The companies under investigation cut across some of Nigeria’s most sensitive industries. They include 795 financial institutions, 392 insurance brokers, 35 insurance companies, 10 pension firms, and 136 gaming operators. Each has been given 21 days to prove compliance or risk sanctions.

According to a statement signed by Babatunde Bamigboye, head of Legal, Enforcement and Regulations at the NDPC, the affected organisations must present evidence of their 2024 compliance audit returns, the appointment of a Data Protection Officer with full contact details, as well as technical and organisational safeguards they have put in place. 

They are also expected to confirm registration as a “data controller or processor of major importance.”

“These organisations are required to within 21 days of issuance provide evidence of filing NDP Act Compliance Audit Returns for 2024, evidence of designation or appointment of a Data Protection Officer, including name and contact details. 

“They are also to provide summary of technical and organisational measures for data protection within the organisation and evidence of registration as a data controller or processor of major importance,” the Commission stated.

The Commission argues that such enforcement is necessary to secure citizens’ rights under the 1999 Constitution and to strengthen trust in Nigeria’s digital economy. The NDPC says that failure to comply could trigger fines, enforcement orders, or even criminal prosecution as stipulated under the NDPA.

This latest development comes weeks after Multichoice Nigeria was fined ₦766.2 million for data protection violations, the biggest penalty imposed so far. 

The pay-TV operator was found guilty of intrusive data practices, unauthorised cross-border transfers, and processing subscriber and non-subscriber data without proper consent.

National Commissioner, Dr Vincent Olatunji, explained that the Commission operates a remediation-first approach to enforcement. He noted that businesses willing to correct violations are given an opportunity to do so before penalties are applied.

“Usually, when we investigate and find a breach, if they are ready to comply with the law, what is the point of making noise? It’s only when an organisation is unwilling to comply with the law that we are forced to impose sanctions,” he said.

Experts believe the Commission’s growing assertiveness shows a turning point. For years, compliance was largely voluntary, but this change shows that regulators are no longer content with awareness campaigns. 

The NDPA, modelled after global standards such as the GDPR, is designed both to protect Nigerians’ personal data and also to give local firms credibility in regional and international markets.

In a filing with the Maine attorney general’s office on Saturday, Allianz Life Insurance Company, a U.S.-based insurer revealed that the breach occurred on July 16, 2025, and was discovered the following day, July 17.

The company did not disclose the exact number of individuals affected.

According to Reuters report, Allianz Life said that the breach stemmed from unauthorized access to a third-party, cloud-based customer relationship management (CRM) system.

The hackers reportedly used a social engineering technique to infiltrate the system and extract sensitive personal data.

“On July 16, 2025, a malicious threat actor gained access to a third-party, cloud-based CRM system used by Allianz Life Insurance Company of North America (Allianz Life). The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life’s customers, financial professionals, and select Allianz Life employees,” a company spokesperson told Reuters via email.

The breach was first reported by TechCrunch.

Allianz Life has since notified federal authorities, including the FBI, and launched an internal investigation. The company said there is currently no indication that its core systems, including its policy administration platform or internal network, were compromised.

The insurer emphasized that the incident is isolated to Allianz Life and does not affect other Allianz entities globally.

[Source: Reuters]

A new “future of insurance” survey of more than 500 insurance executives from 17 countries by Economist Impact and data and AI leader SAS reveals that 78% believe that the industry has “an ethical obligation” to close the protection gap.

Furthermore, surveyed executives primarily see technology as the most effective avenue for their organisations to address the protection gap. And as losses to insurers from climate change mount, three in four (76%) consider closing the protection gap a “significant” business opportunity.

Revealing the paths to 2040: a global industry survey report, which is complemented by a data dashboard, examines the risks, opportunities and trends insurance leaders believe will shape the insurance industry in years ahead. Alongside the global protection gap, these trends include the climate emergency, data and AI innovation, and rising fraud and cybersecurity risks.

Experts from The World Economic Forum, The Geneva Association, Economist Impact and SAS will explore the research in depth in a webinar on March 6.

