Insurance a Necessity: Securing the future, protecting what’s important

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In the best of times, the world is an uncertain place. It is characterised by numerous events that cause the loss of lives and properties. Some of these events are man-made while others are natural.

The coronavirus (COVID19) pandemic, for instance, has thrown a wrench in the works and further complicating our already complicated lives (creating a near precarious situation). This session was put together to discuss our thoughts around “Insurance being a necessity”: Securing the future, protecting what’s important”.

Insurance a Necessity: Securing the future, protecting what’s important - Brand Spur

There is no better time than now to emphasise the necessity for insurance, than when we commemorate the World Insurance Awareness Day. This is a notable date commemorated each year on 28 June, to evaluate the insurance industry and sensitise the public on the need to have insurance covers or review existing ones.

Insurance plays a critical role in promoting economic growth and development by ensuring the efficient allocation of financial resources from the surplus to the deficit unit and ultimately bulwark for business sustainability.

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The recognition of the Insurance Awareness Day offers a chance to get familiar with available and accessible insurance covers and to stress the importance to always evaluate present belongings and the corresponding covers they need.

In addition, the World Insurance Awareness Day reminds us of the need to engage the services of brokers for favourable quotes for various insurance classes that suit their needs.

As of today, insurance penetration in the country is at an all-time low and this isn’t favourable for the well-being of individuals, businesses and the economy in general. The insurance business is a unique one which enables clients effectively manage their risks.

Such risks may include theft, accident, robbery, injury, man-made and natural disasters, and even death. Insurance helps to achieve peace of mind through risk transfer and efficient insurance claims.

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In response to bridging the adoption gap, the Stanbic IBTC group created the Insurance Brokerage business four years ago when the organisation began its full operations sequel to the granting of a license by the National Insurance Commission (NAICOM) in January of 2016. Our paramount focus has since been to address identified needs in the insurance brokerage sub-sector and ensure that Nigerians are adequately protected.

Stanbic IBTC Insurance Brokers is a member of the over 156-year old Standard Bank Group to which Stanbic IBTC Holdings PLC belongs, and we continually build on our parent company’s brand strength-enhancing successful value-creation in our operations across Africa. We will continue to adopt global best practice in our operations, including exceptional quality of service and facilitating prompt payment of claims for our clients.

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“Our solutions serve individuals and corporate entities, as well as existing customers and non-customers of the Stanbic IBTC Group. As insurance professionals with a vast knowledge of the workings of the insurance market, we can arrange the most suitable policies for our individual and corporate clients.

There are various personalised insurance products and services which serve all classes of the society from individuals to groups, associations and large corporates. As Nigeria’s leading insurance brokerage company, Stanbic IBTC Insurance Brokers offers life, hope and support particularly in the wake of the current global pandemic.

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We will not relent in our effort to continually seek opportunities to help businesses, individuals and even the government boost resilience in these times. We remain keen on providing seamless solutions that suit diverse needs.

Today, as always, I urge Nigerians to take a step in the right direction by investing in insurance coverage to protect their assets and valuables. With much excitement, I can tell you that our anticipated plan to improve our clients’ experience is gradually coming to fruition and you will be seeing some of these in the public space very soon.

Think dynamic functionality, easy and prompt log-in capability and even facial and fingerprint biometric recognition. Also, think enhanced data protection and ease of reviewing purchased policies and status of claims all from one easy platform and you start to get a sense of the simplicity that we are bringing to our clients in this market. Do keep an eye out as these solutions will be announced in the coming weeks.

For now, rest assured that we will not relent in providing excellent services to our Clients and Nigerians in general. Please continue to protect yourself, loved ones and belongings and we will be here at all times, along with other industry stakeholders to help provide you cover against unforeseen challenges that may occur in the external environment.

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Insurance a Necessity: Securing the future, protecting what’s important - Brand SpurInsurance a Necessity: Securing the future, protecting what’s important - Brand Spur

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Insurance a Necessity: Securing the future, protecting what’s important - Brand SpurInsurance a Necessity: Securing the future, protecting what’s important - Brand Spur

Latest News

Asia Pacific Rayon Raises US$300m from National and International Affiliated Banks to Expand Production Capacity

  • Continued capital expenditure aims to boost production and support the recovery of Indonesian economy
  • Loan agreements aligned with Indonesian Government's strategy to drive investment growth in 2021
  • APR is a member of the RGE group of companies


JAKARTA, INDONESIA - Media OutReach - 12 April 2021 - Asia Pacific Rayon (APR), the largest integrated rayon fiber producer in Indonesia, today announced that it has secured a syndicated loan facility of Rp 4.5 trillion (US$300 million) with national and international affiliated banks. The funding will be used to support continued capital investment in the company's production facilities at Pangkalan Kerinci, Riau Province, Sumatra.

