AIICO Insurance Plc. declared in Lagos on Saturday that it recorded a Gross Written Premium (GWP) of N45.5 billion in the first half of 2022.
The company’s unaudited report showed that the GWP increased by 21.4 per cent compared with the N37.481billion recorded in the corresponding period of 2021.
The insurance firm said it earned Gross Premium income of N40.573 billion which indicated a 17.9 per cent increase from the N34.435 billion earned in the corresponding period of 2021.
“GWP grew by 21.4 per cent year-on-year to N45.5 billion in the half of 2022 compared to N37.5 billion recorded in the comparative period of 2021.
“This was due to a year-on-year increase of 39.4 per cent in General Insurance to N15.5 billion compared to N11.1 billion recorded in the first half of 2021.
“Life Insurance premiums increased by 14.2 per cent year-on-year to N29.6 billion compared to N25.9 billion recorded in the corresponding period of 2021.
“Underwriting income from our Health Maintenance Organisations increased by 31.4 per cent year-on-year to N599.9 million compared to N456.4 million recorded in the comparative period under review,’’ it stated.
According to the underwriter, its operating income in Asset Management declined by 9.5 per cent year-on-year to N697.6million compared to N770.5 million recorded in the corresponding period of 2021. AIICO stated that its profit before income tax from continuing operations increased by 146.9 per cent year-on-year to N2.2 billion in first half of 2022 compared to N908.6 million recorded in the first half of 2021. It added that its profit before income taxes across the group and its subsidiaries increased year-on-year contributing to the reported increases for the period.
According to the underwriting firm, this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021. “AIICO also completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion.
“As a result, profit for the interim period rose by 51.4 per cent to N4.9 billion in the first half of 2022 from N3.3 billion recorded in the first half of 2021,’’ it also stated.
Commenting on the result, Mr Babatunde Fajemirokun, Managing Director and Chief Executive Officer, AIICO Insurance said the half year result was a testament to the resilience of its business model and focus.
He said the company’s unaudited results represented the firm’s performances for the interim period ended June 30 2022. Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods, trusting that the company would be there when they need it.
AIICO Insurance Plc. has been in operation in Nigeria for some 50 years.
Significant industry-wide investment in edge computing will change the face of the data center ecosystem over the next four years, increasing the edge component of total computing by 29% over that time, from 21% of total computing to 27%. % by 2026. The magnitude of the industry's continued shift to the edge is among the notable findings of a new global survey of data center industry professionals from Vertiv (NYSE: VRT) (https://bit.ly /3vhy9Sb), a global provider of critical digital services. infrastructure and continuity solutions.
About a third (34%) of respondents are planning or in the midst of major edge deployments. A quarter have already deployed new purpose-built edge sites, and 41% are operating legacy edge sites. All the activity on the edge is surprising, but survey participants also anticipate a 150% increase in core sites and more activity in the cloud. According to the survey, the percentage of IT resources deployed in the public cloud is expected to increase from 19% today to 25% by 2026. The demand for computing resources is skyrocketing in today's networks.
"The next five years will reshape the data center landscape, increasingly moving computing to the edge and fortifying enterprise facilities at the core of modern hybrid networks," said Martin Olsen, global vice president of edge strategy and transformation. Vertiv. “This survey makes clear the urgent demand for computing closer to the end user. The future of computing is all about speed and latency, and the only way to meet the need is to build the edge of the network.”
The survey results come on the heels of the release late last year of Edge Archetypes 2.0: Deployment-Ready Edge Infrastructure Models (https://bit.ly/3t6u14T). That report furthered Vertiv's research on the network edge and identified four edge infrastructure models that enable a more intelligent, semi-standardized approach to edge infrastructure deployment. The survey results are consistent with the premise of Edge Archetypes 2.0: that massive growth in the edge requires a more standardized approach to edge architecture.
The survey also revealed the changing profile of the modern edge site. Twenty-nine percent of sites have between 5 and 20 shelves, and 13% have more than 20 shelves. More racks means more power, with survey results reflecting that: 28% say their sites require between 21-200kW, and 14% report power demands greater than 200kW. The days of individual racks hidden in rudimentary IT cabinets are over.
Other significant findings from the survey included:Sustainability is playing a big role in new and planned edge deployments. More than three-quarters of sites (77%) use or plan to use energy-efficient UPS systems. In addition, 40% plan to use renewable energy; 31% water efficient cooling; 29% dynamic network support technologies; and 19% low global warming potential (GWP) refrigerants (https://bit.ly/3sgYQ7S). While security and availability were top priorities for participants deploying edge sites, the survey exposed some current design and operational practices that could reduce the ability of the edge computing site to achieve these goals as the number of sites increases. .