Register to attend Four Futures of Insurance: Strategic Insights from Economist Impact Research, streaming live at 11 a.m. EST and available later on demand.

“Insurance has always been about building resilience, and today, the stakes have never been higher,” said Sabine VanderLinden, CEO and co-founder of Alchemy Crew. “With a $1.8 trillion global protection gap and mounting challenges, from climate change to fraud and cyber threats, the industry stands at a crossroads.”

A widening divide

In 2024, increasingly catastrophic fires, flooding, storms and earthquakes cost $368 billion in global economic losses; 60% of those losses were uninsured. In the property and casualty sector, this primarily stems from vulnerable communities, often in high-risk markets, where the effects of climate change make buying insurance difficult to afford or impossible to purchase altogether.

The protection gap also includes fiscal losses to historically underserved populations in health and life insurance, which will grow as climate change continues to unfold. Extreme heat and cold, for instance, are projected to particularly harm and kill children, the elderly and the socioeconomically disadvantaged. Improving access and offering affordable coverage to underserved markets will be imperative as health and life insurers adapt to worsening climate risk.

“As financial first responders, insurance leaders understand that shifting from detecting and repairing after catastrophe to predicting and preventing is critical to addressing increasing climate risk and insurance affordability challenges at hand,” said Sean Kevelighan, CEO of the Insurance Information Institute.

“What’s more, finding ways to incentivise this shift in behaviours and mindsets amongst our customers and communities will reduce risk levels as well as the protection gap.”

What barriers prevent action?

Insurance executives regard the following as top internal barriers that “significantly/very much” limit their organisation’s ability to take advantage of industry trends:

1. Understanding of consumer needs (76%)
2. Understanding of external environment (75%)
3. Outdated tech systems (75%)
4. Working in silos (74%)
5. Slow rate of innovation (74%)
6. Lack of resources (73%)

“Three-quarters (77%) of insurance leaders identify lack of trust in the industry as a significant barrier to closing the protection gap, and it’s no wonder why,” said Franklin Manchester, Principal Global Insurance Advisor at SAS. “As carriers retreat from disaster-prone areas and data privacy violations are revealed, insurers must act decisively to regain consumer and regulator confidence.

“Full data transparency and investment in responsible innovation would be a significant step forward to reputation and brand reform – one of the top three outcomes the surveyed execs report could come from closing the protection gap.”

Tech paves a path to closing the protection gap

Surveyed execs were asked to identify the avenues they believe would help their organisations most effectively target the global protection gap. Three of the four most popular methods involve technology, including:

• Using technologies to make insurance products more affordable (48%); 40% of the respondents’ organisations are currently deploying.
• Developing innovative insurance products like parametric or microinsurance (42%); currently in action at 40% of respondents’ organisations.
• Engaging with regulators via insurance organisations (38%); 28% of the respondents’ organisations are currently undertaking.
• Leveraging data to better assess risks and design products (39%); 32% of the respondents’ organisations are working on.

“The future belongs to those who harness innovation – AI, data and emerging frontier technologies – to make insurance not just more accessible but more equitable,” added VanderLinden. “The industry must certainly cover risks. It also must empower communities, create trust and bridge the divide for a more secure tomorrow.”

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The association made the presentations when the new NAICOM leadership paid a courtesy visit to association recently in Lagos.

Olusegun Omosehin, the commissioner for Insurance accompanied by his deputies, Dr. Usman Jankara and Dr. Olawoye Gam-Ikom, visited the NIA to discuss collaborative efforts for advancing the insurance sector.

Omosehin, at the visit, emphasied his commitments to fostering a robust and stable insurance industry that prioritises the protection of policyholders and beneficiaries.

“My mandate is to ensure a very safe, sound, and stable insurance sector that can protect policyholders, and consumers, and build public trust in the insurance industry.” he submitted.

He further outlined his administration’s agenda, focusing on increasing insurance penetration and ensuring efficient and prompt claims settlements.

