IFC partners AIICO to Extend Insurance Services to more Nigerians
IFC, a member of the World Bank Group, announced an agreement to provide a $20 million convertible loan to AIICO Insurance Plc, to support its expansion activities across Nigeria. The expansion of insurance services help increase economic security, and creates the development of new asset pools that can be invested in other ways to support economic development, including job creation. The transaction was signed today at AIICO Corporate head office in Lagos.
AIICO Plc will use the loan facility to increase its agency network and retail centers and increase its reach and footprint across the country. The facility will also enable AIICO further strengthen its information technology platform to achieve greater efficiency in claims processing and customer services.
“AIICO Insurance Plc offers life and non-life insurance products to individuals, households, and businesses with a focus on value creation” said Edwin Igbiti, Managing Director, AIICO Insurance Plc. “Partnering with IFC will help AIICO expand its activities further to meet the needs of the consumers who require more options. It will improve AIICO’s operational efficiency and strengthen the economic security and prosperity in Nigeria.”
IFC’s global insurance strategy aims to increase the penetration of insurance in underserved markets, promoting diverse products and developing long-term partnerships with institutions that can help expand its developmental goals.
Eme Essien Lore, IFC Country Manager for Nigeria said, “Availability of insurance coverage is an important enabler of managing economic risk and promoting security of consumers and private businesses. IFC’s support to AIICO’s expansion reinforces our commitment to improving social stability and economic growth in Nigeria.”
IFC’s encourages a diverse range of insurance products, including property, health, agro, life, micro insurance and pensions. IFC mobilizes additional resources through global and regional insurance companies, other developmental financial institutions, and financial investors.
AIICO Insurance PLC is the market leader in Life assurance and annuity services market and offers life, non-life insurance, pension management, health insurance and asset management. It is the second largest insurer in Nigeria by gross premiums and has maintained a top three position over the last five years.