INSPENONLINE: IFC partners AIICO to Extend Insurance Services to more Nigerians

Friday, 6 February 2015

IFC partners AIICO to Extend Insurance Services to more Nigerians

Managing Director, AIICO Insurance Plc Edwin Igbiti (4th right) and Eme Essien Lore, IFC Country Manager for Nigeria (4th left) at the event.

Press Release

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IFC, a member of the World Bank Group, announced an agreement to provide a $20 million convertible loan to AIICO Insurance Plc, to support its expansion activities across Nigeria. The expansion of insurance services help increase economic security, and creates the development of new asset pools that can be invested in other to support economic development, including job creation. The transaction was signed today at AIICO Corporate head office in Lagos.

AIICO Plc will use the loan facility to increase its agency network and retail centers and increase its reach and footprint across the country. The facility will also enable AIICO further strengthen its information technology platform to achieve greater efficiency in claims processing and customer services.

“AIICO Insurance Plc offers life and non-life insurance products to individuals, households, and businesses with a focus on value creation” said Edwin Igbiti, Managing Director, AIICO Insurance Plc. “Partnering with IFC will help AIICO expand its activities further to meet the needs of the consumers who require more options. It will improve AIICO’s operational efficiency and strengthen the economic security and prosperity in Nigeria.”

IFC’s global insurance strategy aims to increase the penetration of insurance in underserved markets, promoting diverse products and developing long-term partnerships with institutions that can help expand its developmental goals.

Chairman AIICO Insurance Plc Dr Oladele Fajemirokun (2nd left); Managing Director, AIICO Insurance Plc Edwin Igbiti (Right) at the event.

Eme Essien Lore, IFC Country Manager for Nigeria said, “Availability of insurance coverage is an important enabler of managing economic risk and promoting security of consumers and private businesses. IFC’s support to AIICO’s expansion reinforces our commitment to improving social stability and economic growth in Nigeria.”

IFC encourages a diverse range of insurance products, including property, health, agro, life, micro insurance and pensions. IFC mobilizes additional resources through global and regional insurance companies, other developmental financial institutions, and financial investors.

AIICO Insurance PLC is the market leader in Life assurance and annuity services market and offers life, non-life insurance, pension management, health insurance and asset management. It is the second largest insurer in Nigeria by gross premiums and has maintained a top three position over the last five years.

Chairman AIICO Insurance Plc Dr Oladele Fajemirokun

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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