Economy
RAK Insurance Emerges Best Medical Insurance Firm
By Modupe Gbadeyanka
It was a great day for RAK Insurance, which was named the ‘2018 UAE Medical Insurance Company of the Year Award’ at the 2018 Frost & Sullivan Middle East Best Practices Awards Banquet held on May 14, 2018 at Atlantis, The Palm in Dubai.
Ras Al Khaimah National Insurance Company (RAK Insurance) has more than four decades of experience in medical insurance with numerous offerings catering to both individuals and corporates.
RAK Insurance offers the largest medical insurance offering to group clients with more than 250 products. It has a diverse portfolio for individual clients with the option to choose from 14 medical insurance packages.
The company’s innovative medical insurance provision services that include online and mobile applications, together with its strong technology partnerships have ensured its growth even in a slow market.
It also invests heavily in educating end consumers on the benefits and ease of subscribing to medical insurance. RAK Insurance’s expertise in risk assessment and insurance consulting has further strengthened its position in the UAE market as the leader in Medical Insurance.
Commenting on the development, CEO of RAK Insurance, Andrew Smith, stated that, “We would like to thank Frost & Sullivan for honouring RAK Insurance with this award. 2017 was a challenging year for the medical insurance sector in the UAE with increasing competition, a changing regulatory landscape and pressure on pricing.
“I am delighted with our achievements to date and I would like to also congratulate my team for their continuing contribution to the success of RAK Insurance. Our focus for 2018 will continue to keep our clients at the centre of our business.
“We shall further develop our digital capability to enhance our client proposition and broaden our medical offering to the UAE Insurance Market.”
Extending congratulations to RAK Insurance on winning the award, Mr Sandeep Sinha, Vice President, Transformational Health Practice, Frost & Sullivan said “2017 has been a successful year for RAK Insurance during which its year-on-year revenue growth rate has been over 13% in the UAE medical insurance market while enhancing its member services.
“The company has a deep and diversified experience in the insurance industry, which it has inculcated to widely develop the medical insurance sector in the UAE.
“RAK Insurance offers the largest number of medical insurance products in the UAE, which together with its well trained workforce, digital application solutions and strategic partnerships are the key factors contributing to its leadership position in the region.
“RAK Insurance’s integrity, information technology knowledge and process transparency has set the standard for medical insurance providers in the Emirates.”
Frost & Sullivan Awards recognise companies across regional and global markets for outstanding achievement and performance, superior leadership, technological innovation, customer service, strategic product development, etc.
The methodology for short-listing Award winners is by an eminent Jury that deliberates on structured data and research backed presentation / recommendation by our Senior Industry Experts.
Frost & Sullivan Industry Experts track markets and companies by holding detailed interactions with industry experts, market participants, end users, other stakeholders / value chain players and extensive research of proprietary data, to compile the Jury Evaluation Matrix. Evaluation by the Jury ultimately results in the final Awardee, from amongst the nominees.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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