Allianz wins top insurance brand for 2nd time


Allianz has emerged as the top insurance brand in the world for the second consecutive time, according to Interbrand’s Best Global Brands Ranking.

Chief Executive Officer of Allianz SE, Mr. Oliver Bäte, said the company’s focus on resilience, integrity and customer centricity is paying off. 

“Allianz has once again been recognized as #1 insurance brand globally, which is fantastic news and confirms that we are on the right track,”.

“We are immensely proud to be the #1 insurance brand, and to have secured our place on the Top 40 Best Global Brands list”

Interbrand publishes the Best Global Brands report on an annual basis. Each year’s report aims to identify the world’s 100 most valuable brands. Interbrand’s brand valuation method was the first to receive ISO 10668 certification.

To qualify, brands must be publicly listed and have a global presence. Brands are then evaluated following the economic profit that can be allocated to branded sales, the role of brand, i.e. the extent to which the brand influences the buying decision, and finally the brand’s strength, which is established over ten different internal and external factors of brand performance.

IHead of Brand & Partnerships at Allianz SE, Mr Christian Deuringer said in just ten years, Allianz has moved from 67th place on the list with a value of $4.9 billion in 2010 to 39th place with a value of almost $13 billion in 2020. While half the brands in the Top 100 failed to grow this year, Allianz’s brand valuation increased by 7 percent despite the crisis, taking it to $12.935 billion” 

Deuringer state, “We have set ourselves a goal to become a Top 25 brand by 2025.”

For Allianz, the ranking is more than an encouraging sign of the brand’s growing strength. It also points to Allianz’s increasing role in people’s lives.

Group Strategy, Marketing, Distribution Officer Allianz SE, Serge Raffard  noted, “During Covid-19, we extremely hard to deliver on our promise and beyond, taking on an even greater role in the lives of our customers, our employees and our communities, helping secure the future, and giving our customers courage in these difficult times”.

“Our customer centricity and resilience allow us to benchmark ourselves against brands across industries. The diversity of what we offer, for example, with health services like Doctor on Call, or Chat with Allianz Partners, had an immense impact during the pandemic and made the difference”. 

Raffard added. “We are now up to higher summits with our Olympic partnership kicking off worldwide on January 1st, 2021. And we look forward to many more milestones

Ivorian insurance market generated 390.69 bn FCFA in 2019

The Côte d’Ivoire Association of Insurance Companies (ASACI) announced that the Ivorian insurers generated a turnover of 390.69 billion FCFA (666.99 million USD), an 8.6% increase compared to the 359.74 billion FCFA (627.28 million USD) recorded in 2018.

Non-life premiums rose by 8.29% to be set at 222.41 billion FCFA (379.7 million USD), that is 56.93% of the market share. The non-life activity is dominated by the motor activity followed by the personal accident and health classes of business which represent respectively 18.64% and 18.28% of the total turnover.

With a 43.07% market share, life insurance totalled 168.28 billion FCFA (287.29 million USD) in premiums, thus increasing by 9.02% compared to late 2018. With a turnover of 6.77 billion FCFA (96.92 million USD).

SAHAM Assurance takes the lead on the companies’ ranking. SUNU Vie and NSIA Vie stand in the second and third positions with respectively.

Transportation Minister challenges S/S, S/E on unity for development….As SESSPN pledge to work with government

Minister of Transportation, Mr. Chibuike Amaechi has called on the people of the South East and South South to work together in unity for the development of their regions.

Amaechi during an interactive session with the South East South South Professionals of Nigeria (SESSPN) in Lagos over the weekend, told the need for them to speak with one voice for development.

Amaechi without mincing words said, “We fight a lot among ourselves. In South South and South East we fight amongst ourselves. I’m saying this so that we can separate emotions from reality. Today it is not about President Buhari, it is about us. This administration is doing a lot, but because it’s President Buhari, we pretend not to see it.

“We complain about lopsided appointments. Apart from the area of security, have you checked other areas side by side? The President will appoint someone from the South East and people from the same region will fight against the appointment, if you are the President, how will you feel?

