The Nation Newspaper

Tag: Wapic

  • Wapic introduces five products

    Wapic Insurance Plc has introduced five lifestyle insurance products into the market to cater for the protection and goal-oriented needs of individuals, families and businesses.

    Speaking at the launch of the products, its Managing Director, Mrs. Yinka Adekoya said the products are classified under Wapic Smart Investment-linked products.

    She said the products include the Smart Life plan, Smart Life+ plan, Smart Scholar plan, Smart Senior plan and the Smart Wealth plan,  which come with flexibility and convenience, focused mainly on the family, education, retirement, short and medium term plans.

    She stressed that as is the case with most Nigerians having to save or keep funds in their savings account for specific projects or towards long- term goals, such as building project, and vehicle purchase, the Wapic Smart Life+ Plan is a unique product designed to help individuals attain their goals and targets with added advantages.

    She said: “It is an insurance solution that provides you the opportunity of systematically accumulating funds towards meeting short term obligations and emergencies. The Wapic Smart Life+ Plan uses an insurance vehicle that provides needed control to guide the customer towards achieving set goals as well as guarantees the policy holder a more competitive interest rate, withdrawals without being penalised and a free life insurance cover.

    “Every caring parent wants the best for their ward, however, life is full of uncertainties and even the best laid plans can go wrong. An unfortunate event could make them insecure, especially when you are no longer there for them. A careful financial planning can help you fulfill the aspiration that you have for your children.

    “The Wapic Smart Scholars Plan is an insurance solution that provides the opportunity to save funds towards financing your child’s education and offers embedded insurance protection against the risk of demise and permanent disability on the life of either or both parents.

  • Wapic introduces motor insurance, group life products

    Wapic Insurance Plc and Wapic Life Assurance Limited have re-introduced motor insurance product suite and group life insurance product aimed at meeting Nigerians budget and life style flexibility, the Group Managing Director of the company, Ashish Desai has said.

    He stated the motor insurance product suite has been rebranded and is now called “Moov” while the group life policy has been re-designed to address critical consumer needs while keeping them adequately protected against the financial impact of life’s risks whilst in employment

    Unveiling the value propositions for Moov and group life in Lagos, Desai said Moov, the motor insurance product in its new form has been designed to meet the yearnings of customers for budget and life style flexibility.

    An integral feature of the new product, he noted, is the fact that the consumers can custom-create their motor insurance cover.

    He said: “The motor product comes in four variants, which include Moov to cover third part motor insurance; Moov Plus for third party, fire and theft; Moov Prestige to cover basic comprehensive insurance while Moov Luxury is the maximum motor cover available.

    “Within each option, there is a menu of covers from which customers can make a choice based on their needs and budget. Each cover is priced separately while the customer can work out the cost using the online calculator provided. The company has also made the product more accessible for the insuring public as there are now various product purchase channels available to consumers.”

    He stressed that the launch of these products, further reinforce their commitment to excellence in customer service.

    Managing Director, Wapic Life, Niyi Onifade further explained that Group Life Insurance product is a compulsory class of cover for all employers with three or more employees.

    He said with this in mind, the life business, Wapic Life Assurance Limited, had similarly revamped this product to meet the needs of employers through simplified documentation, seamless payment process and enjoyable claim settlement for the benefit of their employees

  • Nigeria, others need $25b investment in power sector

    Nigeria, others need $25b investment in power sector

    Minister of Power, Prof. Chinedu Nebo, has said Nigeria’s and other West Africa’s power sector needed $25 billion (N3.88trillion) investment over the next one decade to have a reliable and consistent power supply in the industry.

    In his presentation titled Updates on the Nigerian power privitisation at the ongoing West African Power Industry Convention (WAPIC), in Lagos, he said there was the need to invest and develop regional grid through effective power generation across the West African sub-region region.

    The minister said Nigeria, which is regarded as Africa’s foremost business destination is  second to South Africa.

    He said Nigeria, the 26 largest economies in the world and the seventh largest population was one of the fastest growing economies in the world.

    According to him, Nigeria’s economic performance is one of the most robust in Africa and an adequate power supply is a pre-requisite for a stable economy.

    Nebo said the overall Gross Domestic Products (GDP) growth for last year was 6.81 per cent was above the projected global growth average of 3.5 per cent.

    “Today, Nigeria is an attractive destination for Foreign Direct Investment (FDI). In the last three years, Nigeria has attracted over 10 per cent of the total FDI to Africa totaling over $20 billion.

    “This performance is driven by favourable political, economic and demographic realities,’’ he added.

    He said renewable energy remained the most neglected in the West African sub-region, adding that it stood as a veritable tool that could energise Africa.

    He added that renewable energy could also be used to solve the energy problem in a very inclusive way.

    He said: “The Ministry of Power is synergising with the Minister of Petroleum and Central Bank Governor to address gas challenges and also to inject more liquidity into the system

    “Handing over successor’s power companies in Nigeria to investors remains one of the laudable achievements of the present administration, because before the privitisation the sector had been in comatose.’’

