September 7, 2024

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1 Ngelale, Tinubu’s spokesman, resigns

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3 NAFDAC signs MoU with National Counter Terrorism Centre

4 House of Reps. C’tee pledges to end medical tourism

5 Counter-terrorism centre, NAFDAC sign MoU on terrorism prevention

Health

Include mental health care into health insurance- Group

By Abujah Racheal

The Citizens Advocacy Group on Mental Health Nigeria, on Tuesday called for the inclusion of mental health care into services covered by the National Health Insurance Authority (NHIA).

Mr Ameh Zion, who spoke on behalf of the group, told newsmen in Abuja that the inclusion would ensure affordable care.

Zion, who expressed concern about the number of Nigerians struggling with mental health issues, said “mental healthcare is in a sorry state, given that we have more than 60 million Nigerians suffering from various mental illnesses.

“Also worrisome is the fact that only about 10 per cent of such people are able to access appropriate care.’’

The inclusion of mental health in NHIA guidelines, according to him, will positively impact individuals, families, communities and the nation as a whole.

Zion, who is the Founder of the Mandate Health Empowerment Initiative (MHEI), said many Nigerians were silently battling mental health issues, often without proper support or treatment options.

“The consequences of untreated mental health conditions are far-reaching, impacting not only individuals but also their families, communities and the nation as a whole.

“The NHIA has the power to change this narrative by including mental health into the NHIA guidelines to ensure that Nigerians have access to the necessary mental health services without facing financial barriers.

“Imagine a Nigeria where mental health is given the same importance as physical health.”

He emphasised the interconnection of mental and physical health, stressing that neglecting mental health could adversely affect overall well-being.

“But by including mental health in the NHIA guidelines, it will encourage the integration of services with primary healthcare, ensuring a holistic approach to healthcare delivery,” he said.

The News Agency of Nigeria (NAN) reports that the NHIA guidelines encompass various aspects, from enrollment and benefit packages to accreditation of healthcare providers.

It aimed at ensuring transparency, accountability and efficiency in implementing health insurance scheme. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru/Hadiza Mohammed-Aliyu

Peter Ashade, GCEO United Capital Plc, and Sunday Thomas, Commissioner for Insurance/CEO National Insurance Commission (NAICOM) during a fireside chat at the 2nd Edition of the United Capital Securities CEO Breakfast Forum
Economy/Business

NAICOM reaffirms commitment to insurance sector growth through technology

By Lydia Ngwakwe

The National Insurance Commission (NAICOM) has reaffirmed its commitment for an enabling environment to enhance the growth and development of the insurance industry.

The Commissioner for Insurance, Mr Sunday Thomas, said this at the United Capital Securities Ltd. CEO Roundtable Breakfast Forum sponsored by the United Capital Plc on Thursday in Lagos.

The theme for the 2023 roundtable is: “Technology as a Critical Driver of Growth and Transformation in the Nigerian Insurance Landscape.”

Thomas said the commission would continue to focus on deployment of technology to increase access to insurance products across the country.

“As a regulator, we need to really push our technology so that people can get to know not only from the point of servicing; also creative thinking is key.

“In deployment of technology in the insurance sector, the regulator has the responsibility of awareness creation, standard setting, the government has to provide the infrastructure, education is very central,” he said.

According to him, technology is key for insurance growth and development.

Thomas said the commission was moving beyond compliance to developmental processes that would transform the sector.

He said education was key in driving technology to boost economic growth and development.

“Our payment system as advanced as it is, is still epileptic, infrastructure is key to driving technogy before the capacity the technology can bring to the economy can be explored.

“We have the responsibility of creating an enabling environment for the insurance sector to grow.

“We set the minimum operating standard for technology in the industry years ago, that’s why some of our initiatives are compelling operators to align with technology,” Thomas said.

“Today, you cannot bring your papers to the commisison to say that you want to renew, nobody will take it from you, you have to go back to your office, and upload those documents and you will be ready to print your certificate from your office.

“When we started this portal, people will first of all resistant, information is no longer secret, you are now open to the world. We have quality control in the IT department,” he said.

He also stressed the need for awareness creation to boost insurance penetration across the country.

“The insurance sector is not yet where it’s expected to be, deployment of technology through awareness creation is key to boost penetration,” Thomas added.

Earlier, the Group Chief Executive Officer, United Capital Plc, Mr Peter Ashade, in an opening address said the group would continue to be very strong in the market.