“When we took office, the President asked us to complete all projects left by previous administrations before starting new ones. We did that and it was across all regions. We completed Port Harcourt Airport, we are working on Enugu Airport; Enugu Onitsha road, work is going on, no matter how slow.

“The second Niger bridge in Onitsha – 48 percent and we have assured the country that by 2022 it would be completed. Those who are from Onitsha or from Anambra, have you gone to the site and work is not going on? When we came it was zero. Most of you don’t see it because it’s not beside the Niger bridge, so you don’t see it unless you visit the site.

The Minister noted, “Onitsha is a River port, 3.5 metre draft. The only thing that can go there is barge. Port Harcourt and Warri seaport will be the highest. And people still criticise a president that is doing this much for this zone. How do we survive by ethnicity?”

On rail projects and why work has not been done in the South East, Amaechi said, “I hate tribalism. I’ve said this before, for me, I’m Nigerian, and what informs my decision of choosing which rail line to construct at any point in time, is the economics of rail; and currently the economics shows that Lagos to Kano has the capacity to move 30 million tonnes of cargo per year. I do the same analysis for Port Harcourt to Maiduguri, 11 million tonnes”.

“We are currently doing the analysis for Lagos to Calabar to know how many tonnes of cargo can be moved there per year. So we started with the Lagos to Kano rail. President Obasanjo approved it, President Jonathan started construction on it by doing Abuja to Kaduna and President Buhari told us to complete all previous projects”.

“Now, we are applying for $11b loan to construct Lagos to Calabar rail. There was no design for Port Harcourt-Maiduguri. We knew that the first thing to do was to commence a feasibility study, after that we did the design. Its now they’ll start to do the site drawing. In that three months that they are doing that, you’ll start shouting again, why are they not constructing? You forget that Ibadan to Kano, they are just finishing the design now, that’s why they’ve not started construction.”

“Back to Port Harcourt-Maiduguri, the first thing was the instruction from the President that all rails in Nigeria must be standard gauge. So we did a standard gauge design. We went to Bonny to do studies and we did that study up to Maiduguri. I did a feasibility study that brought it between $14billion to $11 billion. When we finished, we got approval from the President, but I realised that we may not get the money in this government. I changed my course, and I said, while we are looking for money for the standard gauge for Port Harcourt-Maiduguri, let me ask for money to reconstruct the narrow-gauge at $3.1billion. And the President after much argument, accepted. After sometime, he agreed, that we can proceed with the narrow-gauge, while seeking for money to construct the standard gauge.”

“At least I’m sure that before we leave government we would have done up to 80 percent of that rail. Also, there was no line to Owerri, I added Owerri to the Port Harcourt-Maiduguri rail design, because of the Industrial Park and the University of Transportation in Ubima”, Amaechi said.

He talked about safe anchorage issues which has delayed the government’s maritime security project from commencing operations. According to the Minister, “The deep blue project which has most of its surveillance equipment already on ground would ensure end to end surveillance and safety of Nigeria’s waterways, and would in turn encourage usage of all ports in the South South.”

“The problem with maritime in Nigeria is insecurity. There are rich Nigerians who do bunkering. Next are those who escort vessels, another is the OMSL group who say they are protecting vessels and so on. We have a disadvantage where those who are making the money will not allow you provide the security. We have bought equipment for use in securing our waters. The moment I announced it, they reported me everywhere. But we must end it”, Amaechi stated.

In his opening remarks, President of SESSPN, Hannibal Uwaifo while welcoming the Minister, said, “We will need to work with our people in government, support them, no matter what political party they belong to, to help and promote our region. It is those of us who are exposed, those of us who are professionals that can put heads together with our people in government to overcome these challenges. We have to up our game in order to get a better tomorrow for our children.”

