The Nation Newspaper

Category: Insurance

  • Guinea Insurance makes N907m in premiums

    Guinea Insurance Plc has  grown its Gross Written Premium by 4.18 per cent from N870 million in 2015 to N907 million in 2016.

    The company’s shareholders’ fund last year was N2.897 billion and N2.899 billion in 2015, representing a marginal drop of 0.08 per cent.

    But its profit before tax grew by 194.64 per cent from N46.9 million in 2015 to N138 million in 2016 while profit after tax grew by 134.87 per cent from N7.2 million loss in 2015 to N2.5 million profit recorded in 2016.

    The directors said they overcame the challenge of solvency margin during the year as the firm’s solvency margin stood at N3 billion in 2016 as against  2015, when the solvency margin was N2.9 billion.

    Guinea Insurance Chairman, Godson Ugochukwu, who made this known during the company’s 59th Annual General Meeting (AGM)  in Kano, reaffirmed the Board’s commitment to growing the company through strategic deployment of its competencies to gain a competitive edge in the marketplace.

    Godson underlined as modest, the financial successes the Board and Management of the company achieved in less than a year, despite the harsh economic weather during the same period.

    On the way forward, he said: “We will focus on building capacity, reposition the brand, build a tribe of loyal customers who will become the company’s brand ambassadors and ultimately transform the company to a world class enterprise.”

    Acting Managing Director, Mrs. Isioma Omoshie-Okokuku, charged the stakeholders to look on the bright side of things.

    ‘’I make bold to say that the newly constituted Board and  Management team of our company have come together as a formidable force to pull out all the stops on our path to success,’’ she said.

  • Insurance needs more experts, says CIIN chief

    The insurance industry is highly in need of more professionals, Chartered Insurance Institute of Nigeria (CIIN) President, Mrs Funmi Babington-Ashaye, has said.

    She made this known at the third graduation of the College of Insurance and Financial Management (CIFM) at Asese Village in Ogun State.

    The theme of the graduation lecture was: The 21st century insurance professionals is quite apt.

    She said the  profession is no longer conservative as it uses information technology and social media, especially  the millennials, adding that this has brought positive changes to the industry.

    She said: “Consequently, without any gainsaying, it is my utmost belief that our graduands, being part of the digital generation, represent the future of the industry, and would be among the insurance practitioners that will take the industry to the next level.’’

    Governing Board Chairman, Mr Eddie Efekoha, advised the graduands to embrace high ethical standards in their practice, warning that there is zero tolerance for unethical behaviour and the CIIN  would sanction any one found guilty.

    Efekoha, who is also CIIN Deputy President, noted that their vision is to make the institution highly competitive.

    The college’s Rector, Dr. Yeside Oyetayo, said the institution recognises that the industry requires some specific skills  to propel it to the next level and take its rightful place in economic development.

    “Consequently, the college has partnered various international organisations, such as the Impact Insurance Facility of the ILO, GIZ, a German trade facilitation agency, and Actuaries Without Borders, a non-profit volunteer organisation within the International Actuarial Association (IAA), to deliver on our mission.

    ‘’Our efforts have not gone unnoticed and the recent appointment of the college as the certifying institution for Bancasssurance officers in the industry is an attestation to this fact. The college has continued to deepen its involvement with the industry through customised training programs to meet specific needs of various companies in the industry.’’

     

     

    “The college is also involved in the CIIN insurance education and awareness initiatives such as the ‘Catch them Young’ programme of the youths during their service year. Furthermore, the College is part of the CIIN Presidents efforts to increase the number of universities offering insurance as a degree programme. The collaboration with Babcock University to develop the curriculum for the insurance programme which is commencing next year is an example of this.

    “Similarly, the College offers full-time and part-time Diploma in Insurance and Certificate Courses in Risk Management, Pensions and Annuity and Islamic Finance and Takaful. Furthermore, we also conduct induction training for new recruits in the insurance industry. We are also currently collaborating with universities in Nigeria offering degree courses in insurance on our Foundation Programme in a bid to increase the enrolment levels for insurance programs in various universities”, she noted.

  • ‘Offer insurance as subject’

    • CIIN organises contest

    SECONDARY school pupils have been advised to choose insurance as it has been approved by the West African Examinations Council (WAEC).

    The Chartered Insurance Institute of Nigeria (CIIN) Director-General, Richard Borokini, gave the advice during the Miss Insurance Inter-school debate competition on insurance for secondary schools held in Lagos.

    Borokini, who said the event was part of the institute’s ‘Catch them young initiative’, urged the pupils to develop interest in the subject in other for them to build a career from it.

    He stressed that Nigerians rely on family members when there is a loss of business or death of a breadwinner.

    He called on Nigerians to take advantage of the opportunities that insurance provides by insuring their lives and properties.

