The Nation Newspaper

Category: Insurance

  • Insurers Committee to rebrand industry

    The Insurers Committee is to rebrand the industry to enable members enjoy its benefits,  its Vice Chairman Sub Committee Publicity, Mrs Ebelechukwu Nwachukwu, has said.

    Mrs Nwachukwu, also the Managing Director of Zenith Insurance, made this known at a briefing after the third Insurers Committee session over the weekend in Lagos.

    According to her, the rebranding will deepen insurance penetration and ensure better service delivery.

    She said: “We want the insuring public to be informed on why they should not see it as unnecessary but a tool that can help them do other things. We believe that the industry rebranding will help to increase awareness, thereby making more people take up insurance.

    “The committee has appointed a specialist and consultant to work around the rebranding programme. We are also working towards standardising our practice for better practice of Insurance.”

    On risk based supervision, she said the road map and draft was ready and would be exposed to industry operators next month for their suggestions and impute before the final guidelines will be ready follow by implementation.

  • CIIN seeks recognition for its certificates in civil service

    The Chartered Insurance Institute of Nigeria (CIIN) is collaborating with the Head of Service (HoS) to gazette the institute’s  qualifications for employment in the civil service, CIIN President, Lady Isioma Chukwuma, has said.

    She spoke at a briefing in Lagos on her achievements since she assumed office about 11 months ago.

    Lady Chukwuma said her team, which has “Consolidating the gains of the industry for national economic growth’’,  as a mission statement, has put place the CIIN on the global scene, adding that it achieved more in the presentation and distribution of its insurance textbook to senior secondary schools and sustained the ideals of the Insurance Industry Consultative Council (IICC), especially the joint industry mega conference, reinforced the huge potential of the college of insurance and financial management, renewed pursuit of training insurance teachers on a national level and completed the institute’s examinations syllabus review.

    She said: “Discussions are at an advanced stage with the Office of the Head of Service of the Federation for the gazetting of the institute’s professional qualifications for employment in the Civil Service. This process, when completed would become an added advantage to holders of the institute’s certificate seeking employment into any government institution across the various levels and tiers of government.

    “The institute is especially committed to and is exploring every means possible at situating the CIIN brand on the global stage. We are  fine-tuning our exemptions relationships with CII (UK). We have consolidated the off-shore examination centres of the institute in Banjul, the Gambia and in Kigali, Rwanda and pursuing with vigour the extension of the frontiers of our professional examinations to the West African sub-region and other parts of sub-Saharan Africa.

    “Following the selfless efforts of my predecessors in ensuring setting in motion the effective take-off of academic activities in the College of Insurance and Financial Management, I can confirm to you that Academic activities have since commenced at the college following its  commissioning. The graduation of the first set of Diploma Students of the College of Insurance and Financial Management (CIFM) was held in December 2015 and the induction  for the second set of Diploma Students was held on February 2016.”

    She said following the presentation of the textbook to secondary schools in Lagos, Ogun, Edo, Ondo and Kwara states, the institute, in the past year, has been able to donate copies to all public senior secondary schools in Rivers, Imo, Osun, Ekiti and Enugu States through their various Ministries of Education.

    “In all, over 3,000 copies of the book have been donated to further enhance the teaching and study of insurance as a subject in secondary schools in Nigeria. We are working with some identified states through the institute’s local chapters to facilitate the donation of the books to such states while the proposed launch/presentation of the book at the national level will also be pursued to its logical conclusion.

    “The Train-the-Trainer programme which was designed for the upscaling of insurance education to ensure that insurance teachers possess the required skills for imparting the necessary knowledge to the future generation of insurance practitioners has been well received and many states have shown enthusiasm in partnering with the institute and the college in this regard.

    “The programme was first carried out in Lagos and Ogun states and has since been replicated in other parts of the country. We are presently engaging some states we have visited to fashion out modalities to host the programme in such states.

    “The institute has also aided in the study and teaching of insurance by providing support to institutions across the country through donation of course books, equipping libraries with study materials and equipment and also by imploring insurance professionals to volunteer as teachers and lecturers in Institutions so as to cover for the dearth of Insurance teachers and lecturers in our Institutions,” she added.

