The Nation Newspaper

Category: Insurance

  • Kanye West Sues Lloyds over insurance for cancelled shows

    A lawsuit filed by representatives of Kanye West claims insurers have failed to pay nearly $10 million for West’s canceled Saint Pablo Tour last year.

    The suit filed by Very Good Touring against several Lloyd’s of London syndicates alleges breach of contract and seeks punitive damages and attorney fees beyond the $9.8 million in concert losses.

    An after-hours message left for Lloyd’s of London’s New York office was not immediately returned. West canceled several scheduled concert appearances last year.

    He missed a few dates after his wife, Kim Kardashian West, was robbed in Paris. West canceled the remainder of his tour after he was admitted for undisclosed reasons to UCLA Neuropsychiatric Hospital in November.

    Very Good Touring says in its court filing that it obtained insurance against “accidental bodily injury or illness” for West’s entire tour, and that his hospitalization qualifies.

    The tour company says West submitted to an independent medical exam and that he and 11 of his associates have given statements under oath to insurance investigators, who have yet to pay or deny the claim.

    Very Good Touring is seeking a jury trial in the matter.

     

    • Culled from AP

     

  • Insurers pay flood victims N168.4m

    Insurers pay flood victims N168.4m

    •Lagos flood victims file claims

    The Nigeria Insurance Association (NIA) has said insurance firms paid N168.44 million to flood victims in 2015.

    It also said flood victims in the Victoria Island and Lekki axis of Lagos State were already filing their claims.

    NIA Chairman Eddie Efekoha, at a media parley  in Lagos, said over 20 claimants filed flood claims in 2015.

    He noted that flood is often an extension of fire cover, adding that most insurance firms do offer the cover for free, especially in areas not prone to flood.

    Efekoha said:  “Victims of floods in Victoria island axis with a lot of cars and  buildings submerged and broken have filed their claims on the industry.

    “We, as insurers, are happy to pay claims and all of these victims will be duly paid. We believe that when these people receive compensations for their damaged or destroyed properties, they will continue be happy and would share their experience with families and friends. This will help promote insurance and people will continue to buy.

    “Insurance is meant to help people. It manages people’s risks and all we ask them to do is to transfer it to us so that they don’t loss their properties.

    “Flood insurance policy is often an extension of fire cover and most insurance companies do offer the cover for free, especially in areas not prone to flood.

    The Victoria Island axis, for instance, is susceptible to flood and that is why we, as insurers, will always advise that people should insure against mishaps that may happen in future,” he added.

  • Niger records N5b gross premium

    Despite the  challenging  economic  environment in the 2016 financial year  Niger Insurance Plc posted a Gross Premium Income (GPI) of N5.08 billion.

    The underwriting firm also recorded a N42.13 billion Profit After Tax (PAT)   with assets worth N22.51 billion.

    Its gross premium for the period was N5.96 billion and profit N99.05 billion.

    Its Chairman, Yusuf Abubakar, made this known during the firm’s 47th Annual General Meeting (AGM) in Lagos.

    He disclosed that the firm restructured its investment by reclassifying some investment properties to non-current assets held for sale, noting that as a result, investment properties worth N6.39 billion were earmarked for disposal in the year.

    He said the main objectives of the decision were to comply with regulations, engender liquidity and grow investment income, thereby creating more value for shareholders.

    The firm’s Managing Director, Dauda Adedeji, said as part of efforts to reposition the firm for improved performance, some measures had been put in place.

    “We reinforced a robust and integrated marketing approach, business development/research and statistics and information communication and technology. Despite the uncertainties surrounding the socio and macro-economic environment, his strong confidence and reliability on the firm’s diversified product portfolio and robust asset base remained undeterred.

    “We also have confidence on the quality of our management team and the support of our stakeholders that give us strength and resilience to navigate the storms of uncertainty in its operations,” he added.

  • Wapic assures shareholders of better returns

    Wapic Insurance Plc has assured its shareholders of better returns.

