FBS Reinsurance builds capacity for W/African countries | Dailytrust

FBS Reinsurance builds capacity for W/African countries

The Chief Executive Officer of FBS Reinsurance (FBS RE) Limited, Mr Fola Daniel, has affirmed the determination of the firm to support insurance companies in West Africa to grow their underwriting capacities and innovate insurance products development.

To actualise this, Daniel in an interview with Daily Trust, said FBS RE recently organised a training programme in Ghana on new business risks such as the bankers blanket bonds underwriting and cyber insurance, electronic/computer fraud cover.

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Mr Daniel stressed that the Nigerian insurance industry would also benefit from a similar training programme as the Nigerian market would enjoy a planned life insurance training collaborating with its technical partner and global reinsurer.

There are also plans for a planned wider training coverage of the sub-region. Daniel said: “We are boosting capacity in new areas such as Cyber security and bankers blanket bonds for the financial services sector. This will enable insurance market operators to key into these emerging business opportunities.

“This was intended to further establish FBS Re as a company which is determined to deepen insurance penetration in the sub region,” he noted.

In explaining Bankers Blanket Bond, he said it was a form of “all-risk insurance policy” aimed at providing financial protection to banks and other finance houses against operational losses which they might incur in their lending activities, whilst the cyber insurance, electronic/computer fraud would give cover against technology-induced losses to organisations caused by “these” new risks.

 

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