The Nation Newspaper

Category: Insurance

  • Sterling Bank lauds firm on Google award

    Sterling Bank Plc has commended Audax Solutions, pioneers of the Audax Code School, for its selection alongside 41 other organisations spread across 19 countries, as recipients of the 2014 Google RISE Awards.

    Audax Code School is an initiative to teach Nigerian children programming skills for the web.

    In a statement, the bank said Google RISE awards is an annual global award to recognise excellence in computer science education particularly for children between the ages of seven and 18.

    Audax Solutions and Sterling Bank recently organised the Computer Science Education Week (CSEdWeek) Hour of Code and a free Boot Camp for kids and adults to spread awareness of the need for computer science education among the youth.

    Speaking on the award, Mr Emeka Onyenwe, the Business Manager of Audax Solutions stated that part of the cash grant from the award will be used to further expand the company’s weekend and holiday activities which involves children from under-served neighborhoods and public schools in Lagos State, a priority goal of the organisation. “We also plan to offer at least 30 full scholarships for our Easter and Summer Code School in 2014, including training on basic computer skills and the Internet”, he added.

  • Awards

    A firm, Inspenoline Media, will hold its Nigerian Insurance and Pension Awards on Wednesday at 11 am at MUSON Centre, Lagos.

    It has as its theme: Unlocking micro-insurance business.

    According to its Editor-in-Chief/ Chief Executive Officer, Udo Okonta, the event will be chaired by President, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu.

    The speaker is Yemi Soladoye, managing director Riskguard Africa Nig Ltd while Laide Osijo managing director Plum Insurance Brokers Ltd is the special guest of honour.

  • Staco posts N310m profit

    Staco Insurance Plc posted a profit before tax of N310.8 million in the 2012 annual account from a loss of N462.97 million in 2011.

    Its Chairman, Mr. Dere Otubu made this known at the company’s 18th Annual General Meeting (AGM) in Lagos.

    According to him, the company was able to grow the gross premium written to N6.8 billion from N6.5 billion in 2011.

    He stated that net premium written grew to N6.28 billion from N5.99 billion while underwriting result was N3.12 billion in 2012 from N3.06 billion in 2011.

    He, however, said the National Insurance Commission (NAICOM) intensified its enforcement of regulations and guidelines during the year under review to maintain global best business practices and improve the confidence of the insuring public as well as investors in the insurance industry.

    He said: “Income from the market development and restructuring initiatives (MDRI) was expected to hit the N1 trillion marks after its introduction in 2008. This target was, however, not met. Also, the challenge of high premium debtors cum paucity of funds was addressed by NAICOM effective January 1, 2013 with the enforcement of the No Premium No cover provision of section 50 of the insurance Act 2003. The enforcement of the anti-money, laundering act was also intensified during the year.’’

    He added: “In the same vein, the adoption of International Financial Reporting Standard (IFRS) in the preparation of our financial statements necessitated adjustments that impacted on the capital base of our company. This has given rise to the need for adequate capitalisation to position our company in a good stead to compete favorably in the insurance sector.

    ‘’Our company has also acquired the two properties adjoining its present head office location for the construction of an ultra-modern head office complex to position itself strategically for the upcoming keen competition in the years to come.”

    Otubu noted that the daunting challenges facing the company have given rise to the need for relentless investment and ploughing back of profits into the company to promote growth.

    This, he said, would position the company strategically for the ever-increasing competition in the financial services sector.

  • Insurance lawyers hold forum Wednesday

    THE firm of Adegboyega Adepegba&Co and the Nigeria Insurance Law Association (NILA) will hold a forum from February 26 to 27, at Ijebu Ode in Ogun State.

    Former Director-General of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Adegboyega Adepegba said eminent insurance veteran and lawyer Prof Joe Irukwu, will declare the forum open while the theme paper will be delivered by Chief Anthony Idigbe (SAN).

    Other speakers expected at the forum are Prof Chioma Agomo of the Faculty of Law,University of Lagos (UNILAG), Mr Olusina Sofola (SAN), Managing Partner of Idowu Sofola&Co, O.O. and Ladipo Ajayi, among others.

