Category: Insurance

The digital compulsory insurance being promoted by the Nigerian Insurers Association (NIA) and Lagos State Safety Commission (LSSC) will generate over 50,000 new employment opportunities in the state, the Director-General, Nigerian Insurers Association (NIA), Mrs. Yetunde Ilori, has said.

Ilori, who spoke at the Stakeholders’ Conference on Lagos State Digital compulsory insurance, said Section 65 of the Insurance Act 2003 stipulates that public buildings must be insured to reduce the liability on property owners and government.

Director-General/CEO Lagos State Safety Commission, Lanre Mojola, noted that  natural disasters, building collapse, inferno, and explosions have happened which led to injuries, permanent disability, loss of lives and property without any compensation to those affected or their loved ones, adding that a recent case is the gas explosion at OPIC Plaza in Ikeja.

He said to protect Nigerians and their businesses, the Federal Government, through various Acts, made the seven Insurance Policies compulsory across the Federation.

He called on the stakeholders to support the initiative to achieve the objectives for which the Compulsory Insurance Act on Public Buildings was enacted, by sharing ideas and experiences on how they could  realise its full implementation in Lagos.

He said: “Due to several factors, some of these Compulsory Insurances Laws have not been fully implemented. As such, when dangerous occurrences and disasters happen, the citizenry look up to the government for compensation. It is the determination of the  administration led by Governor, Babajide Olusola Sanwo-Olu to curb this trend – the reason for this  important relevant stakeholders‘ engagement.

“In focus is the Compulsory Insurance Act in respect of public buildings. As the economic capital of Nigeria and indeed the sixth largest economy in Africa, Lagos State has a good stock of public buildings such as schools, offices, hospitals, hotels, events centres, restaurants, cafes, lounges, bars, supermarkets, shopping malls, cinemas amongst others,” he said.

Mojola noted that Section 65 of the Insurance Act 2003 stipulates that all public buildings shall be insured  to  reduce the liabilities on property owners/government.

BOUYED by security concerns in the country, Securex West Africa will hold its 10th exhibition and conference from May 10-12, this year at the Landmark Centre, Victoria Island, Lagos.

The Regional Director, George Pearson, said it would bring in new elements with refreshing offerings aimed at the security, safety, fire and facilities management sectors .

This year, there would be new themes aimed at the fire, safety, smart cities and facilities management industries. These will support the parent brand of Securex to provide a full 360-approach for public and private sector workers who manage the security and safety needs of their organisations, buildings or sites, he added.

Sponsors of this year’s event include Halogen Group, Net Global Systems, Redleaf, Servo Direct and ZK Teco with partners which are the Nigeria Security and Civil Deference Corps, the British Deputy High Commission, and ASIS Lagos Chapter, International Institute of Professional Security and Association, among others.

Over 60 firms have signified their intent to attend the event. They include Aeronautics, Danfoss, Detego, Powerec Global Services, Tysers andTrackforce Valiantas, A1-Fence, Multimesh, Nemtek, SB Tel and Synergetics.

Sovereign Trust Insurance Plc has collaborated with the Atinuke Cancer Foundation (ACF) to tackle the spread of cancer.

Atinuke Lawal, founder of the foundation, and  survivor of cancer, said it had become imperative to start the fight against cancer among our teenagers so they could be well-informed about the disease and how to combat it even as the world is yet to find a lasting and permanent cure for it.

Atinuke, who spoke at the grand finale of a quiz competition among senior secondary schools in Lagos, said cancer should not be handled with levity.

She stated early detection was vital to combating the disease.

She expressed her joy to STI and other corporate organisations who supported the contest.

She explained that the quiz is aimed at increasing the level of awareness about cancer in the society and how we could begin to work towards finding a cure to it.

The spokesperson of STI, Segun Bankole, noted that the  firm is committed to ensuring that Nigerians were well-informed about health-related issues that are pertinent to their well-being.