    Miss Insurance, Precious Ezekiel, explained that the event was organised as part of her pet projects during her one-year reign.

    At the event Reagan Baptist Secondary School emerged winner, followed by Methodist Girls Secondary School.

  • Lagos workers acquire skills for pension administration

    Lagos workers acquire skills for pension administration

    Governments and employers, who fail to accept the welfare of the people as the ultimate law, is at the risk of ruining its stewardships and the trust of the citizens in governance, Governor Akinwunmi Ambode has said.

    He added that employers, who deny this run the undeniable risk of ruining their enterprise, the trust and the devotion of their employees.

    The governor made this statements at the opening session of a workshop tagged: “Vital Interpersonal Skills for Pension Administrators”, organised by the Civil Service Pensions Office (CSPO) of the Lagos State Ministry of Establishments, Training and Pensions in Lagos.

    Ambode, who was represented by Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson, said Lagos State government is one of the most notable governments that believe in this ideal, adding that the unrivalled dedication of the state to the welfare of its workforce both during and after service cannot be overemphasised.

    The commissioner said Governor Ambode mandated his ministry to embark on a continuous training of members of staff of the ministry in order to ensure the delivery of top quality service to officers of the civil service.

    The training, he said, was dedicated to the need to inculcate and sharpen the vital interpersonal skills that officers of the Civil Service Pensions Office require to properly serve pensioners and retirees of the state civil service.

    He said: “In addition to fulfilling my duties charged with the responsibility for ensuring the adequate exposure of the civil service to knowledge on an on going basis, the activities that have been carried out signify and underscore the Governor’s commitment to all matters relating to the welfare of staff, retirees, and pensioners in Lagos State.

    “In aiming to call attention to, and aid the development of, the vital interpersonal skills that are vital for pension administrators, our training will focus on the skills that are not learnt in schools, but are important though, rarely visible. These are the skills that are less tangible, harder to quantify, challenging to teach and, sometimes, difficult to describe. They include attributes such as etiquette, getting along with others, listening and engaging in small talk. Without doubt, these skills are related to the concept of ‘employability’, but they are also related to the concepts of effectiveness and efficiency.”

    He continued:“Clearly, possessing the right attitude to work is a soft skill that is not taught in the universities and other formal schools. This is, therefore, an attempt to help officers of the Civil Service Pensions Office develop the skills that are necessary for success. The training will also fully assist the participating officers to appreciate and acquire the benefits that skills training brings to bear on the attainment of the strategic objectives of the government and the effectiveness of the institutions of the civil service. It will also help pension administrators in the CSPO benefit from having officers, who are able to make critical observations.”

  • Prestige Assurance projects N9b forecast for GPI by 2021

    Prestige Assurance Plc plans to boost its gross premium income by N9 billion in 2021, its Managing Director, Dr. Balla Swamy,  has said.

    He made this known at the presentation of the company’s ‘Fact behind the Figure’ on the floor of the Nigerian Stock  Exchange (NSE).

    The company’s gross premium income, he said, is expected to grow from N3.4 billion in 2017, N5.2billion in 2018; N6.6 billion in 2019; N7.5billion in 2020 and N9billion at the end of 2021.

    Swamy stressed that despite the harsh economic conditions faced with acute shortage of forex its firm still tried to record significant profit when compared with 2016 to 2015 and which is on the increase in 2017.

    He said:“The net premium of the company is projected to grow from 45 per cent in 2017 to 60 per cent by the end of 2021, while profit before tax will grow from N877million in 2017 to N3.078 billion by the end of 2021.

    “Profit after tax was also forecast to grow from N567million in 2017 to N2.093billion by the end of 2021.”

    On risk retention, he said the company’s risk retention stands at 42 per cent as at third quarter, ended in September 2017 (Q3) when compared to 43 per cent it reported in same period of 2016.

    He maintained that the company was technically viable to spread its assumption  risks with reinsurer, which guarantee its continuous existence.

    He called on the Federal Government to facilitate ease of doing business, at least, by amending the companies income Tax Act in relation to computation of insurance taxation, easy entry of foreign investment and provision of suitable environment, which guarantees return on investment (ROI).

    He explained that the company as at third quarter 2017 current ratio stands at 1.8 as against 1.9 reported in 2016, affirming that Prestige Assurance can confidently pay its liabilities without having recourse to borrow or disposal of assets. This, he said, is evidence in timely payment of claims.

  • Equity Assurance launches mobile insurance product

    Equity Assurance Plc., a member of SUNU Group, has announced the launch of its innovative mobile (USSD) insurance solution.

    The company Chairman, Abba Kyari Bukar, while speaking at the launch in Lagos, said Equity mobile insurance solution is not just innovative for the sake of it, but designed to address existential challenges that have faced insurance customers in Nigeria over the past 100 years.

