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AfDB To Invest €10Mn In Reinsurance Firm

The African Development Bank (AfDB) has signed an agreement to invest in the Joint Reinsurance Company of member-states of Conférence Interafricaine des Marchés d’Assurances (CICA-Re). Under the agreement, the development finance institution will take a 6.56-billion FCFA stake (approximately €10 million) in CICA-Re and join its board of directors. In formalizing the deal, chief executive […]

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NDIC Restates Commitment To Nigeria’s Financial System Stability

The Nigeria Deposit Insurance Corporation (NDIC) has restated its commitment to its mandate by ensuring that depositors’ funds are secured and by so doing, support the monetary authorities’ efforts to ensure the nation’s financial system stability. The NDIC’s Managing Director, Mr Bello Hassan, made this promise at a retreat with the theme ‘Deposit Insurance In […]

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Investors ‘Increasingly Disenchanted’ With Reinsurance – Researcher

Analysts at Berenberg, a Germany-based multinational full-service investment bank, have described the conflict between Russia and Ukraine as “the final nail in the coffin” for many investors who have become “increasingly disenchanted with the subsector’s perceived proclivity to lose money.” The investment bank noted that heavy natural catastrophe losses over the past five years, combined […]

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Saudi Re Targets Expansion With 50% Capital Increase

The Board of Directors of Saudi Re, the first reinsurance company established in Saudi Arabia, has recommended a 50% increase in the company’s capital to SAR 1.336 billion (approx. USD 356m) through a rights issue. A news report by Reinsurance News indicated that currently, Saudi Re’s capital stood at SAR 891 million (approx. USD 238m) […]

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Re/Insurers Could Face $10Bn In Claims From Stranded Planes – Fitch

Analysts at Fitch Ratings have warned that insurers could face claims as high as $10 billion in a worst-case scenario due to the grounding of planes in Russia, with 30-40% likely to be passed on to reinsurers. More than 500 planes that are financed or owned by non-Russian lessors are stranded in Russia due to […]

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Nigeria’s Total Pension Fund Assets Hit N13.61Trn In January

Nigeria’s total pension fund assets grew to a record highest value of N13.61 trillion in January 2022, representing 1.4% or N183.8 billion rise over the value of the assets totaling N13.42 trillion as of December 2021. The latest pension assets value was contained in the unaudited report by the regulatory authorities on the pension funds […]

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Kano Govt Targets Compulsory Insurance To Attract Foreign Investments

Kano State Government has unveiled plans to use the growing insurance culture to attract foreign investments into the state The State Governor, Dr. Abudullahi Ganduje, who was represented  at a Three-Day retreat for members of the Technical Committee on implementation of Third Party Liability and other Insurances in Kano State by the Secretary to the […]

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Gallagher Re Puts Insured Catastrophes Losses At $116Bn In 2021

Gallagher Re, one of the world’s leading reinsurance brokerage firms, has reported that insured losses from major catastrophes in 2021 have so far reached $116 billion, the third largest in 10 years. The reinsurance broker also reported that the figure was about 63% higher than the average annual loss since 2011. For instance, it recalled […]

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NAICOM Fixes Web Aggregator’s Licensing Fee At N2.5Mn

The National Insurance Commission (NAICOM) has issued operational guidelines which require intending Web Aggregator to pay N2.5 million as licensing fee. In addition, the intending aggregator is required to pay a non-refundable fee of N500,000, while license renewal will cost N1 million. According to the insurance practices regulator, the guidelines will serve as a working […]

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Analysts Forecast Bright Outlook For Re/Insurance Amidst Threats

Analysts at EY, a global firm that exists to build a better working world, helping create long-term value for clients, have argued that the global re/insurance is “poised for a period of purposeful growth,” despite daunting macroeconomic and structural challenges, fierce competition and ongoing tech-driven disruptions. Experts in the leading investment research firm, specifically noted […]