He stressed that the company’s Corporate Social Responsibility (CSR) initiative is hinged on the pivotal elements of Health, Sports and the Environment (HSE).

Insurance companies have not been able to leverage Nigeria’s huge potential for growth due to their  low investment in technology, the President of the Association of Registered Insurance Agents of Nigeria (ARIAN), Kunle Odewunmi, has said.

He made this known at the association’s Conference and Awards in Lagos.

However, Odewunmi said, the industry has attracted more foreign direct investment (FDI) than any other sector.

He said: “Nigeria’s population stands at more than 200 million of which 60 per cent are below 65 years with over 105 million working class.

“Obviously, Nigeria has massive potential for insurance business growth. No wonder several foreign insurance companies are making inroad to the country.”

Odewunmi said the association’s  objective is to drive insurance penetration in tandem with the National Insurance Commission’s (NAICOM) Market Development and Restructuring Initiative (MDRI).

“The insurance agency network can provide employment opportunities for over 500,000 graduates every year while at the same time help to mop up investable funds for national development.

“As an association we are going to empower our members through marketing automation because we believe we need technology to access more clients and market,” he added.

The Commissioner for Insurance, Sunday Thomas, implored the agents to be of good ambassadors.

The Commissioner, who was represented by the Principal Manager, Licensing & Regulation Intermediaries, National Insurance Commission (NAICOM), Mrs. Vera Aimufua, said more agents  were needed take insurance to the grassroots, adding the public should patronise only registered  agents.

He noted that the commission would continue to support the agents, who he described as the foot soldiers of the industry.

The Chairman, ARIAN, Gbadebo Olamerun, urged agents to take the professional examinations by the Chartered Insurance Institute of Nigeria (CIIN), stressing that he would work with the association to sponsor members who do not have the  wherewithal to take the exams.

Odewunmi of Mutual Benefits Assurance Plc was reelected as the President. Jegede Kehinde Olatunde of NSIA Insurance Limited was elected the Vice President; and Mrs. Constance Lawrence of AIICO Insurance Plc  Secretary-General;

Others were Oluwatobi Oladipupo Sobande of Consolidate Hallmark Insurance was elected as Assistant General Secretary; Ogunwuyi Olawuwo Kayode of  Old Mutual Insurance, Public Relations Officer; Ajayi Rebecca Folashade of Leadway Assurance became the Financial Secretary; Catherine Adeyemi, Leadway Assurance Limited, elected Auditor; Olatubosun Mayowa, Mutual Benefits Assurance, Social Secretary and Legal Adviser, Chinonso Eze.

In honour of International Women’s Day (IWD), Tangerine Africa, a leading financial institution in Nigeria, has launched a campaign tagged #Protecting22Dreams to give hard-working female entrepreneurs free access to essential insurance plans for a year.

Through the campaign, 22 women will have access to the #Protecting22Dreams insurance bundle, which gives them access to SME-Insurance to protect their business from loss or damage; Health Insurance to enable them access quality care when they need it; Life insurance to provide for their family when they are no longer here. Subscription to these plans will last for a year, and at no cost.

Nigeria is home to over 23 million female entrepreneurs – one of the highest numbers in the world – and 41% of businesses in the SME sector are owned by women.

Daily, these women rise above all odds to set sail to their dreams and achieve a better life for themselves and their families.

However, in a field where stability is critical to thriving, most of these women do not have access to essential insurance plans that will empower them to keep chasing their dreams and keep them going no matter what.

With #Protecting22Dreams Tangerine is not only giving women the confidence and support they need to build successful businesses but the cover needed to thrive across all angles of their lives. With this campaign, Tangerine is also driving the urgent conversation for making insurance accessible to everyone irrespective of their social or economic background.

NOOR Takaful Insurance Limited has kicked off its roadshow in Kano to deepen penetration on Takaful insurance.

Speaking at the event, which kicked off at the palace of the Emir of Kano, Alhaji Aminu Ado Bayero, the company’s Vice Chairman, Aminu Tukur, stated that the visit would enable them get royal blessings for the programme.

