Nigeria’s Mutual Benefits, Custodian & Allied, Mansard show strength in African insurance space

The Nigerian Insurance industry has come of age, with a lot of strength and capacity that distinguishes it in the African Insurance market.

Just last week, three top Nigerian insurance firms, Mutual Benefits Assurance plc, Custodian & Allied Insurance plc and Mansard Insurance plc made the final nomination list of top nine insurance Companies in the Africa Re top insurers award 2015.

Mutual Benefits eventually emerged one of the three final winners as “Innovation Company of the year Award” for the use of technology, breakthrough in products/ service delivery and innovative distribution channels /method introduced in the sale of insurance products to reach the grass root.

While Mansard Insurance and Custodian & Allied contested in the category of Insurance Company of the year and CEO of the year, losing to their counterparts from Egypt and Kenya.

The award, which was presented at the Just concluded African Insurance Organisation (AIO) Conference and General Assembly held in Tunisa, is part of Africa Re’s Corporate Social Responsibility project to support insurance development in the continent.

Corneille Karekezi, group managing director/CEO, Africa Re said the award is in line with the Company’s commitment to deepen insurance penetration and grow Africa’s underwriting market.

“We are committed to giving our best to grow this market, because we are African’s and we are in Africa”.

Prisca Soares, secretary general of AIO in her speech said that the award was developed to recognized achievers with regards to insurance practice, customer relations, product development, service delivery, risk management, market and geographical expansion and good corporate governance.

She noted that the award will spur other players and practitioners to work towards achieving excellence thereby raising awareness on insurance in Africa, adding that sharing and dissemination of industry new successes and practical ideas through this kind of context and award can be a great tool to fast-track the development of insurance on the continent.

Commenting on the award Akin Ogunbiyi, group managing director, Mutual Benefits Assurance plc commended African Re for initiating and sponsoring the award, adding that this effort will help push the industry to relevance.

The award saw the presentation of certificates, Trophies and cash prize of $25,000 to each of the three winners.

By Modestus  Anaesoronye