 2023 from €3.9 billion in 2022.

In its asset management business, Allianz has reported operating revenues softened 1.8% to €8.1 billion in 2023, with higher performance fees offset by lower AuM-driven revenues. Operating profit in the business totalled €3.1 billion in 2023, down €100 million year-on-year.

Third-party assets under management were €1.712 trillion for 2023, up €77 billion year-on-year, as total assets under management were €2.224 trillion, up €82 billion on 2022.

For 2024, the re/insurer has targeted an operating profit of €14.8 billion, plus or minus €1 billion.

Oliver Bäte, Chief Executive Officer, Allianz, commented, “Allianz extended our track record of delivering a record operating profit and core net income, consolidating our leading position as one of the world’s most resilient global insurers and active asset managers.

“Our results demonstrate the trust that our customers place in Allianz, and in the resilience and potential of our business model and our people. Our Property-Casualty business saw strong growth while we supported our customers affected by elevated levels of natural catastrophes. Our Life/Health segment delivered profitable growth as we developed attractive solutions to protect our customers from the effects of inflation on their savings, and in our Asset Management business, we achieved robust net inflows in a volatile capital market environment.

“The discipline of our strategy, execution, and capital management bolsters our operating profit outlook for 2024, our new dividend policy, and our renewed share buy-back program. In the coming year, we will continue to focus on unlocking the benefits of our scale to further increase our productivity, and on converting our excellent customer experience into profitable customer growth.”

Claire-Marie Coste-Lepoutre, Chief Financial Officer, Allianz, said: “We’ve achieved another year of record results and all operating segments finished the year above or close to their operating profit target mid-points.

“In our Property-Casualty business we recorded strong revenue growth, driven by healthy pricing and higher volumes. Growth was spread across our entities, reflecting the strength of our diversified global franchise. Our focus on technical excellence helped us to successfully mitigate the impact of inflation on our operating profit, which faced an above-average level of natural catastrophes. Our investment result benefited from higher interest rates.

“The operating profit in our Life/Health segment exceeded our outlook mid-point and was also well above the prior year. Our value creation is supported by a healthy new business margin that we maintained by providing attractive solutions to our clients, allowing us to record a solid new business development.

“In Asset Management, our operating profit was above our outlook mid-point, and we achieved positive net inflows in a volatile market environment. A competitive cost-income ratio and an increase in our third-party assets under management bode well for future profitability.

“We will continue to focus on generating attractive and sustainable returns for all of our stakeholders while not compromising on our resilience. We enter 2024 with confidence and target a full-year operating profit of 14.8 billion euros, plus or minus 1 billion euros.”

Patoma Admin by — February 23, 2024 in Insurance 0
NIA working to improve public trust, confidence

 
By Favour Nnabugwu 
 
The Chairman of the Nigerian Insurers Association (NIA), Mr. Olusegun Omosehin, said the NIA is working tirelessly to ensure improvement in public trust and confidence on the Nigerian Insurance industry.
He made this known during a media parley with members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently.
He said one of the challenges the industry is facing is the issue of lack of trust and confidence in the industry by the insuring populace, stating that the NIA is working hard to enhance the industry’s credibility by encouraging members to pay claims promptly.
“The only thing as an Association we think that can help boost public trust and confidence in the industry is to encourage members to pay claims because timely claims payment is the beauty of insurance business.
“We discuss this extensively in all our Governing Council meetings. Severally we have descended on our members when we hear the report of unpaid claims.
This led to the publications we have done currently. We have done three publications where we asked members of the public with genuine unpaid claims to come forward for payment.
“What we also found out is that some of the issue around claims has to do with the genuineness of some of those claims. Many times we have grappled with issues of fake claims by some members of the public, who even went ahead to use this to blackmail the industry,” NIA Chairman stated.
He said the Association is doing everything within their power to make sure that members abide by the rules of the business, adding that some of the ways they have done this is by sanctioning erring members who have not been able to meet their business obligations.
On the insurance Bill, he said since the Bill was not accented to during the 9th Assembly, the industry has commenced work again to make sure that the Bill is passed by the present administration.
“We have started engagement with the 10th Assembly and we are hopeful….Since most of the administration jobs have been done, the process is going to be fast-tracked…. Also because of the dynamic nature of policies, some might need to be updated. A great deal of work has been done in that regard and we are hopeful we are going to get it through,” he assured.
On the Third Party Motor Insurance, he said the report so far received is encouraging, adding that a total of 3.1 million uploads have been made in 2023 compared to 3.7 recorded in 2022.
He said although the response from the public is encouraging, it should not be forgotten that the present situation is caused by the country’s economic situation.
Speaking on what the industry is doing to deepen insurance growth; he said the industry is embarking on a 10-year roadmap launched in Abuja in November 2023, and also collaborating with various state governments to domesticate insurance laws that will enhance insurance uptake in those states, amongst other initiatives.
On NIA, he said the body is embarking on some initiatives that will bring credibility as well as engender public trust and confidence in the industry.
Some of those initiatives, he said, are the ongoing publication of lists of unclaimed Claims in the national newspapers calling on the people to come forward for their claims; the NIA Enlightenment awareness Campaign on Radio and Television stations; collaboration with the Federal Government, National Insurance Commission and other Federal Agencies responsible for the enforcement of laws to ensure enforcement of compulsory insurances.
He said there is a need to liberalize distribution channels in order to break the jinx of insurance penetration.
“One of the challenges we have in the industry is that the distribution channels are so limited so we need to liberalize it. Yes, the Brokers will remain Brokers because they are professionals, but if you look at the way the market is structured, Brokers have taken Government Business and even Corporate Business but in Small and Medium Enterprises (SMEs), where most of them relate with you, and I, so you are more influential in your Church, Mosque. We want to make it interesting for people to pick up agency as a means of income generation for themselves.
“We are also looking at a couple of other areas in terms of products, technology, and governance. We need to strengthen our governance structure to ensure we can operate more effectively. We will also look at how we can be proactive in terms of management of our investments because of the volatility that we have seen in that segment,” Omosehin added.
On the 2024 Insurance Outlook, he said “The virile insurance industry is built at the back of a virile economy. The bedrock of every economy is Insurance, however, the enabling environment for this business must be right. There must be an environment that encourages investment. We are operating in a very volatile environment.
“Part of what we have done is to encourage our members to be a lot more proactive in their planning. Oftentimes, you see people who plan for twelve months. In an environment like this, you have to break your plans into quarter by quarter.
“We believe so much in the economy. Things are tough right now because of the choices we have made as a country. Some key elements are fundamental to our business such as security; stability in the political system is key; stability in the Foreign Exchange Market is also key; because the manufacturing sector must continue to survive, many of them rely on the provision of raw materials and what have you; agriculture sector is critical, many of them rely on types of equipment and implements which are imported.
“We believe in the stability and the structure of the system and the commitment of the leadership. As a sector, we are prepared to weather the storm, to see that we remain in the market as business institutions and individuals,” he assured.
Patoma Admin by — February 20, 2024 in Insurance 0
NIA Press briefing in Lagos

