Insurance World

WAICA Re Up Profit Growth By 38% FY19*As GWP Appreciates To $70million

Ekundayo

BY NKECHI NAECHE-ESEZOBOR–-WAICA Reinsurance Corporation(WAICA Re) at the weekend announced 21 percent growth in its Gross Written Premium(GWP for the financial year ended 31 December 2019 to stand at $70 million BusinessToday has learnt.

According to the company that also achieved a profitability of $9.5 million, which represents a profit growth of 38 per cent, even as its Total Assets remained strong at $137 million and a shareholders fund of $89 million.

The company added that of all the classes of insurances it wrote, the accident class generates the highest net income for the group with over $4 million as at 2019 reporting year.
Speaking on the activities of the firm, the group managing director, Mr. Abiola Ekundayo, said, it has expanded across West Africa, East Africa, North Africa and Southern Africa, whilst writing reinsurance businesses from Africa and beyond.

The company, he added, has grown from a zero gross premium to $70M in 2019 and still continues to grow, saying, WAICA Re, have, during the period also submitted itself to credit rating with both AM Best and GCR Ltd, while currently having an AM Best FSR rating of B+(Good) and an ICR of bbb-, with stable outlook for the ratings.

On Covid-19 and its impact on insurance and reinsurance business, he said, WAICA Re’s operations have been limited in terms of physically connecting with its clients, due to the travel ban and restrictions, as well as social distancing and other preventative measures.
However, he stressed that technology has enabled the firm interact effectively with existing and potential clients virtually online, adding that, “we are also able to work 100% remotely from home (activated as part of our business continuity plans) and we are certain that these measures have forestalled any stiffening of our operations.”
To him, “At the core of WAICA Re are the people that drive the systems and processes. Our people are our strongest assets. In addition, the strong capital base, efficient ICT and the trust we have built over the years (as a reliable partner to our stakeholders) are what make WAICA Re strong.”
He re-assured all stakeholders that WAICA Re is positioned for continuous growth and improvements and that, it is ready to do more to ensure stakeholders are adequately covered and compensated.

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