    The product, he said, is a simple, first-of-its kind, self-service solution, which enables car owners to  purchase authentic 3rd Party Auto Insurance with the use of their mobile phones in less than five minutes.

    Kyari Bukar pointed out that the company was aware of the government’s drive towards achieving financial inclusion across the country hence the development of the product to further the objective.

    He stressed that the product is available to everyone, regardless of their GSM network, type of phone or whether or not they have access to the internet..

    He further stated that the company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times and affordable cost.

    He added that it guarantees customers’ convenience, easy and secure access, real-time interaction and speedy service, noting that it serves as a platform for customers’ engagement, claims payment and other after-purchase services.

    The company Managing Director, Moruf Apampa, said the  mobile (USSD)  application also serves as a platform for customers’ engagement, claims payment and other after-purchase services.

    He said:“The company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times for its existing and prospective customers at affordable cost.

    “The application will be available to all customers, regardless of their GSM network or type of phone they use, whether they have internet access or not, effective December 8, 2017.

    “Furthermore, Demo and animated illustrations can be viewed by prospective customers and general public on the firm’s website in order to better understand how to purchase/use the product as well as its different service features and functionalities,” he noted.

    SUNU  Group is a leading Insurance Group that operates in 14 countries in Africa.

  • NCRIB advocates compulsory agric insurance for economic growth

    NCRIB advocates compulsory agric insurance for economic growth

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has underscored the need for government to make agricultural insurance compulsory in the country.

    NCRIB President, Shola Tinubu, made this known while addressing Course 39 set of the Nigerian Institute of Policy and Strategic Studies (NIPSS), Kuru.

    According to him, the government’s quest to reflate national economy and put the nation on sustainable path of economic vibrancy should necessitate the need to make agricultural insurance compulsory as a pre-condition for facilities, subsidies and other government support.

    Tinubu, who applauded government’s progressive moves to diversify the economy from oil to non-oil, averred that in order to increase insurance penetration in a geometric proportion there should be concentration on the Agric sector in terms of marketing the intrinsic value of Insurance products to farmers and other Agricultural and Agro allied sectors.

    He highlighted the need for the government to embrace insurance in its efforts to take prudent economic strides, considering the scarce resources and government’s tight budget  make it less likely to easily replace assets in the event of loss.

    He opined that it was time for governments across levels to transfer their risks to the insurance market and free funds for other developmental projects, noting that the time was ripe for them to issue directives to ensure that all assets are insured through licenced insurance brokers, with risks premiums provided for in their yearly budgets.

    On payment of bidding fees by brokers, NCRIB President urged the government to retool the procurement rules for brokers, making it to be in tandem with similar professional bodies like lawyers, accountants, architects, and other allied professionals.

    Tinubu urged Nigerian Interbank Settlement System (NISS) to utilise its pivotal position to advice government on the crucial roles of brokers in the insurance value chain and the growth of the industry, which he noted was the linch pin of sustainable economic growth of progressive nations in the world.

    He lauded NIPSS for retaining its prestige as the foremost leadership institution in the country, with attendance of top level policy makers and executors drawn from different sectors of the economy, with a view to widening their outlook and perspectives on issues and improving their conceptual capacity..

    He further said the Council has joined the league of notable professional bodies and functionaries, such as the Central Bank Governor; the Service Chiefs; the Inspector General of Police and numerous academia, who had in past added value to policy conception and advocacy roles of the Institute.

    Earlier, the Acting Director-General of the Institute, Jonathan Juma, advised the insurance industry to create more awareness about the value of insurance to national economy and be ingenious in the creation of valued products that would meet the needs of the people.

    He said from comparative studies the industry is the main catalyst of economic growth in most advanced climes visited by the institute and there was no basis why Nigeria should not witness the same development if the industry positioned itself positively for desired growth and profitability.

  • Equity Assurance launches mobile insurance product

    Equity Assurance Plc., a member of SUNU Group, has announced the launch of its innovative mobile (USSD) insurance solution.

    The company Chairman, Abba Kyari Bukar, while speaking at the launch in Lagos, said Equity mobile insurance solution is not just innovative for the sake of it, but designed to address existential challenges that have faced insurance customers in Nigeria over the past 100 years.

    The product, he said, is a simple, first-of-its kind, self-service solution, which enables car owners to  purchase authentic 3rd Party Auto Insurance with the use of their mobile phones in less than five minutes.

    Kyari Bukar pointed out that the company was aware of the government’s drive towards achieving financial inclusion across the country hence the development of the product to further the objective.

    He stressed that the product is available to everyone, regardless of their GSM network, type of phone or whether or not they have access to the internet..

    He further stated that the company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times and affordable cost.

    He added that it guarantees customers’ convenience, easy and secure access, real-time interaction and speedy service, noting that it serves as a platform for customers’ engagement, claims payment and other after-purchase services.