CAPTION:

L- Mr Lanre Ojuola, Director, Operations Nigerian Insurers Association (NIA); Mrs Yetunde Ilori, Director-General (NIA); Mr. Olusegun Omosehin, Chairman (NIA) and Mrs. Bola Omole, Director, Project (NIA), at the media parley with members of the Nigerian Association of Insurance and Pension Editors (NAIPE), last Tuesday

Patoma Admin by — February 19, 2024 in Insurance 0
Naicom, Youth Dev. Ministry to advance youths on career, financial literacy

By Favour Nnabugwu
The National Insurance Commission, Naicom and the Ministry of Youth Development are in collaboration to advance development of youth in career and financial literacy .
This was made known when Commissioner for Insurance, Mr Thomas Olorundare Thomas made audience to the Minister of State, Federal Ministry of Youth Development, Mr. Ayodele Olawande on Friday
The purpose of the visit is to discuss potential collaboration opportunities between the Federal Ministry of Youth Development and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.
The Commissioner for Insurance in his remark welcomed the Hon. Minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.
On his part, he Minister for State, Mr. Ayodele Olawande, thanked the NAICOM Management for the warm reception. He expressed his desires for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills.
He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.
He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurances.
The CFI promised to convey the Honourable Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian Insurance Industry.
Patoma Admin by — February 17, 2024 in Insurance 0
Wigwe was a voice in the financial sector as NIA mourns him, others

By Favour Nnabugwu

 

The Nigerian Insurers Association, NIA, has expressed deep concern for the dead  of the Group Chief Executive Officer of Access Holdings Plc, Dr. Herbert Wigwe, who died alongside his wife and son, in an helicopter crash in the United States on Friday.

The association extends its deepest condolences to the bereaved families, and the entire Access Holdings Group during this period of grief.

It said this in a statement signed by the Chairman, NIA, Olusegun Omosehin.

The NIA noted that late Wigwe was a successful banker, a great patriot, and an important voice in the financial sector, who made huge contributions to the development of Nigeria’s economy.

It said his passing away is truly a loss to the financial sector, and the country as a whole.

The NIA prayed that Almighty God will grant the entire families enough strength to bear the pain of the untimely deaths

Patoma Admin by — February 15, 2024 in Insurance 0
Sovereign Trust wows highway managers with Valentine

CAPTION:

A team of Sovereign Trust Insurance with some highway managers as the company extended the love to them today

 

 

By Favour Nnabugwu

 

 

Sovereign Trust Insurance Plc, one of Nigeria’s prolific underwriting firms in the country  has extended the valentine celebration to workers on the street of Lagos including the Lagos Waste Management Authority, LAWMA, popularly known as Highway Managers.

As part of activities to mark the day, Sovereign Trust Insurance Plc distributed items such as work gloves, water bottles and takeaway packs in celebrating the Day with members of the Lagos Waste Management Authority along the axis of Falomo Bridge, Bourdillon Road, Lekki Phase 1, Eti-Osa, Osborne Road, Ozumba Mbadiwe Road, and Adetokunbo Ademola Street in the metropolis.

