Yemisi Izuora
IFC, International Finance Corporation (IFC) , a member of the World Bank Group, has announced a grant of N3.8 billion ( $20 million) convertible loan to AIICO Insurance Plc.
The loan, according to the Managing Director of AIICO Insurance Edwin Igbiti, is the global finance institution’s support to the insurance underwriting firm for its expansion activities across Nigeria.
He said the plan by the company to expand its insurance services in the country will help to increase economic security, as well as create the development of new asset pools that can be invested in order to support economic development, including job creation.
Igbiti also said the company will use the loan facility to increase its agency network and retail centers and increase its reach and footprint across the country.
He further said the facility will also enable AIICO to further strengthen its information technology platform to achieve greater efficiency in claims processing and customer services.
According to him, “AIICO Insurance Plc offers life and non-life insurance products to individuals, households, and businesses with a focus on value creation.
“Partnering with IFC will help AIICO expand its activities further to meet the needs of the consumers who require more options. It will improve AIICO’s operational efficiency and strengthen the economic security and prosperity in Nigeria, Igbiti stated.”
IFC’s global insurance strategy aims to increase the penetration of insurance in underserved markets, promoting diverse products and developing long-term partnerships with institutions that can help expand its developmental goals.
Eme Essien Lore, IFC Country Manager for Nigeria said, 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 the underwriting company’s commitment to improving social stability and economic growth in Nigeria.”
IFC encourages a diverse range of insurance products, including property, health, agro, life, micro insurance and pensions.
The corporation also mobilizes additional resources through global and regional insurance companies, other developmental financial institutions, and financial investors.
AIICO Insurance PLC is of the market leaders in Life assurance and annuity services market and offers life, non-life insurance, pension management, health insurance and asset management. It is the second largest insurer in Nigeria by gross premiums and has maintained a top three position over the last five years.