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In its quest for more insurance penetration in Nigeria, the International Finance Corporation (IFC), a member of the World Bank Group, recently signed a pact to provide a $20 million convertible loan to AIICO Insurance Plc. The loan is to support its expansion activities across the country.
According to AIICO Insurance Plc, the expansion of insurance services will help increase economic security; create the development of new asset pools that can be invested to support economic development and create jobs. The pact was signed at the AIICO Corporate head office in Lagos. Managing Director, AIICO Insurance Plc, Edwin Egbiti promised that the company will use the loan facility to increase its agency network and retail centres. He added that the loan will help the underwriting firm increase its reach and footprint across the country. “The facility will also enable AIICO to further strengthen its information technology platform to achieve greater efficiency in claims processing and customer services,” he said.
To Igbiti, partnering with IFC will help AIICO expand its activities further to meet the needs of the clients who require more options. “It will improve AIICO’s operational efficiency and strengthen the economic security and prosperity in Nigeria,” he added.
Eme Essien Lore, IFC Country Manager for Nigeria, said that IFC’s global insurance strategy is aimed at increasing penetration of insurance in underserved markets, promoting diverse products and developing long-term partnerships with institutions that can help expand its developmental goals. “Availability of insurance coverage is an important enabler of managing economic risk and promoting security of consumers and private businesses. IFC’s support to AIICO’s expansion reinforces our commitment to improving social stability and economic growth in Nigeria,” Lore said.
According to him, IFC encourages diverse range of insurance products, including property, health, agro, life, micro-insurance and pensions. He also said that the group mobilizes additional resources through global and regional insurance companies, other developmental financial institutions and financial investors.
By Pita Ochai