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A.M.Best affirms B+ to Axa Mansard Insurance

By Favour Nnabugwu

 

 

 

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of AXA Mansard Insurance Plc (AXA Mansard) (Nigeria). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect AXA Mansard’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect rating enhancement, in the form of lift, from AXA Mansard’s ultimate parent, AXA S.A. (France).

AXA Mansard’s balance sheet strength is underpinned by risk-adjusted capitalisation, which is expected to remain at least at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). Capital consumption is primarily driven by asset risk, which incorporates the company’s substantial real estate investments.

With its business concentrated domestically, AXA Mansard is exposed to the very high levels of economic, political and financial system risks in Nigeria. The balance sheet strength assessment also considers AXA Mansard’s high reinsurance dependence on large energy and property risks; however, this is partially mitigated by a reinsurance panel of excellent credit quality.

AXA Mansard has a track record of robust, albeit volatile, non-life underwriting performance, demonstrated by a five-year (2018-2022) weighted average combined ratio of 97.4%. For the year-ended 2023, AXA Mansard reported solid unaudited results, evidenced by a return on equity (ROE) of 36.2%, comparing favourably against the five-year weighted average ROE of 10.3%.

The improvement was driven by substantial foreign exchange gains relating to AXA Mansard’s U.S. dollar denominated investments amid the sharp devaluation of the Nigerian naira during 2023. Prospective performance is expected to be supported by actions taken to improve the profitability of the health portfolio, as well as positive contributions from the company’s life book.

AXA Mansard is a composite insurer, writing a diverse book of business that is concentrated in Nigeria. The company has a solid foothold in its domestic market where it ranks among the largest non-life companies and enjoys a leading market position in the health segment. With good long-term growth prospects, AXA Mansard is expected to further strengthen its competitive position over the coming year

Patoma Admin by — March 24, 2024 in Insurance 0
CFI, Sunday Thomas appointed into NCDMB as Governing Council member

By Favour Nnabugwu
Nigeria’ s Commissioner for Insurance, and the Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Sunday Olorundare Thomas has been appointed as a Governing Council member of the Nigerian Content Development and Monitoring Board (NCDMB)
Dr Alim Abubakre, British-Nigerian founder of TEXEM UK, a consulting firm in the United Kingdom, says the appointment of Olorundare Thomas to the Nigerian Content Development and Monitoring Board (NCDMB) Governing Council is strategic and exemplary.
Abubakre stated the appointment is also unique in the dynamic landscape of Nigeria’s oil and gas industry, where each appointment resonates with significance.
He said the inauguration of the 4th Governing Council of the no marks a pivotal moment in the industry’s trajectory.
Spearheaded by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, this council is entrusted with the crucial mandate of fostering indigenous human and infrastructural capacities within the oil and gas sector.
“Mr Thomas’s inclusion underscores his exceptional leadership acumen and unwavering commitment to advancing Nigeria’s economic interests.
“Drawing from his extensive experience and remarkable achievements, Mr. Thomas stands poised to make invaluable contributions to the NCDMB Governing Council.
“His exemplary stewardship at NAICOM, coupled with his visionary approach towards driving transformative initiatives, exemplifies the calibre of leadership essential for steering the NCDMB towards greater heights of success,” Abubakre said.
He said that Thomas’s multifaceted contributions extend beyond the realm of insurance.
“His pioneering role in establishing and eventually taking off the College of Insurance Supervisors of West African Monetary Zone (CISWAMZ) is a testament to his visionary leadership and proactive engagement in regional initiatives.
“Recognised for his outstanding contributions, Mr. Thomas continues to exemplify excellence and innovation within the regulatory landscape.
“Moreover, Mr Thomas’s strategic foresight is exemplified by the inauguration of a 10-year transformation roadmap for the insurance industry,” Abubakre added.
He said the ambitious endeavour, spanning from 2024 to 2033, underscores Thomas’s unwavering dedication to fostering sustainable growth and development within the insurance sector.
Abubakre said that Thomas exemplifies the transformative impact of continuous learning and professional development as an alumnus of TEXEM, having participated in the company’s executive development programme titled “Risk Management and Effective Leadership.
-NAN
Patoma Admin by — March 22, 2024 in Insurance 0
Four Nigerian Journalists nominated for 9th Pan-African Re/Insurance Journalism Awards

