Insurance industry encouraging with new foreign acquisition deals

The nation’s insurance industry is about to witness a beehive of acquisition activities, as more foreign firms show interest in the local underwriting market which analysts say has huge potential for growth.

The latest of the deals is by Rosewood Insurance Group of Switzerland, a subsidiary of Greenoak Global of UK, which is in the process of concluding acquisition of a majority stake in Union Assurance Company Limited.

The company, BusinessDay investigations reveal, is gunning for a 93 percent equity stake in the Nigerian general business underwriting firm, wholly owned by Union Bank plc. The acquisition is waiting for the Securities and Exchange Commission’s (SEC) approval for conclusion.

Rosewood Insurance Group AG (“Rosewood”) is an insurance venture based in Zurich, Switzerland, wholly-owned by Greenoaks Global Holdings Ltd (“Greenoaks”).

Rosewood leverages deep insurance expertise and a long-term partnership approach to help build

Rebased Economy: Insurance industry’s contribution to GDP drops by 0.6%

Fola Daniel, the Commissioner For Insurance, National Insurance Commission (NAICOM), on Thursday said the insurance industry’s contribution to the Gross Domestic Product (GDP) has drop to 0.6 per cent.insurance

Daniel made the disclosure at the 2014 Insurance Professionals Forum organised by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State.

The theme of the forum is “The Insurance Industry: New Trends, New Strategies”

According to Daniel, the the drop in the contribution was as a result of the recent rebasing of Nigerian economy which made it the largest in Africa and the 26th in the world.

The  old based economy, the insurance industry’s contribution to the GDP was 0.7 per cent.

“This, therefore calls for more dynamic strategies to deepen insurance reach among the populace. The industry as a matter of deliberate policy

Let insurance carry your risk

Insurance is the transfer of risk from people & corporate institutions to professional risk carriers, bearers – the insurance companies. Every one of us is exposed to one risk or the other because life is full of risks and all these risks can be identified, quantified and handled by insurance transfer mechanism. So when risks materialise, they lead to financial losses, and if risks are not managed in a scientific manner, it could ruin anybody, any business, any nation, and any economy. That is why all over the world people have come to