Ashade said the group recently introduced a digital banking arm, which was not there years ago.

“We are very delighted as a group to be hosting today’s breakfast meeting.

“It’s with great pleasure that I welcome everyone to this second edition where we believe on conversation that will drag the next phase of growth in insurance sector,” he said.

Ashade said change was very important for the growth and development of any sector.

He said insurance contribution to the Gross Domestic Product currently at less than two per cent would improve in no distant time with technology.

“Insurance sector will be a very strong and vibrant sector to reckon with in Nigerian financial services sector in no distant time,” he said.

Ashade said the group would continue to drive the pillars of growth in the insurance sector.

He said the changes happening in the insurance sector were inevitable.

“Shift in climate condition, technology infrastructure, workforce and customer expectation combined with microeconomy and geopolitical volatility are pushing organisations across the globe to change the way they conduct businesses and transform to a more customer-centric model.

“Insurance industry is no exception. The traditional boundaries and limitations that once defined the sector are shifting thus giving us the unique opportunity to reshape, rethink and redefine the future of insurance sector.

“It is, therefore, a very good thing for us as we are at the transition stage into technology investment methodology from a mere infrastructure driven approach with value driven model.

“Over the last few years, we have witnessed remarkable changes from the adoption of Artificial Intelligence for underwriting and claims, processing and use of big data analystics for risk assessment.

“It is clear that technology is not just an enabler any longer but a catalyst for growth, efficiency and improved customer experience.

“Our goal for 2023 and beyond for Nigerian insurance space, should be to fully harness the benefits of our technology investment and make insurance increasingly agile, innovation and customer-centric,” Ashade said.

Mr Ayokunle Olubunmi, the Head, Financial Institutions Ratings at Agusto and Co, tasked the insurance industry to embrace technology to increase the retail market noting that insurance penetration was still very low.

Olubunmi noted that the industry was highly conservative in technology adoption.

“Technology is seen as important and not necessary with focus on corporate clients,” he said.

Olubunmi spoke on the topic: “The Role of Technology in Taking the Insurance Industry to the Next Phase.” (NAN)(www.nannews.ng)

===============
Edited by Chinyere Joel-Nwokeoma

Illustration for Building Collapse
Economy/Business

Building collapse: Stakeholders reiterate importance of insurance, seek law review

By Lucy Ogalue

Some stakeholders have reiterated the importance of insuring public buildings and buildings under construction to avoid future building collapse.

They spoke during the National Insurance Conference 2023 on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that the conference has as its theme, ”Redefining Safety- Insurance Solutions for Public Buildings and Building Under Construction”.

According to them, the reoccurrence of building collapse in the country and its effect is becoming alarming and should be tackled accordingly.

They, therefore called for a review of the laws in the Insurance Act concerning building collapse.

They said this would help deter contractors and builders from engaging in substandard buildings and cushion the effect for victims of building collapse.

The Senate President, Godswill Akpabio, said the issue of compliance on insurance of public building and those under construction was critical.

Akpabio, represented by Sen. Darlington Nwokocha, said “when ever a building collapsed, it does not just result in loss of the building but loss of lives, livelihood and infrastructure that would not be replaced without insurance solutions.”

He, therefore, reiterated the need to ensure further actions and review the insurance laws while commending NAICOM for setting the pace towards addressing building collapse and ensuring insurance compliance.

The Speaker of the House of Representatives, Dr Tajudeen Abass, also decried losses due to building collapse in the country.

Abass, represented by the Chairman, House Committee on Insurance and Actuarial Matters, Ahmed Jaha, said the conference was apt and ensured succour for victims of building collapse.

He expressed the commitment of the National Assembly to collaborate with the insurance regulator to ensure protection of lives and properties in the country.

Also speaking, the Emir of Kano, Alhaji Aminu Ado Bayero, urged participants to learn more on safety regulations to avoid the tragedy occassioned by building collapse.

Bayero also urged relevant stakeholders to proffer solutions to the menace, while reiterating his commitment to support NAICOM in its quest.

Similarly, the Ooni of Ife, Oba Adeyeye Ogunwusi, pledged to collaborate with the regulator to ensure insurance inclusiveness in the country.

According to Ogunwusi, traditional rulers are custodians of traditional culture and are closer to the grassroots and will play their part in educating their people on insurance.

Also speaking, the Governor of Enugu State, Dr Peter Mba, attributed the cause of building collapse to negligence of due process.

