All Posts in "Insurance"

NiMet DG, Prof. Mansur Matazu confers with RIMSON Fellow

By Favour Nnabugwu
Director-General of the Nigerian Meteorological Agency (NiMet), Professor Mansur Matazu has been conferred with Fellow of Risk Managers Society of Nigeria, (RIMSON)
Matazu collaborations with various partners, government and non-governmental organizations has aided the weather forecast agency to co-produce and deliver user-defined, impact-based products and services which are accurate, reliable and timely.

The NiMet DG gave this revelation after being as well as the Distinguish Service Award by the Rotary Club of Abuja Metro (RCAM)

According to him, “Almost across all continents of the world, humanitarian crisis is on the increase, requiring cooperation and various levels of partnership to overcome”.

The decision by the Board of Trustees and the Executive Management of RIMSON to confer the Award of the Fellow of Risk Managers Society of Nigeria on Professor Matazu was done in recognition of his integrity, professionalism, commitment and contribution to Risk Management as well as the contribution of NiMet to preventing and mitigating disasters in Nigeria under his leadership.

Matazu observed that national development of any nation was in jeopardy in an atmosphere of chaos, diseases, disaster, epidemics, food insecurity, hazard and many more.

Matazu noted that Rotary Club as a non governmental organization and a non profit
humanitarian service provider was commendable especially with the many challenges being experienced in the world today

He noted that in the heart of solution was the Rotary international supporting global efforts at improving quality of lives and building international relationships.

According to Matazu the new president of the Rotary Club, Rotarian Ifeanyi Nnodu, was an effective pillar of progress in NiMet until his retirement as a worthy Director of Weather Forecasting Services.

The RCAM is the biggest Rotary Club in Africa with membership of over 200 from various professions.

Patoma Admin by — July 24, 2022 in Aviation 0
Cameroonian insurance industry records $396m turnover in 2021

By Favour Nnabugwu

 

 

Cameroonian insurance market has recorded a turnover of 228.9 billion FCFA (396 million USD) as at 31 December 2021, According to Association of Insurance Companies of Cameroon (ASAC),

This amount is 8.6 percent higher than the 210.7 billion FCFA (394 million USD) of premiums posted in 2020.

With 152.6 billion FCFA (264 million USD), the 2021 turnover of the non-life class of business shows a progression of 8.4 percent compared to that of 2020. This segment accounts for 67 percent of total premiums.

AXA Assurance is in first place with 14.1 percent of non-life premiums. With market shares of 11.2 percent and 10.5 percent Activa and Chanas Assurances are second and third respectively in the non-life ranking.

Life insurance has shown a 9 percent increase during the financial year 2021 as the turnover went from 69.9 billion FCFA (130.7 million USD) in 2020 to 76.3 billion FCFA (132 million USD) a year later.

All ten insurance companies operating in the life class of business account for 33 percent of the market’s overall premiums. Allianz Vie is at the top of the life companies’ ranking with a 27.3 percent share of the life premium income. Next in the ranking are Prudentiel

Patoma Admin by — July 24, 2022 in Insurance 0
UAE insurance sector rise by  2.6%, 5.4% in total, invested assets in Q1 2022

By Favour Nnabugwu
The insurance sector in the United Atab Emirates, UAE, has an increase of 4.6 percent in Gross Written Premiums (GWP) in Q1 2022 to AED 15.8 billion, according to the Quarterly Economic Review issued by the Central Bank of the UAE for Q1 2022
The figure was attributed to increase in property and liability insurance premiums by 12.2 percent. Health insurance increased Y-o-Y by 2.5 percent in Q1 2022
Figures on the insurance sector activity showed that the total number of insurance policies increased Y-o-Y by 10.4percent in Q1 2022 to 2.3m policy compared to 2.1m policy in Q1 2021. This is mostly due to the property and liability insurance policies.
Gross paid claims of all types of insurance plans increased by 3.1percent Y-o-Y to AED 6.6 bn in Q1 2022. This is mainly driven by the increase in claims paid to engineering and construction industry, as well as fire.
The total technical provisions increased by 2.1percent Y-o-Y to AED 73.4 bn in Q1 2022 compared to AED 71.9 bn in Q1 2021, due to increase in all types of technical provisions.
The total invested assets in the insurance sector increased by 5.4 percent Y-o-Y to AED 77.8 bn (61.1percent of total assets) at the end of Q1 2022 compared to AED 73.8 bn (59.4 percent of total assets) in Q1 2021.
Patoma Admin by — July 23, 2022 in Insurance 0
Global insured losses from catastrophes above average at $39bn in H1 2022: Aon

By admin

 

 

Insured losses from natural disaster events totalled $39 billion in the first half of 2022, which is roughly 18% above the 21st Century average, according to Aon.

