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Monday 18 November 2019
BUSINESS DAY
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More opportunity for Nigeria, others on InsuResilience solutions funding for climate change products Modestus Anaesoronye
T
he Nigerian insurance market like many other African countries could benefit more from the InsuResilience solutions funding for climate change insurance products. The InsuResilience Solutions Fund (ISF) has again announced the opening of its third Call for Proposals, which is open till February 7th 2020. It will be recalled Royal Exchange General Insurance Company Limited (“REGIC”), Nigeria’s foremost insurer had benefited from the earler InsuResilience Investment Fund (“IIF”). InsuResilience Investment Fund (“IIF”) had acquired 39.25 percent equity stake in Royal Exchange General Insurance Company .The specific objective of the IIF fund is to reduce the vulnerability of micro, small and medium enterprises (MSME), as well as low-income households, to extreme weather
L-R: Richard Borokini, director general, Chartered Insurance Institute of Nigeria(CIIN); Yetunde Ilori, director general, Nigerian Insurers Association(NIA); Yeside Oyetayo, rector, College of Insurance and Financial Management (CIFM); Eddie Efekoha, president, CIIN; Muftau Oyegunle, chairman, Governing Council (CIFM); and Fatai Adegbinro, executive secretary, Nigerian Council of Registered Insurance Brokers(NCRIB) during the Sod Turning Ceremony of the Auditorium of the CIFM at the College premises on Lagos-Ibadan Expressway in Lagos.
events. Currently, there are two investments in Africa, five in Latin America, one in Central Asia, and one global investment.
On the new funding opportunity: on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW
Development Bank launched the ISF in October 2017 to increase the resilience against extreme weather events at the micro, meso and macro level.
The ISF, now managed by Frankfurt School of Finance and Management gGmbH since January 2019, supports the development of financially sustainable insurance solutions tailored to meet the needs of households, small and medium-sized enterprises, humanitarian organisations and governments in Latin American, African and Asian countries affected by climate change which are eligible to receive official development assistance (ODA). Thereby, the ISF increases the resilience of poor and vulnerable people to extreme weather events such as floods, wind/storm, excess rain, drought or cold spells. Therefore, the ISF provides partial grant funding and advice to partnerships between (local) public entities (e.g. national or regional government bodies), private companies in the insurance sector and NGOs to transform climate risk insurance concepts into products ready for market placement and bring successfully piloted
climate risk insurance products to scale. Grants of up to 2.5 million ruros can be provided for development, introduction and scale-up costs (e.g. staff costs, data collection, modelling, legal fees, sales and distribution channel development etc.) for direct and indirect climate insurance products. The applying partnerships have to consist of at least a user, (e.g. national or regional government bodies, NGOs, local insurer) and an implementing partner and potential risk taker, (e.g. reinsurance company). Further parties, e.g. other product implementing partners such as risk modelling agencies, insurers, brokers, can additionally be involved. By initiating the ISF, KfW is making an important contribution to one of the objectives of the InsuResilience Global Partnership: the identification and development of new climate risk finance and insurance solutions to close the protection gap in the field of climate risk.
College of Insurance gets infrastructure boost with new Auditorium Modestus Anaesoronye
C
ollege of Insurance and Financial Management (CIFM) has received a boost in infrastructure development with the official flag off of the construction of the school’s Auditorium. The about 1,650 capacity multi-purpose hall, estimated to cost about N310 million on completion, is expected to boost the ambience of the college to accommodate bigger events and ceremonies like
public lectures and public – academic ceremonies. CIFM is a full-fledged college set up by the Chartered Insurance Institute of Nigeria (CIIN) to undertake its training function. The center provides in-depth training in insurance, financial management, marketing and other related fields. The main objective for which the College was established is to provide long lasting solutions to manpower training and development problems of the insurance industry in Nigeria. Eddie Efekoha, presi-
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dent, Chartered Insurance Institute of Nigeria (CIIN), who spoke at Sod Turning Ceremony at the College premises handed over the project to Acropolis Contractors who says the pro-
ject will be completed in 18 months time. Efekoha said that the institute would continue to invest in manpower development which is its core mandate to upgrade insur-
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ance practice and industry in Nigeria to meet up with global standard. He urged the contractors to cooperate with the college during the course of the construction, to ensure timely completion of the project. Muftau Oyegunle, chairman, Governing Council, CIFM said that the college had continued to make tremendous progress in terms of infrastructure development. “Academically, we are forging ahead, and in terms of infrastructural development, we have continued to make progress,” he said.
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Oyegunle commended the CIIN President for carrying out the project during his tenure and also investing in the college. Yeside Oyetayo, rector, CIFM, had said in an interview that the college was depending on a grant from the National Insurance Commission (NAICOM) and support from other sponsors to fund the project. “For now, we are relying on NAICOM grant to fund the project, while expecting that other sponsors would also come up to assist,” she said.