    Its Chairman, Aigboje Imoukhuede, stated this at the 58th Annual General Meeting (AGM) in Lagos.

    According to him, a review of the company’s results for the financial year ended December 2016 showed that Wapic recorded growth across  all its business lines, leading to a total revenue of N12.4 billion and gross written premium of N8 billion, which represents an increase of 19 per cent and 13 per cent over the same period in 2015.

    He said the firm was the first insurance company to obtain regulatory approval for its yearly accounts.

    He added that the life company was also the second to receive regulatory approval for its 2016 Annual Accounts.

    He noted that this was not just a testimony to the company’s positioning in comparison to competition, but also an indicator that it has a stronger financial performance compared to its peers.

    Aig-Imoukhuede explained  the differences between banking and insurance business models, highlighting the need for prudence in underwriting insurance risks with the consequent need to hold cash reserves.

  • Staco shareholder’s fund grows by 10.3%

    Staco Insurance Plc has grown its shareholders fund from N3.4 billion in 2015 to N3.8 billion in 2016, representing a10.33 per cent increase.

    The company posted a gross premium of N5.40 billion in 2016 while net premium earned stood at N3.59 billion.

    It paid N1.99 billion claims in the 2016 operating year, of which a substantial part was paid in dollars.

    Its Chairman, Prince Samuel Turoti, made this known at the firm’s Annual General Meeting (AGM) in Lagos.

    He said despite the short-comings resulting from the high exchange rate, the company’s board and management were committed to turning things around for the better by continuously delivering value and positively affecting the lives of its stakeholders and leveraging best practices.

  • Mutual Benefit makes N4.2b profit from underwriting

    Mutual Benefit Plc has recorded an increase in its underwriting business.

    It made N4.2 billion in the 2016 financial year; in 2105, it made N3.6 billion, its Chairman, Akin Ogunbiyi, has said.

    He broke the news at the company’s 21st Annual General Meeting (AGM) at Premier Hotel, Ibadan, the Oyo State capital.

    He said the management was able to post the profit because the company employed  better  strategies of  risk  profiling  of  businesses  within  its  portfolio,  thereby reducing its  reinsurance costs.

    He, however, noted that the company recorded  17 per cent decrease  in  Gross Premium  Written  (GPW) as a result of the economic  challenge.

    He further said the  Group  reported  a  loss before tax  of  N1.1billion in  the year  from N1.2 billion profit  reported  in  2015.

    He explained that the  major contributing  factor  was  the  depreciation  in  the  value  of naira  against  major  currencies, resulting  in  a  foreign exchange  loss  of  N1.9billion on the  foreign  currency denominated borrowings held by the company.

    He said: “As  a  result  of  the  diminution  in  the  value  of  the  naira, coupled  with  the  difficult  business  operating environment  in  2016,  the  company  was  unable to achieve the desired returns for dividend declaration. Management  is,  however,  not  resting  on  its oars and has in  place  hedging  instruments which reduced and will further  mitigate our  exposure  to  future foreign exchange  losses.

    Total  assets  of  the  group  grew  by  12 per cent from  N46 billion in 2015 to N51 billion in 2016, while shareholders’ funds decreased by  eight per cent as  a  result  of  the  impact  of  the  foreign exchange loss.

    “The  Board  and  management  have  set  the  wheels  in motion  for  repositioning  the  company  as  part  of  our goal  to  lead  the  industry  in  growth,  profitability, innovation,  operational  efficiencies, and  dividend returns  with  the  implementation  of  our new  five-Year Strategic  Roadmap  (Project  One  Reloaded) starting  from Q1 2017.

    ‘’To  achieve  the  goals  of  the  Project. These  strategic  initiatives  require  huge  capital  outlay which  will  be  sourced  from  our  internally  generated funds  as  well  as  from  additional  equity  capital  we  will be  raising  very  soon,” he added.

