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FBSRe :Library
CategoriesUncategorized
byKhalid Adamu

Four Decades of Excellence: NAIPE Honors FBS Re Chairman

Four Decades of Excellence: NAIPE Honors FBS Re Chairman

FBS Re Chairman, Bala Zakariyau, received the 2025 Appreciation Award from the Nigerian Association of Insurance and Pension Editors in recognition of his transformative impact on Nigeria’s insurance sector.

NAIPE Chairperson Nkechi Naeche-Esezobor cited his “track record and leadership across the industry” as key factors in the selection, noting his pioneering work as former CIIN President and his management of prominent insurance companies throughout his 40-year career.

At the presentation ceremony held at the FBS Re Lagos office, the Chairman used the platform to advocate for ethical journalism practices, warning of the lasting impact of digital media in today’s fast-paced information environment.

The award reflects not just individual achievement, but the values of integrity and excellence that define FBS Reinsurance Limited.

 

CategoriesUncategorized
byKhalid Adamu

FBS Re is making headlines across Nigeria for our record-breaking 2024 results.

FBS Re Featured in Four Leading Nigerian Publications for Outstanding 2024 Performance

We are proud to announce that FBS Reinsurance Limited (FBS Re) has been featured across four respected Nigerian news outlets for our remarkable financial results in 2024, including an 85% year-on-year growth in insurance revenue.

  • InspenOnline – “FBS Re flourishing Nigerian reinsurer grew yearly insurance revenue by 85% in 2024” Read More

  • Daily Economy – “FBS Re a rising Nigerian reinsurer grew yearly insurance revenue by 85% in 2024” Read More

  • Business Today NG – “FBS Re Grows Insurance Revenue by 85% to N50.9bn FY2024” Read More

  • THISDAY – “FBS posts 85% growth in insurance revenue, declares N600m dividend” Read More

We are honored by the recognition and grateful to our dedicated team, supportive shareholders, and valued clients. These features across top national platforms affirm our position as a dynamic leader in Nigeria’s reinsurance industry.

CategoriesUncategorized
byKhalid Adamu

We are proud to support the 47th OESAI-Organisation of Eastern and Southern Africa Insurers.

Exciting News from FBS Re

We are proud to announce that FBS Reinsurance Limited is a Bronze Sponsor of the 47th OESAI Annual Conference and Annual General Meeting, which will be held from 23rd to 27th August 2025 at the Speke Resort Convention Centre in Munyonyo, Uganda.

This year’s conference, themed “The Future of Customer Experience in Insurance,” is a significant platform for leading voices across the African insurance and reinsurance industry to come together, share ideas, and shape the future of customer engagement, service delivery, and innovation in our sector.

At FBS Re, we are committed to pushing the boundaries of what is possible in reinsurance. Our focus remains on excellence, service, and sustainable growth — not just for our clients, but for the entire industry. We believe that better customer experiences begin with better partnerships, deeper insights, and a shared vision for progress.

We look forward to engaging with thought leaders, innovators, and partners at OESAI 2025 as we continue our mission to build a stronger, more connected, and customer-centric reinsurance landscape across the continent.

#FBSRe #OESAI2025 #CustomerExperience #Reinsurance #AfricanInsurance #InsuranceLeadership #InnovationInInsurance #FBSForBetterServices #PartnershipForProgress

CategoriesUncategorized
byKhalid Adamu

FBS Re Announces Key Senior Management and Board Changes.

FBS Re Announces Key Senior Management and Board Changes.

Abuja, July 30th, 2024. 

FBS Re, a fast-growing Nigerian Reinsurance company, is pleased to announce important changes to its Board and senior management team. The changes would reflect a new chapter in its repositioning for enhanced services.

All changes have received no objections and approval from the NATIONAL INSURANCE COMMISSION (NAICOM).

Retirement of Pioneer CEO and Appointment of New CEO.

FBS Re expresses its deepest gratitude to Fola Daniel, the company’s founding CEO, for his visionary leadership and dedication. Under his sterling stewardship, FBS Re earned a Gross Written Premium of over 33 billion naira within only three years of operations.

As Fola steps down from his executive role, we are excited to welcome Ganiyu Musa as the new Managing Director/Chief Executive Officer of FBS Re.

