The Nation Newspaper

Category: Insurance

  • ‘Trumpcare’ a mystery as insurance battle looms

    Republicans and Democrats have honed their warring Obamacare messages, but there are few clues about what happens after the GOP-controlled Congress and President-elect Donald Trump follow through with their promise to repeal the law by the end of next month.

    Democrats, buoyed by a Capitol Hill pep talk yesterday from President Obama, made their position clear: If the repeal sends the health care markets into a tailspin and strips millions of coverage, they will label the fiasco “Trumpcare” and hang it around Republicans’ necks. They also warned that the repeal would imperil other popular bedrock programs, hurting the middle class and rural Americans.

    “The president did a great job of reminding everybody of how the ACA, Medicaid, Medicare and Social Security all link,” said Bay State U.S. Rep. Richard E. Neal after the meeting with Obama. “They are all linked in the public’s mind, and subtracting or fracturing any part of that guarantee changes the whole argument.”

    Republicans counter that Democrats broke the system with a law that raised premiums, lowered coverage and caused insurers to cut and run – leaving Americans with higher costs and fewer options.

    “We are talking about people’s lives. We are talking about families,” said Vice President-elect Mike Pence after huddling with congressional Republicans. “But we are also talking about a policy that has been a failure virtually since its inception.”

    • Culled from Boston Herald

  • Naicom restores Glanvill Enthoven’s licences

    Te National Insurance Commission (NAICOM) has restored the operational licences of Glanvill Enthoven, a firm of incorporated insurance brokers.

    Its Managing Director, Supo  Falana in a statement in Lagos announced the development.

    With the retoration of the licences, he said the company is authorised to operate general insurance, life and pensions business as well as reinsurance brokerage services.

    He stated that the company is a member of Nigeria Council of Registered Insurance Brokers (NCRIB) and has reputation for professionalism.

    He said: “It maintains a Professional Indemnity cost of N750 million and owned by the five Southwestern states including Lagos State (Odua Investment Company Limited).

    “Established in 1957, it has become a leader in the provision of efficient and innovative insurance broking and related services through a well-motivated and proactive professional workforce whilst satisfying the aspirations of stakeholders.

    Falana has 25 years of professional experience in rated insurance institutions including Goldlink Insurance Plc and Law Union & Rock Insurance where he was the Chief Technical and Business Officer.

  • LASPEC pays N21.93b accrued pension in 16 months

    The Lagos State Pension Commission (LASPEC) has paid N21.93 billion as pension accrued rights to 5,027 retirees in the last 16 months, its Director-General, Folashade Onanuga, has said.

    She made this known at the 11th Retirement Benefit Documentation Seminar organised by the commission in Lagos.

    She reiterated Governor Akinwunmi Ambode’s administration’s committment to regular funding of employees’ Retirement Savings Accounts (RSAs).

    She said: “Lagos State is up to date in the remittance of contributions into employees’ RSA,  adding that the state has also not reneged in funding of retirement benefit redemption fund and pension sinking fund accounts. Pension bailout funds have also been provided to ensure consistency in payment of terminal dues.

    “We will like workers in the state to know that the commission is committed to their wellbeing and it has the commitment of the Governor, the state executive council, legislators and the Ministry of Establishments, Training and Pensions to the funding of the pension obligations.”

    Commissioner for Establishments, Training and Pensions Lagos State, Dr. Benson Akintola, said the state would sustain the height it has reached as the leading light in pension affairs.

    According to him, the state is looking at how to commence the implementation of the Pension Reform Act 2014, especially in the area of 18 per cent contributions for workers.

    The state Acting Head of Service, Folasade Adesoye, further urged workers to reciprocate government’s gesture  by being committed to their responsibilities.

  • NAICOM approves Guinea’s 2015 accounts

    NAICOM approves Guinea’s 2015 accounts

    Guinea Insurance Plc has got the nod of the regulatory body, the National Insurance Commission (NAICOM) on its 2015 annual financial reports and accounts.

    This was made known in a statement in Lagos by Guinea’s Team Lead, Corporate Communications, Ufot Hanson.

    According to the statement, the company will soon host the 58th edition of the company’s Annual General Meeting (AGM), following the approval.

    It stated that in spite of the daunting challenges in the operating environment, it has remained focused and true to its ideals of becoming an insurer of first choice.

    It reads: “We are alive to our responsibilities of consolidating and strategically growing market share through decisive long-term investments and customer engagement initiatives.

    “We will determinedly build capacity, explore opportunities within the industry and strategically set our internal processes on the path of returning to profitability.”

    The company further reassured stakeholders that the newly appointed crop of eminent Nigerians and professionals as members of the Board of Directors will set a growth agenda aimed at positioning the company on a higher pedestal to further propel confidence, equitable service delivery and offer gratifying returns on investments to stakeholders.