  • IEI-Anchor Pension grows asset to N62b

    IEI-Anchor Pension grows asset to N62b

    …Repositions for growth

    IEI Anchor Pension has grown its asset to about N62 billion, Managing Director, Glory Etaduovie, has said.

    He made this known during the company’s parley with the National Association of Insurance and Pension Correspondents  in Lagos.

    Etaduovie, who was represented by the company’s Head, Business Development and Strategy, Jolaade Oduntan, said the company has  repositioned for growth.

    She said contributors accounts have  grown to 100,000, while the company’s RSA Unit price and retiree unit price is on steady growth.She added that the company is consolidating on its  branches and efficient services.

    She said: “Service delivery has greatly improved. Our retirees get their payments promptly and complaints are rare. Regular SMS alerts and email quarterly statements are sent to our clients. This is better than hard copy statements, as they at times get lost in transit. There are also no steady post office services. Some people lose their jobs and become difficult to track.

    “Our website and social media are interactive and customer friendly. So we encourage our contributors to keep updating their information to serve them better. We have been able to adhere strictly to the laws governing the pension business and as such, have no sanctions from the regulatory authority, the National Pension Commission (PenCom)’’.

    Oduntan noted that the company is just coming out from their half year business review, noting that  the results are encouraging.

    “Our workers  are refocused and our management team is much closer and focused than ever before. Staff training and retraining is high on our agenda as we believe that quality staff translates to efficient service. With this, our internal client-ship is enhanced, customer becomes happy and we remain in good business.

    “The company is also set to explore all the potential in micro pension scheme. This scheme is targeted at the individual entrepreneurs and self-employed people. Usually described as the informal sector, with no access to the formal structure of employer/employee pension plan. This sector is largely untapped, and represents about 70 per cent  of our populace. Professionals like lawyers, actors and actresses are a part of it. So, it cannot be denigrated on. It has upper and lower ends. We are positioned to explore this deeply”, she added.

  • Sigma Pensions targets N600b AUM,

    …Unveils new Corporate branding

    Sigma Pensions limited, plans an increase of its Asset Under Management (AUM) to N600 billion in the next few years from N310 billion it currently has under its management, the Managing Director/CEO, Dave Uduanu, has said.

    He spoke  at the rebranding and unveiling of the company’s new logo in Abuja. The company also unveiled its new identity as part of the evolution of the Sigma brand as it strives towards achieving various milestones.

    Sigma Pensions “recently grew our Asset under Management to N310 billion and we are ready for the next milestone of achieving N600 billion in the next few years,” Uduanu said.

    He noted that Sigma Pensions has “reached and exceeded the milestone of N310 billion, we are braced for the next challenge which is to achieve an AUM of N600 billion through organic growth within the next few years. By 2020, we aim to be a more productive and profitable organisation.”

    Speaking further on what prompted the rebranding, he said: “It is as a result of the new ownership that we have decided to rebrand as part of the evolution of the New Sigma. The new logo symbolises who we are today and showcases our dynamic futuristic approach to our business.”

    Sigma Pensions, he said, “has an energised and rebranded team of competent thought leaders to actualise our goals and we reiterate our commitment to consistently deliver value to all our stakeholders.”

    The new Sigma Pensions will be a company solely focused on putting the needs of its customers first, Uduanu said.

  • Leadway, Pensure, others partner Nollywood on health insurance

    Leadway Assurance Company Limited, Leadway Pensure PFA and Pinewood Medicare have signed an agreement with 13 affiliates of Nollywood on an insurance scheme, tagged NollyHealth Insured, for their members, its Executive Director, Ms. Adetola Adegbayi, has said.

    In a statement in Lagos, Adegbayi said the Memorandum of Understanding (MoU) was signed on July 13 at the NAN’s Media Centre, National Theatre Complex at Iganmu, Lagos.