Omosehin underscored the importance of compliance with industry regulations to achieve NAICOM’s vision and urged stakeholders to prioritize regulatory adherence.

In response, NIA members, represented by their CEOs, shared their concerns and expectations to help realise NAICOM’s vision for the industry;

1. They implored the NAICOM leadership to revisit the placement of insurance business adverts for greater visibility and awareness.
2. The sought NAICOM’s support on NIA’s claims payment committee to be established which would help facilitate prompt settlements.
3. Enforcing insurance for public buildings and construction projects to ensure safety.
4. Enhancing collaboration with government agencies for regulatory efficiency.
5. Digitalizing agency license processes for improved speed and convenience.
6. Reconstituting the IICC committee to drive industry growth and development.
7. Supporting the implementation of the Nigerian Insurance Industry Portal (NIIP) for better digitalisation and accessibility.
8. Collaborating with PenCom on group life enforcement to ensure compliance.
9. Establishing a maximum retention period for claims records to improve data management.
10. Accelerating the approval of new products to drive innovation.
11. Considering industry perspectives in policymaking for inclusive decisions.
12. Segmenting industry players to promote specialization and competitiveness.
13. Ensuring timely approval of principal officers for leadership stability.
14. Forming strategic partnerships with the government to boost economic growth.
15. Speeding up the transformation roadmap for timely implementation.
16. Sanctioning members involved in premium rate cutting to enforce compliance.
17. Promoting public-private sector collaboration in government business.
18. Ensuring market discipline to promote a culture of compliance and accountability.
19. NAICOM and NIA to worke collaboratively towards the growth and development of Nigeria’s insurance industry.

Edwin Igbiti, the president/chairman of the CIIN noted this while addressing the Fellows of the Institute at the Year 2024 CIIN Fellows’ Event, yesterday in Lagos.

Igbiti addressed Fellows as way-makers, who have paved the way for excellence in the field of insurance.

“As Fellows of this esteemed Institute, we carry a responsibility not only to uphold the highest standards of professionalism but also to champion inclusivity and accessibility within the insurance sector,” he posited.

He further urged the Fellows to take this opportunity to reflect on the impactful work that has been done and to look ahead to the opportunities that lie before them as Fellows of CIIN.

He acknowledged that their commitment to innovation, professional growth, and ethical practice sets a standard within the industry that inspires other stakeholders.

On his path, past president Sunny Adeda, the Chairman of the Society of Fellows, Sunny, noted that Fellows are not merely leaders in their field, rather, they are custodians in their Profession.

Hence, it is incumbent upon us (Fellows) to ensure that the benefits of insurance are accessible to all, irrespective of socio-economic status, geographical location, or any other barriers that may exist.

Adeda, while speaking to the reason behind the theme for the Year 2024 Edition of the Fellows’ Event; ‘Bridging the Gap: Ensuring Access and Inclusivity in Insurance – A Call to Action for Fellows’ stated that “In Nigeria, like many parts of the world, there remains a significant gap in insurance penetration and accessibility.

“Millions of our citizens are still underserved and unprotected, leaving them vulnerable to the devastating impact of unforeseen events and disasters.”

He emphasised the need for young professionals to attain the Fellowship status of the Institute, adding that the number of active Fellows of the Institute as of date is ridiculous for such an Institute.

The Guest speaker of the event, Modupe Bammeke, challenged Fellows of the Institute to bridge the gap.

“The gaps must be known, they may include a lack of awareness and understanding of insurance products, affordability constraints, cultural perceptions, and inadequate distribution channels. As Fellows, we possess the knowledge, expertise, and influence to dismantle these barriers and create pathways to greater inclusivity,” he said.

He submitted that Fellows are learned professionals, custodians of ethical standards and practice, hence their works and achievements are roadmaps for young practitioners.

Some of the participants who graced the event,  opined that Fellows should be involved in the technical decision making process for the Industry and also support the course for Industry-Governmental relationships so the Industry can gain more attention in the financial space.