    The company Managing Director, Moruf Apampa, said the  mobile (USSD)  application also serves as a platform for customers’ engagement, claims payment and other after-purchase services.

    He said:“The company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times for its existing and prospective customers at affordable cost.

    “The application will be available to all customers, regardless of their GSM network or type of phone they use, whether they have internet access or not, effective December 8, 2017.

    “Furthermore, Demo and animated illustrations can be viewed by prospective customers and general public on the firm’s website in order to better understand how to purchase/use the product as well as its different service features and functionalities,” he noted.

    SUNU  Group is a leading Insurance Group that operates in 14 countries in Africa.

  • Prestige Assurance projects N9b forecast for GPI by 2021

    Prestige Assurance Plc plans to boost its gross premium income by N9 billion in 2021, its Managing Director, Dr. Balla Swamy,  has said.

    He made this known at the presentation of the company’s ‘Fact behind the Figure’ on the floor of the Nigerian Stock  Exchange (NSE).

    The company’s gross premium income, he said, is expected to grow from N3.4 billion in 2017, N5.2billion in 2018; N6.6 billion in 2019; N7.5billion in 2020 and N9billion at the end of 2021.

    Swamy stressed that despite the harsh economic conditions faced with acute shortage of forex its firm still tried to record significant profit when compared with 2016 to 2015 and which is on the increase in 2017.

    He said:“The net premium of the company is projected to grow from 45 per cent in 2017 to 60 per cent by the end of 2021, while profit before tax will grow from N877million in 2017 to N3.078 billion by the end of 2021.

    “Profit after tax was also forecast to grow from N567million in 2017 to N2.093billion by the end of 2021.”

    On risk retention, he said the company’s risk retention stands at 42 per cent as at third quarter, ended in September 2017 (Q3) when compared to 43 per cent it reported in same period of 2016.

    He maintained that the company was technically viable to spread its assumption  risks with reinsurer, which guarantee its continuous existence.

    He called on the Federal Government to facilitate ease of doing business, at least, by amending the companies income Tax Act in relation to computation of insurance taxation, easy entry of foreign investment and provision of suitable environment, which guarantees return on investment (ROI).

    He explained that the company as at third quarter 2017 current ratio stands at 1.8 as against 1.9 reported in 2016, affirming that Prestige Assurance can confidently pay its liabilities without having recourse to borrow or disposal of assets. This, he said, is evidence in timely payment of claims.

  • Lagos workers acquire skills for pension administration

    Lagos workers acquire skills for pension administration

    Governments and employers, who fail to accept the welfare of the people as the ultimate law, is at the risk of ruining its stewardships and the trust of the citizens in governance, Governor Akinwunmi Ambode has said.

    He added that employers, who deny this run the undeniable risk of ruining their enterprise, the trust and the devotion of their employees.

    The governor made this statements at the opening session of a workshop tagged: “Vital Interpersonal Skills for Pension Administrators”, organised by the Civil Service Pensions Office (CSPO) of the Lagos State Ministry of Establishments, Training and Pensions in Lagos.

    Ambode, who was represented by Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson, said Lagos State government is one of the most notable governments that believe in this ideal, adding that the unrivalled dedication of the state to the welfare of its workforce both during and after service cannot be overemphasised.

    The commissioner said Governor Ambode mandated his ministry to embark on a continuous training of members of staff of the ministry in order to ensure the delivery of top quality service to officers of the civil service.

    The training, he said, was dedicated to the need to inculcate and sharpen the vital interpersonal skills that officers of the Civil Service Pensions Office require to properly serve pensioners and retirees of the state civil service.

    He said: “In addition to fulfilling my duties charged with the responsibility for ensuring the adequate exposure of the civil service to knowledge on an on going basis, the activities that have been carried out signify and underscore the Governor’s commitment to all matters relating to the welfare of staff, retirees, and pensioners in Lagos State.

    “In aiming to call attention to, and aid the development of, the vital interpersonal skills that are vital for pension administrators, our training will focus on the skills that are not learnt in schools, but are important though, rarely visible. These are the skills that are less tangible, harder to quantify, challenging to teach and, sometimes, difficult to describe. They include attributes such as etiquette, getting along with others, listening and engaging in small talk. Without doubt, these skills are related to the concept of ‘employability’, but they are also related to the concepts of effectiveness and efficiency.”

    He continued:“Clearly, possessing the right attitude to work is a soft skill that is not taught in the universities and other formal schools. This is, therefore, an attempt to help officers of the Civil Service Pensions Office develop the skills that are necessary for success. The training will also fully assist the participating officers to appreciate and acquire the benefits that skills training brings to bear on the attainment of the strategic objectives of the government and the effectiveness of the institutions of the civil service. It will also help pension administrators in the CSPO benefit from having officers, who are able to make critical observations.”