    According to her, under the partnership, members in the creative industry, including the Association of Motion Picture Entertainment Editors of Nigeria (AMPEEN); Creative Designers’ Guild of Nigeria (CDGN); Cinematographers’ Society of Nigeria (CSN); Directors Guild of Nigeria (DGN); Film & Video Producers’ and Marketers’ Association of Nigeria (FVPMAN); and Independent Television Producers Association (ITPAN).

    Other members are Motion Picture Practitioners Association of Nigeria (MOPPAN); National Association of Nigerian Theatre Arts Practitioners (NANTAP); Screenwriters’ Guild of Nigeria (SWGN); Theatre Arts and Motion Pictures Producers Association of Nigeria (TAMPAN) and United Movie Practitioners’ Association of Nigeria (UMPAN).

    He said mebers of the association would enjoy a unified general insurance, healthcare, pension coverage and other benefits.

    She added: “Leadway Assurance will provide a life/general insurance policy for practitioners covering the following: Group Personal Accident Insurance, which provides compensation to members/affiliates of the group in the event of accidental bodily injury to the insured person(s) that may result to death or disablement; Group life cover for the beneficiary of a member who passes away while in Service and Business Protection Insurance (Creative Art Production Insurance) under which is  Cast & Crew Insurance, Fire & Burglary on Directors & Crew’s Personal Property, Miscellaneous Equipment (all risks), public liability insurance and theft or loss of money on a filming location.

    “On the other hand, its subsidiary company Leadway Pensure PFA would cater for the pension funds of members, while Pinewood Medicare HMO would serve as a healthcare service provider for the members of the  interest groups within the Nollywood ecosystem.

     

    President, Directors’ Guild of Nigeria (DGN), Fred Amata, who spoke on behalf of the creative industry said the initiative is the first collective effort of the creative sector to seize the opportunity of the persuasive power of unified numbers in negotiating an advantage for the benefit of the larger sector adding that NollyInsured is a progressively inclusive initiative.

    Also the Managing Director, Pinewood Medicare, Dr. Olasimbo Davidson, said the Nolly-care programme is designed firstly to end healthcare inequalities that pertain to income differences, and secondly to end preventable deaths, which often stem from high healthcare costs. Lastly the Nolly-care programme aims to significantly reduce poor health outcomes, which are typically linked to low access to high end specialists and sub- specialists.”

    The Minister of Information and Culture, Lai Mohammed, who was represented by the Managing Director, Nigerian Film Corporation, Dr. Chidia Maduekwe, assured Nollywood stakeholders of the Federal Government’s continual support towards the development of Nollywood insurance scheme, which provides favourable healthcare conditions for practitioners.

    Madueke stressed that the insurance scheme could not have come at a better time, especially in the face of the urgent medical challenges that has faced members of the film industry.

    He pointed out that there was the urgent need for both stakeholders to discuss health insurance and health issues pertaining to Nollywood members.

     

     

     

     

  • AIICO resumes annuity business

    AIICO resumes annuity business

    AIICO Insurance Plc has resumed the writing of National Pension Commission -(PenCom) regulated annuity business have sealed a deal with First Pension Custodian (PFC) and cleared by the pension regulator to recommence the sale of the product nationwide.

    The Head of Retail, Sola Ajayi, at a press conference in Lagos, said they were open for business nationwide. Ajayi said they had already started booking new annuity sales from all Pension Fund Administrators (PFAs).

    He said AIICO is one of the pioneers of annuity in Nigeria having started the sales since 2013. He said: “The business has over 7,500 annuitants who are being paid their monthly annuities. The AIICO Annuity product is designed to pay customers for the entire duration of their life, no matter how long they live. We are committed to the eradication of old age poverty in Nigeria, one person at a time.

    “The company is now poised to offer excellent and robust services to all annuitants, through state-of-the-art information communications technology and well trained workforce. AIICO Insurance is one of the pioneers of annuity in Nigeria having started Annuity sales since 2013.

    “AIICO Insurance asset backing annuity liabilities is in excess of N30 billion, which is a testament to AIICO’s commitment to ensure that all future commitment will be met as at when due.”