Nigerian insurer wins approval to sell agriculture insurance

Nigerian insurer wins approval to sell agriculture insurance

Nigerian insurer wins approval to sell agriculture insurance

The Nigerian regulator has given Linkage Assurance approval to underwrite agricultural insurance. The ‘no objection’ nod from the National Insurance Commission will enable Linkage to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth. The products approved include Linkage Assurance Crop Insurance Solutions, Linkage Assurance Farm All Risk Insurance, Linkage Assurance Farm Motor…

Nigerian risk association strengthens ties with banking group

Nigerian risk association strengthens ties with banking group

Nigerian risk association strengthens ties with banking group

Nigeria’s Association of Enterprise Risk Management Professionals and the Chartered Institute of Bankers of Nigeria (CIBN) have signed a memorandum of understanding (MOU) to strengthen risk management across the financial sector. Taiwo Silifat Ige, president of AERMP, said: “The MOU aims to enhance the capacity and shore up the competence of the professionals, students and all practitioners in the financial and…

Nigerian pirates kidnapped 35 seafarers so far this year in the Gulf of Guinea

Nigerian pirates kidnapped 35 seafarers so far this year in the Gulf of Guinea

Nigerian pirates kidnapped 35 seafarers so far this year in the Gulf of Guinea

Nigerian pirates have kidnapped 35 seafarers from vessels in the Gulf of Guinea so far this year, according to security firm EOS Risk Group. Risk managers have been urged to look at extra protection in highest-risk areas, where the domestic law permits. In its half-year review of Nigerian piracy activity in the Gulf of Guinea, the firm said Nigeria continues…

Technology will help Africa lead the world

Technology will help Africa lead the world

Technology will help Africa lead the world

Africa will shape the fortunes of the entire world by the end of the century, but will need technology to help it achieve its goals. Speaking at a Google event in Lagos, Professor Yemi Osinbajo, Vice-President of Nigeria, said: “Africa will, for good or ill, play the defining role in global development. Africa’s fortunes will matter across all the trends…

New capital model for Nigerian insurers

New capital model for Nigerian insurers

New capital model for Nigerian insurers

The National Insurance Commission (NAICOM) has published a new capital model for the Nigerian insurance industry, effective from 1 January 2019. The new risk-based capital structure is divided into three tiers depending on the risk appetite and capital capacity of each operator. Under the new capitalisation structure, general business insurers will need NGN9bn for Tier 1; NGN4.5bn for Tier 2;…

Nigeria’s Ensure to target retail business after Allianz deal

Nigeria’s Ensure to target retail business after Allianz deal

Nigeria’s Ensure to target retail business after Allianz deal

Nigeria’s Ensure Insurance plans to focus on retail business to achieve its corporate objective of sustainable growth and leadership in the local insurance market. Owolabi Salami, executive director at Ensure Insurance, said the retail push follows its partnership with Allianz. Mr Salami added that Ensure will concentrate on custom-made products tailored to the needs of the market, improve its service…

Allianz completes Nigeria acquisition

Allianz completes Nigeria acquisition

Allianz completes Nigeria acquisition

Allianz Group has completed its acquisition of 99.03% of the shares in Nigerian insurer Ensure Insurance from its core shareholder Greenoaks Global Holdings. Ensure Insurance offers life and non-life insurance services and generated €18.2m in gross premiums written in 2017. The company will operate in Nigeria as Ensure – a company of Allianz. In a statement, the Allianz Group said…

Nigeria urged to join AfCFTA and boost intra-Africa trade

Nigeria urged to join AfCFTA and boost intra-Africa trade

Nigeria urged to join AfCFTA and boost intra-Africa trade

Nigeria has been urged to join the African Continental Free Trade Agreement (AfCFTA) to boost intra-African trade. Economic Commission for Africa (ECA) executive secretary, Vera Songwe, offered ECA support to help the west African country join South Africa and 48 other countries in signing the AfCFTA. Ms Songwe said some countries had not signed the AfCFTA in Kigali, Rwanda, three…

Insurance sector to be rebranded in Nigeria

Insurance sector to be rebranded in Nigeria

Insurance sector to be rebranded in Nigeria

A NGN300m rebranding project has been launched by the insurance industry in Nigeria in a bid to boost business and grow the market. Oye Hassan-Odukale, chairman of the sub-committee on publicity and communications of the Insurers Committee, said the project has an initial three-year lifespan to change the perception of the Nigerian public about insurance and the insurance industry itself.…

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