1HE GUARDIAN, 1hImday,Martch V,20n
EU Solvency aims to strengthen
capital adequacy for insurers ( \RCMIISCRSof1he ruSolwnq>D V'-'saidchal!heoneday~
ering~~~ <XheIs, insur.lna' and reinsurance direttor>, eros, GMs, and senior exroJtn.es, will proiide an ~ into1he"""'C~B.Jwide .
on G:!pimI adequacy
The strengthened regime, acconding to them, should reduce the possibility of consumer loss or market disrujr tion in insurance whilst at the same time enhanang the efficiency of insurance companies, optimise their use of resources, and help them make better informed decisions. The Solvency II seminar aims to provide Nigerian insurance/reinsurance boand members, CEOs and sen ior executives with the knowledge, awareness and skills necessary to understand and prepare for the potential impfications of the new European Solvency requirements for the local insurance markeL 111e event, which holds at NECA House, Alau~ Ikeja in La~os on March 24 '. 20U, is bemg facilitated by Conrad Clark Nigeria (CCN) Umited, a Risk & Strategic Management Solutions firm,endorsed by the Risk and Insurance Managers Society of Nigeria (RiMSON), the National Insurance Commission (NAICOM) and the UK Chartered Insurance Institute (CII). CCN unde.rstands the d1allenges of preparing for and implementing Solvency II, which calls for a multklisciplinary approach, and is able to
provide the required breadth of service expertise required for its implementation that ertsures all aspects of Solvency requirements and opportunities are considered and adapted to suit the purpose and long-term goals of Insurance companies. Speakers expected to deliver papers during the one-day event include, Mr. Joachim Aclenusi(Chartered Insurer&a
violence escalates in Africa's third·largest oil producer, a senior market officiiU said on Frida}! Heavily armed rebels clashed with forces loyal to Muammar Gaddafi on Friday, on the outskirts of the key 011 terminal of Ras Lanuf as the head of Libya's rebel council vowed "victory or death". "The emerging risk had reached a level where as a matter of prudence insurers will require notification from vessels callin~ to Ubya n ports orwaters," said Neil Roberts, a senior technical executive with the Lloyd's Market Association (LMA), which rejr The losses to property and resents the interests of all casualty will likely be higher underwriting businesses in as entire homes and buildings the Lloyd's market were washed by the tsunami "On the issue of pricing, and many business locations that's a matter for individual were nooded. negotiation on a voyage-byACreditSuisse report says the voyage basis. It's likely that initial repons estimate a thmgs will change on a day· range from ~IO billion to $50 to-day basis,' he told Reutm. billion. In Europe, the stocks Overseas Sh ipholding Group, of some of the world's biggest the world's number two indereinsurance companies fell pendent tanker company, sharply Friday on fears that told Reuters this week that the earthquake in Japan and some tanker rates had tripled the subsequent tsunami will as owners jack up rates and cost them dearly. port operators struggle to Reinsurers led many of load crude due to the uprisEurope's major stock indexes ing. lower. Swiss Re and Munich Re The JOint War Committee, both fell about 4 per cent. which groups syndicate Hannover Re was down members from the lMA as around 5 per cent. well as representatives from The companies issue backup London insurance company insurance to primary insurers market, added Ubya to a list so that the system can cover of areas it conSidered high large losses from disasters. risk for merchant vessels and Hannover Re already said last prone to war, strikes, terrorweek it expects to payout €ISO Ism and related perils on million (S207 million) for the Thursday. Other countries on earthquake that hit New the list include Iran, Pakistan, Zealand. Ivory Coast, Somalia and Fellow of the Institute of Risk Management) speaking on "ru solvency II Directive and the Nigerian Insurance Market"; Mr. Fola Daniel (Commissioner forlnsurance)- IstheNigerian Insurance Market ready for ru Solvency II Directive7" and Mr. Alex Aquereburu, Chief Risk Officer, Continental Reirtsurance Pic - "Economic Capital and ReselVing Models and its Challenges."
Japan's quake may cost insurers $sob apan's massive earthquake has led to untold damages to Ife and property. Early estimates for the losses for insurers and reinsurers around the ldobe are ranging from $10 bi!· !lon to $50 billion. AIlac Inc., which sells health and life insurance to one out of every four people in Japan, says it IS monitoring the situation closely. "',e sheer devastation is a shock," said AIlac CEO, Dan Amos in an interview. "This will probably impact 3 to 4 million out of the 100 million people in Japan." Amos says tile number of deaths is small cullOpared tu the size of the eanhquake, but says he expects a lot of people to be treated for mjuries. Though he expects the number of claims to be high, Amos says the company is well prepared to cover them. Amos IS nying to Japan on Sunday. Anac stock was down only 0.3 per cent on Friday.
London ship insurers add Libya to high-risk list ondon's marine Insurance Yemen. able, then certainly Ubya will market has added Ubya to a L The London marine insur- come off," he said. list of areas deemed high risk as ance market plays an InOuential role in theglobal industry. ·With reports of ai r strikes, if things go off target or even if ships are targetel:l deliberately, then underwriters will have quite serious concerns about their exposure on any vessels there or trying to call there," Roberts sail:l. ·It's a reactive list, so if things improve to a point where underwriters are comfort·
Rebels on Frlday attacked a military base on the outskirts of Ras Lanuf, a major oil port on the Mediterranean Sea, which has a refinery, pipelines and a terminal, and the army responded with artiilery fire and helicopters firing macruneguns. Maritime sources said there were no indications so far that tankers had been affect· ed by violence across Libya.
Agric miniStry to facilitate insurance cover for fanners 'T1iE Min' of FocxI and 1 AgriaJIture iMFA) i<; anrenlly ~with~to!KUre
insur.lna' iJr ~ ~ 1he of !he IM'>!Iher and aher
The move is part of measures to boost the country's food securio/ The Director of Planning at the MFA, Mr. Ram Ebo Bhavnani, stated this in Accra recently at the opening of a week workshop on insurance in the agricultural sector for insurance companies in Anglophone West Africa. The training course aims to build the capadty of insurance institutions by providing them with the knowledge and skills required to design, price and implement agricultural indexbased weather insu.rance programmes. It is being organised by the World Bank, the European Union (EU) and the National Insurance Commission (NIC} In Ghana, insurance penetration is below two per cent. Altl10Ugh agriculture makes up almost40 percentofthiscoun-
trYs Gross Domestic Product (GOP) and employs 60 percent of the entire population, there is currently no insurance support for the sector. If tile move takes off, it will be the 6rsttime farmers in the subregion will be Insured. When farmers are insured, they will be made to pay premiums and when tlleir crops fail as a result of bad weather, they will be adequately compensated by the insurance companies. Bhavnani said MFA had established a SIS billion mediumterm investment fund and needed to remove all risks in the sector to ensure that the money was put to good use. In a welcoming address, the National Insura nce Commissioner, Ms Nyamike Kyiamah, expressed gratitude to the Wond Ban!<sAgricultural Risk Management Team (ARMT) for the training course and said it would complement efforts already underway to build tile capacity and expertise needed for the aevelopment of agriculrural insurance in Ghana.
With gratitude to God for a fulfilled life in Christ Jesus, the family of Matthew Nwoke Anyanwu of Obetiti Nguru, Aboh Mbaise LGA, Imo State announce the passing on to glory of their beloved wife, mother, grand-mother and great grand-mother; Ezinne Roseline Ihuoma Anyanwu (1908-2011) which event occurred on Monday, 28th February, 2011.
Agric ministry to facilitate insurance cover for farmers