According to the Chief Spokesperson of the organization, Segun Bankole, he said the gesture is in recognition of the important role the Highway Managers play in ensuring that the city of Lagos and our highways are kept clean while making it motorable for vehicle owners and other commuters in the State.

He said the underwriting firm appreciates and recognizes the essence of dignity in labour. In his words, “as unsung as they may seem, we are not oblivious of the phenomenal work they are doing in making the city debris-free especially on our highways”.

The Managing Director/CEO of Sovereign Trust Insurance Plc, Olaotan Soyinka also lend his voice to the gesture undertaken by the company. In his words, “this initiative is not just about gifts, it is about recognizing the essential role these men and women play in our community.

They are often unsung heroes, working long hours in challenging conditions to ensure a clean and healthy environment for all of us. By showing our appreciation, we hope to not only brighten their day but also inspire others to acknowledge their valuable contributions.”

He further stated that the Highway Managers risk their lives and brave the elements, ensuring the cleanliness and hygiene in the city of Lagos. He said the token gifts from the company is simply to acknowledge their hard work and commitment to keeping the city of Lagos clean despite the challenges they confront in the discharge of their duties.

We encourage other businesses and individuals to join us in celebrating and supporting these men and women from time to time. Together, we can make a difference in the lives of these remarkable individuals who do so much for our city and society and at large.

Patoma Admin by — February 14, 2024 in Insurance 0
REGIC appoints four executives

By Favour Nnabugwu

 

 

Royal Exchange General Insurance Company (REGIC), one of Nigeria’s leading insurance companies announced the appointments of four executives to drive the company’s commitment to excellence and innovation in the industry.

The newly appointed executives bring a wealth of experience and expertise to their respective roles

Sunny Uwagboi

The firm appointed Sunny Uwagboi as Executive Director . With a proven track record of leadership and strategic vision, Uwagboi joins REGIC as the Executive Director

Sunny has over 25 years cognate experience in the insurance industry, growing through various business developments roles from entry level to Executive Director.

Sunny holds an MBA in Marketing from Lagos State University, an alumnus of the prestigious Lagos Business School, and an Associate Member of the Chartered Insurance Institute of Nigeria.

Udoks Eze-Marins

Udoka Eze Martins – Regional Director, Abuja and Northern Nigeria: As the newly appointed Regional Director for Abuja and Northern Nigeria, Udoka Eze Martins brings a deep understanding of the regional market dynamics.

Udoka joined the Insurance industry 22 years ago as a Marketing and Relationship management officer. Prior to joining REGIC, she was the vice president/ Head of northern region for Heirs General insurance company

Joyce Odiachi

Dr. Joyce Odiachi – Head, Technical Services: Dr. Joyce Odiachi assumes the role of Head, Technical Services, leveraging her expertise to enhance the technical capabilities of REGIC.

She is a seasoned insurance practitioner with over two decades’ experience and proven expertise in ethical corporate governance, risk management, strategic business start-up, and relationship management

She started her career as an insurance broker and has since worked with a few top-rated insurance firms where she was fully involved in driving the technical operations, ensuring highest standard of service excellence, system turnaround including development of a claims reserve policy for improved bottom-line.

A graduate of Insurance, she also holds a Doctor of Philosophy (Management) from the University of Lagos, Akoka, Yaba. She is a Fellow of the Chartered Insurance Institute of Nigeria (FIIN) and the Risk Managers Society of Nigeria (FRMN).

Adeseye Ajibulu

Adeseye Ajibulu – Head of Claims and Technical Risk Management: Adeseye Ajibulu has been appointed as the Head of Claims and Technical Risk Management. With a focus on ensuring seamless claims processing and effective risk management, Ajibulu will play a crucial role in maintaining the high standards of service for which REGIC is known.

He started his career in Year 2003 and rose to become Head of the Technical Risk Management Team by February 2014. Seye joined Tangerine General Insurance Limited in 2021 as Head of Underwriting and helped to revamp the Underwriting, the Pre and Post-Loss Survey Departments until he left to join REGIC.

He holds a Master’s Degree in Business Administration (MBA) from Obafemi Awolowo University, Ile-Ife 2009, a Bachelor of Technology in Estate Management from the Federal University of Technology, Akure (FUTA), 2001, and a member of the Chartered Insurance Institute of Nigeria 2018. He completed stage 1 of the Allianz Global P&C Underwriting Exams in 2020. He has attended several local and international trainings.

These appointments underscore Royal Exchange’s commitment to building a dynamic and skilled leadership team capable of navigating the evolving landscape of the insurance and financial services industry

“We are delighted to welcome these accomplished professionals to the REGIC family. Their collective expertise will undoubtedly contribute to the continued success and growth of our organization,” said Ebelechukwu Nwachukwu, Managing Director/CEO at Royal Exchange General Insurance Company.

Patoma Admin by — February 14, 2024 in Insurance 0