Mba also pledged to collaborate with insurance companies in the state to ensure buildings constructed in the state followed due process.

While speaking on the role of Insurance and Technology, Mr Jim Ovia, Chairman, Zenith Bank Plc, called for improved insurance penetration in the country.

Ovia decried the low level of insurance penetration in the country when compared with the large population.

He urged NAICOM to partner with mobile companies so mobile phones could be used to deploy insurance services.

Also speaking, Mr Tony Elumelu, the Chairman, Heirs Holding, said there was the need to make insurance more attractive for youths as it would drive insurance penetration.

According to Elumelu, collaboration is also key to creating more awareness and ensuring compliance of insurance in the country.

He proposed recapitalisation for insurance and urged that a section of earnings of insurance companies should be set aside for awareness to drive the sector.

Elumelu said: “With the right enabling environment, we will see the transformation of the sector in Nigeria.”

Earlier, the Commissioner for Insurance, Mr Sunday Thomas, reiterated the commitment of the commission to continue to engage relevant stakeholders to drive the sector.

NAN reports that the conference was attended by government officials and key stakeholders and players in the sector. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

Business

Sanlam inaugurates products to commemorate Nigeria’s 63rd independence

L-R : Mr Tawiah Ben-Ahmed MD/CEO Sanlam Ghana, Mr Bode Opadokun, MD/CEO, Sanlam General, Mr Tunde Mimiko MD/CEO Sanlam Life, Mr Ajibola Bankole, Deputy Director, NAICOM

 

By Rukayat Adeyemi

Sanlam Nigeria on Wednesday launched the Family love and Code of Confidence insurance products in commemoration of the Nigeria’s 63rd Independence Anniverary

Mr Tunde Mimiko, Managing Director, Sanlam Life Insurance Nigeria Ltd. said that the family love plan is a funeral product that provides protection to family members to finance the funeral expenses of their loved ones.

Mimiko at the product launch in Lagos, explained that the plan was designed to enable Nigerians to give their departed loved ones a memorable farewell at ease.

“Indeed, when you buy a family love plan, celebration of life, becomes celebration of love. The product is designed with options for the lower, middle and the affluent retail market segment.

“At Sanlam Nigeria, we understand the love and care Nigerians have for family. That is why we created the family love plan.

“With this plan, you do not have to break the bank or compromise on your class, to give your love ones a deserving farewell when the unthinkable happens,” he said.

In his remarks, Mr Bode Opadokun, Managing Director, Sanlam General Insurance Nigeria Ltd., said that the Code of Confidence enables the insurer’s customers to report and settle third party motor insurance claims using a simple USSD code *1056#.

Opadokun noted that the unique product which is the first-of-its-kind in Nigeria, has since gained traction and popularity in the market.

He emphasised that the brand is committed to stakeholder-friendly ideas and innovations.

“We are particularly proud to highlight our USSD Code of Confidence, *1056#, which revolutionises the way our customers report and settle third party motor insurance claims.

“The code works on MTN and Airtel networks on any mobile device.

“With this innovation, our customers can be rest assured that they are just a dial away from getting their motor insurance settled on the spot.

“Once the claim is initiated, a Sanlam representative will contact the customer within 24 hours to verify the details and process the payment,” he said.

According to him, the launch of both products reflect Sanlam’s continuous innovative strategy and commitment to customer satisfaction.

Sanlam Nigeria, formerly FBN Insurance,

is a member of the Sanlam Pan Africa (SPA), founded in 1918 as a life insurance company.

It is a non-banking financial services group, with presence in 33 countries. (NAN) (www.nannews.ng)

 

Edited by Abdulfatai Beki/Olawunmi Ashafa

 

Defence/Security

FG enrols 110,000 military veterans into NHIS

By Sumaila Ogbaje

The Minister of State for Defence, Dr Bello Matawalle, has said that no fewer than 110,000 military retirees have been enrolled into the National Health Insurance Scheme (NHIS).

Matawalle made the disclosure during an interactive session with military retirees groups on Thursday in Abuja.

Represented by Dr Olajide Johnson, the Director, Health Services, Matawalle restated the Federal Government’s committment towards providing adequate healthcare for both serving and retired military personnel.

The News Agency of Nigeria (NAN) reports that the theme of the meeting is: ”Advancing the Health Care of Military Veterans”

The meeting was convened by the Defence Health Maintenance Ltd  (DHML), the Health Maintenance Organisation incharge of healthcare provision for military personnel under the NHIS.