Ganiyu brings his wealth of cognate experience and will introduce a fresh perspective to FBS Re. With a proven track record of over several decades in the leadership of insurance, reinsurance, audit, and consulting institutions, he is poised to lead FBS Re to its next phase of innovation and market expansion.

Ganiyu’s strategic vision aligns perfectly with FBS Re’s commitment to providing exceptional Reinsurance solutions to clients in Nigeria and across Africa.

Retirement of COO & Promotion and appointment of General Manager to Executive Director.

Alongside the CEO transition is Steve Kyerematen’s retirement from the Chief Operating Officer role. Steve and Fola, as founding executives, have jointly been instrumental in shaping FBS Re’s operational excellence and driving its record growth.

Also, in line with FBS Re’s philosophy of nurturing talent from within, it is proud to announce Shola Ajibade’s promotion and appointment to the position of Executive

Director (Technical). Shola has demonstrated exceptional technical expertise and a deep understanding of Nigerian and African Reinsurance markets.

In his new role, Shola will continue driving operations & business development and helping FBS Re achieve its strategic marketing objectives.

 

Chairman’s Statement on the changes.

Bala Zakariyau, Chairman of the Board of Directors, expressed the Board’s appreciation to Fola and Steve and welcomed them to their new positions as non-executive directors.

The Board looks forward to their continued guidance to the company.

At the same time, he warmly welcomed Ganiyu Musa as the new MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER and is confident that his experience and track record would propel FBS Re to greater heights.

BY ORDER OF THE BOARD.

CategoriesUncategorized
byEmmanuel Chilaka

Insurance needs artificial intelligence backed with technical skills

 

Insurance needs artificial intelligence backed with technical skills

As insurance companies devote billions of Naira to acquire softwares that would enable them drive their operations through Artificial intelligence (AI), they should also not let go the place of technical knowledge, as they need the harmonisation of both to effectively deploy their products and services.

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CategoriesInsurance Reinsurance
byAdam Smith

Insurability of Agricultural Risks

 

Insurability of Agricultural Risks

Agricultural insurance covers systemic risks such as drought, cyclone, epidemic diseases and wildfires, which have the potential to cause large-scale losses and make risk trans-fer for insurers to reinsurance and capital markets a necessity. Further, loss distributions of agricultural risks are often non-stationary and require special statistical treatment. Adverse selection has been a key issue in agricultural insurance and has been addressed through government premium subsidies to increase the affordability and penetration of  insurance,  improved  methods  to  determine  premium  rates  through  risk  classifica-tion, and the introduction of waiting periods before covers incept. Moral hazard is typically addressed through loss-sharing structures, increased monitoring and multi-year policies Read more “Insurability of Agricultural Risks”

CategoriesInsurance Marketing Reinsurance
byAdam Smith

The Risk of non-access to Data or Prohibition of Use

The risk of non-access to data or prohibition of use In today’s big data world, for insurers, access to the data of policyholders is not as natural as it seems. In the case of distribution by brokers, the client is that of the broker and not of the insurer. Multichannel distribution complicates organization. As policyholders are increasingly mobile, one policyholder can be client of the insurer by underwriting with an employee of the insurer or, for another risk, client of a broker. It is difficult for the insurer to consolidate all this information: data governance is an issue of real importance. Moreover, regulatory changes, which aim at protecting consumers, fall in line with a restriction of the choice of pricing criteria, notably for nondiscriminatory reasons.

The European ban on the use of gender, which is nevertheless discriminatory for certain risks, is a glaring example. The right to oblivion, for the benefit of patients who have suffered from certain serious illnesses, came into force in mid-February 2017. In order to underwrite a credit insurance contract, persons who suffered from cancer, without relapse for 5 years, are no longer required to declare their former disease. In addition, the law provides for a reference grid that defines, by pathology, the periods within which people can underwrite an insurance without premium or disclaimer of warranty (AERAS). The ACPR ensures compliance with this right to oblivion.

Here, we notice contradictory wishes: on the one hand, the authorities’ concern to ensure the protection of individuals’ privacy and combat discrimination, a precaution to which the public adheres; on the other hand, the wish of individuals to be treated within their particularism and benefit from personalized offers. This does not facilitate insurers’ tasks, especially as the client experience of other economic activities, based on tangible products, is not hampered by the same measures and controls on the use of data.