WAPIC MD RESIGNS

Wapic Insurance Plc has announced the resignation of its Managing Director, Ashish Desai with effect from July 28, 2015. In the interim, Bode Ojeniyi, the deputy managing director (DMD), whose appointment was approved by the National Insurance Commission on 23 March 2015 shall assume the position of Managing Director pending the conclusion of the selection process for a new MD.

MEET THE NEW COMMISSIONER OF INSURANCE

Alhaji Mohammed Kari, Dip. Ins. (ABU) ACII MBA (London), Chartered Insurance Practitioner with over 35 years Local and International Insurance and Management experience has been appointed as the New Commisioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM) by President Muhammadu Buhari for an initial term of four years effective from July 31, 2015.

LIBERTY ACQUIRES UNIC

South African Financial Services-based giant, Liberty Holdings, has acquired UNIC Insurance Plc owned by Nigeria’s Former President and Head of Interim National Government, Chief Ernest Shonekan.

Very reliable sources confirmed to Insuranceadvicenigeria.com that theacquisition is a done deal.The only thing delaying the announcement is documentation which is being finalised The Nigerian Stock Exchange (NSE) has in its latest report approved the request of UNIC to de-list its shares from the floor of the Exchange.This news would no doubt be a huge relief to the company’s shareholders.

STANDARD ALLIANCE MOVES ON

Standard Alliance has announced a strategic acquisition of substantial part of its shares by Gemrock Management Company Limited and Mr. Bode Akinboye as its new Group Managing Director/CEO.

According to information on its website, “Mr. Bode Akinboye is the Group Managing Director of the company. He is the Vice Chairman of Firstindependent Global Limited, a private Equity firm which spearheaded the setting up of Gemrock Management Company Limited, the special purpose vehicle used to acquire strategic stake in Standard Alliance Insurance Plc in December 2014″

15 THINGS DANIEL WOULD BR REMEMBERED FOR

Mr Fola Daniel leaves office as Insurance Commissioner after eight years of piloting the affairs of the apex regulator for the insurance industry, National Insurance Commission (NAICOM).

What do you think of his tenure as insurance Commissioner and how would you rate his performance? InsuranceAdviceNigeria highlights15 things he would be remembered for. 

#1: ‘No Premium No Cover’. For years, uncollected premium dogged the performance of Insurance companies. Successive administrations lacked the political will to implement the Insurance Act to the letter. It took the courage and wisdom of a Daniel to do this in 2013. Bye bye to the era where insurance covers were being written on credit!

HEIRS INSURANCE RESURRECTS

The National Insurance Commission (NAICOM) has issued a Notice of Registration of HEIRS Insurance Limited as a newly registered insurance company.

Promoted by Tony Elumelu, banker and entrepreneur, the company secured the licence to operate a composite insurance company which will underwrite both Life and General Business lines.

UNDERSTANDING MICRO INSURANCE

Microinsurance is a mechanism to protect low-income households against risks, such as illness, a death in the family, or crop failure. The costs and benefits of this kind of insurance are specifically adapted to suit the needs and incomes of low-income households. Microinsurance is particularly important for those in the informal economy who tend to be underserved by mainstream commercial and social insurance schemes.

Microinsurance provides a critical safety net, preventing households from falling into poverty by avoiding the damaging costs of emergencies. It helps low-income people avoiding difficult, often devastating risk coping measures such as putting children to work, eating less food, or selling productive assets. But microinsurance can deliver many other benefits to low-income households, even in the absence of a shock:

Health microinsurance Agriculture microinsurance

Access to vital services

Insurance can allow low-income people to access vital services like health care and agricultural services