APR is vertically integrated through its supply chain, from renewable fiber plantations to high-value textile development. It commenced operations in 2019 and was formally inaugurated by President Jokowi Widodo in February 2020. APR plans to increase its production capacity over the coming year to capture the strong growth potential of viscose staple fiber (VSF), strengthening its market position in Indonesia and in export markets across the region. APR is a member of the RGE group of companies. Founded by Sukanto Tanoto, RGE manages a group of resource-based manufacturing companies with global operations.

The syndicated loan participating banks are PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Central Asia Tbk, PT Bank Pan Indonesia Tbk, PT Bank Pembangunan Daerah Jawa Barat, PT Bank Woori Saudara Indonesia 1906 Tbk and PT Bank KEB Hana Indonesia

The joint mandated lead arrangers and bookrunners for the syndicated loan are PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Central Asia Tbk, and PT BANK Pan Indonesia Tbk.

Basrie Kamba, Director, Asia Pacific Rayon, said: "This funding will be used to support continued investment in our operations in Kerinci. Rayon fiber, or viscose, is a textile raw material derived from sustainably managed plantations. As rayon is both renewable and biodegradable, it supports the trend towards sustainable fashion in Indonesia and in other markets around the world."

APR's planned expansion is aligned with the Indonesian Government's strategy to increase investment and boost employment to support the recovery of the country's economy and address the continued impact of the COVID-19 pandemic. Following the passing into law of the Omnibus Bill in October last year to streamline investment and stimulate job creation, President Widodo said last month that investment would be the key factor in achieving 5% economic growth in 2021.

"This loan facility and our continued investment in our operations are evidence of the growth potential of the viscose rayon sector in Indonesia and around the world. We are committed to supporting the Indonesian Government's efforts to improve the investment climate in export-oriented manufacturing industries, and its efforts to create upstream jobs in plantations and the processing of raw materials, and downstream opportunities in textile factories and related businesses," said Basrie.

Hari Setiawan, Executive Vice President of PT Bank Rakyat Indonesia (Persero) Tbk said : "As Representative of JMLAB and all lenders, I hope this collaboration will be useful to support the growth and development of PT Asia Pacific Rayon in increasing production and operations and also supporting the recovery of Indonesia's export growth."

"Support from BCA and other Banks reflect our confidence in APR, and as our contribution to promote a sustainable and environment friendly industry. We hope this cooperation will tighten our relationship as well," said Susiana Santoso, Executive Vice President of PT Bank Central Asia Tbk.


About Asia Pacific Rayon

Asia Pacific Rayon is the first fully integrated viscose rayon producer in Asia. Located in Pangkalan Kerinci, Riau, the company uses the latest production technology to produce high-quality rayon to meet textile needs. APR is committed to becoming a leading viscose rayon producer with the principles of sustainability, transparency and operational efficiency, serves the interests of the community and the country, and provides value to customers. APR is part of the RGE (Royal Golden Eagle) group of resource-based manufacturing companies. Sustainability is fundamental to APR. The APR Sustainability Policy, updated in September 2020, include additional commitments on pulp sourcing and clean manufacturing.


About RGE

RGE Pte Ltd manages a group of resource-based manufacturing companies with global operations. Our work ranges from the upstream, comprising sustainable resource development and harvesting, to downstream, where our companies create diverse value-added products for the global market. Our commitment to sustainable development underpins our operations, as we strive towards what is good for the community, good for the country, good for climate, good for customer, and good for company. RGE was founded in 1973. The assets held by RGE companies today exceed US$20 billion. With more than 60,000 employees, we have operations in Indonesia, China, Brazil, Spain and Canada and continue to expand to engage newer markets and communities. www.rgei.com

Insurance a Necessity: Securing the future, protecting what’s important - Brand Spur
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