CAPTION:

L – Nike Popoola of Punch Newspapers, Destiny Onyemihia (Nigeria) from Voice of Nigeria and Afeez Hanafi of Daily Trust Newspapers are nominees of the 9th Pan-African Re/Insurance Journalism Awards organises by Continental Reinsurance Plc.in Zimbabwe

 

By Favour Nnabugwu

 

 

Four Nigeria Journalists have been nominated for the 9th Pan-African Re/Insurance Journalism Awards by Continental Reinsurance Plc taking place at Victoria Falls,

The four journalists are Destiny Onyemihia (Nigeria) from Voice of Nigeria; Nike Popoola (Nigeria) of Punch Newspaper; Afeez Hanafi (Nigeria) of Daily Trust and G.U Chukwu (Nigeria) of Daily Review Online

The nominees for the awards ceremony, scheduled to coincide with the Continental Re 9th CEO Summit on April 12th, 2024, in Victoria Falls, Zimbabwe, have been announced

However, Continental Re said the stage is set for the as nominees from across the continent – Burkina Faso, Kenya, Egypt, Rwanda, Cameroon etc to celebrates journalistic excellence in reporting on insurance and reinsurance matters across various media platforms.

The event promises to be a memorable occasion as winners, runners-up, and recipient of the Dr. Femi Future Talent Award will be unveiled during the ceremony.

NOMINEES BY CATEGORY:

Broadcast (English)
• Carolyne Tomno (Kenya) – KASS TV
• Destiny Onyemihia (Nigeria) – Voice of Nigeria
• James Eshun (Ghana) – Joynews TV
• Peter Wakaba (Kenya) – Business Today show – KTN News
• Ridwan Karim Dini-Osman (Ghana) – Star News

Print (English)
• Alfred Onyango (Kenya) – The Star Newspaper
• Bbalewa Zyuulu (Zambia) – Scoop News Zambia
• John Kamau Muthoni (Kenya) – The Standard Group PLC
• Nike Popoola (Nigeria) – Punch Newspaper
• Prosper Ndlovu (Zimbabwe) – The Chronicle

Online (English)
• Afeez Hanafi (Nigeria) – Daily Trust
• G.U Chukwu (Nigeria) – Daily Review Online
• Isaac Wafula Khisa (Uganda) – The Independent Magazine
• Nike Popoola (Nigeria) – Punch Nigeria Limited
• Samuel Sanya (Uganda) – www.ugstandard.com
• Taurai Craig Museka (Zimbabwe) – The Chronicle Zimbabwe and Insurance Biz South Africa

French (Print, Online, or Broadcast)
• Daouda Zongo (Burkina Faso) – Wakat Séra
• Deudjui Ghislaine (Cameroon) – Le Financier d’Afrique
• Fraterne NDACYAYISENGA (Rwanda) – Africa 24 TV
• Mahamadi SEBOGO (Burkina Faso) – Sidwaya
• Oltas Yavis Teddy Goudalo (Benin) – Television Canal3-Benin

Arabic (Print, Online, or Broadcast)
• El Hadi Issa (Egypt) – جريدة المال
• Elshazly Gomaa Ahmed Ali (Egypt) – Almal newspaper
• Islam Abdelhameed Abdelmutlib Farahat (Egypt) – أموال الغد
• Maher Fadl Hanaa (Egypt) – موقع خبري الاقتصادي
• Mohamed Hamdy Ahmed Mahmoud (Egypt) – موقع أموال الغد

The nominees represent a diverse range of media houses and publications, showcasing the breadth and depth of talent in African journalism covering the re/insurance industry.

Their contributions have played a vital role in informing and educating the public about crucial issues in the industry.

Stay tuned for the exciting announcements of the winners, runners-up positions, and the recipient of the Dr. Femi Future Talent Award during the awards ceremony. The event promises to be a highlight of the Continental Re 9th CEO Summit, bringing together industry leaders, journalists, and stakeholders to celebrate excellence in re/insurance reporting.