In contrast to the above average volume of catastrophe losses experienced in the six-month period, global economic losses from natural disasters are preliminary down 24% on the 21st Century average of $121 billion, at $92 billion.

This is all according to Aon’s First Half of 2022 Global Catastrophe Recap, which, examines a period marked by large-scale disasters on almost every continent, which ultimately resulted in above-average losses for the re/insurance sector.

“The first half also saw brand new complexities added to the event response process (including higher replacement costs and reinsurance placements) that were influenced by challenging outside societal and financial factors – notably the war in Ukraine and the highest inflation seen in decades,” says Aon.

In terms of insured losses, persistent severe convective storm (SCS) activity, notably in the U.S. and Europe, was a key driver in H1 2022, according to Aon.

All in all, the broker has recorded at least nine separate billion-dollar insured events in the opening six months of 2022, all but one of which were weather-related. Further, at least 20 events were recorded with at least $500 million in insured losses, which Aon says ties H1 2022 with 2011 as the second highest H1 total this century, behind only the 24 seen in H1 2020.

Looking at economic losses, which at $92 billion shows that the protection gap was around 57% – meaning that more than half of all economic losses suffered from nat cat events were not covered by insurance in H1 2022 – Aon notes 21 individual billion-dollar economic loss events. Again, all but one of these were weather-related, with the exception being the March 16th earthquake near the coast of Japan.

The nine billion-dollar events experienced in the U.S. in the period makes it the most active region, followed by seven in the EMEA, three in the APAC region, and two in the Americas.

Commenting on the H1 2022 loss figures, Aon warns: “It is anticipated that there will be robust loss development in most regions, as the cost(s) associated with seasonal monsoon flooding, drought, and severe convective storm events are fully realized.”

In its extensive report, the insurance and reinsurance broker explains that “the fingerprints of climate change continued to become more evident in individual event behavior and longer-term temperature and precipitation trends in 1H 2022.”

“Warmer than average temperatures were cited across a broad swath of the globe which aided in more unusual weather patterns that were already set in motion by the primary influence of La Niña conditions which have been ongoing for nearly three consecutive years,” adds the firm.

Looking ahead to the second-half of the year, Aon emphasises that Q3 is often the costliest quarter of the year, and with forecasters predicting an above-average level of activity during the Atlantic hurricane season, Q4 has the potential to be costly for the industry as well.

“Elevated wildfire activity and the continual threat of severe convective storms will also require close monitoring. With inflationary pressure adding greater costs to supply and labor combining with more impactful disasters, it is anticipated that another challenging round of re/insurance renewals will be forthcoming,” says Aon.

Patoma Admin by — July 21, 2022 in Insurance 0
CFAO Motors partners ETAP on seamless insurance for Nigerian drivers

By Favour Nnabugwu

 

 

Suzuki by CFAO has embedded insurance, powered by ETAP’s game-changing app, into the buying process of each car, removing the need for any additional effort to get insured.

As part of the partnership, drivers will now be able to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents.

ETAP will also onboard Suzuki repair workshops to the list of partner repair centres for claims repairs and other after sales services for ETAP users.

CFAO Motors – the sole distributor of Suzuki cars in Nigeria, has partnered with ETAP  an InsurTech company that creates solutions and incentives to improve the automotive experience across Africa, to enable seamless access to insurance with every new car purchased from the Suzuki network in Nigeria.

Commenting on the partnership,. General Manager of Suzuki by CFAO Nigeria, Mrs. Aissatou Diouf, General Manager of Suzuki by CFAO Nigeri, said “we are excited to partner with ETAP to drive the adoption of much needed insurance for Nigerian drivers. As we expand our footprint across Africa,

According to Diuof,   “We want to make sure that drivers do not only enjoy driving our cars but that they also enjoy everything that surrounds that experience. Beyond insurance, we look forward to playing an active role in improving the automotive experience for our drivers”.