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On the other flip of the coin, Insurance policies are contracts between the policyholder and the insurance company, are of different types depending on the risk they mitigate.

Broad categories include life, health, motor, travel, home, rural, commercial and business insurance.

Hard times demand sophisticated approach and topnotch management skills, hence every Nigerians combating the duo challenge of scarcity and economic holocaust must learn to protect and manage what is currently at his/her disposal.

This can be achieve by taking advantage of various insurance policies available a number of which Techeconomy has help you to enumerate them:

1. Life Insurance

Life insurance is a contract between an insurance company and a policy owner in which the insurer guarantees to pay a sum of money to one or more named beneficiaries when the insured person dies in exchange for premiums the policyholder pays during their lifetime.

The best life insurance companies have good financial strength, a low number of customer complaints, high customer satisfaction, several policy types, available and included riders, and easy applications.

Many different types of life insurance are available to meet all sorts of needs and preferences.

Depending on the short- or long-term needs of the person to be insured, the major choice of whether to select temporary or permanent life insurance is important to consider.

Term life insurance is designed to last a certain number of years, then end. You choose the term when you take out the policy. Common terms are 10, 20, or 30 years. The best term life insurance policies balance affordability with long-term financial strength.

Decreasing term life insurance is renewable term life insurance with coverage decreasing over the life of the policy at a predetermined rate.

Convertible term life insurance allows policyholders to convert a term policy to permanent insurance.

While renewable term life insurance provides a quote for the year the policy is purchased.

Premiums increase annually and are usually the least expensive term insurance in the beginning. Again, many term life insurance policies allow you to renew the contract on an annual basis once the term is up.

This is one way to extend your life insurance coverage, but since the renewal premiums are based on your current age, they can rise steeply each year.

A better solution for permanent coverage is to convert your term life insurance policy into a permanent policy.

According to the National Insurance Commission (NAICOM), there are 58 life insurance companies in Nigeria.

In 2022, the value of gross life insurance premiums written in Nigeria exceeded 600 million euros for the first time. In that year, life insurance premiums amounted to 677.3 million euros in Nigeria, up from 545.2 million euros in the previous year.

Although there are several stereotypes revolving around life insurance in Nigeria, some believe Nigerians cannot be held responsible or blamed for having trust issues when it comes to payouts.

They are more or less used to getting hoodwinked in these kinds of situations. Hence, they have naturally grown a resistance to trusting organizations that make promises to pay claims whether legally binding or not

Nonetheless, Nigerians must know that this is a myth, an untrue tale peddled as facts.  But on the contrary, each year life insurance companies pay billions of naira in claims to Nigerians via various insurance policies.  So I believe that life insurance is very expensive.

2. Health Insurance

According to experts, a health insurance policy must be a part of your financial planning and it should be purchased early when you are young and responsible to stay safe and secure.

Investing in a health insurance plan at an early age also provides other numerous advantages such as better sum insurance coverage, lower premium rates, no medical tests, and so on.

Healthcare expenses are increasing at a rate higher than medical inflation, and that is why it’s a must for everyone to have health insurance coverage which not only helps you to save your emergency funds and save of a lifetime, in case any medical emergency occurs to you or your near and dear ones, but also supports you to deal with rising medical costs.

Typically, the cost of a health insurance plan in Nigeria for either parents or their children is around ₦9,000 for an individual.

For private medical care services, the singular health insurance plan fee starts from ₦35,000 to ₦220,000, and family plans range from ₦125,000 to ₦650,000.

Vital Contributors Social Health Insurance Program (VCSHIP) costs an enrollment expense of ₦15,000 and ₦10,000 per head while the National Mobile Health Insurance Program (NMHIP) costs ₦12,000 and ₦9,000 per head.

However, Health insurance has barely scratched the surface in Nigeria with regards to percentage coverage of the population. 97% of Nigeria’s population is not covered by any kind of health insurance.

The three percent (3%) of the population who have health insurance are provided for by employee health coverage.