Lagos-Ibadan rail-line will stand the test of time, Amaechi

The Minister of Transportation, Rotimi Amaechi, said the the Ministry wil make sure that the rsilline on the $1.6 billion Lagos-Ibadan stand the test if time for years to come

Amaechi in his tweeter handle yesterday was indeed satisfied work being carried by the contracors. saying that he saw a lot of improvement the their work on that axis.

“On our inspection today, I noticed that there is huge improvement in almost all stations on the Lagos-Ibadan rail line.”

I have charged the contractors to continue with this pace but never to compromise on quality and safety. We want a rail line that will stand the test of time.”

He explained that by December 2020, to the first or second week in January 2021, the project should have been completed.

As the road infrastructures would not last without the construction of functional rail lines, he emphasized that there would be a restriction on the type and capacity of vehicles that can ply the expressways in the country, so as to reduce destruction.

The restriction is needed to reduce traffic congestion, ensure the safety of people and property, and also the safety of the road infrastructures across the country.“

He added that in a bid to make this a reality, the railway would be put to use, as cargoes from Apapa Seaport will be transferred to Ibadan via the railway.

While the Ibadan-Kano rail project is under construction, the expressway would be used to convey cargoes, pending the completion of the railway, which should be completed between 2-3 years.

Amaechi stressed the need to ramp-up the construction of the railways to ease the burden off the expressways, he said doing so will help to ward off the destruction on the infrastructure, caused by trucks and other heavy-duty vehicles.

As tankers are plying the road infrastructures with excess cargoes, He reiterated that the best way is to move all the cargoes to the rail tracks.

The Minister advised more patience and understanding with the government, to allow them to complete the infrastructures and the myriads of projects the government is working on.

A.M. Best confirms East Africa Company credit rating of bb+

AM Best has confirmed East Africa Reinsurance Company’s (EARe) financial strength rating of “B” and long-term credit rating of “bb+”. The outlook for these two ratings is stable.
The rating reflects EARe’s strong balance sheet, adequate operational performance and enterprise risk management. The balance sheet’s strength is assessed by its high level of risk-adjusted capitalization.
In 2019, the Kenyan reinsurer recorded a turnover of 46.5 million USD. The combined ratio was set at 96.5%. The return on equity (ROE) for 2015-2019 amounted to 14.3%.
East Africa Reinsurance Company was incorporated in 1993 and commenced operations on 1st January of 1995. The company was formed through a joint initiative of local insurance companies in Kenya and the International Finance Corporation (IFC), the private sector arm of the World Bank.
LIoyd’s launches Parametric Insurance

Lloyd’s has launched a new product called “Parametrix Insurance”. The coverage relies on a parametric trigger to protect SMBs from IT disruptions or downtime.
Lloyd’s launches a parametric policy
LloydDue to the increased risk of business interruption in small and medium-sized enterprises (SMEs),
The offer is led by Tokio Marine Kiln and supported by members of Lloyd’s Product Innovation Facility. The parametric trigger automatically provides compensations if a customer’s critical IT services are disrupted. It can be applied on the Cloud, E-Commerce or other payment systems. Consequently, the policy reduces the time insurers spend assessing a loss or adjusting a claim.
It removes the traditional indemnity trigger used by most policies and instead relies on parametric triggers that automatically pay out if a customer’s critical IT services are disrupted.
This could apply to services such as cloud, e-commerce or payment systems, Lloyd’s suggested, with the aim being to significantly reduce the time insurers spend assessing a loss or adjusting a claim.
30,000 candidates out of 92,591 for admission into Unity colleges

Out of a total of 92,591candididates that took the 2020 National Common Entrance Examination across the country on Saturday, only 30,000 candidates out of the figure would be offered admission in its 104 Colleges, the Federal Government has said.

The Minister of Education, Mallam Adamu Adamu, and Permanent Secretary, Sonny Echono, stated these in Abuja while monitoring the conduct of the examination.

The 30,000 out of 92,591 represents a ratio of about one out of three candidates.

They were accompanied by the Registrar and Chief Executive Officer of National Examination Council, Prof. Godwill Obioma.