As part of the partnership, drivers will now be able to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents, powered by ETAP’s game-changing app. Suzuki by CFAO has embedded insurance into the buying process of each car, removing the need for any additional effort to get insured.

Suzuki is one of the top automobile companies in the world by sales volume and one of the fastest-growing automobile companies in Africa. Since its re-introduction to Nigeria in 2019, the brand has been committed to introducing cutting-edge technology and market-leading innovation to the automotive value chain.

This new partnership with ETAP is part of a broader initiative by Suzuki by CFAO to embed more technology solutions into the driving experience, from sales to after-sales, and improve the automotive value proposition for its drivers.

Chief Executive Officer/Founder of ETAP, said, Mr.  braheem Babalola, CEO and Founder of ETAP, said”This partnership speaks to the shared commitment between ETAP and Suzuki to unlocking better experiences for African drivers.

Babalola said, “We believe that owning and maintaining a car should be an enjoyable and rewarding experience, and we will continue to explore partnership opportunities and develop solutions to make this a reality for more drivers across the continent”

Leveraging ETAP’s “Shared Value Insurance” model, drivers will be able to earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.

There is also a leaderboard where drivers are gamified to maintain positive driving behaviour. Drivers can see how well they are doing compared to other good drivers across the country, based on their Safe Driving Points, and get bragging rights for topping the leaderboard of the safest drivers on the road for the week, month or all time.

As part of ETAP’s wider offering, drivers will also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. ETAP will also onboard Suzuki repair workshops to the ETAP’s list of partner repair centres for claims repairs and other after sales services for ETAP users.

Patoma Admin by — July 20, 2022 in Insurance 0
Anselmi Anselmi emerges AIO book of the year Award winner

By Favour Nnabugwu

 

 

Anselmi Anselmi is the winner of the 2022 AIO Book Award. His book – “Dealing with Climate Crisis in Africa – STRATEGIES FOR AGRICULTURE INSURANCE” emerged top after the final tally during the 48th Africa Insurance Organisation, AIO Conference in Nairobi.

Anselmi Anselmi is the winner of the 2022 AIO Book Award. His book – “Dealing with Climate Crisis in Africa – STRATEGIES FOR AGRICULTURE INSURANCE” emerged top after the final tally during the 48th AIO Conference in Nairobi.

Anselmi is a Director of International Relations, Research and Consultancy at the Africa College of Insurance and Social Protection and lectures at the Tanzania Public Service College. He serves as the Country Inclusive insurance Coordinator in Tanzania (TIRA/ATI).

He is the MD for Acclavia Insurance Brokers & Risk Consultants. He serves in various task forces within the insurance industry and outside geared at engineering growth of the financial sector and inclusive economy such as Chairperson Technical Committee of the Governing Council Tanzania Insurance Brokers Association, secretary to the Tax Reforms Committee of the Insurance Industry in Tanzania, Member of African Insurance Organization (AIO) Microinsurance Working Group and the Editorial Committee of AIO, and InsuResilience Global Partnership – Gender & Agriculture Insurance Working Groups.

He is Associate of the Chartered Institute of Securities and Investments (CISI) of London and Toronto Centre of Canada. He is an avid Researcher, Consultant, Author & a Trainer for government and international organizations on planning, policy, regulation strategy and leadership. His experience in insurance for both conventional and social perspective is comprehensive.

As a lecturer and consultant, he has designed curricula on the subject, conducted various researches and presented papers, authored ten (10) books, provide professional advice to national and international stakeholders, featured in TV programs and creating public awareness on the subject.

He has led technical teams in challenging portifolios such as insurance taxation, leadership, agriculture insurance, microinsurance and Insurance Linked Securities (ILS) solution among other. Anselmi is agile, innovative, teamplayer and solution seeker.

Patoma Admin by — July 19, 2022 in Insurance 0
Who the AIO president, Ben Kajwang is

By Favour Nnabugwu

The current Africa Insurance Organisation, AIO, president Dr. Ben Kajwang is currently the Director and CEO of the College of Insurance, Kenya.

He has had a distinguished career in the insurance industry spanning over two-decades where he has held senior positions in Broking, insurance, and reinsurance companies.

