Wapic Insurance has hosted the inaugural edition of its Annual Insurance Summit as part of unfolding initiatives to transform the insurance landscape in Sub-Saharan Africa. Themed ‘Solvency II and the insurance industry”, the strategic summit which held at the company’s headquarters in Lagos last week, had participants from different segments of the insurance industry in Nigeria. With the summit discussing the regulatory-based Risk Based Supervisory framework for players in the Nigerian insurance sector, Wapic Insurance has positioned itself at the forefront of debates and interactions that will not only boost industry capacity, but redefine operational procedures and trigger industry development.
Speaking on the back of presentations by Director, Jurgens Kroon, Africa Business Analytics, Bondyra Krasztof, Director, Asseco Europe and Thierry Mbimi, Partner and Head Financial Risk Management, KPMG, Wapic Insurance’s Executive Director, Bode Ojeniyi said that “Wapic Insurance industry-thought leadership seminar sought to highlight the potential impact of the new risk based supervision from a global context”. Earlier in her address, the company’s Managing Director, Yinka Adekoya stated that “Wapic Insurance started its Annual Thought Leadership series with the inaugural insurance summit to provide an invaluable platform for industry players to interact and exchange ideas, and specifically to understand the implementation process and assess the level of their preparedness for the recent changes in the Nigerian insurance industry”.
Wapic Insurance is further creating a platform for discussion of industry issues and promoting collaboration amongst players, this initiative comes as a backdrop of the insurance industry in Nigeria consistently living in the shadows of its half-brother, the banking sector, in spite of its potential to overtake the success of banking.
This shortfall is significantly due to the absence of a common front; with this summit, Wapic Insurance becomes the rallying point for the industry, offering the needed collaboration that will trigger the growth of the sector.
Wapic Insurance is Nigeria’s oldest and a leading West African multi-line insurance company providing innovative solutions covering life, general and special risks. Established in 1958 and listed on the Nigerian Stock Exchange since 1990. The company is on a mission to transform into a diversified financial services institution that delivers value in a sustainable manner to her customers and stakeholders while playing a lead role in the transformation of the industry. Through a diverse portfolio of products and a commitment to providing the best customer experience possible, Wapic Insurance has continued to redefine the insurance landscape in SubSaharan Africa.
Accordingly, Wapic Insurance boasts an AM Best Financial Strength rating of “C++” and an Issuer Credit rating of ‘b+”, as well as a significantly enhanced underwriting capacity, which places it among the top five insurance companies in Nigeria by solvency and capital. Headquartered in Lagos, Wapic is organized into two core business segments, General and Life Insurance. The company has two wholly owned subsidiaries, Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited as well as an associated company, Coronation Merchant Bank Limited.