The West African Insurance Companies Association (WAICA) is set to host a knowledge-sharing webinar on flooding at construction sites and Contractors’ All Risk (C.A.R.) insurance cover on November 6, 2026.

The webinar, scheduled for 11:00 a.m., will examine key insurance considerations relating to flooding at construction sites, with special discussions on the Designers’ Risk Clause (DE 3) and Advance Loss of Profits (A.L.O.P.) cover for project delays.

The session will be conducted by Talent Asia Training and Consulting, Singapore, with Mr. Pooba Mahalingam, Director of Training and Business Development at the firm, serving as the speaker.

The webinar is expected to provide participants with an opportunity to deepen their understanding of construction-related risks and the insurance coverage available to address potential losses arising from flooding and project delays.

The discussion will also focus on the relevance of the Designers’ Risk Clause (DE 3) within Contractors’ All Risk policies, as well as the role of A.L.O.P. cover in addressing financial consequences associated with delays to construction projects.

Participants interested in attending the online session are required to register in advance through the Zoom registration link provided by the organisers:

Registration link: https://zoom.us/meeting/register/FF7QQK1DSO-3cNNRyRezog

The webinar is part of WAICA’s knowledge-sharing initiative aimed at providing insurance professionals and other stakeholders with opportunities to enhance their technical knowledge of specialised insurance covers and risk management issues.

The post WAICA to Host Webinar on Flood Risks and Contractors’ All Risk Insurance appeared first on Business Today NG.

BY GABRIEL MICHEAL—The Group Chairman of Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has said that Nigeria must integrate risk management and insurance more deliberately into its sustainable development agenda to protect households, businesses, public institutions and critical infrastructure against shocks.

Speaking while delivering a plenary paper, titled “Risk Management and Insurance as Catalysts for Sustainable Development: Protecting Lives, Livelihoods and Critical Infrastructure,” at the 19th Annual Research Conference & Fair of the University of Lagos, held recently in Lagos, the paper examined how insurance can help individuals, businesses and governments withstand financial shocks, preserve development gains and recover from unexpected losses.

Represented by the Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc, Mr. Olufemi Asenuga, Ogunbiyi said: “Development is not what a nation builds. Development is what survives.” the presentation declared, emphasising the importance of protecting investments and livelihoods against preventable and unforeseen risks.

Aligning his arguments with the conference’s focus on food security, health, housing and humanity, he  described insurance as an essential component of national development, rather than a peripheral financial service. While risk management helps identify and reduce potential losses, insurance provides financial protection against covered events, enabling households, businesses and public institutions to recover and maintain continuity.

He noted that the United Nations Sustainable Development Goals recognise the importance of resilience and financial protection, particularly Target 1.5, which promotes the resilience of vulnerable populations, and Target 8.10, which encourages access to insurance and other financial services.

The presentation highlighted Nigeria’s growing insurance market but cautioned that rising premiums do not necessarily translate into broader access to protection. Industry figures cited in the paper put gross insurance premiums at approximately ₦2.3 trillion in 2025, up 47 per cent from about ₦1.56 trillion in 2024. However, low insurance penetration continues to leave many households and businesses exposed to financial shocks arising from illness, death, fire, flooding and business interruption.

He identified low incomes, limited insurance awareness, public distrust, weak enforcement of compulsory insurance, inflation and the largely informal structure of Nigeria’s economy as key barriers to wider insurance adoption.

He stressed that expanding coverage would require affordable and relevant products, transparent policy terms, prompt settlement of valid claims, stronger regulatory enforcement and distribution channels suited to how Nigerians live and earn.

The paper outlined insurance’s contribution across three critical areas of sustainable development. For households, life assurance, health insurance and personal property protection can help prevent unexpected losses from depleting savings, disrupting children’s education or pushing families into poverty.

For businesses, particularly micro, small and medium-sized enterprises, insurance can support recovery and business continuity following covered losses. Agricultural and index-based insurance can also help farmers manage climate-related risks, protect livelihoods and strengthen food security.

At the infrastructure level, construction and engineering insurance can protect projects, while appropriate risk assessments promote safer development. The presentation also highlighted the potential role of insurance and pension funds in financing well-structured infrastructure investments.