    Adepegba said the forum will address issues that are of major concern to the regulator, the National Insurance Commission (NAICOM).

    He added that the event, which is first of its kind, would help hone the skills of insurance lawyers .

  • Private trading floor will boost stockbroking practice, says CIS

    • -Lauds GTI’s pioneering floor

    The Chartered Institute of Stockbrokers (CIS) has described the emergence of the first private trading floor as a milestone that will deepen the practice of stockbroking and usher in a new era of private stockbroking profession.

    CIS, a self regulatory organisation chartered by Act 105 of 1992, is the regulatory body for the practice of stockbroking in Nigeria. The council of the CIS last week visited the 150-seat multi-purpose private trading floor built by GTI Securities in Marina, Lagos.

    President, Chartered Institute of Stockbrokers (CIS), Mr. Ariyo Olushekun led other council members including the 1st vice president, Mr. Emmanuel Ohanwusi; 2nd vice president, Mr. Oluwaseyi Abe and acting registrar and chief executive, Mr. Adedeji Ajadi and other officials of the institute on the facility visit.

    Olushekun said the coming of the first private trading floor will deepen the practice of stockbroking as it will allow stockbrokers to engage in private practice as qualified professionals in their own right as lawyers, medical doctors, accountants and other professionals as against the current situation where stockbrokers can only work under a stockbroking firm.

    According to him, the possibility of brokers and dealers being able to trade directly through private trading floor such as GTI’s will enhance the attractiveness of the institute certificate and create more opportunities for brokers and investors and the economy generally.

    He advised the management of GTI Securities to expand the trading horizon of the floor by adding other platforms such as the commodities exchange and the debt securities and bonds exchange.

    “What you have here is a mini stock exchange, some stock exchanges in West Africa and other parts of the world don’t have a floor as robust as this. This is very impressive; I will like to commend your effort. I urge other colleagues to find time to visit this floor and see what you have done and see how they also want to contribute to stockbroking and market development,” Olushekun, who is also the managing director of Capital Assets Limited, said.

    In his remarks, Ohanwusi described GTI as the biblical Moses that will lead stockbrokers to the promised land noting that such opportunity for private trading and practice is what the stockbroking community has been yearning for.

    He said GTI has bridged the timeline between aspiration and reality with the state-of-the-art trading floor pointing out that while private stockbroking was thought of as a future concept, it has now come closer as a possibility.

    Abe said GTI has made landmark contribution to bridging infrastructural deficiencies plaguing the country and particularly the stockbroking profession.

    According to him, the private trading floor is a great initiative that will bring the market closer to the investors.

    Managing director, GTI Securities Limited, Mr. Tunde Oyekunle, reiterated that the driving motives for the firm have always been the development of the Nigerian market and the ethics and ideals of stockbroking.

    Group managing director, GTI Capital, Mr. Abubakar Lawal, said GTI is committed to the realization of the capital market to its pride of place as the catalyst for the nation and one that should determine the socio-political, economic and financial direction of the nation.

     

  • NAIC chief assures farmers, others of cover

    The new Managing Director of the Nigerian Agricultural Insurance Corporation, Mr Bode Opadokun, has re-assured farmers and other stakeholders in the agricultural sector of the corporation’s readiness to adopt new strategies to offer them cover against hazards.

    He spoke at the maiden meeting with top management of the corporation in Abuja.

    The helmsman said he came to add value to the corporation by developing the manpower and harnessing other resources to enhance contribution of the sector to the nation’s Gross Domestic Product Growth (GDP).

    Opadokun said if well-managed, NAIC could become a major player in the sector as NICON Insurance dominated it in those days.

    He assured employees of carrying them along in the scheme of things. He said the corporation would play its expected role in the ongoing Agricultural Transformation Agenda (ATA) of the Federal Government.

