Insurance World

WAICA Re Clinches 2021 NAIPCO Excellence Award

L-R: Conference Chairman, and Chairman/CEO, Prestige Insurance Brokers, Ltd, Prince Feyisayo Soyewo presenting the NAIPCO 2021 Excellence Award won by WAICA Re to Ayokunle Gbenga of WAICA Re, while the Former DG, LASPEC, Mrs Folashade Onanuga watches, during the National Association of Insurance and Pension Correspondents (NAIPCO) 6th National Conference in Lagos.

WAICA Reinsurance Corporation (WAICA Re) has won the 2021 National Association of Insurance and Pension Correspondents (NAIPCO) Excellence Award for its outstanding Corporate Social Responsibility (CSR) in Nigeria and across West African region. 
The award was presented to the company at the recently concluded 2021 NAIPCO National Conference in Lagos.
After rigorous analysis of the performance of insurance and reinsurance firms doing businesses in Nigeria by the 2021 NAIPCO Conference committee,  the reinsurance firm won on most parameters, particularly on CSR. 

The firm, had, in February this year, donated office equipment worth over N10 million to the Chartered Insurance Institute of Nigeria(CIIN). Equipment donated were; 39 air conditioners; 12 desktops and 5 laptops, which further shows the company’s commitment to the Nigerian insurance industry.Similarly, following climatic change that has led to frequent natural and man-made disasters, such as, flooding, drought and deforestation across Africa, the reinsurer has initiated an annual WAICA Re Champions Award, with the corporation to finance this initiative to the tune of  $100,000 .
Hence, at the just concluded AIO 2021 in Lagos Nigeria, Ejike Nwankwo won the maiden 2021 WAICA Re Champions Award, with his entry on how to manage plastic waste to prevent flooding even as he also went home with $5,000. Uduakobong Inyang won $3000 as first runners-up while $2000 went to Chinwe Anthonia Umeobi of African Alliance Insurance Plc as the 2nd runners-up. All these were fully sponsored by the firm.
Speaking on the choice of the company, the Chairman, NAIPCO, Mr. Chuks Udo Okonta, said, the two CSR Projects were critical to the choice of WAICA Re. 

Stating that, it is high time corporate organisations begin to look beyond their core businesses by contributing to the society they operate through CSR initiative, he said, this will lead to gradual growth and development of the country as government cannot do it alone.

He implored other companies to emulate WAICA Re in term of professionalism and CSR, which, he said, will not only create awareness about insurance and reinsurance awareness, it will equally lead to gradual uptake of insurance products and services in the country and on the continent. 

While relieving the Award, the Group Managing Director/Chief Executive Officer of WAICA Re, Ezekiel Ekundayo, appreciated the association for counting the organisation worthy of the award, promising that, this will further spur the company to increase its commitment towards improving lives and reinsuring the insurance businesses across the West African Region and Africa at large. 

Ekundayo, who was represented by Mr. Ayokunle Gbenga of WAICA Re stated that the corporation pays equal attention to all the countries its operating including Nigeria, which was the reason for the CSR projects embarked upon in the country. He said similar initiative has taken place in other countries in the region. 

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