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FBSRe :Library
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.

CategoriesConsultancy Insurance Insurance Statistics Marketing Reinsurance
byAdam Smith

Six Mega-trends that Will Take Insurance Back to the Future

Adopted strictly for illustrative purposes by Intelscape Limited during web design. Copyright belongs to owner.

Six Mega-trends that Will Take Insurance Back to the Future

By Susanne Møllegaard

CEO and Co-Owner, Process Factory

The insurance industry started out as a safety net among peers. Over time the help has become organized, leading first to mutual insurance companies and later to stock insurance companies. As much as this development has led to a greater degree of professionalism, it has also led to a kind of alienation. Furthermore, there is a problem with the basic structure of the insurance products, since the interests of the insurer and the insureds are not aligned. Broadly speaking, the insurer will be better off if premium levels are maximized and claims costs are minimized, whereas the opposite will be true for the insureds. Read more “Six Mega-trends that Will Take Insurance Back to the Future”

CategoriesContracts Facultative Reinsurance Treaty
byAdam Smith

Elements of a Reinsurance Contract

This is for illustrative purposes only during web development. Adapted fully from The Law of Reinsurance by Colin Edelman QC, Andrew Burns.

  1. Elements of a Reinsurance Contract

2.01 A reinsurance contract is formed according to normal contractual principles. There needs to be an offer and an acceptance of that offer to form an agreement, with consideration for the bargain and an intention by the parties to create legal relations between them. The relationship between reinsurer and reinsured may be one of utmost good faith when concluding the contract, but the essential requirements for the formation of a contract are the same. Read more “Elements of a Reinsurance Contract”