Alhaji Bayero commended the organisation for bringing such an opportunity to his people when many Nigerians were looking for an alternative to conventional insurance.

The king called on Nigerians to embrace Takaful insurance given its immense benefits and acceptance in the Islamic world.

He urged the organisation to remain truthful to its promise to its customers.

The Noor Takaful officials followed the visit with a hangout where Tukur listed the benefits of Takaful insurance.

According to Tukur, the company remains committed to promoting ethical insurance, adding that many customers who did not make claims have got surplus payment in the last four years.

Tukur said: “Takaful is based on Sharia principles. If you do not get a claim, you will be entitled to get a surplus. Noor Takaful, which started operations five years ago, has been paying surplus distribution to those who have not made claims over the last three or four years. We are the first and only Takaful operator ever to do that. We are in the process of paying another one this year.

“The Takaful offerings are widely accepted globally in countries like Saudi Arabia United Arab Emirates and have taken advantage of its benefits. Under the Takaful policy, there is the General Takaful. In this case, Noor Takaful covers insurance such as motor vehicles, fire, goods in transit, agric takaful. In the case of Family Takaful, it covers the death of a family member or an individual or staff of an organisation.’’

THE National Insurance Commission (NAICOM) will soon commence the ranking and rating of companies, the Commissioner for Insurance, Mr Sunday Thomas has said.

This, he said, would be in line with the number of claims received and settled yearly.

He made this known at the retreat for reporters with theme, “Improving insurance access through market development and innovation in 2022 and beyond” in Uyo, the Akwa Ibom State at the weekend.

Admitting that claims payment was an issue, the Commissioner said they were doing all they could to solve the problem.

Speaking on the theme of the retreat, he said the Commission was trying to open up the market across the geo-political zones by reaching out to the states where insurance penetration was perceived to be very low.

He pointed out that they expected the industry to respond to these efforts by bridging the supply gap and ensuring they followed up on the Commission’s move to create awareness among high-ranking policy makers.

He said: “This is to prove that the industry is ready for the booming opportunities awaiting them across the country. Let me inform you that the Commission will soon be unveiling its sandbox to give room for innovative expansion of insurance. The web aggregators’guideline is also aimed at opening access to insurance and also a means of creating a convenient market for insurance.

“We can gladly say that the market has undergone substantial structural and regulatory reforms over the years following the market development initiatives being implemented”.

He said to gain policyholders’ trust and improve insurance access across the country, the Commission intends to publish ranking for the consumers to see.

“It has always been one aspect the industry is battling to balance. We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardising the efforts of the majority.

“We had agreed to start ranking companies on the number of claims received and settled on annual basis and we intend to publish such ranking for the insurance consumers. It is always an issue that put the entire industry on the edge. The Commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector.

“Similarly, we are exploring ways to take insurance to where the other financial sectors are or even surpass that mark. Financial transactions are more of a one-stop shop for everything and is either we key in or we lose the business to more innovative outlets that will seize it from us.”

He added that the commission is building a nationwide penetration structure that will open up market across the country’s six geo-political zones.

“The key strategy is to reach out to the states where insurance penetration is perceived to be very low as it considers insurance a symbol of social and economic stratification,” he said.

He added that the Commission is doing this through its Risk-Based Supervision Framework to encourage investment in digital capabilities and automation like the launch of the NAICOM Portal, the Bimalab Project and enforcement of the compulsory insurance products via partnership with agencies and states.

Others are capacity development programmes – Actuarial, competency framework etc, sensitisation of various stakeholders – MSMEs on benefits of insurance, MDAs insurance desk officers etc and introduction of regulatory reforms and policies e.g issuance of web aggregators’ guidelines.

To achieve the results, the Commission expects the industry to respond to these efforts by bridging the supply gap and ensuring they follow up on their move to create awareness among high-ranking policy makers to prove that the industry is ready for the opportunities awaiting them across the country, he added.