Patoma Admin by — March 22, 2024 in Insurance 0
NSIA, NSP sign agreement for Shiroro Solar Generating Company

***It’s a new phase in Nigeria’s Energy Transition Plan- VP Shettima

 

By Favour Nnabugwu

 

 

Vice President Kashim Shettima has said Nigeria’s energy transition journey as well as its resolve to embrace clean and renewable energy solutions remains on track under the administration of President Bola Ahmed Tinubu.

The Vice President stated this on Tuesday at the Presidential Villa during the signing of the joint venture agreement for the establishment of the Shiroro Generating Company, Nigeria’s pioneer 20MW On-grid Solar-Hydro Hybrid project, between the Nigeria Sovereign lnvestment Authority and North South Power (NSP) Company Ltd.

Sen. Shettima noted that the event “marks a significant milestone and will boost the country’s energy transition journey” and an affirmationof President Bola Ahmed Tinubu administration’s resolve to embrace clean and renewable energy Solutions.

“The Federal Government of Nigeria under the able leadership of President Bola Ahmed Tinubu remains steadfast in supporting initiatives that drive economic growth, enhance energy security and protect our environment,” the Vice President noted. The Shiroro Generating Company is a joint venture project between the Nigeria Sovereign Investment Authority (NSIA) and North-South Power, investing in apioneer 20MW solar-hydro hybrid project in Shiroro, Niger State.

The 20MW Pilot Project (Phase 1a) is embedded within a larger 30OMW solar programme, to beco-located within NSP’s existing 600MW Shiroro Hydroelectric Power Plant concession area in Shiroro, Niger State. Speaking on the significance of the project, the Vice President said the signing of the agreement for the 20 MW solar plant is a journey which is pivotal to our sustained growth and development as a nation.”

“As a Nation, our resolve isto take proactive steps to diversify our energy sources, reduce our carbon footprints and ensure a more sustainable future for generations to come. And this is a pioneering project in terms of hybridizing power in solar and hydro. Mbelieve that this is a harbinger of greater things to come. This project will serve to attract further investments in the space by growing both the business and financial models for such projects,” the VP added.

The Vice President also commended the vision, innovation and commitment of the NSIA for the project, noting that “it is commendable as strategic partnerships like this will create opportunities for economic growth and technological advancement while simultaneously addressing the urgent need for clean and accessible energy.

“This project will catalyze the realization of other hydro-solar projects and serve as a test case for deployment of solar energy on to the national grid.”

The VP then implored the Nigeria Electricity Regulatory Commission, Nigeria Bulk Electricity Trading, Transmission Company of Nigeria, Bank of Industry and all other relevant stake holders in the project to ensure that they collab orate effectively with its sponsors to guarantee the timely delivery and operation of this project. “I also urge all stakeholders involved in this ven ture to uphold the principles of accountability, transparency andinclusivity throughout the pro ject’s life cycle,” he added

Earlier in his remark, Minister of Power, Mr Ade bayo Adelabu, said the initiative aligns with the critical priorities of his Ministry in terms of striv ing to increase energy output and also diversify ing into renewable energy. He said the project is expected to attract addi tional capital as well as utilize the country’s abundant renewable energy resources, noting that it is a testament to the potential partnership to ensure sustainable development.

On his part, MD/CEO of NSIA, Mr Aminu Umar-Sadiq, said the partnership “will deepen Nigeria’s clean energy portfolio, create jobs, and re-affirm our dedication to energy efficient solutions as a lever for socio-economic development. Jt further exemplifies NSIA’s role as a catalyst for positive change, steering Nigeria towards amore sustainable future.”

In the same vein, the Executive Vice Chairman/CEO of North South Power Company Limited, Engr. Olubunmi Peters, affirmed the company’s dedication to renewable energy solutions by stating its strategic intent to embark on this Solar-Hydro Hybridization Project, He noted that the project “is a testament to our Sustained focus on renewable energy as an integral component of economic growth.