"Vertiv's survey data shows that enterprises are serious about growing their edge computing to meet expected demand, but building edge solutions can be tricky," said Birgit Jackson, director of IT Solutions and Racks business. integrated in Europe, the Middle East and Africa (EMEA). ). “Enterprises need to consider software and hardware, orchestration and management, and much more. This is the time for organizations to seek out a network of partners and manufacturers to implement edge-enabled solutions in a customizable and configurable way.”
Vertiv surveyed 156 industry professionals with information about their company's edge computing plans. Full survey results are available in the What's Your Advantage? report. (https://bit.ly/36CGO7y)
The survey highlights the infrastructure transformation occurring at the edge of the network (https://bit.ly/3IfZ7x3). Visit Vertiv.com for Edge Archetypes 2.0 deployment-ready edge infrastructure models (https://bit.ly/3paVtNN) and a tool (https://bit.ly/33KmJej) to identify the infrastructure model perimeter suitable for your site.
In partnership with some of the most reputable insurance service providers in Africa, it makes us a one-stop shop for financial services.LOMé, Togo, December 14, 2021 / APO Group / -
Ecobank Group's commercial banking business (www.Ecobank.com) has partnered with five insurance companies (OLD MUTUAL, ALLIANZ, SUNU, SANLAM and NSIA) to offer a range of bancassurance solutions to small and medium-sized clients Ecobank companies (SMEs) around the world. markets where Ecobank operates. These clients will now benefit from the convenience of being able to access relevant solutions for all their insurance needs.
Josephine Anan-Ankomah, Ecobank Group's Commercial Banking Executive, said: “Adding a full suite of bancassurance solutions, in partnership with some of the most reputable insurance service providers in Africa, makes us a one-stop shop for financial services. . Additionally, the resilience of SMEs is enhanced through effective risk transfer provided by Bancassurance, while our solutions also offer our valued clients the satisfaction of knowing that they will have some protection, having learned from the painful experiences of COVID- 19 ".
Insurance products offered include commercial asset insurance, engineering insurance, marine and cargo insurance, key man insurance, business travel insurance for motor fleets, as well as tailor-made offers such as credit-lease insurance, credit-discount of invoices without recourse and agricultural area. Performance insurance.
The bancassurance service will be rolled out in phases, starting with Benin, Burkina Faso, Congo Brazzaville, Ivory Coast, Gabon, Guinea Bissau, Kenya, Mali, Nigeria, Tanzania, Togo and Uganda. The other 21 affiliates of Ecobank Group will be incorporated in the second phase.
The demand for bancassurance services by SMEs in our markets has been increasing as companies seek to shake off the effects of the COVID-19 pandemic by seeking solutions to protect themselves from similar events in the future.
Africa's insurance industry is valued at some US $ 68 billion in terms of gross written premium (GWP). Before COVID-19, the insurance market in Africa was expected to grow at compound annual growth rates (CAGRs) of 7 percent per year between 2020 and 2025, almost double that of North America, more than three times that of Europe. and better than 6 percent of Asia. This makes the continent the second fastest growing insurance region in the world after Latin America, thanks to constant economic growth in most countries and the underdeveloped insurance sector.
For more information, visit Ecobank.com/bancassurance
Vertiv (NYSE: VRT) (www.Vertiv.com/en-emea), a global provider of critical digital infrastructure and continuity solutions, has been ranked by technology analyst firm Omdia (https://Omdia.tech.informa.com) as the largest global supplier in a data center cooling market which continues to undergo change and innovation. The newly released research highlights that established heat rejection technologies such as Direct Expansion (DX), Chilled Water and Evaporative Cooling continue to dominate while also becoming more sustainable. In addition, new technologies, such as forms of liquid cooling, are predicted to grow as data center operators look for ways to further improve efficiency and deal with increasingly power-intensive compute.
The Omdia paper, Data Center Thermal Management Report 2020, published in late 2020 and based on 2018 and 2019 data, states that Vertiv has a 23.5% share of the global data center cooling market – more than 10% higher than its nearest rival. The market for data center thermal technology is set to increase from $3.3bn in 2020 to more than $4.3bn in 2024, according to Omdia. Vertiv also leads the global market for perimeter thermal technologies with a 37.5% market share which is more than 20% higher than the next largest supplier.
In addition to analysing market position, the report provides insight and intelligence on how data center cooling technology is evolving. Established technologies such as chillers and perimeter cooling will remain a large proportion of the market. According to Omdia, split DX is still the primary form of heat rejection in data center thermal management, but chilled water and direct evaporative heat rejection are gaining momentum. In addition, cloud and colocation service provider momentum has accelerated, driving double-digit growth for air handling units (AHU).
Omdia predicts there will also be strong growth in forms of liquid cooling – immersion and direct-to-chip – that are expected to double between 2020 and 2024. Several factors are contributing to this shift, including increasing chip and server power consumption, edge growth, increasing rack densities, as well as energy efficiency and sustainability requirements.