  • STACO settles N1.4b claims

    •Grows shareholders fund

    The third Quarter results for last year released by STACO Insurance PLC showed that it paid  N1.445 billion claims to its various clients.

    This represents about 9.1 per cent increase in claims paid compared to the corresponding period of 2015 where the sum of N1.324 billion was paid as claims.

    This was made known in a statement in Lagos by Staco’s Group Managing Director, Sakiru Oyefeso, who said the 2016 claims figure showed that N596.55 million was paid on Fire business as against N436.38 million paid in 2015. Oyefeso stressed that this class of business had the highest claims paid.

    Closely followed, according to him,  was General Accident class of business where N389.96 million was paid on claims as at the third quarter of the outgone year.

    He said total claims of N197.32 million and N119.83 million were paid on Marine and bonds respectively, while N82.70 million and N46.10 million were paid on Oil and Gas and Motor businesses respectively, amongst other claims.

    He also  said the company has reported an increased shareholders fund of N3.626 billion as against N3.409 billion reported in the corresponding period of 2015.

    Oyefeso noted that the company would continue to grow its shareholders fund to enable it play bigger role in the Insurance Industry, particularly in the Oil and Energy sector of the economy.

    STACO , he further said was committed to providing exceptional service to its numerous customers.

    The company’s Head of Finance and Accounts, Jaiye Fatungase, assured its numerous customers of commitment to promptly payment of claims.

    He reiterated that the company’s strength laid in its passion for high standards and prompt settlement of claims.

    He noted that the notable quality services delivery by the company has enabled it win numerous awards amongst others, the latest being the Insurance Personality Leadership Award for 2016, which was  conferred on its Group Managing Director by African Prize for Leadership Excellence.

    The company, he said, has been rated BBB+ by the Global Credit Rating Co (GCR) and was poised to maintain its rating among brokers and clients.

  • Recession pushes insurance claims up

    Insurance companies paid more claims last year compared to previous years as a result of recession, Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, has said.

    Efekoha, who made this known while speaking with reporters in Lagos, said the high exchange rate has also pushed up insurance claims.

    He explained that premium of insurance policies, whose claims were presently being settled, were paid when the exchange rate was low.

    He further said the economic recession has impacted negatively on insurance business as most people now place insurance last on their scale of preference.

    He added that insurance companies are experiencing fraudulent claims as some people consider it as a source of making quick money to meet their financial conditions.

    He said: “Insurance operators would continue to live up to their claims responsibilities. Insurance should be considered first in decision making, especially now that it is difficult to replace lost items due to high cost.

    “We also call on the government at all levels to leverage on insurance in finding the way out of recession.”

    NIA Director-General added that in other for underwriters to outsmart fraudsters, operators now carry out adept investigations to ascertain genuine claims.

    He noted that amidst challenges, operators are also living up to their responsibilities in paying genuine claims, stressing that the vices been perpetuated by fraudsters would not deter insurers in settling of claims of those who actually need to be indemnified.

    Managing Director, Anchor Insurance Plc, Mayowa Adeduro stressed that insurance companies bear most of the pains in recession.

    “The exchange rate has increased our claim ratio. This is because people are driving on the road, they are depressed and are no longer concentrating. Also, people will go to any length to make claim just to have extra money from the sector.

    “So, we should not expect reduced claims in the industry, rather, expect premium loss. The only company that can withstand it is only those companies that have successfully diversified their portfolios because in every recession, not all the sectors of the economy are affected at the same time. Some like the food sector will grow because people will turn to food,” he said.

  • FBNInsurance Group donates to Down Syndrome Foundation

    Sister insurance companies, FBNInsurance Limited and FBN General Insurance Limited, has donated some items to the Down Syndrome Foundation as part of their Corporate Social Responsibilty (CSR), Managing Director, FBN General, Bode Opadokun, has said.

    He made this known at the resource centre of the Foundation in Lagos, saying the companies were committed to the general upliftment of the society.

    According to him, the companies donated various food items, toys, beverages and some cash to the management of the Foundation.

    He added that the items were largely raised through the companies’ annual Staff Gift drive, an in-house scheme that encourages members of staff of both companies to donate various items to a common cause.

    While receiving the combined team of both companies, the Foundation’s Administrative Manager, Muyiwa Majekodunmi, thanked the companies for the gesture and used the opportunity to enlighten the team about Down Syndrome.

    He said: “Down Syndrome is just a freak of nature; it’s a chromosomal defect. Each cell contains 21 chromosomes, but for Down Syndrome patients, somewhere along the line during conception, an additional chromosome pops up thus causing the condition.

    “These are wonderful kids and the reason why we exist is to act as an advocacy group for them and ensure that they become useful to themselves and the society. We are like that bridge between them and the society.”

    Opadokun charged the management to keep up the good work.

    “We know something great is happening here and as companies committed to the general upliftment of the society, we will always do our bit to encourage and support the continuous success of the Foundation,” he said.

