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AIO Launches Insurance Pulse, Appraises AfCFTA

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African Insurance Pulse on the African Continental Free Trade Area (AfCFTA), launched on Tuesday by the Africa Insurance Organisation (AIO) posits that the AfCFTA will create a single market covering more than 1.2 billion people, with a current gross domestic product of more than US$ 2.5 trillion.
The free flow of goods, services, people and capital under the AfCFTA is expected to boost intra-African trade and strengthen the competitiveness of African companies.
The African insurance sector is
optimistic about the AfCFTA but wishes to see regulatory integration.
As in the past, this year’s 6th annual edition of the African Insurance Pulse, conducted by Faber Consulting on behalf of the AIO, is based on careful market research and in-depth interviews with nearly 30 insurers, reinsurers, intermediaries, regulators and policymakers operating in Africa.
Jean Baptiste Ntukamazina, Secretary General of AIO, said: “The AfCFTA has significant potential to serve as a catalyst for transforming the African economy. For the AfCFTA to succeed, dynamic pan-African trade is required, which can only take root in a stable socio-political environment. The African
insurance sector is ideally positioned to provide security, economic and financial stability and enable
the development of societies and economies in Africa through its risk knowledge and risk transfer
solutions. However, to play this important role, African insurers need integration or even
harmonisation of insurance regulations.”
In Africa, the service sector (including the insurance sector) made the largest contribution to GDP, with 53 % in 2020. The relevance of the services sector is even more significant, as the widespread informal sector is not included in most statistics. The African Union expects an increase in exported
services and further growth in industries that are heavily dependent on services, such as manufacturing
and agriculture. Liberalisation of the service sector is likely to be driven by the private sector, especially financial institutions, which will play an essential role in shaping policy.
Insurance growth in Africa has been driven by economic growth
The maturity of the insurance market is low in most African countries. Insurance penetration is expected to increase in African markets where insurance growth has been accompanied by structural reforms, such as market liberalisation, compulsory insurance enforcement, wider distribution, public-private partnerships, and a regulatory system promoting innovation and market access. The trend towards tighter capital requirements for insurance companies to ensure their solvency will establish
stronger companies and promote job creation and build capacity in the industry. These reforms are
crucial to increase the security and performance of the continent’s insurers.
While intra-African trade agreements have gradually seen a substantial reduction in tariffs on goods, non-tariff barriers, such as infrastructure gaps, the low quality of trade logistics, access to credit, and human capital, remain high for most African countries.
Despite these efforts, the intra-African trade remains below its potential. This is also true for the insurance sector, according to the executives interviewed. Most insurers operate in just one or two markets. Even Africa’s reinsurers, acting as a shock absorber for cedants and economies, are challenged to diversify their portfolio because of many barriers and constraints in African insurance markets. Ahead of the implementation of the AfCFTA, a
geographic expansion to build scale is the top priority for insurers and reinsurers alike.
Dr. Corneille Karekezi, Group Managing Director and CEO, Africa Re, commented: “Today’s trade
restrictions within Africa are higher than those with the rest of the world. While intra-regional exports
amount to roughly 50 % of trade in Asia and 69 % in Europe, in Africa only 17 % of exports remain within the continent. Therefore, it comes as no surprise that large hopes rest on the AfCFTA.
According to the UN Economic Commission for Africa (ECA), intra-African trade is expected to
experience a boost of 52 %, encouraging manufacturers and service providers, including re/insurers, to
leverage economies of scale.”
Survey respondents are optimistic about the AfCFTA but hope for an integration of Insurance regulation
Re/insurance players have much to gain from a continent-wide single market. Once fully implemented, the eight strategic objectives of the AfCFTA will benefit re/insurance companies in Africa directly or indirectly. As a result, the expectations of the various insurance stakeholders for the AfCFTA are high.
Many believe that the insurance pie will grow with the liberalised market access, facilitating an expansion beyond their current market range. In particular, re/insurers operating in one or a few
markets see this as a unique opportunity to grow and diversify their risk portfolio.
When asked about the top three challenges to a successful implementation of the AfCFTA,
respondents most frequently cited increased competitiveness, indicating that not all countries, sectors and economic actors are equally prepared to benefit from the implementation of a common market.
Another top concern of the interviewed market participants is that insurance regulation differs widely across the continent and often poses hurdles to market access. Therefore, almost all respondents, including regulators and policymakers, agree that the current regulatory differences present a major
obstacle to integrating African re/insurance markets.

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Yoruba Nation Agitators Storm UN Headquarters In New York

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Yoruba Nation agitators and other self-determination groups have arrived at the United Nations Headquaters in New York.

The agitators held placards with different inscriptions.

Earlier, the Chairman of Nigerian Indigenous Nationalities Alliance for Self-Determination, Professor Banji Akintoye, declared that a Million-Man Freedom March would hold opposite the United Nations Headquaters in New York, United States of America from 14th to 24th September, 2021.

Akintoye said the protest is meant to show the world “the genocide being perpetrated by murderous herdsmen in the name of grazing in the South and Middle-Belt of Nigeria”.