    He commended his predecessors for their various initiatives to sustain the corporation’s operations, promising that in the spirit of the rapidly moving ATA train, employees would be prepared, through training and other capacity building programmes, to consolidate the achievements of NAIC and make it more proactively responsive to its roles in the economy.

    He said: “Coming here is not to condemn but to create and add value. We are not here to push anybody out. We are here to give everybody what I call leadership, rededication and for us to see how we can join in the Agricultural Transformation Agenda of the President being implemented by the Federal Ministry of Agriculture.

    “I believe we all have the skill. All we just need to do is sit back and discover ourselves and identify which areas we have skills. I believe with dedication and God on our side, we will surely get there. I feel the train in the area of agric is that one needs to join, so that we are not left behind. Today, it is wealth creation, and honestly, the opportunities that exist there cuts along with a lot of business potentials for us.

    “All we just need to do is to look at those opportunities, see how we will exploit them and make them better for ourselves and the nation. This is because the license we have to operate this organisation is the same as that of NICON if not bigger. If we cannot not surpass NICON achievements, we must meet them. I believe that with this team that I have seen today, we can do it.”

    Director, Special Duties, Federal Ministry of Agriculture and Rural Development, Mr Chudi Uwandi, who represented the Permanent Secretary, Mrs Ibukun Odusote, said the Minister expected NAIC to run with the vision of the ATA in mind to making it a major contributor to the realisation of the objectives of the agenda.

    He urged the management to support the managing director since he is coming as a representative of the Minister, Dr Akinwumi Adesina, to execute the ATA mandate of Mr. President.

    The corporation’s Assistant General  Manager, Legal and Company Secretary, Mr Chuk Okafor, who spoke among other top management staff, assured the new helmsman of support of staff to reposition the organisation.

  • NAICOM, NLC to partner on group life

    NAICOM, NLC to partner on group life

    The National Insurance Commission (NAICOM) and the Nigeria Labour Congress (NLC) are partnering on Compulsory Group Life Insurance to protect workers.

    According to the two bodies, this will also help deepen insurance penetration in the country.

    Commissioner for Insurance, Fola Daniel made this known when he led top management of the commission on a visit to NLC President, Comrade Abdulwahed Omar in Abuja.

    Daniel listed the benefits of Compulsory Group Life Insurance under the Pension Reform Act of 2004.

    He urged Omar to ensure that his members, especially those at the state and local government levels, were insured by their employers.

    He noted that one of the cardinal functions of the Commission is the protection of existing and prospective insurance policy holders in the country.

    Omar said the NLC was willing to work with NAICOM in educating workers and the public on the benefits of insurance.

    He suggested the setting up of a joint working committee for strategic planning and implementation to the achieve desired success.

    Membership of the committee would include NAICOM, NLC and the National Pension Commission (PENCOM) to ensure greater efficiency and effectiveness. The committee is expected to be inaugurated soon, he said.

    At the meeting were the Deputy President, NLC, Comrade Kiri Mohammed; Deputy President, NLC, Comrade Issa Aremu,President, Civil Service Commission Union, President, Nigeria Union of Petroleum and Natural Gas Workers (NUPENG),Comrade Igwe Achese; and other top council members of NLC.

    Also, the Deputy British High Commissioner, Peter Carter, has led a team from Prudential Plc, a life insurance firm in the United Kingdom on a visit to NAICOM.

    He said they were in the Commision to appraise him of the intention of Prudential Plc to invest in the insurance market and to inquire about the modalities.

    The Director of Strategy & Corporate Development at Prudential Plc,  Matt Lilley, said his firm is a life insurance entity has been in operation for 165 years.

    The company, he said, has major investments in Asia and has injected $5 million into a small insurance business in Ghana.

    He said Prudential Plc is keen and eager to enter the Nigerian market for big ticket businesses.

    Daniel, who said he was excited about the visit and the desires of Prudential Plc to invest in the country, promised the support and cooperation of NAICOM to the successful entrance of the company into the market.