The minister said that the Federal Government initially enrolled about 20,000 military retirees when the insurance scheme took off.

”Today, we have enrolled no fewer than 110,000 retirees, and the enrollment is still ongoing.

”The essence is to take care of the health needs of our military personnel after active service. I think that our veterans are lucky,” he said.

Matawale urged the beneficiaries to make adequate use of the scheme in the interest of their health.

”It is your right to be catered for at this period of your lives. At this stage what takes most of your money is your health.

”We are happy that the narrative has changed, the government now caters for you even after you have served the nation,” Matawalle said.

The minister commended DHML for giving priority to the healthcare needs of military retirees in its insurance package.

In his speech, the Managing Director of DHML, Rear Adm. Bayo Afolayan (Rtd), said that the essence of the meeting was to educate the military retirees on the benefits of the NHIS.

Olaniyan said that military retirees would access the health insurance package without deductions from their pensions

”We are here to enlighten you about the scheme. It is not true that your pension is being tempered with, nobody is touching any retiree’s money, it is free.

”The package is for you, your spouses and children, and you will enjoy it for life,” he said.

Also speaking, the Head, Administration, DHML, Cdr. Tunde Alabi (Rtd), noted that there was appreciable awareness about the scheme, and more retired military personnel had come out to enrol.

He said that DHML was committed to ensuring quality healthcare delivery for the military veterans, and urged them to take advantage of the scheme.(NAN) (www.nannews.ng)

Edited by Azubuike Okeh/Maharazu Ahmed

Defence/Security

Tinubu directs immediate payment of deceased soldiers’ insurance – COAS

 

By Sumaila Ogbaje

President Bola Tinubu has directed the immediate payment of insurance entitlements owed families of officers and soldiers who died while fighting to defend the nation.

The Chief of Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja, made this known at the opening of the Combined Second and Third Quarters COAS Conference, on Tuesday in Abuja.

The News Agency of Nigeria (NAN) reports that the conference is being attended by army field commanders and heads of institutions and establishments.

Lagbaja said said that the welfare of troops and their families was of paramount importance, and pledged to consolidate all existing welfare arrangements to enhance the well-being of troops and their families to keep them focused on their tasks.

“In addition to providing befitting living quarters for our personnel, we shall ensure the newly introduced ‘Affordable Home Ownership Option for All Soldiers Scheme’ designed to provide affordable and high- quality post-service homes for our soldiers work.

“We shall also ensure that our injured warriors get the best medical care and continue to support the widows and next-of-kin of our fallen heroes.”

Lagbaja appreciated President Tinubu for directing that all pending insurance payments owed the families were paid without delay, and for his strategic guidance of the Armed Forces.

“On behalf of the officers and soldiers of the Nigerian Army, I want to reiterate our unalloyed loyalty and pledge our total commitment to the defence of the Constitution of the Federal Republic of Nigeria,” he said.

The COAS urged army personnel to continue to work with other security agencies to decisively deal with all security challenges facing the country.

He told the participants of his Command Philosophy, which was to “transform the Nigerian Army into a well-trained force, equipped and highly motivated force towards achieving constitutional responsibilities within a joint environment”.

According to him, the philosophy would guide and drive the actions and engagements of the army in all operations within and outside the boundaries of Nigeria.

In his address, the Chief of Policy and Plans, Maj.-Gen. Abdulsalam Ibrahim, said the conference was for the officers to brainstorm on the state of affairs of the Nigerian army and develop plans for future engagements.

Ibrahim said the conference was also an avenue for the COAS to physically convey his command philosophy to the field commanders and heads of institutions and establishments.

He said the kinetic operations of the army across various theaters of operations had continued to record unprecedented successes, just as the non-kinetic efforts had continued to yield desirable outcomes.

“We are encouraged not to be demoralised by the incident in Niger State, but intensify our efforts to make the adversaries to continuously pay for their sins until they disappear or surrender.

”This conference is designed to provide us with a platform to reflect on achievements while appraising our operations and activities in the second and third quarters of this year in order to obtain plans that align with our overall goals.

“It will also provide us the unique opportunity to engage in honest discussions and insightful conversations and decisions that will guarantee more successes in our operations,” he said.

