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Rate hikes loom in insurance sector CONTINUED FROM PAGE 15
"What this means, he said, is that we should operate the business professionally according to international best practices in order to meet stakeholders expectations particularly in the settlement of claims. ''The fact is that reinsurers have stopped writing certain classes of business, others withdrew from specific markets due to losses. The international reinsurance community seems to have returned to the professional pre-occupation which is to make profit, and that is why they are in business anyway. Therefore, market conditions have become harder, prices escalated, while the exigencies for right volume and accuracy of statistical information became more stringent". Meanwhile, the National Insurance Commission (NAICOM) has specified gUidelines on reinsurance arrangemen ts that insurance companies should procure to back up insurers capacity for energy risk. For instance, all reinsurance arrangements with a foreign reinsurer shall be with a company having a minimum financial strength rating (FSR) of S&P "A" or A.M. Best "A" rated coml?anies. BeSides, treaty reinsurance arrangements shall be construed as part of an Insurers capacity for the purpose of determining local capacity or retention. Any other reinsurance programme/facility shall be acceptable In determining local capacity or retention only after the security has been confirmed for each risk. All facilities, according to the commission, shall be admitted subject to "value added" such that the insurer gain and/or Improve upon technical know1edge of risks within 011 and gas industry.
........
Co-Director, Millenium Cities Initiatives (MCI). Karl Sauvant (left): Dndo State Governor. Olusegun Mlmiko; and Senior Special Assistanttothe Governor on Oiaspora and International Relations. !leml DuX"e. at the opening ceremony of the Mel retreat. in Akure. ,e£ently.
Poor execution of Nigeria's $185m agric projects worries World Bank· ~E
World Bank has J. expressed concern over the slow pace of implementation of its $185 million Commercial Agriculture Develol?ment Programme (CADP) In Nigeria. Five states- Enugu, Cross River, Kano, Kaduna and Lagos are currently Implementing the programme. The Bank's Team Leader in charge of CADP, Mr Louis Akapa, expressed the bank's reservation yesterday, in Abuja, in an interview with the News Agency ofNigeria.
.
He stressed the need for the five states to adopt "an aggressive" al?proach in the implementatIOn of the programme. Akapa also stressed the need for the authorities of the five states to identify the difference between CADP and Fadama programmes. He said: "The World Bank is not too happy with the implementation of the programme in the manner it is being run as a small scale farmer's project.
''This is totally not in line with the concept of CADP, which is a public-private driven initiative. "CADP Is meant for big time farmers who have all it takes and have been in business for at least three years." Akpata warned that if there is no improvement in the implementation of the programme, the bank wou1d not hesitate to withdraw Its participation. "Any state which achieves 30 per cent endorsement in
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the Implementation of the programme by 2011 will enjoy additional $50 million funding from the World Bank. "With the element of competition among the five states outlined In the programme, anyone of t1iem that does not hasten Its rate of implementation will not enjoy additional funding," he added. Akapa described CADP as a "natIOnal tool for agricultural development," saying It. was predicated on the
principle of transparency, sustainability and accountability. He said members of his team and officials of the five states had met to proffer sol us Ions to the challenges militatin~ against the implementatIOn of the programme. He eXl?ressed hope that the nation s agricultural sector would be fully developed in the next few years to (lrastically reduce poverty, if the World Bank's programmes were implemented.
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