Unsurprisingly, of the three percent of Nigerians with health insurance, men have more insurance coverage than women as 56.7% of those covered are male as against 43.3% of the women.

It is also important to note that access to affordable health care remains out of reach for most Nigerians especially those without formal employment.

Despite introducing various health insurance programs, the National Health Insurance Scheme (NHIS) has failed to capture those out of the employment cycle.

The cumulative coverage rate of these other programs was less than one percent of those covered by health insurance.

3. Motor Insurance

Vehicle insurance covers cars, trucks, motorbikes, and other types of road vehicles. It is often referred to as auto insurance, motor insurance, or car insurance.

Its main purpose is to offer financial protection against bodily harm or physical damage sustained in auto accidents, as well as against any responsibility resulting from such situations.

In addition to providing financial protection against theft, vehicle insurance may also cover damage to the vehicle resulting from non-traffic-related incidents including keying, weather-related or natural disasters, and collisions with stationary objects.

The exact conditions of auto insurance differ depending on local laws in every area.

It is important to note that several myths revolve around motor insurance in Nigeria some people believe that Car Insurance is more expensive for young people.

This is one of the most common car insurance myths. The general idea behind this myth is that young people are more likely to be involved in accidents, so their premiums will be higher to account for this risk.

While this idea may be true, car insurance companies also use different criteria when determining rates for other age groups. The veracity of this, whether scientific or otherwise, has not been validated.

While it may seem natural to assume that cars with lower accident rates will have lower insurance rates, this is not always the case. Many insurance companies use the total cost of the car to determine the rate.

You will likely be charged more for your insurance policy if you have a more expensive vehicle. However, there are a few exceptions to this rule.

If you have a car that is particularly difficult to repair, you may be charged more for your insurance policy. There are also numerous others to mention.

Data sourced from the Federal Roads Safety Corps (FRSC) and the Nigerian Insurers Association (NIA) revealed that there are 12 million vehicles plying roads across the country of which only a 3.11million were insured as of the end of 2023, indicating only 25 percent of vehicles are currently insured. It is important to note that out of 15,507,000 registered vehicles in West Africa, Nigeria accounts for 11,869,800 vehicles or 75 percent,  “indicative” of the market size for automotive products supply especially for repairs/replacement.

Techeconomy investigations show that motor insurance premiums went up by 76.9 percent Year-on-Year, YoY, in the first half of 2023, H1 ’23, to N57.3 billion from N32.4 billion recorded in H1’22.

Accordingly, the insurers reported a 66.2 percent increase in motor insurance income to N32.9 billion in the first quarter of 2023, Q1’23, from N19.8 billion recorded in Q1’22.

It is important to note that NAICOM, also raised claims for motorists to N3 million from N1 million in the event of an accident.

According to the National Bureau of Statistics (NBS), a total of 2,717 road accidents were recorded in Q4 2023, showing an increase of 24.23 percent from Q3 2023, which saw 2,187 car crashes. “However, on a year-on-year basis, traffic accidents decreased by 33.12 percent from 3,617 recorded in Q4 of 2022.

He said the number of insured vehicles on Nigerian roads dropped from 3.70 million in 2022 to 3.1 million in 2023.

He disclosed this at a press briefing on performance of the industry in 2023 and expectations/forecasts for the industry in 2024.

According to him, the insured vehicles uploaded into the Nigerian Insurance Industry Database (NIID) dropped by 18.97 per cent to 3.11 million as at the end of December, 2023, he however stressed that the industry did not witness surge of upload on the NIID as expected, rather, it has been almost the same level.

He further underscore that 2023 was a tough year for everyone including those who had to pay for insurance hence the decline in insured vehicles.

The insurance boss noted that the volatile economic environment in Nigeria, couple with the emerging risks took a toll on Nigerians’ appetite for insurance services, keeping insurers on their toes and in search of initiatives for building public trust to win mass patronage and in search of offshore reinsurance backing for huge claims from emerging risks.