He is the current Chairman, Association of Insurance Trainers Educators in Africa under the umbrella of African Insurance Organization (AIO). He is also an Executive Board Member and Chairing the Human Resource Committee of the Organization of East and Southern Africa Insurers (OESAI). He is currently serving as a Board Member and Chairman of the Technical Committee of the Policyholders Compensation Fund (PCF) in Kenya.

Given his vast wealth of knowledge, he has coordinated capacity building for the World Bank Index-Based Weather Risk Management Programs for Eastern and Southern Africa a program funded by European Union’s All ACP Agricultural Commodities Programme (AAACP) and the COMESA USAID/COMPETE sponsored Regional Agricultural Insurance Certification program.

He has also been the Team Leader, Regional Study on Development of Insurance Certification Program by the East Africa Community Financial Sector Development and Regionalization Project (EAC-FSDRP I) and a Member of FARMD – the Global Forum for Agricultural Risk Management in Development (an arm of the World Bank).

He has also led the College of Insurance in partnering with the Retirement Benefits Authority (RBA), Humber College Institute of Technology & Advanced Learning (Canada) and Association of Retirement Benefits Authority to develop the Trustee Development Curriculum which is being used for the training and certification of Trustees of Pension Schemes.

He is a Corporate Manager. Consultant, Coach. Mentor. Lecturer, Facilitator and Trainer for various Institutions on professional courses especially Insurance and Risk Management across Africa. He has also been a jurist for the Champions of Governance (COG) Award, Institute of Certified Public Secretaries of Kenya, THINK BUSINESS Insurance Awards and Association of Insurance Brokers of Kenya (AIBK) BIMA Awards.

He has and continues to present papers in several forums, locally and internationally. He has also been feted by local Kenyan dailies as a Transformative Chief Executive Officer with Golden Hands (Nation Newspaper and Business Daily) on innovation, transformation, leadership and strategy. He has several publications in both local and international journals.

He holds a Doctor of Philosophy in Strategic Management. He is a Chartered Insurer of the Cll London and Fellow of several Insurance Institutes in Kenya and Uganda and others. He is also an Associate of the Institute of Risk Management (UK).

He has cemented his visionary leadership by developing the state of the art, world class 5-star convention Centre, with conference and accommodation facilities that caters for the growing demand for Meetings. Incentives, Conventions and Exhibition (MICE) and the host venue of the 48th AIO Conference and General Assembly (The Edge Hotel and Convention Centre).

Patoma Admin by — July 19, 2022 in Insurance 0
More faces at CIIN president, Edwin Igbiti’s investiture

CAPTIONS:

L –Barr. Rotimi Edu, President, NCRIB, Vice President Chartered Insurance Institute of Ghana, Dr. Geraldine Abaidoo, 51st President, CIIN, Mr. Edwin Igbiti and his Wife, Mrs. Esther Igbiti and the Chairman NIA/ Managing Director, Cornerstone Insurance Mr. Ganiyu Musa at the investiture ceremony held at Lagos Continental Hotel, Lagos.

L- The Doyen of the insurance industry, Olola Olabode Ogunlana, Mrs. Esther Igbiti, 51st President, CIIN, Mr. Edwin Igbiti, Chairman of the Occasion, Chief (Dr.) Oladele Fajemirokun, His Royal Highness, Alhaji D. Y. E. Kanoba and immediate Past President CIIN, Sir (Dr.) Muftau Oyegunle at the investiture ceremony held at Lagos Continental Hotel, Lagos.

Deputy Commissioner (Technical) for Insurance, Mr. Sabiu Bello Abubakar giving the Keynote Address on behalf of the Commissioner for Insurance, Mr. O. S Thomas at the investiture ceremony held at Lagos Continental Hotel, Lagos.

The Chairman of the Investiture Ceremony, Chief (Dr.) Oladele Fajemirokun delivering his speech at the investiture ceremony held at Lagos Continental Hotel, Lagos.

L-Barr. Vice President Chartered Insurance Institute of Ghana, Dr. Geraldine Abaido;     Rotimi Edu, President, NCRIB, 51st President, CIIN, Mr. Edwin Igbiti and his Wife, Mrs. Esther Igbiti at the investiture ceremony held at Lagos Continental Hotel, Lagos.