Adamu said that the examination results would be released as quickly as possible to enable the successful candidates to prepare for resumption early next year.

Echono said COVID-19 pandemic did disturb candidates from coming out in their number saying that 75,000 candidates registered for the exams in 2019

NCRIB, NAIPCO tighten nooze on insurance industry penetration

NCRIB-President, Dr (Mrs) Bola-Onigbogi.

By Favour Nnabugwu

The Nigerian Council of Registered Insurance Brokers (NCRIB) said the broking arm is more determined to increasing insurance awareness and senstitisation exercise to deepen insurance industry penetration in the country.
NCRIB President, Mrs. Bola Onigbogi, while she paid audience to Naipco executives during a coutesy call on the Secretariat, promised to work with NAIPCO to increase insurance acceptance as well as its contribution to the nation’s Gross Domestic Product(GDP).
According to her, “A lot of Nigerians are still ignorant of what values insurance can bring to their respective lives, while some still habour the misconception that insurance companies don’t pay claims, hence, the need to drive awareness and education from the media perspective to change this narrative”
She noted that the media is critical and an important stakeholder in the journey to develop the insurance segment of the nation’s economy.
She urged Naipco members to be positive in reporting as the death of the industry will also negatively reflect on the reporters covering the sector while expressing appreciation of  the drive of Journalists to educate Nigerians through their informed write-ups and news reporting,
She promised that the council will continue to support the association in its plans to grow and develop the sector.
Lending his voice, vice-president, NCRIB, Mr. Tunde Oguntade, said, the relationship between the council and the media, especially, insurance correspondents, has always been positive, promising to extend such gesture to the current executives of NAIPCO, so that, together, they can grow the industry.
“We have had a cordial relationship with your predecessors and the current executives at NCRIB are ever ready to support you to succeed in all your plans. We need to positively project the industry and we, the brokers, are already doing that through our several initiatives,” he pointed out.
Moreover, the executive secretary, NCRIB, Mr. Fatai Adegbenro, said both the media and the council are critical stakeholders and must together work to grow the industry.
He affirmed that Insurance drives the economy in advanced countries, stating that, this is a point Nigeria must aspire to be, through increased contribution to the nation’s GDP.
“We are all stakeholders in the industry and the public tends to believe anything that comes from the media, hence, the need to throw caution, so as not to feed the public with lies or hearsay. The role of journalists is to inform and we must give the right information to the people yearning for information.”
Earlier, the president, NAIPCO, Mr. Chuks Udo Okonta, said, his administration is embarking on developmental journalism, which involves providing critical answers to issues affecting the insurance industry.
The motive of this style of journalism, he stressed, is to grow the sector through increased searchlights on the operations of Insurance companies, brokers and other players to ensure that they are playing their respective roles effectively.
On Company Profiling, a product of the current administration, he said, the association will profile  the management, claims or/and product of an underwriting firm, write about it in the most subtle language and human angle perspective to ensure the public truly understands the operations of insurance companies in the country.
Nigerians protest over 1,000 locked shops in Ghana