Lucas Beran, principal analyst for Omdia’s cloud and data center research practice and the report’s author, said: “The data center thermal management market is on the cusp of an inflection point. Currently, existing air-based thermal products and solutions are driving growth but are limited by their ability to cool 10kW+ rack densities. New technologies, products, and designs are coming to market to help support these high-density deployments and more efficient operations leading to changing market dynamic through 2024.”
“Vertiv's enduring leadership in thermal management demonstrates that our customers value our domain expertise, our broad-ranging portfolio and the increasing investment in technology, research and development,” said Giordano Albertazzi, president for Vertiv in Europe, Middle East and Africa (EMEA). “The cooling products and solutions we have launched throughout 2020 and our forward-looking innovation roadmap will continue to offer leading technology to our customers, enabling them to achieve higher efficiency and sustainability goals.”
Vertiv has announced several recent innovations in thermal technology. In EMEA, Vertiv announced Vertiv™ Liebert® OFC, a new and highly advanced range of oil-free turbocor compressor chillers developed in partnership with Geoclima (https://bit.ly/3fZtxXh). The Liebert OFC has been designed to utilize low GWP refrigerants including R1234ze and to provide high energy efficiency. Moreover, the entire floor-mount air conditioning range has been recently redesigned for utmost efficiency, including the direct expansion Vertiv Liebert PDX (https://bit.ly/2JuQx4d) with variable speed compressors and the chilled water range with the newest Vertiv Liebert PCW (https://bit.ly/33yTYy1).
In addition to internal innovations, Vertiv is also working with industry thought leadership groups and recently became a Platinum Member of the Open Compute Project (OCP) (www.OpenCompute.org). Vertiv’s role will include supporting initiatives on the adoption of liquid cooling through the Advanced Cooling Solutions (ACS) and Advanced Cooling Facility (ACF) projects. The aim is to bring guidelines and best practices for direct-to-chip and immersion liquid cooling technologies as well as enable practices for data center facilities to adopt liquid cooling.
Vertiv’s own research into thermal technologies also points to future innovation. According to Vertiv’s Data Center 2025: Closer to the Edge (https://bit.ly/2VsaZ8K) report, the data center industry has seen a large-scale shift to economization driven by hyperscale operators and colocation providers, while simultaneously driving heat removal closer to servers through rear door and liquid cooling systems designed to support the high-density racks common in high performance computing (HPC) facilities. Of the 800+ data center professionals that responded to the survey, 42% expect future cooling requirements to be met by mechanical systems, while 22% say they will be met with liquid cooling and outside air, a result likely driven by the more extreme rack densities being observed today.
For more information on the latest thermal management technology advances across EMEA, join the Vertiv Cooling Innovation Forum on Dec. 10th by registering for free at this link (https://bit.ly/37uSw0C). To learn more about how Vertiv can help data center owners and operators to scale with confidence, visit www.Vertiv.com/SWC.
Keriako Tobiko, Kenya Cabinet Secretary for Environment and Forestry says experts from Africa will meet in Kenya in April to highlight strategies for accelerating global climate change action.Tobiko said on Thursday that the first African climate week would be held in Nairobi on April 9 to April 13 for a five-day conference.
“The delegates will realign finance flows that are consistent with a pathway towards low emission and climate resilient development for the Paris Agreement,’’ Tobiko said in Nairobi.
He said that the conference would also serve as a knowledge sharing platform for discussing climate action in the continent.
It will also to focus on supporting the implementation of countries’ Nationally Determined Contributions and climate action to deliver on the Sustainable Development Goals.
Tobiko also says Kenya is in the process of establishing a climate change fund as a finance mechanism for priority climate change actions and interventions as required by the Climate Change Act 2016.
Tobiko said the formulation of the fund had been ongoing in collaboration with the National Treasury following the approval of the National Climate Finance policy by the parliament.
The East African nation is among the first countries in the world to have a climate change Act and framework policy, he said.
According to Tobiko, the framework provides for the mainstreaming of climate change actions into planning, budgeting and implementation at both national and county governments level.
He announced that the ratification of the Kigali amendment to the Montreal Protocol that targets phasing out consumption and production of hydro-flourocarbans by Kenya is almost concluded.
The CS said High Global Warming Potential (GWP) substances are expected to be phased down and replaced with low GWP alternatives as stipulated under the Kigali Amendment to the Montreal Protocol.
“Currently, most of the refrigeration and air conditioning equipment in the country are generally inefficient as they are mostly based on obsolete technologies.
“This situation is worsened by the fact that the alternatives that are ozone layer and climate friendly are not readily available in the country,’’ Tobiko said.
Tobiko noted that the country was keen at introducing new environmentally friendly technologies in the refrigeration and air conditioning sector with the aim of eliminating Greenhouse gas emissions.
Kenya is a signatory of the Montreal Protocol on Substances that deplete the ozone layer and has contributed to global efforts to mitigate climate change, considering that most of the substances targeted by the Protocol are also potent green house gases.
Edited by: Fatima Sule/Grace Yussuf