Mr. Edwin Igbiti being sworn in by Ven. Olusola O. Ladipo-Ajayi as the 51st President of the Chartered Insurance Institute of Nigeria (CIIN)as the wife Mrs Esther Igbit watches in admiration

Patoma Admin by — July 18, 2022 in Insurance 0
New CIIN president, Edwin Igbiti unveils three-point agenda for industry

By Favour Nnabugwu
The President/Chairman of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti has unveiled a three-point agenda for the insutute during his tenure
Igbiti in his acceptance speech during  his investiture as the 51st president of the institute in Lagos revealed that the theme of his tenure as “Building A Sustainable Legacy” stated that his 3-point agenda is Digital Reinforcement of Institute’s Operations, Insurance Awareness for all – Grassroot, Youths and Insuring Public Infrastructural Development.
He explained that the choice of the theme was borne out of the need for continuity to sustain and build on the works of Past Presidents of the Institute.
“This will guarantee that despite current global uncertainties, the Institute will continue to meet the needs and aspirations of its members efforts have been made by my predecessors to revamp the digital operations of the Institute. However, we need to continuously upgrade and innovate our processes to deliver excellent customer experiences and members’ satisfaction.”
“My projection is that my tenure as President of the CIIN will facilitate the transformation of the CIIN Secretariat with the state-of-the-art facilities that would stimulate digital operations and processes, enhance excellent work culture which results in quality customer experiences in all our deliverables. Smart Technologies and digital solutions would be deployed to achieve this together with a viable business model.”
He recommended that the institution must have strong partnership to move the profession and the industry forward and this he opted can only be successfully executed collectively
“The Institute has many programmes in place aimed at creating insurance awareness and training members to be world class insurance professionals, but I cannot achieve the success on my own. Hence, I want to seize this opportunity to appeal to you for your support to help drive the Institute to lofty heights,” he said.
He promised that Smart Technologies and digital solutions would be deployed to achieve The institute’s goal with a viable business model.
The Chairman of the Investiture Ceremony, Chief (Dr) Oladele Fajemirokun, said this in his speech at the occasion, described Edwin Igbiti as a man with the right character, competence, experience and a professional to give progressive leadership to the CIIN
“There is no doubt in my mind that Edwin, who I can rightly refer to as my son, having worked at AIICO Insurance Plc for a considerable number of years at a very top management cadre, specifically as the Group Managing Director/ Chief Executive Officer, has the character, competence and experience to give progressive leadership to the CIIN”.
“I must say that in the course of our intimate relationship, I found Edwin to be a professional to the core, a humble personality, always willing to learn and also someone who puts a lot of practical life to what he believes in as a Christian and also as a Church Leader.
“It is most heartwarming for me that a person in the mould of Edwin is taking over the mantle of leadership of the Institute at this crucial period. We all know the pivotal position the Institute occupies in the financial ecosystem and the economy of this country.”
Commenting on the contribution of the CIIN to the growth of insurance business in Nigeria and the way forward for the industry, Chief Fajemirokun said “There is no doubt that over the years, the Institute has distinguished itself as one of the foremost professional bodies that has given cutting edge training to insurance professionals, who in turn are adding significant value, not only to the insurance industry, but the general financial ecosystem.
Suffice it to say that it is not all uhuru for the insurance industry in Nigeria today, in spite of all the stringent efforts being made by the operators as well as professionals. Insurance, regrettably is still at the back waters of national economy contributing a paltry one per cent to the Gross Domestic Product of the nation.
“Pointless to rehash some problems that have led to the recession of the industry bordering on poor image, low public acceptance and inadequate professional training impacting on the quality of professional insurance practitioners who interface with members of the public. But be that as it may, the industry has continued to make huge strides towards ensuring that this narrative is changed and permanently too.”
“Besides the Council pushing forward the likes of Edwin Igbiti to change this narrative for which I know he has the capacity, considering his professional standing and long years of experiences in the industry, it is very apposite for me to say that the industry has been making giant strides in the area of embracing information technology which ultimately as we all know is the driver of global economy and there is no actor in the global economy, including insurance, that should lag behind when it comes to information technology.
While commending the past leadership of the institute for laying a solid foundation, the former Chairmen of AIICO Insurance PLC stated, “I must not miss to appreciate the dynamism that has been infused into the leadership of the Institute since its inception. We have had 50 Presidents and all of them without exception laid the moulding blocks upon which Mr. Edwin Igbiti is starting to build on as the 51st President today.
Patoma Admin by — July 15, 2022 in Insurance 0