Wednesday 14 February 2018 30 BUSINESS DAY C002D5556 E-mail: firstname.lastname@example.org Thinking of a worthwhile Valentine gift, give insurance! Stories by Modestus Anaesoronye Today, February 14th is Valentine’s Day when gift of different kinds will exchange hands. People in different capacities show love with gifts to friends and loved ones in celebration of St. Valentine. In most people’s mind would be, what kind of gift will I present to my loved one, and it will be very well appreciated? Looking for gifts that will remain indelible in the mind of your family and loved ones, this article suggest you give a kind of gift that will sustain them when you may not be there to provide for them. Is believed that no amount of love you show your family today L-R: Tochukwu Esejindu, head Strategy, FUG Pensions; Taiwo Rabiu, zonal head, FUG Pensions; Omagbitse Barrow, CEO, Learning Impact NG; Suleiman Shaibu, CEO BFT Consulting Services; Nkechi Harry-Ngonadi, CEO NHN Couture; Morayo Fash- Oladipo, MD Labims Travel and Leisure Ltd; Binzin Dombin , head Business Development Lafarge; Holcim, Albert Olu, regional manager FUG Pensions and Uloma Kemakolam, head operations Department, FUG Pensions during a Life and Career Skills Development Workshop organized by FUG Pensions at Covenant University Ota, Ogun State. with material gifts would linger for long time when you are gone, except a kind of gift that gives them many years Valentine even if you are gone. Take a life insurance policy that will provide for your family and take care of their needs when you will not be there, and certainly they will not forget you. Now, ask yourself this question? “Would my death leave anyone in a financial burden?” If your answer is “yes”, it may be time to get serious about shopping for life insurance. It can offer peace of mind, ensuring that your debts or loved ones would be taken care of in the event of your death. Some of the life insurance from which you can choose is one, term life insurance. Term life insurance is very straightforward. When you choose this type of coverage, you pay for a specific duration of time. During that period, your chosen beneficiary receives the benefits of your policy in the event of your death. You should know that there are subcategories that fall under the category of term life insurance. Whole life insurance is another type of coverage to consider. This type of policy covers you for your entire life rather than a specific term. A whole life policy will cost more on average and have higher premiums than term life policies, however, the investment potential and lifelong coverage are appealing to some insurance shoppers. Variable life have more investment opportunities, which includes stocks. This policy type is similar to universal coverage because the returns are either used towards premiums or allowed to accumulate in an account. Your beneficiary receives either the value of the policy, or the value of the policy in addition to a portion of, or the full cash investment returns account. Saint Valentine’s Day, commonly shortened to Valentine’s Day is an annual commemoration held on February 14 celebrating love and affection between intimate companions. The day is named after one or more early Christian martyrs named Valentine and was established by Pope Gelasius I in 500 AD. It is traditionally a day on which lovers express their love for each other by presenting flowers, offering confectionery and sending greeting cards (known as “valentines”). Consolidated Hallmark Insurance strengthens website to enhance consumer experience Consolidated Hallmark Insurance (CHI Plc), in a move to ensure that its seamless service offerings are within the reach of its rapidly growing clientele and potential customers has unveiled a new website -www.chiplc.com. The new website has been Eddie Efekoha, managing director of CHI Plc designed to present an utmost user-friendly experience alongside hassle-free navigation and improved functionalities. It enables users, with a click, access to information on various classes of general insurance business to take decisions based on available options and forms of protection desired. With a very easy and friendly onboarding process, the website enhances the purchase of insurance products online through the aid of premium calculators. It also facilitates payments with Bank Debit Cards and online payments via specified bank accounts with several tier one and two banks. Also, through a Unique Customer Dashboard available for new and existing customers of the foremost insurance firm, they can view onlinereal-time the status of their policies, and transactions. The functionality of the new website is further evident in the provision for clients to report and lodge in their claims, send supporting claims documents by uploading pictures and relevant forms as well as track the status of their claims. Built for the digital age, the website is easy to navigate and very suitable for the multi-device social networking customer. Eddie Efekoha, managing director of CHI Plc, who is also the sitting Chairman of the Nigerian Insurers Association NIA attributed the painstaking efforts of several weeks deployed in building the website to the determination of the company in ensuring insurance services are made available with ease to the end users. According to him, the closer insurance services are to the end users, particularly via desktops and mobile devices, the