  • NAICOM okays Igbiti, AIICO’s MD

    NAICOM okays Igbiti, AIICO’s MD

    The National Insurance Commisssion (NAICOM) has okayed the appointment of Mr Edwin Igbiti as Managing Director of AIICO Insurance Plc.

    In a statement, the firm’s Head, Corporate Affairs Elizabeth Agugoh, said NAICOM, in a letter dated January 28, this year approved the appointment.

    Igbiti’s career spans over two decades. It has inspired AIICO’s continuous and exceptional growth over the years, ranking among the top three insurance companies in the country.

    He is a member, Nigerian Institute of Management, Chartered, (NIMC) and Fellow, Chartered Insurance Institute of Nigeria (CIIN).

    He holds an MBA from the University of Ado-Ekiti, an Advanced Diploma in Management from the University of Lagos (1997), a Certificate from Chartered Insurance Institute, London and is an alumnus of Howard University Business School, United States.

  • STI woos agents to achieve N15b target

    STI woos agents to achieve N15b target

    To achieve a N15 billion premiumincome target in the year, Sovereign Trust Insurance Plc (STI) is seeking the hand of the Association of Registered Insurance Agents (ARIAN) to grow its business.

    STI Executive Director, Mr, Samuel Brume Ogbodu spoke at a meeting with ARIAN in Lagos.

    He said STI recorded a premium income of N7.5 billion last year. This year, the company intends to focus and grow its retail business by engaging insurance agents because of their ability to reach the grassroots, he added.

    Ogbodu said the agents have helped to deepen insurance penetration and contributed to the income of the insurance industry.

    He said without agents, a lot of people would not have been insured adding that the population of the informal sector is huge enough to drive the industry to the next level.

    He said: “Our mission is to enhance the everyday life of our customers and Nigerians in general, which will in turn grow our business. A retail department was recently set up towards this goal. We also want to establish a relationship with ARIAN members. We believe with their support, we will be able to achieve the N15 billion premium income target set for this year.”

    ARIAN President, Mr Gbadebo Olamerun, said agents’ contributions  to the industry is huge.

    He added that the highest agents produced N1.3 billion in a company while another produced N580 million to the same company.

    He urged insurance firms to note the role of agents to grow their business, adding that it is only agents that can deliver insurance to the grassroots.

  • British, Nigerian brokers partner on capacity building

    British, Nigerian brokers partner on capacity building

    THE British Insurance Brokers Association (BIBA) has promised to assist the Nigerian Council of Registered Insurance Brokers (NCRIB) in building the capacity of its members for effective insurance brokerage service delivery and growth in the country.

    Speaking during a courtesy visit to BIBA’ office in London, NCRIB President, Mr Ayodapo Shoderu, attributed part of the problems that have made the contribution of the sector insignificant in spite of the enormous potentials in Nigeria is low capacity of the existing professionals and poor image of the industry.

    To this end, he said his administration aims at creating and leveraging on a robust relationship with the BIBA for better insurance brokerage delivery in Nigeria. He said this is imperative because BIBA is a frontline global insurance intermediary institution.

    He said, among other things, the NCRIB is soliciting the support of BIBA in the provision of market information, continued and constant working relationship and regular exchange of ideas by the two bodies.

    He disclosed that his tenure would be devoted to initiating strategic working relationship with notable institutions and network individuals across the world and at home, in order to break down the barrier of ignorance about the insurance broking profession, and by so doing creating more opportunities for its members.

    Chief Executive of BIBA, Steve White said the association had continually initiated strong interactive platforms through its several events and publications, for the engagement of government, customers and the general public on the value of insurance broking services.

    As part of its support to NCRIB, White said BIBA will assist the c2ouncil to facilitate its membership with the World Federation of Insurance Institutions (WFII) as well as feature its activities in editions of its annual publication,’The Broker’

    He added that BIBA will continually avail the NCRIB with relevant advice and strategies on how it could effectively engage its crucial segments, notably government and other relevant stakeholders, as being effectively done by the association in the UK.

    BIBA was formed in 1977 and is the UK leading general insurance intermediary organisation.