NAN reports that Lagbaja used the occasion to present new Toyota Hilux vehicle each to eight Regimental Sergeant Majors (RSMs) from different army units and formations. (NAN) (www.nannews.ng)

Edited by Maharazu Ahmed

General News

Firm inaugurates Nigeria’s 1st insurance Whatsapp-enabled platform

By Diana Omueza

BAS Insurance Brokers has inaugurated MAYA, a low-tech-enabled insurance product on WhatsApp to enables car owners have easy access to car insurance policy from their phones within 24 hours.

Ms Patricia Maigida, Chief Operating Officer (COO) BAS Insurance, said this at the inauguration of the product on Monday in Abuja.

According to her, the product is an easy and convenient whatsapp chatbox solution that saves time and money in accessing insurance.

“MAYA is just an easy and convenient whatsapp chatbox solution and distribution channel for quick and easy access to insurance.

“One of the problems of insurance in Nigeria is the distribution channels that are limited, so this is us creating a distribution channel added to the ones we have in existence.

“With your phone, you can now get your car insured.

“We believe this innovation will deepen the insurance penetration in Nigeria by cutting down on the long process of getting insurance policy,” she said

Maigida said the initiative to use whatsapp was due to its common usage by majority of phone users and car owners.

She said that with the product car owners need not download another app, but only save the MAYA number as a contact on their mobile device.

“Once you have MAYA as a contact on your phone, all you need to do is to chat Hi and the system is smart enough to respond asking what you want; whether a question to renew vehicle insurance or to get started.

“Once you click, you follow the processes.

“It can help you access your car chassis number in your vehicle, upload the car image and your driver’s license and immediately you will get your insurance policy number and certificate.

“The same process applies to making claims also. You click and follow the process to make claims; upload necessary documents and claims which may be gotten in not more than 24 hours,” Maigida said.

Mr Mordecai Gbaratu, Lead Marketing, BAS Insurance Brokers, said the product had been carefully studied to effectively meet its targeted market audience and evolve the insurance eco-system within a short time frame.

“MAYA brings the conversation back to consumers; enables them experience insurance on a platform with baseline quality in terms of service delivery.

“I am proud we are putting our best foot forward and we hope Nigerians embrace the opportunity of being one step ahead of unplanned uncertainty with everyday living,” he said.

On his part, Mr Aroh Kenneth, Principal Manager Licensing and Regulation, National Insurance Commission (NAICOM) said that the innovation was a welcomed development to the insurance eco-system in the country.

“It is no longer news that technology has come to stay in the business space and it did not elude the insurance eco-system.

“One of the insurance strategic goals is to encourage innovation and this is one of the areas we need to develop.

“With innovation like this, one can get insurance certificate particularly the motor aspect, from the comfort of their homes,” he said.

Ms Ifesinachi Okpagu, the Chief Marketing Officer, Heirs General Insurance, said the innovation and partnership with BAS Insurance Brokers was significant especially in promoting digital insurance.

“We believe that every Nigerian should have access to insurance and this is one of the ways to drive our mission and partnership. As the first digital insurance company this is a win for us,” she said.

Okpagu said the product aligned with Heirs insurance study and proposition on insurance policy and urged stakeholders to support its sustenance.

The representatives of the Federal Road Safety Corps (FRSC) and the Vehicle Inspection Officers (VIO) lauded the innovation and commended the insurance group for striving to make car insurance quick and easy for car owners.

The News Agency of Nigeria (NAN) reports that the MAYA insurance chatbox, through the WhatsApp Application, enables users to effortlessly navigate their insurance journey from purchasing policies to making claims from the comfort of a phone.(NAN)(www.nannews.ng)

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Edited by Chidi Opara/Isaac Aregbesola

Illustration for iron and steel
Economy/Business

Investment: FG commits to insurance coverage for steel projects

By Vivian Emoni

The Federal Government has taken significant steps toward rejuvenating the nation’s steel sector through comprehensive insurance coverage for ongoing steel projects in the country.

The Minister of Steel Development, Prince Shuaibu Audu, stated this during a crucial meeting with key agencies under the ministry.

The News Agency of Nigeria (NAN) reports that the projects are the Ajaokuta Steel Company Limited, the National Iron-Ore Mining Company, Itakpe, the National Steel Raw Materials Exploration Agency; Metalurgical Training Institute and National Metallurgical Development Center, Jos.

Audu said that the deliberate policy of the present administration to introduce insurance cover for steel projects was a critical step to mitigate the risks and uncertainties inherent in large-scale developmental endeavors.