Geoffrey Onyeama: Nigerian Minister of Foreign Affairs 

By Favour Nnabugwu
The Nigeria Union of Traders Association in Ghana (NUTAG), has carried out a peaceful protest over Ghanaian authorities’ refusal to open over 1,000 shops owned by Nigerians in that country.
The President of NUTAG, Mr Chukwuemeka Nnaji stated that Ghanaian authorities’ refused to open their shops since 2019.
An inter-ministerial task force on August 10 identified shops owned by Nigerian traders and requested for registration of business taxes, resident permit, standard control and Ghana Investment Promotion Council (GIPC) registration as prerequisite for reopening their businesses.
The Ghanaian Ministry of Trades has insisted that Nigerian businesses wishing to trade in the country must pay the $1 million stipulated in the Ghana Investment Promotion Centre, (GIPC) Act or risk being thrown out of the country.
He noted that the Ghanaian authorities’ refusal to open the traders’ shops despite several meetings between top officials of both governments of Nigeria and Ghana.
Nnaji who left a protestsaid the action was to press the Ghanaian authorities to open shops owned by Nigerians living in Ghana, to enable them tackle economic challenges amid COVID-19.
According to him, “The shops owned by Nigerians under lock and key since past one year should be opened to enable the traders return to normal businesses, urging the Nigerian central overnment to evacuate them.”
He said, “I am in talks in with my leader, Mr Ken Okoha, National President of Nigerian Traders, and he has assured us that he will take our case up to the highest level in Nigeria.”
“In fact, plans are on for him to move to institutions that are related to trade; I have known him for five years now and I know what he is able to do.
“I am rest assured that the leadership of Nigerian traders are working towards achieving this goal; some of you, who still have funds, should also continue to help other traders.
“Be law abiding citizens, COVID-19 is still on and lots of businesses are affected; many of us are living from hand to mouth due to the downturn.
“If you do not have anything to do, stay at home; rest assured that at the end of October, if we are not evacuated, we will keep ourselves at the border.”
Receiving the traders, Mrs Easter Arewa, Charge de Affair of Nigeria High Commission in Ghana, said that government would remain committed to protecting Nigeria citizens.
Arewa assured that the two governments will meet and find a lasting solution to the crisis
According to her, “The letter by Nigerian traders has been well received and their message will be conveyed to the highest authority.”
“Government is not resting on your case; it is because of you Mr Femi Gbajabiamila, Speaker of House of Representatives, came to Ghana.
“Likewise, Vice President Yemi Osinbajo was here. In spite of his busy schedule, he came here and met with the leadership of NUTAG. He promised to continue with the cause on his return to Abuja.
“He has not failed; very soon your situation will be addressed because a hungry man is an angry man. It is not nice to hear that in a brotherly country as Ghana, you are being treated like this.
“We have Ghanaians in Nigeria too and they are treated as brothers, so do not worry. It is a government-to-government dialogue.
“I believe, very soon, we will get to the end of this matter and we will all be at peace.
President Buhari to commission Lagos-Ibadan railway Jan 2021

Minister of Transportation, Mr Chibuike Amaechi

By Favour Nnabugwu

President Muhammadu Buhari will be commissioning the Lagos-Ibadan rail-line in January 2021.

Minister of Transport, Mr Chibuikem Amaechi made this known during an inspection tour of the ongoing construction of the standard gauge in Lagos-Ibadan rail-liney yesterday

“We have cooperation from the various communities along the standard gauge construction; the contractors have done what they could do but the problem is change in weather

“They couldn’t work beyond that period, besides that, I think the contractors have done well.

“The construction is coming to an end; they are trying to beat the target they gave the ministry of transportation because there is huge improvement.

“Is there any facility in Nigeria that is better than the one in Ebute-Meta,?” he asked.

Amaechi said that the transition period between now and January would enable the Federal Government acquire Right of Way for Lagos-Ibadan route.

He attributed weather conditions as one of the challenges being faced by the contractors despite the effort of the contractors who have done their best with the project,

He said that it could be difficult to embark on perimeters fencing, adding that the fence constructed in Warri had been pulled down by hoodlums.

TheChairman, Board of Nigeria Railway Corporation (NRC), Alhaji Ibrahim Musa said in the course of the project, the management of NRC sat with Lagos Metropolitan Area Transport Authority (LAMATA) and agreed on areas where overhead crossing and bridges would be constructed

“For instance, we constructed new two line bridges at Costain and brought down the old ones to enable us have access.

“As we are coming, you can see that passengers’ movement are under the track, while in some places we could see overhead bridges from Lagos to Ibadan in consideration of human and goods trafficking along the corridors,” he said

Musa said that although people were still asking for more access to the corridor, they however would be considered based on merit and the finances available on ground.

The Director of Railway, Federal Ministry of Transportation, Mr Babakobi Muhammed said the ministry officials held meetings with transportation ministries of Lagos, Ogun and Oyo states to ensure safe corridor for the train