  • Global firms’ stocks fall

    The average stock price increase for publicly traded reinsurance companies, which include the European big four – Swiss Re, Munich Re, SCOR Re and Hannover Re has declined to 1.4 per cent in the first quarter of 2016, far below the 8.3 per cent average posted in the first quarter of 2015, according to a new A.M. Best report.

    According to the Best Special Report, titled: “Global reinsurers continue to withstand challenging market dynamics,” of the 16 publicly traded worldwide reinsurers followed in this report, seven experienced negative stock price movement during the first-quarter 2016, with one insurer’s price basically remaining flat.

    Three other reinsurers experienced just limited stock price growth. SCOR Re outpaced all the companies with a 24.7 per cent quarterly stock-price increase, and hedge fund-backed reinsurer Greenlight Re began to bounce back from a tumultuous 2015.

    This saw the company’s share price decline by almost 43 per cent with a 16.5 per cent increase in first-quarter 2016.

    The less favourable share price movement of the group, on average, was driven by persisting competitive market conditions that have suppressed organic top line premium growth for most reinsurers.

  • Allianz agrees to acquire Moroccan subsidiary of Zurich

    Allianz Group has announced a binding agreement for Allianz to acquire Zurich Assurances Maroc, a subsidiary of Zurich Insurance Company in Morocco.

    Zurich Assurances Maroc in a statement said it is one of the largest insurance companies in Morocco, currently ranking at number 7 in the property and casualty market and serving more than 600,000 customers.

    In 2015, Zurich Assurances Maroc generated 114 million euros in gross premiums written.

    The company also has a license for life and health insurance products, which Allianz plans to utilise.

    Allianz Group views Africa as one of the important future growth markets. Today Allianz is present in 15 countries in Africa.

    The acquisition in Morocco, Africa’s second-largest insurance market after South Africa, marks an important step for Allianz to be well positioned to capture future growth in the African region.

    “This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines. We will be able to support both our Moroccan and international customers in their local and international business. In addition, Allianz is an employer of choice in Africa.

    “We look forward to developing and promoting local talents in a growing market,” said Sergio Balbinot, board member of Allianz SE in charge of southern and western Europe, Africa, MENA and India.

    The purchase price is 244 million euros. Pending regulatory approvals, the transaction is expected to close end of 2016.

  • Custodian & Allied gets MD

    Custodian & Allied gets MD

    The National Insurance Commission (NAICOM) has confirmed the appointment of Mr Olatoye Odunsi as the Managing Director/Chief Executive Officer of Custodian and Allied Insurance Limited, the Non-Life arm of the Custodian Group.

    In a statement, Lola Aina of Custodian said Odunsi is an Insurance graduate of the University of Lagos. He is also an alumnus of the Senior Management Programme of the Lagos Business School and Wharton AMP, University of Pennsylvania.

    It read: “Toye started his career with Financial Assurance Company Limited in 1989. He was a foundation staff member of Cornerstone Insurance PLC in 1991 where he rose to the position of Deputy General Manager, before leaving to set up Signal Insurance Company Limited in 2002 as the Managing Director/Promoter. He held this position until the merger with Custodian and Allied Insurance PLC in 2006.

    “He was appointed as the Managing Director/Chief Executive Officer of Crusader General Insurance Limited and acted briefly as the Group Managing Director of Crusader Nigeria PLC.

    ‘’He is married with children.’’

  • NAICOM, West African regulators move against fraud

    NAICOM, West African regulators move against fraud

    West African insurance regulators have united to tackle fraud among companies.

    They have signed a Multilateral Memorandum of Understanding (MMou) to establish the West Africa Insurance Supervisors Association (WAISA).

    Nigerian Commissioner for Insurance, National Insurance Commission (NAICOM) Mohammed Kari said the association would help foster a strong cross border supervision of insurance companies through information sharing and investigative assistance in accordance with the principles of the International Association of Insurance Supervisors (IAIS).

    He noted that information sharing, capacity building and supervision is the key to financial growth and stability.

    He praised the Commissioners from Ghana, Sierra Leone, Liberia and The Gambia for their support, dedication and commitment in reaching a multilateral agreement.

    Kari emphasised the importance of the role of supervisory authority, especially in minimising fraud in the  sector in accordance with the Financial Action Task force (FATF) principles on Anti-Money laundering.