To strengthen insurance’s contribution to national development, Asenuga called for coordinated action by insurers, government, regulators, academia and citizens. He urged insurance operators to build public confidence through ethical practices, efficient claims management, transparent communication, relevant products and greater investment in technology and professional capacity.

He also called on government and regulators to enforce existing insurance requirements, protect public assets, strengthen disaster-risk financing and prioritise preventive measures such as effective drainage, sound building standards, fire safety and flood-risk mapping.

Addressing the university community, Ogunbiyi, advocated stronger partnerships between academia and the insurance industry through joint research, internships, data sharing and the integration of risk management and insurance literacy across disciplines. He further encouraged citizens to understand their policies, obtain appropriate protection and embrace preventive practices, noting that cooperatives and esusu groups could help expand access to group insurance.

He emphasised that insurance does not replace sound public policy, preventive measures or investment in social infrastructure. Rather, it complements these interventions by helping individuals, businesses and institutions absorb the financial consequences of covered losses without sacrificing the progress they have achieved.

For Mutual Benefits, the message reinforces the importance of positioning insurance as a practical tool for financial resilience, business continuity and long-term security.

As Nigeria pursues its development ambitions, the central challenge, the presentation concluded, is not merely to build more, but to protect the lives, livelihoods and infrastructure that sustain national progress for generations to come.

Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance companies with over 30 years of experience in providing reliable and innovative life and non-life insurance solutions to individuals, families and businesses. Through innovation, customer-centricity and a commitment to financial inclusion, the company continues to deliver value, protection and peace of mind to customers across Nigeria.

The post Mutual Benefits Assurance Champions Insurance-Led Resilience appeared first on Business Today NG.

The Chairman, Mrs. Ebelechukwu Nwachukwu, in a statement released today said, the loss and destruction of hard-earned investments, goods, and critical infrastructure at the mall represent a severe setback, not only for the affected individuals and families but also for the economic vitality of Calabar and Cross River State as a whole.

Expressing her deep concern over the tragedy, she stated that “Our hearts go out to everyone affected by the fire outbreak at the Calabar Spar Mall. Watching the destruction of vibrant businesses and livelihood assets in a matter of hours is truly heartbreaking.

“As an industry, we stand in full solidarity with the victims during this painful time, and we extend our prayers and support to the affected business owners as they navigate this challenging period,”.

Nwachukwu who also doubles as the Managing Director/CEO of REX Insurance Limited,  emphasized the urgent necessity for individuals, MSMEs, and large enterprise owners across Nigeria to prioritize risk management and embrace insurance as an essential safety net against unpredictable disasters.

She noted that fire outbreaks, equipment failures, and unforeseen operational disruptions remain persistent hazards to business continuity.

According to her, while safety protocols and preventative measures are critical, comprehensive insurance protection, including commercial fire, special perils, and business interruption policies, serves as the ultimate defence against financial ruin when losses occur.

She added: “Incidents of this magnitude underscore why insurance is not an optional luxury, but a vital economic shield. Rebuilding after a catastrophic loss without insurance coverage places an overwhelming financial burden on enterprise owners.

“We strongly urge every individual, trader, property owner, and corporate entity across the country to secure adequate insurance coverage to protect their assets, ensure swift recovery, and safeguard their financial future against unforeseen events,”.

Mrs. Nwachukwu reaffirms the Association’s commitment to working alongside regulatory authorities, disaster management agencies, and private enterprise stakeholders to promote risk awareness and foster a culture of insurance security across Nigeria.

The Association leader also assures policyholders affected by the incident that NIA member insurance companies are prepared to expedite claims verification and settlement processes to support early recovery efforts of the victims.

The post NIA Commiserates with Victims of Devastating Calabar Spar Mall Fire Incident appeared first on Business Today NG.

Sunny, as he is fondly called by close pals and colleagues is a man of amiable character, despite possessing an intimidating built and gait. Sunny is a man of integrity, mixes freely with everyone, even though he is a man of high societal status.

All roads will lead to the house of Sunny Adeda as he clocks 70 years on earth.

Sunny is a hard working man who has indeed paid his dues. In the corporate world, he is not shy to take up responsibilities. His hard working nature propelled him into the insurance industry, where he became a seasoned insurance executive with a distinguished 30 years career marked by progressive leadership and strategic vision.

