African Reinsurance Corporation, in the just concluded 6th African Insurance Awards, featured CEO of the Year and other winners. There were four categories of the awards. It was a virtual programme and over 1250 professionals took part in the 2020 edition held Friday 18, 2020.
The CEO of the Year Award was won by the managing director at FBN Insurance Limited, Mr. Valentine Ojumah. He earned it for turning around FBN Insurance to a performer in terms of premium growth (3rd position in life insurance), profitability, shareholders’ funds and Return on Equity. He was also credited for overseeing a strategic acquisition.
Other winners of the four categories were: Alpha Direct Insurance Company of Botswana, which won the Innovation of the Year award. The company has developed an easy-to-understand ‘Insurance-in-box’ product that makes it possible for low-income groups to access vital insurance products and services. This box idea is unique and original with free scratch card and 60 seconds sign up. It is accessible to all mobile users, even with very basic mobile phones.
The Mauritius Union Assurance (MUA Limited), won The Insurance Company of the Year award. The company’s strong and steady growth in the last three years, successful digitisation of its services and, client centric strategies have earned it the consensus ranking from the judges.
PULA from Kenya won the InsurTech of the Year award. The company found a solution for smallholder farmers to access insurance with ease. PULA has also partnered with the World Food Programme to insure 3.5 million farmers in 10 African countries.
The African Reinsurance Corporation profusely commended all the participants and the judges. This year, the awards featured two panel discussions with industry leaders like Richard Lowe, Hammam Badr, Patrick Tumbo, Dominic Christian and prominent economist like Ludovic Subran and Carlos Lopez who reflected on the impact of Covid-19 in the African economy, especially the insurance industry, and how it can be rebuilt after the pandemic.
The event also witnessed the performance of some African artists: Betty G. from Ethiopia, Femi Kuti from Nigeria and Magic Systems from Cote d’Ivoire
The group managing director and CEO, Africa Re, Dr. Corneille Karekezi, congratulated all the nominees and disclosed that each winner will get a sum of $25,000. “You have made all of us in the insurance industry proud and even more determined, to achieve greater success, and to serve our customers and communities to manage better the risks they face,” he declared with a seal of promise.