Through this project, we have further revalidated our over-arching mandate to uphold the highest standards of environmental and social responsibility, demonstrating innovation and market leadership.” Officials from the NSIA, North-South Power and other stakeholders in the pOwer sector witnessed the signing ceremony

Patoma Admin by — March 20, 2024 in Oil & Gas 0
NATEP, Lab Four sign MoU on Talent export, to outsource 50,000 jobs to Nigeria

By Favour Nnabugwu 

 

 

 

The Federal Ministry of Industry, Trade and Investment has witnessed a landmark Memorandum of Understanding (MOU) between the National Talent Export Programme (NATEP) and Lab Four, set to create substantial employment opportunities by outsourcing 50,000 jobs to Nigeria.

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, CFA, heralded this MOU as a major milestone aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda. “This initiative cements our commitment to diversifying the economy and forging a Nigeria known globally as a nation of creators,” she stated during the signing ceremony in Abuja.” We envision Nigeria as a pivotal global hub for service exports and talent sourcing,” she said.

As Dr. Uzoka-Anite has highlighted, “NATEP is our strategic answer to the burgeoning global talent sourcing market, valued at US$620.381 billion in 2020 and projected to grow to US$904.948 billion by 2027. Our mission is to tap into this lucrative industry, showcasing Nigeria as a powerhouse of high-quality talent for the global service export and outsourcing industry.”

Mr. Tony Okhiria, CEO of the Cybersecurity Institute at Lab Four, expressed his enthusiasm for the partnership: “This program is monumental because it allows Nigeria to accelerate its talent export much quicker. We are eager to disrupt the traditional BPO process and look forward to a fruitful collaboration.”

Dr. Femi Adeluyi, National Coordinator of NATEP, highlighted the program’s innovative approach, emphasizing its potential to democratize the BPO sector and create a scalable model for job creation.

The signing ceremony also featured remarks from John Dohan, representing the Chargé d’Affaires ad interim for the U.S. Embassy, who lauded Nigeria’s human resource as the nation’s greatest export.

The NATEP initiative aims to deliver 1 million service-export jobs over the next 5 years, boost foreign exchange earnings, stimulate economic growth, and enhance Nigeria’s brand on the global stage. It will focus on key “IMPACT” sectors: Insurance, Medical, Professionals, Artisans, Creative, and Technology.

The Minister also took the opportunity to launch the NATEP Strategy document, a comprehensive plan to strengthen Nigeria’s position as a global hub for talent exports and BPO.

The collaboration between NATEP and Lab Four is poised to catalyze the growth of micro, mini, and mega BPOs within Nigeria, contributing up to $1.2 billion annually to the Nigerian economy.

Patoma Admin by — March 18, 2024 in Industry, Trade & Investment 0
“I’m pleasantly surprised at the growth of the Contributory Pension Scheme” – Obasanjo

“I’m pleasantly surprised at the growth of the Contributory Pension Scheme”. – Obasanjo

By Favour Nnabugwu

Nigeria’s former President Olusegun Obasanjo stated that he was pleasantly surprised at the growth of the pension assets over the last 20 years.
Obasanjo mentioned that when his administration instituted the pension reforms and pushed to have a bill to reform the way pension administration were done in Nigeria, they did not think that the assets will grow this quickly and have the positive effect it has had so far.
 He stated this in a recent interview with the Chief Executive of the Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah. The interview was held as part of events to mark twenty years of pension reforms in Nigeria.Going down memory lane.
Obasanjo said that one of the major reasons for the reform was his pain at seeing so many pensioners queuing up to collect their pensions during his first term in office, especially military men who had served the Nation.
With this in mind, he resolved to see how the government could make pension management and administration private sector driven and more in line with global best practices.
When asked about why they chose Contributory Pension Scheme (CPS) for Nigeria, He said “it’s simple, we just see what other countries are doing and if it’s good for us we copy it and adapt. There is no harm in copying if we see what other countries are doing and it’s good for them, we adapt”.
 In addition, he said what the pension industry needs to do now is to see how the pension assets that have been saved over the years can help more in national development, especially infrastructure investments in a safe and sustainable manner that does not jeopardize people’s pensions.
Obasanjo was speaking as part of the activities to mark twenty years of pension reforms in Nigeria. The year 2024 marks 20 years since the initial pension reform act was signed.
The Pension reform Act was the bedrock of a cross cutting committee that worked on pension reforms in Nigeria which culminated in the drafting and enactment of the pension reform act which essentially professionalized pensions management in Nigeria, moved the  management to the private sector and helped to wean the government from unsustainable pension liabilities.
Patoma Admin by — March 18, 2024 in Pension 0
Pensioners stand in ovation for Contributory Pension Scheme

