In this edition of Octamile’s African Insurance news, “Insurtech company in Africa, Octamile, launches its partner app”, “The Nigerian Insurance Industry, more resilient than expected despite headwinds”, “Nigeria’s 8.6m vehicles without insurance, risk sanctions” and many more…
Nigeria based African insurtech company, Octamile, launches its partner app.
After building in stealth mode for a few months, the African Insurtech company, Octamile launches its partner app in line with its promise to simplify the access to insurance for all Africans.
With the partner app, you can Instantly see a car’s history and real-time market value price, you can also earn up to N1M commission on cars referred for insurance purchase.
Currently, once you complete your registration, you get free N5000 instantly to check Vehicle history and true valuations of cars.
The Nigerian Insurance Industry – More Resilient Than Expected Despite Headwinds
The Pan African credit rating agency, Agusto & Co. Limited has released its annual 2022 insurance report and it gives a comprehensive review of the insurance landscape in Nigeria.
In the financial year ended 31 December 2020, the Nigerian insurance industry generated an estimated gross premium income (GPI) of ₦520.1 billion ($1.4 billion at ₦380/$), with growth muted by the outbreak of the COVID-19 pandemic. The lockdown following the COVID-19 pandemic negatively impacted insurance products distribution, especially with the inter-state travel bans restricting the movement of people and goods.
Overall, Agusto & Co. expects a modest performance by the Industry in the near term. Performance would be supported by enhanced bancassurance which would allow insurance operators to leverage the more structured data and client base of the banking industry to deepen their reach in the retail market.
NCRIB Canvasses Professionalism In The Building Industry
The President of the Nigerian Council of Registered Insurance Brokers, Mr Rotimi Edu, has said professionalism should be ensured to mitigate the incessant cases of building collapse in Nigeria.
In a statement by the council, he said this while delivering a lecture titled, “Insurance for architect and professionals”, during the February business meeting of the Nigerian Institute of Architects held in Lagos.
He urged professionals in the building industry to pay more attention to all specifications of building construction to avoid incessant cases of building collapse which have claimed several lives.
The Export Credit Insurance CorporationIs Growing Its Footprint In Ethipia And Drc
The (ECIC) provides political and commercial risk insurance cover to South African exporters of goods and services and to cross border investors. Its strategic focus is on emerging markets in Africa and outside the continent that are considered too risky for conventional insurers. Ethiopia and the Democratic Republic of Congo (DRC) are amongst the largest economies in Africa and are therefore key markets for South African exporters and the ECIC.
Insurtech Disruptor, Turaco, Launches Nigeria Expansion Through Partnership With Axa Mansard
Turaco, a leading East African insurtech startup, is excited to officially announce its expansion into Nigeria through a corporate partnership with AXA Mansard and Turaco’s Nigerian subsidiary Turaco Inclusive Ltd. Turaco provides a game-changing platform for inclusive insurance, bridging the gap between great insurance companies and the distribution they need to see insurance products reach currently underserved clients at scale.
With over 90% of Nigerians still uninsured, the expansion represents a great opportunity for Turaco to make an impact in a largely untapped market. Turaco’s vision is to insure a billion people in the next 25 years and Nigeria will be a huge part of achieving that vision.
Nigeria’s 8.6m vehicles without insurance, risk sanctions
The NIID revealed that out of the 12 million vehicles, only 3.4 million are captured in the system as having genuine insurance.
This means that the rest are either do not have insurance or have one that is obtained illegally.
To ensure that compliance becomes effective across the country, the NIA is working with the Lagos State government in the enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of VIS through NIID Verification Platform.
African-UK Singer Set To Launch Insurance Policy For Creatives, Tackle Drug Abuse
African-UK singer, songwriter, producer and record label owner, David Agboola, otherwise known as King David The Great has concluded plans to launch an insurance scheme for creatives in the entertainment industry, one that will focus on healthcare, drug abuse and mental health cases across Africa.
In a recent chat with newsmen, he revealed that the program is created to encourage insurance policy, mental health, and drug rehabilitation platforms for creatives such as artists, producers, dancers among others.
He disclosed that this initiative will help in tackling the poor financial crisis, misuse of drugs, mental health issues amongst creatives.