Omosehin also noted that  government policies such as fuel subsidy removal and upward review of premium on compulsory Motor Third Party insurance, has compelled many Nigerians to restrict themselves on the number of vehicles they put on the road as well as number of vehicle particulars they renew between last year and this year.

As a result, he said insurance Chief Executives have been put on their toes in search of initiatives to build public trust, credibility for patronage and offshore reinsurance backing for huge claims coming their way.

He stressed that the macro-economic situation emanating from some policies of government affected people’s life style and spending habits thereby limiting their purchasing power and appetite for some insurance policies even the compulsory insurances.

Attributing this to initial resistance expected from consumers when prices of goods change, Omosehin said he expects change in behaviour from the insuring public this year adding that as enforcement continues, people would do the right thing.

In his words:

“We are more interested in pushing the policy count and being able to get more people come into the platforms so that we can account for the genuine third party policies that are issued in the market. This is the major area of focus and that we have seen a major progress for us as an industry.

“The increment in premium could have impacted the numbers, but 2023 was a tough year for everyone including those who had to pay for insurance. This is despite the fact that the association embarked on more awareness creation and enforcement of the law since the premiums were increased,”

The development is coming following the upward review on premium rate for motor insurance by the National Insurance Commission (NAICOM) in December 2022.

The new premium rate which became effective on January 1, 2023 saw Private Vehicles increased from N5, 000 (for N1 million Third Party Property Damage (TPPD) limit) to N15, 000 to provide benefit for N3 million TPPD, while Owner Good Vehicles of N20, 000 premium for N5 million claims limit, and Staff Bus to N20,000 premium for N3 million claims limit.

For Commercial Trucks and General Cartage, they are to pay N100,000 premium for N5 million TPPD limit; Tricycles N5,000 for N2 million TPPD limit, and Motor Cycles N3,000 for N1 million TPPD limit.

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The four persons promoted into leadership positions are Jumoke Akinyele, Gabriel Olonisakin, Ugochukwu Ukaogu and Judith Ezeali.

While Jumoke Akinyele and Gabriel Olonisakin were elevated to the positions of  Business Director and Creative Director respectively,  Judith Ezeali moved up the ladder to the position of Deputy Business Director and Ugochukwu Ukaogu was promoted to the position of Associate IT Director.

Speaking on the promotion, the Chief Executive Officer of Noah’s Ark Communications Limited, Lanre Adisa, stated that the elevation is in line with the company’s culture of recognizing high-performing team members while creating the enabling environment for them to develop their skills and collaborating to achieve exceptional performance in their new roles.

Adisa expressed optimism that the promoted staff would bring fresh ideas to reinvigorate the leadership team to record tremendous success in the coming years. He noted that all the elevated team members have put in meaningful years of hard work, loyalty and dedication.

Jumoke Akinyele started her career in the agency in 2010 as a temp/intern and rose to her current role. Until recently, she was the Associate Director and was responsible for managing business processes and cross-functionally working with critical stakeholders and agency teams to solve marketing problems while ensuring profitability for the business.

Jumoke holds a B. A. in English Language from Adekunle Ajasin University, Ondo State and  an MBA from Nexford University, USA.

She is an alumna of the Lagos Business School (Senior Management Programme). An ARCON-certified marketing communications and brand management professional, her industry experience spans several multinational and local brands across various industries and categories, some of which are  Maltina, Airtel, Maggi, Rexona, Minimie, Hacey Initiative, PayAttitude, Fayrouz, Indomie, Paga, SWIFT Networks, Three Crowns Milk, Peak Milk, Travelstart, Hypo, Power Oil, among others.

Similarly, Gabriel Olonisakin joined the company 13 years ago, bringing a unique blend of artistic vision, strategic thinking and leadership prowess into his new role. Throughout his career, he has been instrumental in crafting visually stunning and conceptually compelling campaigns that captivate audiences and drive brand success.

A serial award winner, he has won laurels at global and regional advertising festivals, including the Loeries and Epica Awards. He clinched the first-ever creative effectiveness medal at the Lagos Advertising and Ideas Festival and was recognized for his creativity at the African Cristal Awards.