    FBNInsurance Limited and FBN General Insurance Limited are both members of FBNHoldings associated with the Sanlam Group.

  • ARIAN, CIIN disagree over certification fee

    A‘WAR’ is brewing between the Association of Registered Insurance Agents of Nigeria (ARIAN) and the Chartered Insurance Institute of Nigeria (CIIN) over the agency fee charged by the  institute.

    The disagreement arose from the longstanding issue of the N12, 500 to be paid by applicants to get the CIIN proficiency test certificate  before they are registered as licensed agents.

    The agents said they might soon  protest what they describe as an injustice by the CIIN.

    ARIAN President, Gbadebo Olamerun, made this known at the group’s Seventh Annual Conference and Awards in Lagos.

    He said the association had written to the institute to review the amount downwards from N12,500 to N5,000.

    He said this would enable ARIAN as a key stakeholder to mobilise its members to register, adding that this would increase the number of the National Insurance Commission (NAICOM)-registered agents.

    He said: “CIIN as an education institution of the industry has tightened the free flow of insurance agents for the proficiency test certification.

    “It is extremely distracting that my members are gradually losing their patience for a demonstration that is close to happen anytime soon. The institute is meant to aid and not to be strict to the other arm of the industry in order to achieve its own aim and objective.

    “We, therefore, say no to this unjust and inconsiderate action which has practically reduce the numbers of registered members as NAICOM licence agent and we also wrote an open letter to our institute to review the amount of the proficiency test certification from N12,500 to N5000, which will enable ARIAN as a key stakeholder to mobilise its member to register in mass and increase the number of NAICOM-registered agent.

    Olamerun also spoke about NAICOM ARIAN Unit Manager Training.

    He said the training could not hold because the lead supporting partner (NAICOM), which hosted the event last year, did not do so this year.

    He said he did not believe this was as a result of the recession but lack of political will to execute the progressive and educative initiative.

    He apologised to the agents who registered for the event but could not get the training.

    He said agents had been able to generate huge premium income for the industry, adding that an agent raked in over N300 million in 12 months.

    He urged them to take on a digital approach to move the insurance retail business to the next level.

  • CIINgraduates 161 associates

    No  fewer than 161 members of the Chartered Insurance Institute of Nigeria (CIIN) have graduated as Associates.

    CIIN President, Lady Isioma Chukwuma, who made this known during the institute’s Graduation and Fellowship Awards held in Lagos, said the institute also conferred Fellowship awards on three  members.

    She said the institute’s responsibility is to engender a robust platform for insurance education and awareness in the country.

    According to her, the institute’s professional examinations have become deep, producing professionals who have continued to perform creditably in their various endeavours through ethical and effective dispensation of insurance services.

    She warned that the policy of the CIIN Council is that all certificates issued by the institute remain its  property and could be withdrawn from the holders if it has good reasons to do so.

    ‘’Let me state unequivocally that the institute reserves the right to withdraw its certificate from any holder, if it discovers any breach of the examination process.  A further reason for such withdrawal of certificates could emanate from acts unexpected of a holder of the institute’s professional qualification. This policy remains in force,’’ she said.

    Managing Director, Wapic Insurance, Mrs Adeyinka Adekoya, who gave the induction lecture titled:  “Imbibing the right ethics in insurance profession,’’ said the future of the industry lies on professionals through their ability to show the highest ethical standards.

  • NAICOM to engage stockbrokers as referral partners/agents

    The National Insurance Commission (NAICOM), in collaboration with the Securities and Exchange Commission (SEC), has commenced the process of engaging stockbrokers as referral agents in the distribution channel.

    NAICOM Deputy Director, Authorisation and Policy, Leonard Akah, who made this known in a statement by Head, Corporate Affairs, Rasaaq Salami, in Lagos, said the initiative was a continuous effort at deepening insurance penetration in the country.

    He said the Commission paid a working visit to the Director-General of SEC, Mr. Munir Gwarzo, to intimate him of the need to engage the stockbrokers.

    According to him, the Commission  outlined the role of stockbrokers in the sales of insurance products as being limited to referral partners/agents to the insurance companies without being exposed to any risk.

    In return, he said stockbrokers would earn a percentage commission on any business they are able to generate for the insurance company.

    He said: “This initiative is expected to create opportunities for the stockbrokers that are interested without distracting them from carrying out their core functions. The draft guidelines to ensure seamless operation of this initiative will be sent to SEC for input before the final exposure.

    “In the bid to deepen insurance penetration NAICOM has identified various other professionals for consideration in the referral agency model. These include accountants, lawyers and a host of others

    Responding, the Director-General, represented by Head, Monitoring Department, Mr. Isyaku Bala Tilde,  thanked NAICOM for the initiative and promised to collaborate with the Commission to ensure its smooth execution,” he said.