By Henry Uche
In its quest to enable Nigeria insurance industry key into emerging markets opportunities and confront its challenges, the FBS Reinsurance Limited will embark on a training for the insurance industry to grow its underwriting capacity and innovate insurance products development.
The Chief Executive Officer of FBS Reinsurance, Fola Daniel, affirmed that it was the determination of the Board and Management of the company to support insurers in Nigeria and by extension West Africa on new business risks such as the Bankers Blanket Bonds underwriting and cyber insurance, electronic/computer fraud cover.
“We are boosting capacity in new areas such as cyber security and bankers blanket bonds for the financial services sector’. This will enable insurance market operators to key into emerging business opportunities and overcome future challenges. This was intended to further establish FBS Reinsurance as a company determined to deepen insurance penetration in the sub region.” In explaining bankers blanket bond, he said it is a form of ‘all-risk insurance policy’ aimed at providing financial protection to banks and other finance houses against operational losses which they may incur in their lending activities; Whilst the Cyber Insurance, Electronic/Computer fraud will give cover against technology- induced losses to organizations caused by these new risks.
Already FBS Re recently organised in Ghana, a training programme in this regard as a forerunner to a planned wider training coverage of the sub-region.
The training programme, which was adjudged as successful on these two new products took place in Accra on the sideline of WAICA educational conference with participants from insurance companies, brokers, and the banking industry in Ghana.
“FBS Re will continue to share knowledge with its cedants and the insurance industry with a view to enable the industry to innovate and underwrite their businesses profitably,”
Daniel maintained that the planned Life training programme was designed to innovate life underwriting to meet the complexities in the digital environment, enhance public awareness, and create acceptance of life insurance policy as a veritable instrument of security for borrowers.
He added that the FBS RE’s initiative at developing new opportunities for our cedants was designed to grow their premium and create new relevance for insurance services within the framework of financial services value chain.
“FBS Re is positioned to make a value impact on the insurance industry, and it will continue to operate within a defined culture of customer centric practices and creativity. The Nigerian market will in addition enjoy a planned life insurance training working in conjunction with its technical partner, a notable global reinsurer,” he assured.