FBS Re boosts West African capacity in blanket bonds, cyber insurance

FBS Reinsurance Limited has affirmed its determination to support insurance companies in West Africa grow their underwriting capacity and innovate insurance product development in blanket bonds underwriting and cyber insurance.

Fola Daniel, CEO of the Company who disclosed during an interview said the determination of the reinsurance company to actualize this lofty corporate goal was to enhance insurance role in the region.

FBS Re recently organized a training programme in Ghana on new business risks such as the Bankers Blanket Bonds Underwriting, Cyber Insurance AND Electronic/Computer Fraud cover.

This he said is a forerunner for a planned wider training coverage of the sub-region, as a similar training is being planned for FBS RE cedants in the Nigerian market.

Daniel remarked in the discussion that, ‘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 determined to deepen insurance penetration in the sub region.

In explaining bankers blanket bond, he said it is a form of ‘all-risk insurance policy’ aimed at providing financial protection to banks and other finance houses, against operational losses which they may incur in their lending activities; Whilst the Cyber Insurance, Electronic/Computer fraud will give cover against technology induced losses to organizations caused by these new risks.

The training programme, which was adjudged as successful, on these two new products took place in Accra on the sideline of WAICA educational conference. It drew participants from insurance companies, brokers, and the banking industry in Ghana.

FBS Re will continue to share knowledge with its cedants and the insurance industry with a view to enable the industry to innovate and underwrite their businesses, profitably.

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The training programme created excitement in the Ghanaian market as notable facilitators from Lloyds of London and specialist financial services underwriters teamed up with FBS RE’S in-house faculties to successfully deliver the programme.

Daniel stressed that Nigerian Insurance industry will also benefit from a similar training programme. The Nigerian market will in addition enjoy a planned life insurance training working in conjunction with its technical partner, a notable global reinsurer.

The planned Life training program is designed to innovate life underwriting to meet the complexities in the digital environment, also enhance public awareness, and create acceptance of life insurance policy as a veritable instrument of security for borrowers.

This FBS RE’s initiative at developing new opportunities for our cedants is designed to grow their premium and create new relevance for insurance services, within the framework of financial services value chain.

He concluded by noting that, FBS Re is positioned to make a value impact on the insurance industry, and it will continue to operate within a defined culture of customer centric practices and creativity.

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