The News Review:
- Insurance cover for Kharif crops
- Direct Insurance launches Russian activity
- Nigeria: Insurance Set to Take Over Country’s Financial Sector
Insurance cover for Kharif crops
Pakistan Dawn – Apr 7, 2008
The National Insurance Company Ltd (NICL) and the National Bank of Pakistan (NBP) are about to enter into an arrangement – probably within ten days – to provide insurance cover to farmers against crop losses from natural calamities and their exposure to bank loan risks. ”Top NBP executives were reluctant from the beginning to co-ordinate with NICL for getting insurance coverage of their production loans”, a well-placed source in the insurance business disclosed. But the NBP changed its mind after the Prime Minister Syed Yusuf Raza Gilani, in his first speech in National Assembly put crop insurance as one of the key points on new government’s agenda. Early last week, the NICL informed the NBP that its partners the international re-insurance companies have given a final notice of quitting support arrangement if no headway is made in crop insurance.
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Direct Insurance launches Russian activity
MarketWatch – Apr 7, 2008
EDT April 7, 2008
Direct Insurance – Financial Investments Ltd. (TASE: DIFI) has launched business in Russia through OJSC Intouch Insurance, a joint venture owned in equal shares with Royal & Sun Alliance Plc (LSE: RSA). The investment in Intouch totaled ?140 million. Following an agreement signed in 2006, the European Bank for Reconstruction and Development (EBRD) will own 30% of Intouch. Intouch is the first Russian insurance company to offer direct insurance services.
Nigeria: Insurance Set to Take Over Country’s Financial Sector
AllAfrica.com – Apr 7, 2008
All over the Western World, the insurance sector is a major driving force in their financial industry and has always been the next biggest thing, except for emerging economies like Nigeria. In these developed societies, Insurance Companies own Banks. However, South Africa has accounted for about 90 per cent of African insurance market like its counterparts in the Western Countries, the insurance sector has been the next biggest thing owning banks. GA_googleFillSlot(“AllAfrica_Story_Inset”); This notwithstanding, the Insurance business is beginning to emerge as a money spinner in Nigeria and the next biggest thing; as players in the industry continue to declare dividend to its shareholders, which is a commendable effort.
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