Capital Flight: Fight Insurance Industry Top2 Now
According to FBS Reinsurance Nigeria Limited (FBS Re), the company’s primary goal is to stop capital flight from the insurance and reinsurance industries in Nigeria and throughout Africa.
The company emphasized how paradoxical it is for Nigerian and other African insurance market participants to be dependent on international reinsurers, which has the unintended consequence of exporting limited foreign exchange to pay for these services.
The company claimed in a statement that was made available to LEADERSHIP over the weekend that global reinsurers had withdrew from African markets, particularly during any foreign exchange liquidity crisis—which is regrettably a recurring occurrence on the continent.
- The sudden departures of these foreign corporations typically cause disruptions to corporate planning, reduce the availability of steady reinsurance, and raise operating expenses.
- It noted that as a result, the markets must deal with unpredictability in capacity availability to cover rising industrial, energy, aviation, and marine risks.
- It also stated that these challenging circumstances forced a group of insurance and reinsurance professionals, the most of whom were from Nigeria, to form FBS Re in order to close capacity shortages and preserve the little foreign exchange of the economy.
- It was emphasized that FBS Re focuses on providing better services to close the gaps in Nigeria and Africa and aspires to be a major player in international reinsurance.
It also emphasizes that it leverages the business and other strategic relationships of frontline insurance companies that are institutional shareholders, namely Leeway Assurance, Custodian and Allied Group, Standard Insurance Consultants, Scabs Nigeria Limited, and YOA Re Brokers.
- With diligence and the support of all stakeholders, FBS Re stated that it is quickly becoming a major player in the African reinsurance market.
- In 2021, 2022, and 2023, the reinsurer reported Gross Premium Written (GPW) of N7.91 billion, N16.59 billion, and N31.44 billion, respectively.
- “The Board of FBS RE has now chosen to restructure the Board and management, having established a solid framework for future growth.
- The company’s original COO, Steve Kyerematen, and CEO, Foal Daniel, who had resigned their positions, were reinstated as non-executive directors.
- The statement noted that Bela Zakariya, a well-known figure in the insurance and reinsurance industries, is still in charge of the Board of Directors.
Janiya Musa, a former group managing director of Cornerstone Insurance Plc and deputy managing director of Africa Reinsurance Corporation, assumed the role of MD/CEO, while Shola Alibied, director of operations, was named executive director of Technical and Business Development.
Currently, the National Insurance Commission (NAICOM) licenses and regulates just three reinsurance businesses in Nigeria.
The only domestic reinsurer to be founded in Nigeria in 35 years, FBS Reinsurance, registered in 2016 and obtained an operating license in late 2020 before starting real operations on January 1, 2021.
Reinsurance services are in high demand due to the steadily increasing gross written premium or turnover of the insurance business in Nigeria and the complexity of risks. FBS Re is taking advantage of this substantial market potential.
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