From left: Festus Izevbizua, Chief Financial Officer; Ekpe Ukpabio, Executive Director; Val Ojumah, MD/CEO, all of FBNInsurance; Bode Opadokun, MD/CEO and Shola Osho, Head, Business Development both of FBN General Insurance; at the event in Lagos.
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Chuks Udo Okonta
Foremost underwriter, FBNInsurance Limited has said it will play in tier one category when the recently released Tier-Based Minimum Solvency Capital regime by the National Insurance Commission (NAICOM) begins by January 1, 2019.
Its Managing Director, Val Ojumah, disclosed this today at a press conference in Lagos, adding that the the duo of FBNInsurance Limited and FBN General Insurance Limited have the financial wherewithal to operate in the category.
He noted that the initiative taken by the industry regulator remains one of the best things to have happened to the insurance industry in recent times, stressing that the initiative will help address the ills in the industry.
According to him, the initiative will help build capacity for underwriters, meet claims responsibilities and act professionally. He added that the step will also help push up prices of insurance stocks at the Nigerian Stock Exchange(NSE).
He said the firm has been underwriting risks in oil and gas and aviation sectors as well as writing annuity business, promising that these critical areas of its business would receive greater attention in the envisaged business model.
Ojumah maintained that the firms will also expand their branch network to cover all parts of the country, which will help to deepen insurance penetration.
Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, said the Risk-Based Categorisation (RBC) will reposition industry, adding that it will also strengthen financial positions of firms and improve Return On Investment (ROI).
He commended NAICOM for the initiative, stressing that the step will pave way for engagement of competent hands by underwriting firms and encourage professionalism.
Executive Director, FBNInsurance Limited, Ekpe Ukpabio, on his part, pointed out that the firm supports the initiative as it is going to increase public confidence on insurance, saying, this development will also boost investors’ confidence.