• Monday, April 15, 2024
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Guinea Insurance gets NAICOM approval for agric products

Insurance as tool for financial planning

Underwriting firm, Guinea Insurance Plc has secured the approval of the National Insurance Commission (NAICOM) to offer agric insurance to farmers in Nigeria.

The company said it has begun plans to seal international partnerships, that will enable it deliver value and deepen penetration in the country’s growing agric space.

Ademola Abidogun, managing director/CEO, Guinea Insurance said the firm is being repositioned to ensure value creation and optimum returns to its shareholders.

Abidogun, made the remarks at the Nigerian Association of Insurance and Pension Editors’ (NAIPE) first quarter 2023 CEOs Forum held in Lagos.

“We have a very robust board and work force that is made up of accountants, lawyers and other professionals with a very strong business experience working together to ensure we are where we are today.”

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Abidogun said the company has invested so much in her staff training and acquisition of technology, adding that currently “we have so many portals including the Third Party Portal which helps us in doing our Motor Business. Motor Business still remains the biggest of our products and we have partnership brokers on that.”

According to him, “we are also getting new businesses from brokers such as Marine Insurance for example. This segment is also growing despite the fact that there have been a lot of challenges in the areas of dollars and importation. Our oil and gas business portfolio too has also picked up because people are very passionate about insurance.”

Abidogun said the Company’s portal for its Motor and Marine insurance business is strengthening their partnership with some brokers which he said have started patronizing them.

His words “The brokers partnership, our new business initiatives, our portal that we have for Motor and Marine insurances and some business with government agencies combined to ensure that we are getting value for our shareholders.”

In term of opening new branches, he said “We really don’t want to open a lot of branches but what we are doing is to have as many sales outlets as possible because to open new branch offices now is very expensive. We want to have sales outlets and well run central underwriting system and a central accounting system.

“Although we have few branches in strategic areas, we also want to open more sales outlets in strategic areas to complement the existing branch and enhance our operations in selling most of our products and repositioning our brands there.”