  • NCRIB seeks prompt claims’ settlement’

    NCRIB seeks prompt claims’ settlement’

    The National Insurance Commission (NAICOM) must enforce prompt settlement of claims on underwriting firms, President, the Nigerian Council of Registered Insurance Brokers (NCRIB)Ayodapo Shoderu has said. He spoke at the NCRIB members’ evening hosted by WAPIC Insurance Group, in Lagos.

    He said the directive became necessary because of the importance of claims in the business.

    He urged the regulator to be stringent on its stand on prompt settlement of claims, adding that claims payment remains the best advertorial to boost the industry’s image.

    He said: “One of the areas of interest of our council is the need for underwriters to always pay claims expeditiously. While many underwriters are striving to strictly to the time limits for claims payment to clients, some still do err in this regard.

    “Considering the place of claims payment in insurance’s image and acceptance, the Council under my leadership has taken up the matter with NAICOM during my recent visit to the Commission. We urged NAICOM to consider a directive to underwriting companies on the need for them to be prompt in the settlement of claims to clients.

    “Since the sustenance of any insurance industry is its ability to pay claims promptly, our opinion is that the Commission should be more stringent on its stand or directive to insurers on claims payment, the same way the Commission frowns at brokers with regards to remission of premium.”

    He said NCRIB and NAICOM would continue to partner in enforcing ethical practice, urging operators to play according to rules.

    Acting Managing Director WAPIC Insurance Group, Ashish Desai, said the firm has been repositioned. He called on stakeholders to join hands to enable the industry takes its position in the economy.

  • WAPIC records 40% gain in 10-days amid bearish trend on the bourse

    WAPIC records 40% gain in 10-days amid bearish trend on the bourse

    WAPIC Plc recorded a moderate gain of +6.1% to extend its 10-day gaining streak amid a general downtrend in the market; as investors displayed a strong bargain appetite towards the stock.

    The stock recorded +40.00% gain in 10days, outperforming the key benchmark indices which recorded a -0.94% loss within the same period.

    Market outlook reveals a renewed and active moderate bargain tendency towards the stock in the last 4-weeks: following the prolonged (21-weeks) price correction trend that delivered a -53.02% loss after an impressive rally of +136.51% recorded in the first quarter of the year.

    We further observed that the stock recorded an upper break-out at the end of today’s session – indicating a strong bargain appetite from investors as the stock traded above the upper Bollinger band by +16.2%; an indication of the strong possibility of it extending the uptrend in the coming sessions.

    WAPIC’s price analysis reveals a mixed performance trend as the stock posted +8.25% and -13.93% as its 3-months and 6-months returns respectively, while its 52-weeks and YTD performances stood at +77.97% and +81.03% gains respectively.

  • Wapic Insurance’s N3.51bn rights issue excites shareholders

    Wapic Insurance’s N3.51bn rights issue excites shareholders

    Shareholders of Wapic Insurance Plc have expressed satisfaction over the N3.51 billion rights issue being embarked on by the company, calling all the existing shareholders to take advantage of the offer to increase their holding. They observed that the profile and public perception of the underwriter has since improved following its take over by Access Bank Plc.

    Speaking on behalf of members of Renaissance Shareholders Association of Nigeria, the president, Ambassador Olufemi Timothy, said: “It is a good development. My advice to shareholders is to endeavour to take up their rights and even buy more. “You know Access Bank took over the company as a result of its take over of Intercontinental Bank, which was the parent bank. All the insurance business of Access Bank will be handled by the company and it will leverage on the good will of Access Bank to boost its business and create value for investors.

    “So, for me, it is a good buy and it is a promising company.” Wapic is offering 6.65 billion ordinary shares of 50kobo each at 55kobo per share to its existing shareholders in the ration of eight new shares for every 10 previously held. The offer opened on Monday, 10th June, 2013, and is billed to close on Friday 5th July 2013. Speaking through Taukeme Koroye, a non-executive director of the company,  Wapic’s Chairman, Aigboje Aig-Imoukhuede, explained that the rights issue was a first step towards raising additional capital for Wapic’s long-term infrastructure and expansion objectives, adding that the required endorsements from shareholders to guarantee the success of the offer has been received He added that requisite approvals have been received from the Securities and Exchange Commission, SEC, and the Nigeria Stock Exchange, NSE, while explaining that shares being offered would rank pari passu in all respects with the existing shares of the company. The Managing Director of Wapic Insurance Plc, Mr. Segun Balogun, also disclosed that plans are in top gear to ensure complete uptake of the issue. “Our shareholders are excited at the prospect of a company with a significantly robust capital base and the underwriting privileges it would confer on the company,” he added. Balogun further stated that Wapic is gradually being repositioned for growth in all aspects and lines of business, adding that the company has strengthened its capacity by restructuring its business model. It would be recalled that shareholders had on June 4, 2012, during the company’s 53rd Annual General Meeting, authorised plans by the Wapic’s board of directors to raise N5billion to boost the company’s operations. The additional funds, which shall be raised will be used amongst other things to expand operations, improve infrastructure and IT capabilities and also to inject additional capital into the company’s subsidiaries