better for higher insurance penetration with the attendant positive effects on revenue growth. Deployment of latest technology is an integral part of the strategic plan of CHI Plc in its quest to emerge as a leader in the Nigerian insurance industry. Rate improvements to continue in 2018, says Munich Re Jorg Schneider, the chief financial officer (CFO) of reinsurance giant Munich Re, is anticipating further and increased rate improvements at the upcoming April and Mid-year renewals, owing to a stronger element of the business being non-proportional and natural catastrophe focused. Reinsurance giant, Munich Re is one of the world biggest firms providing cover for insurance underwriters across the globe including Nigeria, particularly in high profile risks of oil and gas, aviation and engineering risks. Munich Re speaking during the Germany-based reinsurer’s fourth-quarter 2017 earnings call, Schneider noted that at the January 1st, 2018 renewals season reinsurance market conditions “finally moved back into positive territory.” Most notably were improvements in loss-affected areas, driven by the huge impacts of hurricanes Harvey, Irma, and Maria, and the California wildfires. However, non-loss affected business also stabilised at 1/1, said Schneider, continuing to explain that across the entire portfolio, the firm achieved price increases of plus 0.8 percent. Schneider said that Munich Re’s underwriters are optimistic that market conditions will continue to improve for the April and mid-year renewals, stating that on a like-for-like basis, “price increases should be north of 0.8 percent because there’s a stronger element of non-proportional business and of natural catastrophe oriented business.” Continuing to state that the reinsurance giant is confident pricing has turned and that the January 1st, 2018 rate improvements were not a one time occurrence. “We think that the market understood that the loss incidents of years 2012 to 2016, and the first-half of 2017 was far from being normal, and that should normalize the market dynamics also,” said Schneider.
Wednesday 14 February 2018 C002D5556 BUSINESS DAY 31 E-mail: email@example.com Allianz closes 10-year proxy revenue swap for Invenergy wind farm Stories by Modestus Anaesoronye Allianz Global Corporate & Specialty’s (AGCS) alternative risk transfer unit (Allianz) has closed a 10-year proxy revenue swap for Invenergy’s upstream wind energy center to ensure stable revenues despite uncertainty of intermittent wind resource. Allianz Global Corporate & SpecialtyAllianz is South African based insurer with a Nigerian subsidiary, Ensure Insurance. Allianz Global Corporate & SpecialtyAllianz cooperated with Nephila and REsurety to provide an innovative financing solution for the renewable energy company’s Nebraska located 202.5 MW Upstream project which expects to complete construction and begin producing energy in the fourth quarter of 2018. Jim Shield, executive AXA Mansard team addressing NYSC members at Lagos NYSC camp FUG Pension exposes Covenant University Students to leadership skill Pension Fund Administrator, Future Unity Glanvills Pensions Limited (FUG Pensions) has again launched ‘LifeBeyondCampus’ with a focus on Life and Career Skills Development, targeted at exposing university undergraduates to leadership skills development. The well thought-out theme dwelled extensively on the Leadership Effectiveness Skills, Communication Skills, Creativity & Innovation and, Financial Literacy Skills. The lecture, which was described by the participants as a life-changing experience attracted some of Nigeria’s highly revered Thought Leaders and Mentors in various works of life who came together to share some of their business/life ideas and skills with the final year students of the institution. vice president and chief commercial officer at Invenergy, said; “at Invenergy, we apply innovative thinking to not just development, but also to financing of our clean energy projects. “We’ve been considering the Proxy Revenue Swap structure since it came to market, and saw a great opportunity to apply this innovative new hedging structure to Upstream. De-risking our future revenues with this hedging KBL Insurance expands retail market with additional online products … Company settles over N400 Million claim In continuation of its focus on retail insurance and in its effort to further enable consumers’ access to relevant insurance products, KBL Insurance has added two more products to its online transaction portal. The additional insurance products include Red Card, which covers home contents against fire and motor safeguard, which is a motor insurance product that offers more benefits than regular Third Party insurance. Customers can purchase any of these products using any digital device on KBL Insurance portal. Previously, customers could only purchase Third Party motor insurance on the portal. Charles Ajawihe, a statement by the executive director, Marketing also shows that the company settled a total of N450, 971,010.43 worth of claims in the year 2017. This amount represents claims settled in Motor Insurance, Fire, Marine, Energy and other classes of insurance. He restates the company’s resolve to settle claims within 48 hours, once documentation is complete and urged customers to continually ensure prompt reporting of losses in line with the benefits of the insurance cover they have through the available channels. Ajawihe states that