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July 2023 Insurance Advisory: The Demand And Supply Of Credit Guarantees - The Revealer
Insurance

July 2023 Insurance Advisory: The Demand And Supply Of Credit Guarantees

By Ekerete Ola Gam-Ikon

Everything seems to have its season or turn and when it beckons or comes, the players or operators better know how to make the best use of it!

Bonds, Sureties and Guarantees aren’t the exclusive product offerings of insurance companies but there was a season that theirs were preferred over those issued by banks and other financial institutions. However, if you can even get an insurance company to give you one today, trust must have exchanged places with years of relationship between the parties.

That season is upon us again when business transactions need credit guarantees!

ADVICE 1: When You Need Bond or Guarantee, Do Not Assume You’ll Easily Get It From Any Insurance Company. Some insurance companies have been barred, either by the Regulator or their Boards, from transacting  the business of Bonds and Guarantees while others decided, based on bad claims experiences, to discontinue. Do your due diligence before you commit.

ADVICE 2: In An Environment Where Trust Needs To Improve, Guarantees Serve As Instruments Of Trustworthiness. If you can get the guarantee from an insurance company, you are better off because it will be cheaper and all the funds involved will be released to you. Seek to enjoy the advantage.

ADVICE 3: African Continental Free Trade Area (AfCFTA) Will Require More Enterprises To Rely On Credit Guarantees. Our insurance regulator and companies will have to reconsider their stance in view of the huge opportunities AfCFTA presents for Trade Credit Guarantees. Nigeria cannot afford to play catchup in this regard.

ADVICE 4: Credit Guarantees Can Be Provided By One Party So Long As It Is Acceptable To The Other Party. As insurance companies dilly-dally on the opportunities for credit guarantees, different entities are exploring the space and offering enterprises such services based on trust and fulfilment of set conditions. Explore these opportunities too.

Overall, in the seasons ahead, credit guarantees will determine the growth rate of trade and finance across Africa, and the insurance sector has to be ready to play its role in these seasons.

As an entrepreneur seeking to take advantage of AfCFTA, get your Issuer of Credit Guarantees ready to go.

Welcome to July 2023! It’s the beginning of the new seasons we are meant to connect and enjoy.

Happy New Month.

 

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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