By Favour Nnabugwu
The National Union of Pensioners Contributory Pension Scheme (NUPCPS) stated that the Contributory Pension Scheme (CPS) is the best thing that has happened to Nigeria’s Pension administration.
They stated this when they paid a courtesy visit to the CEO of the Pension Fund Operators Association of Nigeria (PenOp) Mr. Oguche Agudah, recently.
The pensioners who were represented by their executives from various states of the Federation mentioned that the way that the CPS is framed is in the best interest of pensioners if implemented to the letter.
They said the CPS has eliminated fraud, has given them certainty of payments of pensions, and has also allowed them to be able to plan.Having said this however, they said there are aspects of the CPS that can be improved upon, and they called on the PenOp CEO to engage with other stakeholders to ensure that these things are looked into.
Some of the things they mentioned had to do with constant engagement with the pensioners by the industry, the enhancement of their pensions and more transparency in terms of how their returns are shown to them.
The CEO of PenOp, Oguche Agudah, responded by saying the pensioners are the reason the industry exists and that all workers in the pension space have the pensioners to thank for their jobs.
He commended the pensioners for giving their all to their country and their organizations in their twilight years and he further added that the pension industry and the country still needs to tap from wealth of experience that they have gathered over the years.
He assured the pensioners that the pension industry is committed to the welfare of the pensioners, will continue to listen and engage with them ever so often to hear them out.
He assured them Pension Fund Operators are working daily to ensure the best outcomes for pensioners. The chairman of the NUPCPS, Mr Nwaiwu thanked Mr. Agudah for his listening ear and his desire to champion the cause of pensioners.
He also thanked him for his support over the years and tasked him not to relenting in his efforts to make sure the impact of the CPS is felt maximally by the pensioners.
Patoma Admin by — March 18, 2024 in Pension 0
Zenith General, NAIPE  partner to boost Insurance * Settled N5bn claims in 2023

CAPTION:

L-  Edet Udoh, Assistant General Secretary, Nigerian Association of Insurance and Pension Editors (NAIPE); Matthew Otoijagha, Financial Secretary, NAIPE; Nkechi Naeche-Esezobor, Chairperson, NAIPE; presenting a copy of NAIPE Trumpet to Mr Jude Modilim, Managing Director/CEO, Zenith General insurance; Dolapo Talabi, Head, Corporate Communications, Zenith General; Rosemary Iwunze, General Secretary, NAIPE and Amaka Obiefuna, Public Relations Officer, NAIPE, during NAIPE’s Executive visit to Zenith General Insurance in Lagos.

 

 

By Favour Nnabugwu

 

 

 

Zenith General Insurance Limited is partnering with the Nigerian Association of Insurance and Pension Editors (NAIPE) to move the Nigerian insurance industry to the next levels.

Speaking during a courtesy visit by the executive members of NAIPE to the management of Zenith General Insurance, the Managing Director and Chief Executive Officer of the firm, Mr. Jude Modilim, affirmed his Company’s readiness to work with NAIPE to drive insurance growth in Nigeria.

The MD also commended NAIPE for introducing initiatives and embarking on programmes that are industry’s growth driven, noting that this will go a long way in changing the industry’s narrative.

“We are open for the partnership; the kind of partnership that is a win-win; partnership that will project Zenith General to the public, telling them what we are doing, especially about our ability to pay claims. We are willing to work with you as long as it is a mutually beneficial partnership.

