Nigeria Re Trains Insurance Professionals
Stories by Ebere Nwoji
Nigeria Reinsurance Corporation (Nigeria Re) said it has repositioned itself to reawaken public confidence in its operations as hitherto leading reinsurance company in Nigeria through organisation of free training programmes for insurance and reinsurance professionals in Nigeria for capacity building.
The company recently resumed the gesture having organised three days free training programme for reinsurance managers across the country.
This time, Nigeria Re, organised the training in collaborating with two foreign facilitators; the GIC India and GIC South Africa.
In a chat with journalists at the training, Managing Director of Nigeria Re, Isioma Chukwuma, said the company resolved to organise the training because of realisation of the fact that as a reinsurance company, one of its services is to render or provide training for its ceding insurance firms to enable them do things right.
“I am sure you know in the past, Nigeria Re, was noted for regular training of cedants. For years now, we haven’t done that so we think that the time has come for us to provide this training for our cedants. This particular session, has been targeted for the reinsurance managers, so luckily, we had to do it with GIC India and South Africa. But we have two facilitators from GIC India and GIC South Africa”.
She said due to the collaboration and partnership, her company has decided to render the training free of charge . “So we are not charging them for anything. For those of them that came from far, we have to take care of their transportation and accommodation. But the training fee is virtually free.”
She said at the end of the programme, the company, hopes to reawaken the confidence of its customers.
“Actually, what is expected after this is that we are beginning to reawaken the customer confidence in Nigeria Re’s capacity, by so doing, we also want to train them to be more knowledgeable, when they are knowledgeable about what they are doing, Nigeria Re will benefit from it. We will do better underwriting and less claims will hit the market; less claims will come to the reinsurers so on the long run, it’s a win win situation for everybody”.
According to Chukwuma, with the training, “companies will do profitable business because they are more aware and knowledgeable of what they are doing and the reinsurance firms will also write profitable businesses.
“I am sure you must have heard about the number of claims we’ve been paying recently we had one big claim in the market recently, to the glory of God, we’ve been able to meet all our obligations we paid so much, I don’t have the figures right now. As reinsurance, we have over 5 or 6 insurance companies from that risk. Of course as reinsurance we are taking percentages from each other so we have to pay and luckily we have been able to meet all these obligations. So, that I think, is giving confidence to our cedants and I am hoping that will translate to a more market share for us and greater confidence for Nigeria Re to move ahead”.
Participants at the training were taken through topics such as introduction to reinsurance, role of reinsurance, relevance of reinsurance, reinsurance market, types of reinsurance reinsurance for various classes, reinsurance Accounts among others.