He rose through the ranks in the insurance sector, hitting the managerial level, making his management capacity second to none.

As he rose through the ranks, he acquired people’s skills, technical and underwriting prowess, culminating into him being an expert in the corporate world. Despite his rise, he remained a man of accountability.

Sunny is a hands-on insurance professional, his years in the industry have seen him deeply involved in policy evaluation, policy implementation, marketing and strategic policy formulation, product designs and business executions while supervising various technical and marketing directorates.

He possesses a demonstrable record of effectively leading and mentoring high performing teams, consistently delivering results in areas such as Life Assurance, Aviation, Oil and Gas, as well as public sector insurance penetration.

His insurance experience spanned over 30 years and across key areas of risk management practice including underwriting, marketing and brokerage operations.

His Professional Journey

With a distinguished career spanning over three decades, Sunny brings with him a track record defined by technical depth, commercial acumen, and strategic foresight.

He is currently MD/CEO of Alpha Choice Insurance Brokers Limited.

He joined NICON Insurance as a Graduate trainee in October 1980 and worked in various technical departments.

He was appointed Executive Director (Technical) 20th October 1999 to July 2006. He oversaw the transformation of the company into one of Nigeria’s most respected risk management and insurance firms. However, he voluntarily retired from the Corporation at the age of 50 years.

Sunny has led start-ups, pioneered projects, and driven market expansion.

He was Deputy General Manager of NICON Insurance (Lagos Office); Assistant General Manager (Lagos Zonal Office); Assistant General Manager (Aviation); Senior Manager (Aviation); Assistant Manager (General Accident); as well as Assistant Manager (Life).

His governance experience also includes service on the board of NAL Merchant Bank plc, 2000/2001; NICON Hotels Ltd, 1999/2005; College of Insurance and Financial Management, 2008-2009; Aderesa Nigeria Limited (Tega Farms); Alpha Resa Hotels Limited.

He obtained a B.Sc (Hons) Biology, from the University of Lagos, Akoka, Yaba

His professional qualifications include Associateship of the Chartered Insurance Institute – London (ACII); Fellowship by Examination of the Chartered Insurance Institute London – FCII; Elected fellow of the Chartered Insurance Institute of Nigeria – FIIN.

He was the President, Chartered Insurance Institute of Nigeria 2009 – 2011; Elected a Council Member of the Chartered Insurance Institute of Nigeria (CIIN) – 1999; Chairman – Mandatory Continuing Professional Development  Committee (MCPD); Member – Fellowship Assessment Committee; Chairman – Accreditation Committee, Office Representative Committee; Pioneer Chairman College of Insurance and Management studies (Chairman) 2008; Member Nigerian Institute of management; Member institute of Directors (IOD).

A commitment to continuous learning is exemplified by his participation in executive development programs locally and internationally at institutions such as Upstream Energy Insurance Module 2011 at JLT Academy, London; Chief Executive & Directors Course, Management School, London -2005; Executive Management Development Course, South Africa –  April 2000; Life Insurance Course at the Swiss Insurance Training Centre, Zurich – 1988; Munich Reinsurance Course, Munich, Germany – 2001; Computer Appreciation Course; Budgeting and Budgetary Control; Financial Management; Human Resources Management; Action Centered Leadership; Total Quality Management; Chartered Insurance Institute of London Annual Conference; Chartered Insurance Institute of Nigeria – Seminars and Conferences.

He belongs to Ikoyi club 1938, Country club 1949 Ikeja, IBB international golf club Abuja, Fountain of Hope International, as well as ENI Club.

His hobbies are Table Tennis, Swimming, Reading and Music. He is married with four children and hails from Delta State.

The post Celebrating Sunny Adeda: Alpha Choice Boss and Insurance Icon Hits 70th Milestone appeared first on Business Today NG.

BY NKECHI NAECHE-ESEZOBOR—Anchor Insurance Company Limited is pivoting toward aggressive market expansion and large-scale risk underwriting following its successful compliance with the National Insurance Commission (NAICOM) recapitalisation guidelines under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

With its capital base now standing above ₦25.5 billion—far exceeding the ₦15 billion statutory minimum for non-life insurers—the firm has unveiled a strategic post-recapitalisation growth plan aimed at scaling its operations and elevating customer experience.