    He listed some of the gains of the MMoU to include fostering closer relationship and promoting cooperation among the insurance regulators in the sub-region for efficiency and effectiveness.

    Commissioner of Insurance, Ghana Miss Lydia Laraba Bawa, described the event as one that would enhance development of the sector in the sub-region and facilitate group-wide supervision.

    Sierra-Leone Commissioner of Insurance Augustus Kanu noted that the MMoU would not only help in fostering closer cooperation, but also  harmonise regulation in the sub- region.

    The Permanent Secretary, Federal Ministry of Finance Anastasia Daniel-Nwaoba, who was represented by the Director, Home Finance Kalli Zaji highlighted the importance of insurance in the economy.

    He said the MoU among the regulatory agencies in the sub-region would help in creating an enabling environment for the insurance sector to flourish, especially through collaboration and harmonisation of  standards.

  • Inspenonline unveils nominees

    The management of Inspenonline, an insurance and pension online news channel, has unveiled the nominees for the insurance and pension awards.

    In a statement, the firm’s Publisher/Editor-in-Chief, Chuks Udo Okonta, said 18 firms drawn from the insurance and pension sectors have been selected for various categories and will be voted for by the public.

    He noted that the award, which is the fourth in its series, was designed to recognised the stride made by firms and individuals, adding that firms and individuals that distinguished themselves will be celebrated  at the award scheduled for August.

    He called on the public to cast their votes for firms and persons who have distinguished themselves.

    Okonta said the Managing Director FBNInsurance Limited, Val Ojumah; Managing Director Leadway Assurance Limited, Hassan Oye-Odukale and Chief Executive Officer Axa Mansard Insurance Plc, Mrs Yetunde Ilori, were nominated for the Insurance Man of the Year category.

    According to him, FBNInsurance Limited, Leadway Assurance Limited; Custodian and Allied Insurance Plc and Axa Mansard Insurance Plc, were nominated for Insurance company of the year.

    Leadway Assurance Limited; Axa Mansard Insurance Plc; FBNInsurance Limited and Sovereign Trust Insurance were nominated for Corporate Brand Category.

    Royal Exchange Insurance Plc, Sovereign Trust Insurance Plc and Consolidated Hallmark Insurance Plc, were nominated for Social Corporate Responsibility Award.

    Stanbic IBTC Pension Limited; AIICO Pension Limited and Premium Pension limited were nominated for Pension Fund Administrators of the year.

    Leverage Insurance Brokers Limited, YOA Insurance Brokers Limited; Standard Insurance Consultant Limited and Plum Insurance Brokers were nominated for Insurance Broking Category.

    Nigerian Council of Registered Insurance Brokers; Nigerian Insurers Association; Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria were nominated for Best Professional Group category.

    Okonta noted that individuals and state governments that have helped promote insurance and pension developments will also be honoured with an excellence awards.

     

     

     

     

     

  • Embrace insurance, Muslims told

    Muslims have been advised to be serious about insurance as it protects against losses.

    An Islamic cleric, Alhaji Mudashiru A Bada, gave the advice at the Ramadan Tafsir Lecture organised by the Chartered Insurance Institute of Nigeria (CIIN) in Alausa, Ikeja, Lagos at the weekend.

    Bada, the Chief Imam of Oluyole Estate Extension, Ibadan, the Oyo State capital, noted that since insurance is a risk mitigating tool, it has a place in Islam.

    He said: “Islam did not negate insurance, since it is a form of protection against future loss. Prophet, during his life time, practiced a form of insurance, although he did this as charity, because he never collected any form of money for rendering such service. The difference between then and now is that insurance operators have decided to operate insurance as an entity or a company, where managers get paid for providing insurance services.

    “In some Islamic countries, such as Saudi Arabia, citizens are denied certain privileges because of lack of insurance. There is, however, no ambiguity about insurance in Islam. There is the tenets of ‘Utmost Good Faith’ in insurance contract that the insured and the insurer must abide by and this should also be applicable to all human endeavor on earth.

    “If Muslims, Christians and pagans uphold this tenet, people will respect one another and live harmoniously irrespective of their religious differences and this would make the world be in peace.”