the company’s focus on retail insurance is based on the need to deepen insurance consumption in the country. To this end, the company is re-launching relevant products that cater for structure was critical to securing the project’s financing.” The swap protects the new wind project’s revenues from the financial risks associated with future energy prices and the uncertain volume and timing of energy generation. It’s the fourth Proxy Revenue Swap to be closed since the innovative hedging product was launched in 2016, bringing the total of Proxy Revenue Swaphedged wind project capacity to nearly 700MW. As with prior Proxy Revenue Swap transactions, Nephila Climate (Nephila) partnered with Allianz in managing the risks associated with the transaction. Nephila is AGCS’s strategic partner in weather and climate-linked risk management and works with the insurer to manage the risk exposures of the Proxy Revenue Swap, as part of a larger investment portfolio which includes other weather and climatelinked risks across a range of industries from energy to agriculture. Richard Oduntan, CEO at Nephila Climate, said; “we are very pleased to have executed this hedge to help Invenergy manage its revenue risk for the project, as further proof that the leaders in renewable development see real value in this structure.” the insurance needs of the Nigerian consumer, with a view to providing them with relevant options. The company believes that one of the ways to make insurance attractive in Nigeria is to make it available and accessible in multiple variants and channels. In order to further ease access to its services, the company has also implemented online claims notification and online business quotation on its website. Therefore besides purchasing insurance products on the website, customers are also able to ask for quotes and notify the company of their claims through the company’s website. KBL Insurance launched an online transaction portal for Third Party insurance in 2015. AXA Mansard promotes Valentine on social media AXA Mansard, a member of the AXA Group, the global leader in insurance and asset management, is set to put a smile on the faces of couples this Valentine’s Day by introducing its #ShootYourShot Valentine campaign on its various social media platforms. The social media campaign is designed to connect with social media users by encouraging them to boldly explore their creative side in a show of love. From February 8 to February 12, 2018, social media users can participate in the campaign by simply posting a one-minute video of themselves ‘shooting their shot’ (a trend on social media which means making a romantic move towards a Wapic Insurance sponsors Lagos International Polo Tournament Wapic Insurance, Africa’s foremost Insurance company, has sponsored the Lagos International Polo tournament, which brings together best-in-class polo players from across the world, especially Argentina and South Africa. This is yet another testimony of the company’s support for sports and lifestyle, which has seen it sponsor the Fifth Chukker Polo tournament annually hosted in Kangimi resort, Kaduna. With the company throwing its weight behind the 2018 edition of the Lagos International Polo tournament opening on today, Wednesday, February 14th and ending on Sunday February 25th, 2018, the Wapic Insurance brand has signaled undiluted love for the game of Polo for the second consecutive year. This year edition of the celebrated polo tournament, which will see high– profile clubs from across the country competing for the Silver Cup exclusively sponsored by Wapic Insurance, is anticipated to be remembered as the most exciting polo competition in 2018, just as the 2017 edition sponsored by the company remained on the loved one) in creative and interesting ways on various social media platforms including Twitter, Instagram or Facebook. The winning participant will be treated to a dinner-for-two with their loved one on Valentine Day. Commenting on the campaign, Emeka Muonaka, AXA Mansard’s head of Brand & Communications, said “At AXA Mansard, we believe that when people show how much they care for others, they demonstrate the deepest and most important part of being human. We care about our customers and we want everyone to understand what it means to care. This is simply who we are – a caring family, and the each member is sending a message of love”. lips of polo enthusiasts for a long time. “As an acclaimed risk insurer, Wapic Insurance’s sponsorship of the Lagos International PoloTournament is a metaphor for our place in everyone’s life and role as a mitigant in every human endeavour. Beyond the fit between our services as an insurance company and the game of polo, our brandshares certain distinct qualities with Polo as a game. These qualities are premium, rich heritage, endurance and adaptabilitywith Polo” said Adeyinka Adekoya, Managing Director/ Chief Executive, Wapic Insurance. In the same vein, Ayo Olashoju, Captain of the Lagos Polo Club, had noted that “Wapic Insurance’s sponsorship of this tournament is not just a support to Lagos Polo Club, but a commendable contribution to the development of Polo in Nigeria and across Africa”, adding that “with the company’s support, we will again host a tournament that fits its depiction as Africa’s premier polo tournament, and sustain the quality of our turf for the two-week long top class action by some of the continents most talented polo players”.