SCIB Nigeria & Company Limited and its foreign partner, Aon Benfield, a global reinsurance broker with subsidiary in South Africa, have reaffirmed their commitment to creating more value for their clients in the Nigerian market.
They made the pledged during a cocktail organised to host their clients and other business associates in Lagos.
The Managing Director/Chief Executive Officer, SCIB, Shola Tinubu, in his welcome remarks said SCIB and Aon Benfield had been in business partnership for almost eight years and had the opportunity to provide value-added service to some of their clients.
“Our achievements in these eight years have been tremendous, providing solutions through existing and new products. Looking forward, we will continue to leverage our respective strengths and global capabilities to bring solutions to the Nigerian market and the economy as a whole.
“We will continue to support the industry from a reinsurance perspective, not just in terms of pricing but products and recovery solutions.”
The Aon Benfield team was led by its Chairman, Simon Chikumbu, and accompanied by other top executives of the company.
The Executive Head, Aon Benfield Africa in Johannesburg South Africa, Victor Mushaya, said the company would provide value to insurance companies when they purchased reinsurance covers.
“The way we approach reinsurance purchase is by making sure that when the clients are taking decision to buy reinsurance, they are fully informed about all the options they have, not only that, but also ensure they have appreciation of their financial position,” he said.
He said that with that knowledge, the purchase then would become an added value to the capital employed, rather than just a cost to their business.
“It becomes a kind of borrowing capital from reinsurance to aid their business,” he said.
Mushaya said the major challenge with the Nigerian market today was the product rate.
He said, “The issue of rate in Nigeria is a concern to us. We know that even the companies’ results are also affected because the underwriting is not properly done. Insurance is not about collecting premium, but making sure that the different aspects of the transaction before accepting the business have been done properly.”
According to him, premium is one aspect, but risk management is a key element of the transaction.
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