Judith Ezeali started her career with Brand Communicator magazine in 2008 as an Assistant Editor and Sales Lead before joining 141 worldwide (now Nitro 121).  She left 141 Worldwide as an intern and moved to Bi-Courtney Aviation Services Limited in 2011. In 2014, she joined Noah’s Ark Communications Limited as an Account Executive and rose to become a Deputy Director.

Her work involves business operations, brand management, client servicing and managing the creative processes from start to finish.

Over the years, she has garnered cross-industry experience from working on various brands in diverse categories spanning Telco, FMCG, Insurance, Aviation, Travel, Education, Hospitality and Financial Services.

Ezeali, who holds a B. Sc. in Mass Communication from Olabisi Onabanjo University, is also an alumna of the prestigious Lagos Business School, SMP 80 Class. She is an associate member of ARCON (ARPA) and holds a diploma in digital marketing (DDM) from the Digital Marketing Institute, Ireland.

Ugochukwu Ukaogo is a seasoned professional in IT infrastructure management with a robust experience.

He joined Noah’s Ark as an Assistant Manager and rose to Deputy IT Director before his latest promotion to Associate IT Director.

Before joining Noah’s Ark in 2017, he had worked in different multinational companies, ranging from telecommunications to fast-moving consumer goods.

The company’s GWP rose from $153.3 million in 2021 to $214.2 million in 2022, representing a remarkable growth rate of 40%.

During the 2022 Annual General Meeting held in Accra over the weekend, Duffuor shared further insights into WAICA Re’s performance. He revealed that Facultative business accounted for $160.2 million, contributing 75% of the GWP, while Treaty business brought in $54 million, representing 25% of the GWP.

Duffuor highlighted the breakdown of the premium generation by business classes. Property insurance generated 50% of the 2022 GWP, followed by Casualty with 16%, Engineering with 11%, Oil & Gas with 10%, Marine & Aviation with 7%, Motor with 3%, and Life with 3%.

The company experienced robust growth across all classes of business, except for Motor, which declined by 11% compared to the previous year. Notably, Property insurance saw a substantial growth rate of 83%, followed by Life at 56%, Engineering at 51%, Marine & Aviation at 28%, and Oil & Gas at 27%.

WAICA Re’s GWP growth momentum varied across its operating countries. Liberia led the way with a 229% increase in GWP, followed by Kenya with 105%, Zimbabwe with 94%, Asia and the Middle East with 65%, The Gambia with 40%, Tunisia with 36%, Nigeria with 35%, Ghana with 2%, and the rest of Africa with a 12% decrease. Sierra Leone experienced an 81% decline in GWP.

Duffuor emphasized the significance of WAICA Re’s home market, stating that Anglophone West Africa, including Nigeria and Ghana, contributed 37% of the total GWP. Francophone West Africa accounted for 8% of the GWP, Tunisia contributed 11%, and the Middle East, the rest of Africa, and Asia contributed 7%, 6%, and 5% respectively. WAICA Re’s subsidiaries in Zimbabwe and Kenya each contributed 13% to the GWP

Despite a 23% increase in operating expenses from $18.5 million in 2021 to $22.7 million in 2022, WAICA Re demonstrated strong underwriting profitability due to sound risk selection and underwriting practices. The company achieved a 27% growth in technical profit, rising from $37.9 million in 2021 to $48.3 million in 2022. Underwriting profit also increased by 32% from $19.4 million in 2021 to $25.6 million in 2022.

Investment and other income witnessed a 16% increase from $4.6 million in 2021 to $7.2 million in 2022. WAICA Re’s net profit before tax rose by 41%, reaching $29.9 million in 2022, compared to $21.2 million in 2021.

The company’s improved premium collection allowed for a 28% increase in cash and investment assets, totaling $184 million in 2022, compared to $144.4 million in 2021. Reflecting the profit performance in 2022, WAICA Re declared a dividend of $0.10139 per share, amounting to $6 million for the year, an increase from the $5 million dividend declared in the 2021 financial year.