    CIIN President, Lady Isioma Chukwuma earlier said professionalism and spirituality are major factors that define us as human beings.

    According to her, the Institute caters for the spiritual needs of its members by organising Christmas Carols and the Ramadhan Tafsir yearly.

    “The Ramadan Tafsir is designed to cater for the spiritual needs of the Muslim faithful in the industry and it provides a unique opportunity to share in the bountiful mercies and blessings that are associated with the Holy month of Ramadan.

    “The month of Ramadhan is a special month in the Islamic calendar. It is the month in which Muslims engage in increased spiritual activities, offer charity and generally involve in acts that bring them closer to Allah. For this year’s programme, the organisers have assembled eminent scholars who will feed us with spiritual diet in the spirit of the month.”

    She stressed that the Institute is charged with the statutory responsibility of determining the standards of knowledge and skill to be attained by persons seeking to become registered members of the insurance profession in Nigeria which it promotes by conducting professional examinations for its members with the objective of getting them certified.

    CIIN incoming Director-General, Olutayo Borokini, appealed to the participants at the lecture to uphold the teachings of the month of Ramadan to make the society a better place.

    Staco Insurance Plc Managing Director, Sakiru Oyefeso, said the Ramadan Tafsir was an initiative of CIIN, which started four years ago, adding that since then, it has recorded tremendous progress and followers both within and outside insurance industry, promising that the institute will continue to embark on this selfless service yearly.

  • IGI relocates head office

    Industrial And General Insurance Plc (IGI) has moved its corporate head office on Victoria Island, Lagos to its own five-storey building at Agoro Odiyan, in the neighbourhood of the Saka Tinubu business district of Victoria Island, Lagos.

    In a statement, the company’s Head of Corporate Affairs, Steve Ilo, said the relocation is in continuation of the restructuring process launched by the management to reposition the company for greater efficiency.

    He said IGI began operations as a composite insurer in 1992 with its headquarters at Adeola Hopewell Street, a rented facility.

    Addressing the shareholders at the company’s annual general meeting in Lagos in April, the Managing Director, Mr. Rotimi Fashola, hinted about the relocation from the rented facility, which he said was part of the strategic measures aimed at improving liquidity and operational efficiency.

    He said: “We are committed to right-sizing and blocking wastages in order to boost liquidity; that is why we obtained the National Insurance Commission (NAICOM) approval to restructure our assets. We need funds to sustain our present policy of ensuring prompt payment of claims, commissions and other obligations.

    “NAICOM had recently granted IGI the go-ahead to convert part of its long-term assets to liquidity. This is to enable the company to restructure its massive investment in real estate and subsidiaries, amounting to billions of naira, by offering them for sale and ploughing back the proceeds into its day-to-day operations.

    “IGI is opting for asset restructuring as part of measures to raise liquidity for the repositioning of the company in the core business of insurance. Already, the company has concluded plans to divest from under-performing subsidiaries anywhere they are, with a view to concentrating fully on insurance business in Nigeria.”

     

  • Lagos retirees get N1b bond certificate

    The Lagos State government has issued Retirement Benefit Bond Certificates to the tune of N1billion to another set of 275 retirees from the mainstream, local government, SUBEB, TEPO and parastatals of government, under the Contributory Pension Scheme for the month of May this year, Director-General, LASPEC, Mrs. Folashade Onanuga has said.

    She made this known at the 27th batch Retirement Benefit Bond Certificate presentation ceremony held in Lagos. She said the payment has brought the number of retirees paid from August last year to May this year to 3,344.

    According to her, the total accrued pension rights for years, spent under the Pay As You Go pension scheme paid on behalf of retirees by the state government from the aforementioned month to date is N14.7 billion.

    She advised the retirees and beneficiaries to make judicious use of the money being presented because this turns it to assets.

    Onanuga, however, stated that activity of the pension fraudsters who always put calls through to retirees informing them of alleged short-payments in their entitlements has  been reduced drastically, due to the steps the Commission took in terms of sensitisation.

    She further disclosed that she emerged as the Pension Amazon of the year and Lagos State Government as the Most Pension Compliant State in the third edition of Business Today Online Pension and Insurance Awards 2015.

    She said the award is apt as the commitment of the state has made Contributory Pension Scheme to be a success compared to other states.