“I am actually very impressed with some of your programmes designed to create insurance awareness such as Claims Profiling, and Testimonials Reporting. These are very good, and it will go a long way in deepening insurance penetration which the National Insurance Commission (NAICOM) and the entire industry is yearning for.

“As an industry, we all pay claims. Last year Zenith General paid about N5 billion as claims to so many organisations thereby helping them to return to business. These are Organisations that ordinarily would have failed because of one catastrophe or the other.

“Many times when I engaged those who said insurance companies are not paying claims to come forward with any claim they have that has not been paid, none of them have been able to do that, so the public needs to know that insurance Companies are paying claims. What you guys are doing will make people know that insurance works,” Mr. Modilim said.

Earlier in her speech, the Chairperson, NAIPE, Mrs. Nkechi Naeche-Esezobor, highlighted the rationale behind the establishment of NAIPE and what the Association has done over the years to contribute to the growth of insurance industry.

According to her, NAIPE has been in existence for over 30 years working with 31 members who are insurance and pension editors in the major national newspapers, radio stations, television stations and online platforms to create awareness on the benefits of insurance.

“We are concerned about low insurance penetration in Nigeria and the poor perception of Nigerians about insurance and it is a known fact that NAIPE has been working tirelessly over the years to change this negative narrative.”

She listed some of the products the Association is offering as part of its efforts to deepen insurance growth in Nigeria to include Products Profiling; Management Profiling; Claims Profiling; Quarterly CEO Forum and Sponsorship of NAIPE AGM.

She called on insurance companies to take advantage of the various products and initiatives put in place by NAIPE to enhance their performance.

Patoma Admin by — March 18, 2024 in Insurance 0
Leadway, Anchor Insurance emerge lead underwriters for N20.1bn Police Insurance

By Admin

 

Leadway Assurance and Anchor Insurance have been appointed as the lead underwriters  for the Police Group life for N20.1billion

The insurance package for the Police includes Group Life Insurance for the personnel, property insurance for buildings and barracks, as well as aviation and marine insurance to protect against unforeseen risks

The Police Group life was approved by the Federal Executive Council to safeguard police personnel, buildings, and assets

Brokers on the Police insurance are Messrs Total Security Insurance Brokers and Messrs Golan Heights Insurance Brokers with almost 100 brokers consortium

This strategic move not only demonstrates the government’s commitment to the well-being and security of its law enforcement officers but also highlights the importance of protecting critical infrastructure and assets.

According to ameh ews, by working with reputable insurance providers and leveraging the collective expertise of industry professionals, the government aims to enhance the resilience and preparedness of the police force in the face of potential challenges.

The collaboration between government entities, underwriters, insurance brokers and  industry experts underscores a proactive approach to risk management and sets a new standard for ensuring the safety and security of both personnel and infrastructure within the law enforcement sector.

The federal government through this initiative seeks to strengthen its support for the police force and bolster the overall resilience of the nation’s security apparatus

Patoma Admin by — March 13, 2024 in Insurance 0
N1.71 trn invested in money market, N270bn in State Govt securites – PenCom

By Favour Nnabugwu

National Pension Commission, PenCom, announced that a total of N.71 trillion has been  invested in money market instruments while N270 billion in state government securities
This was contained in the unaudited report of PenCom on Pension Funds Industry Portfolio for the Period Ended January 31, 2024.
Also revealed in the report is the pension fund assets which stood at N19.53 trillion as at January 31, 2024, as against N18.36 trillion in December 31, 2023, gaining N1.17 trillion.
PenCom said N12.14 trillion of the fund has been invested in Federal Government of Nigeria securities, which breakdown revealed that, bonds gulp N11.59 trillion; treasury bills, N221.81 billion; agency bonds, N14.86 billion; sukuk bonds, N124.89 billion and green bonds, N181.57 billion.
PenCom said the fund assets in United States Dollars value was N14.39 billion at an exchange rate of N1,356 per a Dollar.
The Retirement Savings Account (RSA) membership as at the period was 10.22 million.
Patoma Admin by — March 12, 2024 in Pension 0