Duffuor announced the successful outcome of the rights issue, which aimed to attract more investors. The rights issue involved 10,000,000 ordinary shares of par value $1 at a price of $2.72 per share. After the rights issue, the total share capital of WAICA Re increased to $88,438,695 as of March 31, 2023, from $64,876,456 as of December 31, 2022. The unaudited total shareholders’ fund rose to $161,555,358 as of March 31, 2023, compared to an audited position of $132,611,560 as of December 31, 2022.

Duffuor stated that the capitalization efforts would strategically position WAICA Re to underwrite larger businesses, especially in the oil and gas sector, expand its ICT infrastructure, make equity investments, and ensure a robust balance sheet to enhance its competitiveness in the reinsurance market.

The company also reported an 81% increase in retrocession premium, from $24.2 million in 2021 to $43.7 million in 2022. This growth was primarily driven by increased business volume and the need to protect the net account. Consequently, the overall premium retention ratio decreased from 84% in 2021 to 80% in 2022. Net earned premium increased by 8.2%, reaching $158.4 million in 2022, compared to $146.4 million in 2021.

Holding at the prestigious Sir Okoya Thomas Indoor Sports Hall in Surulere, Lagos, from June 12th to 18th, 2023, the global tennis competition will play host to notable players such as Nigeria’s very own Quadri Aruna, who will face formidable opponents from China, Tapei, Korea, Germany, Portugal, Denmark, Egypt, Slovakia, Poland, and Sweden.

The WTT Contender was introduced by the International governing body, ITTF in 2019. This tournament is a prestigious event that showcases the participation of highly skilled professional table tennis players from various countries, both male and female, competing for the championship title. 

The WTT professional tour has energized the elite player base by allowing them to vie for incentives and world ranking points, while also allowing up-and-coming stars of the sport to work their way up the ladder. 

The WTT Contender Series will make its African debut in Durban, Lagos and Tunisia respectively. 

Speaking during the media briefing in Lagos, Mr Olamide Olajolo, the CEO of Coronation Insurance Plc, state that “we are proud to be one of the sponsors of this event.

“We congratulate the LOC for organizing this wonderful event. Coronation Insurance Plc, is one of the top insurance company in Nigeria; hence, we have provided insurance cover for all players in this tournament.

“We recognize that safety is very key for sportspersons. This is a partnership that will grow the sport. We will continue to explore more avenues to support tennis and other sports in Nigeria.”

According to a report issued by the Centre for the Study of the Economics of Africa (CSEA), Sport contribution to Nigeria’s GDP remains low due to inadequate finance and investment. 

Assessing the impact of sports on Nigeria’s GDP, the report shows that the entertainment and recreation sector contributed 0.19, 0.31, 0.33 and 0.35 percentage to the Nigerian GDP in 2019, 2020, 2021 and 2022 respectively.

Coronation is driven by its mission to provide transformational solutions for Africa through various human enterprise. 

Its products and services provide self-sufficiency, financial independence, creation and preservation of wealth for the future.

Similarly, Akinlolu Akinyele, the CEO of Life Assurance, said that “we are excited to be a part of this epoch-making tennis fiesta. Indeed, Sporting tournaments such as the WTT Contender Tournament can be utilized as a medium to democratize wealth creation and access, thereby encouraging participation in all sporting activities in primary, secondary, and tertiary educational institutions. These will help make the sports sector more appealing for the youth to pursue as a career and profitable for businesses”.

He maintained that sports can provide an important platform for youths to develop life skills that will enable them to cope better with everyday life challenges and transition away from drug abuse, violence, and crime.

Coronation Insurance  is a leading financial service partner that helps build enduring legacies that lead to sustainable wealth creation in Africa. 

It offers a wide range of financial solutions to professionals, institutions, and individuals across Africa and globally. It was established to help more people attain financial well-being and prosperity.