Speaking on the milestone, Managing Director and CEO Dr. Ebose Augustine Osegha outlined the company’s forward-looking strategy, emphasizing that the bolstered balance sheet equips Anchor Insurance to handle larger, more complex risk portfolios across critical economic sectors.

“For Anchor Insurance, this milestone means stronger capacity to underwrite larger and more complex risks, enhanced claims-paying ability, greater confidence for our customers and business partners, expanded opportunities for growth and innovation, and continued compliance with the highest regulatory standards,” Dr. Osegha stated.

The insurer’s growth plan prioritizes continuous innovation in product design, faster claims settlement workflows, and enhanced digital and physical touchpoints to deepen market penetration. Dr. Osegha noted that the enhanced financial buffer directly translates into greater risk-bearing reliability for policyholders and institutional partners.

Expressing appreciation to customers and corporate partners whose trust supported the firm through the recapitalisation process, the MD reaffirmed the company’s long-term market vision:

“As we embark on this new chapter, we remain steadfast in our mission to protect what matters most and to remain the insurance company of choice today and for generations to come.”

The post Anchor Insurance MD Unveils Post-Recapitalisation Growth Plan with Over ₦25.5 Billion Capital Base appeared first on Business Today NG.

With no approved treatment or vaccine available for the highly contagious viral disease, the insurer is emphasizing proactive risk management to protect livestock, prevent devastating herd losses, and safeguard farmers’ livelihoods.

African Swine Fever is a highly contagious viral disease that affects pigs and can spread rapidly through herds, often resulting in significant mortality and severe financial losses for farmers.

While the disease poses no risk to human health, there is currently no approved treatment or commercially available vaccine, making prevention through strict biosecurity the most effective line of defence.

In response, the company outlined practical measures to help prevent the introduction and spread of the disease.

The advisory encourages farmers to tighten access to their farms, quarantine newly introduced pigs, strengthen cleaning and disinfection practices, monitor livestock for early signs of infection, and promptly report suspected cases to the appropriate veterinary authorities.

Speaking on the need for heightened vigilance, Ayoola Fatona, Global Head of Agricultural Risk Solutions at LeadwayAssurance, said the outbreak serves as an important reminder that proactive risk management is just as critical as financial protection.

Fatona said, “Insurance is designed to help farmers recover from unforeseen losses, but our first priority is helping them avoid those losses altogether. African Swine Fever has the potential to wipe out entire herds within a short period, which is why prevention cannot be treated as an afterthought. Strengthening farm biosecurity today is one of the most important investments pig farmers can make in protecting their livelihoods, preserving business continuity and safeguarding Nigeria’s livestock industry.”

He added, “At Leadway, we see our role as going beyond providing insurance cover. We work alongside farmers to build resilience before risks materialise. Through expert guidance, risk improvement initiatives and continuous engagement, we are committed to helping livestock farmers strengthen their operations and remain better prepared for emerging threats such as African Swine Fever.”

It also reminded insured farmers of their responsibility to maintain appropriate biosecurity standards and comply with statutory disease control measures as part of responsible farm management. Farmers are encouraged to review their existing biosecurity protocols and implement any necessary improvements without delay.

As part of its broader response, Leadway will continue to engage farmers through educational campaigns, radio programmes, webinars, community town halls and stakeholder partnerships to promote disease awareness, encourage preventive action and support the long-term resilience of Nigeria’s agricultural sector.

About Leadway Assurance Company Limited

Leadway Assurance Company Limited is one of Nigeria’s leading insurance providers, offering a comprehensive range of life and non-life insurance solutions to individuals, businesses and institutions. Through its agricultural insurance offerings, Leadway partners with farmers to strengthen resilience against agricultural risks by combining financial protection with proactive risk management, helping safeguard livelihoods and promote sustainable agricultural growth.

The post ASF Outbreak: Leadway Assurance Urges Nigerian Pig Farmers to Tighten Biosecurity appeared first on Business Today NG.

The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).

According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.

“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”

Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).

He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.

Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.

“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”

This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.

The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.

The post Enterprise Life Assurance Meets Full Regulatory Capital Requirements, Boosts Liquidity appeared first on Business Today NG.