The renowned historian said the people of the South and Middle-Belt want to show to the world the crimes against humanity, attacks on press freedom, free speech and other criminalities being aided by the Buhari led government of Nigeria.

The octogenarian scholar stated that the indigenous people within the NINAS territories are demanding the conduct of a regional referendum so that the people can decide on their nationhood.

NINAS is the umbrella  body for self-determination Groups in the South and Middle-Belt of Nigeria with Ilana Omo Oodua representing the Yoruba Land, Lower Niger Congress representing the South South and South East and Middle-Belt Rennaissance Movement representing the Middle Belt Region.

In a letter addressed to UN, the agitators said, “We, the Indigenous Peoples of Nigeria gather today at the Headquarters of the United Nations in New York to alert the UN, and the rest of the Global Community that the Union of Nigeria has failed irredeemably; and is now at the verge of a Violent Disintegration with Catastrophic Consequences for Global Peace, and Security as our population of over 200 million would become an Instant Global Refugee Nightmare.

“Amidst the extraordinary difficulties inflicted by the imposition and enforcement of Sharia by a section of Nigeria in a supposedly Secular Union, the immediate reason for this looming catastrophe is the Cocktail of Mass Killing, Kidnapping and General Banditry being orchestrated against the Indigenous Peoples of Nigeria by an invading Fulani Militia masquerading as Herdsmen in an undisguised Ethnic Cleansing Campaign that progressively demonstrate the Complicity of the Federal Government of Nigeria headed by Major-General Muhammadu Buhari, a Fulani man, who as Commander-in-Chief of the Armed Forces of Nigeria is also the Life Grand Patron of the notorious Myetti-Allah Cattle Breeders Association of Nigeria; that proudly takes responsibility for the Murderous Exploits of the Fulani Herdsmen  Militia designated the Fourth Most Deadly Terror Group.

“An Online Petition conveying the Demands of that Constitutional Force Majeure Proclamation, is currently before the UN Security Council.

“That Nigeria has failed as a State is no longer a Subject for Debate, having emerged the Global Poverty Capital, and Playing Host to Two of the World’s Top Four Most Deadly Terrorists Organisation, with Three-quarters of the Constituent Components (South and Middle-Belt) Seeking Urgent Extrication by Way of Referendums from what has become a Union of Death.”

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APC’s State Congresses Holds October 2

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The All Progressives Congress (APC) has fixed its state congresses for October 2.

In a notice issued on Monday, John Akpanudoedehe, national secretary of the APC caretaker committee, said the sale of nomination forms will begin on Wednesday.

“APC Schedules State Congresses for Saturday, 2nd October, 2021; begins sale of forms, Wednesday, 15th September, 2021,” the notice reads.

The party held its LGA congresses on September 4.

Before then, it held its ward congresses on July 31 across the country except in the federal capital territory (FCT), Bayelsa and Imo states.

By holding the state congresses, the party is inching closer to its national elective convention.

Since the dissolution of the national working committee (NWC) led by Adams Oshiomhole, the former national chairman, in June 2020, a caretaker committee led by Mai Mala Buni, Yobe state governor, has been piloting the affairs of the party.

The Oshiomhole-led NWC was dissolved after a protracted leadership crisis.

The committee led by Buni was directed by the national executive committee (NEC) to organise a convention where substantive national officers of the party will be elected.

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Kogi Jailbreak: FG To Seek Interpol’s Help As Special Task Force Begins Manhunt

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Rauf Aregbesola, minister of interior, says a special task force has been “activated” to recapture inmates who fled from Kabba Correctional Centre in Kogi state.

Not less than 240 inmates escaped custody after gunmen attacked the facility on Monday.

The interior minister said the International Criminal Police Organisation (INTERPOL) has been put on notice to look out for any of the inmates who may attempt to flee the country.

Sola Fasure, media aide to Aregbesola, quoted the minister as saying that the public should remain calm because the situation is under control.

Fasure said the interior minister asked residents in communities around the prison to report any suspicious activity.

“The Kabba custodial facility had 294 inmates as of the time of the attack, many of whom escaped after the gunmen used explosives to destroy three sides of the perimeter fence. However, there remain 28 inmates who didn’t escape. Some have also voluntarily returned to the facility as at this morning,” he said.

“A Crisis Response Centre has been activated and a Special Taskforce mobilized to recapture escaped inmates whilst an Inter-Agency Security Task Force is already on the trail of the gunmen who attacked the facility.The public is advised to stay calm as the situation is under control.

“The Minister of Interior, Ogbeni Rauf Aregbesola, assures the citizenry that Nigeria’s security forces will find the attackers and bring them to justice. We shall leave no stone unturned to bring them back to custody. We are also putting INTERPOL on notice with their details, in case any of them attempts fleeing outside our shores.

“To the fleeing inmates, escaping from lawful custody is a serious criminal offence. Law enforcement agencies and citizens are lawfully empowered to use all necessary means to arrest and bring you to justice.

“You should therefore know what you are up against. You will however be eligible for mitigation if you wilfully surrender yourselves at the nearest law enforcement office.”

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