“By providing this insurance coverage, the government aims to foster an environment that is conducive to attracting investments into the steel sector.

“It will also help in securing financing and fast tracking the successful completion of various steel related initiatives across the country.

“It will ensure a structured successful implementation of this policy and the ministry will outline a comprehensive two-year activation plan.

“The strategic plan is designed to catalyse the revival of all steel associated interventions which underscored a steadfast commitment to achieving tangible progress within stipulated time frame,” he said.

Audu said the journey towards revitalising the steel sector was beyond insurance coverage, adding that the government has devised a comprehensive overhauling strategy to tackle the multi-faceted challenges impeding the sector’s growth.

According to him, central to this strategy is the optimisation of skilled labour and enhancing security measures to ensure safe and productive working atmosphere.

The minister said that other indices for solutions to enhance the sector was to effectively rehabilitate rail infrastructure connecting the Itakpe and Ajaokuta Steel Complexes.

He said that a functional rail network for transportation of raw materials and finished products was necessary, adding that the potentials to significantly boost the operational efficiency of these complexes, would positively influence the entire street value chain. (NAN)(www.nannews.ng)

==========
Edited by Vincent Obi

General News

NAICOM, FG plan guidelines to insure government assets – Official

By Rukayat Adeyemi
The Commissioner For Insurance, Mr Sunday Thomas, on Friday said that the insurance industry and the Federal Government were working on guidelines for protection of government assets across the country.
Thomas, also Chief Executive Officer (CEO), National Insurance Commission (NAICOM), said this at the 2023 retreat for journalists covering insurance industry in Uyo.
The theme of the retreat is: ”Improving stakeholders perception; 2023 and beyond.”
He said since the new government came to power, he had met with the Secretary to the Government of the Federation, Sen. George Akume, to work out the guideline to insure government assets.
“We are taking it very seriously and President Bola Tinubu as well as a former governor of Lagos State, established insurance culture in the state.
“Until today, all the regime that succeeded him as governors in Lagos State have followed the template he laid in insurance,” he said.
The commissioner said that President Tinubu was interested in the insurance industry and ready to replicate what he did in Lagos State at the federal level.
Thomas said that the income generated as premium payment over the years by the government had gone upward and a lot had changed in terms of the relationship between the government and the industry. (NAN) (www.nannews.ng)
Edited by Chinyere Bassey/Idris Abdulrahman
Economy/Business

Afreximbank sets up insurance subsidiary to support intra-African trade

By Okeoghene Akubuike

The African Export-Import Bank (Afreximbank) on Sunday inaugurated its wholly-owned insurance management services subsidiary, AfrexInsure.

AfrexInsure was inaugurated on the sidelines of Afreximbank’s 30th Anniversary Annual Meeting in Accra, Ghana on Sunday, a statement released by BrandComms Agency said.

“AfexInsure was set up with a commitment to provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for the trade and commerce sector in Africa.

“ AfrexInsure was set up in 2021 to offer specialty insurance solutions for trade and trade-related investments across Africa with access to quality, best-in-breed specialty insurance that are tailor-made for Africa.

“With credible knowledge of Africa, AfrexInsure will leverage its risk expertise by using its continent-wide presence and deep understanding of the African market.

“AfexInsure will provide solutions around cargo handling, construction, operations, and energy, which are sectors critical for the growth and establishment of trade and investment intercontinentally.”

The statement quoted Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, as saying “AfrexInsure was established to facilitate the insurance of specialty risks.

“This is to support businesses in Afreximbank member countries to mitigate the problem of Africa having to rely on external partners to architect the continent’s economic resilience and development.”

The statement said Oramah, represented by Kanayo Awani, Executive Vice-President, Intra-African Trade Bank, said reducing the risk of transactions or investments, insurance could help drive forward business strategy for those engaged in intra-African trade.

” It would also enable global partners to further their commercial interests and ambitions in Africa.”

Oramah said insurance penetration was relatively low in Africa compared to other regions.

“AfrexInsure will, therefore, strengthen efforts to address this need in Africa and in partner states in the Caribbean.”

He said AfexInsure would also help retain insurance premiums in Africa and assist in ploughing back Africa’s investments into the continent for the enhancement of trade and economic development for the prosperity of the continent.

According to the statement, the launch also witnessed the unveiling of AfrexInsure’s logo and brand identity under the slogan “Insurance Optimised”.(NAN) (www.nannews.ng)

 

Edited by Vivian Ihechu

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