Category: Insurance

Allianz Nigeria has announced a sponsorship deal as the sole insurer of the International Schools Athletics Championship holding in Lagos, which begins today.

In a statement, the Managing Director, Adeolu Adewumi-Zer, said through this initiative, Allianz will work with the organisers of the championship to provide solutions as sponsors of the event.

According to her, this support is to include a group personal accident cover for athletes throughout the duration of the competition.

She stated that the partnership is a reflection of the rich history between Allianz and some sports teams, organizations, cultural figures, sporting venues, and educational programmes.

She said: “Allianz is deliberate in forging relationships with partners that capture the emotional spirit of business and inspire millions of people around the world with stories of human achievement through sport and innovation.

“The objective of both partners is to use the power of sports to inspire and connect with new audiences, particularly young people. Engaging with the next generation in their preferred way, gives Allianz the opportunity to cover their insurance needs. Having supported the International Paralympic Committee since 2006, most recently as an international partner, Allianz began an eight-year worldwide Olympic and Paralympic Partnership from 2021-2028.

“Allianz is a supporter of the sports ecosystem, and our 150,000 employees are excited to care for athletes, their families, and their goals through shared core values of excellence, friendship, inclusion, and respect.’’

After two years of COVID-19 disruptions, the 48th African Insurance Organisation (AIO) Conference and Annual General Assembly will hold from June 25 to 30,  in Nairobi, Kenya.

Insurers across the continent and other parts of the world whom will be attending the Conference will also be celebrating the 50th anniversary of the AIO.

According to the President of the AIO Local Organising Committee, Dr. Ben Kajwang, the last two years have taught insurers to be agile and responsive to their environment.

He stated that what was termed as the ‘new-normal’ has been assimilated into their previous way of life and this has made them more flexible.

He said that thankfully, lower infection rates and a weaker COVID-19 virus is being witnessed, as well as increased vaccination numbers and easing of travel restrictions.

He also said that they prepared to host insurers in person and virtually, noting that they have put in place adequate measures to ensure safety.

He said: “Our world has changed, in some cases for the better but for our environment and climate, it is taking a turn for the worse. The effects of climate change have resulted in more frequent  natural disasters including floods, droughts, forest fires, melting glaciers and mountain snow caps. Africa has made negligible contribution to the effects of climate change yet, according to the World Meteorological Department, four out of 10 of the worst climate disasters in 2021, occurred in Africa.

“The theme for this year’s conference is, ‘Insurance and Climate Change: Harnessing the Opportunities for Growth in Africa’ and it speaks to what our Continent is experiencing. The insurance industry has a critical role to play in helping companies and nations manage, measure and reduce the impact of climate change. We therefore, cannot continue with business as usual in the face of increasing frequency and scale of risks caused by climate change, we must adjust our business models to better support Environmental, Social and Governance (ESG) issues.

“The Conference papers will delve deeper into the African perspective of this global issue while focusing on Agriculture insurance, use of data for solutions and the power of consumer education. It is our hope that delegates will find the information from the presentations relevant and valuable in their day-to-day business operations”, he added.

GOXI Micro Insurance Company officials have taken   the company’s “We Dey Ur Back” campaign to traders in some  Lagos State markets to help educate them on the importance of insurance to their business.

During the sensitisation at Oke Arin market, Lagos Island, the traders were delighted with the product.

The Business Development Manager, Goxi Micro Insurance Mr. Efe Isiorho, explained that traders could have their goods insured with as low as N500 under the GOXI Ma Business insurance package.

“Goxi Ma Business is an insurance plan developed to help traders insure their wares.The insurance plan helps to provide funds whenever goods get damaged following the occurrence of burglary, theft or fire. It also provides alternative shop for the business,” he added.

Efe introduced other products such as the Goxi Microloan Protection, which helps with the repayment of loans or debts following occurrence of unforeseen events like loss of job or untimely death.

Others are Goxi Agric Loan Protection targeted at farmers to help them to repay loans following occurrence of unforeseen events like flood or damage of crops or farm produce and Goxi Welfare, which is a plan designed for staff, family, and association members to have access to medical treatments expenses in the event of accident or permanent disability.

The campaign team visited Oke-Arin, Balogun, Tejuosho, Iyana Ipaja, Igando, Ikorodu, Ikeja and Agege markets.

A trader at Oniwaya market, Agege, Alhaja Temitope Dada,  appreciated Goxi Micro Insurance. She recalled that her shop was looted during the #ENDSARS protests and lost everything because she didn’t insure her shop. She urged her traders to buy the policy.

The Chairman, Goxi Micro Insurance, Dr. Godwin Ehigiamusoe,  saiid: “We are poised to deliver responsive insurance policies through our flexible and innovative structures.

“For us at Goxi Micro Insurance Company, we noticed that most traders have little or no information on the benefits of insurance. Due to this reason, we decided to  embarked on the “We Dey Your Back” campaign to educate traders, farmers and other low-income Nigerians on the various insurance policies that will insure them against all forms of risks.

“Goxi Micro Insurance Company is the first licensed stand-alone micro-insurance company under the guidelines of the National Insurance Commission. We are open to partnership with microfinance banks, institutions, and different forms of association, telcos, and other aggregators to deliver risk management solutions to their members.

AFRICAN Alliance Insurance Plc has paid N1.42 billion claims in first two months of 2022, the Managing Director, of the company, Joyce Ojemudia, has said.

She made this known at the South-South Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening sponsored by the company in Port Harcourt.

Breaking down the claims’ payment, she said the company paid N268.14 million in Group Life claims; N248.79 million in Individual Life claims; N165 million in Takaful claims; Esusu took N8.77 million while Annuity was N726.18 million.

She restated the company’s commitment to stronger and better business relationships with the NCRIB.

She said: “We do not take your supports for granted, knowing well your critical role in our industry as well as being our longstanding partners in progress. For every business we have gotten from you, we say thank you. But like Oliver Twist, we want more.

“Wanting more for us is not just about raking in more premiums, it is also about partnering with you to grow your businesses too while bringing succour to our mutual clients as well as driving the industry’s penetration. We reiterate our commitment to making you happy; after all, we are all in the business of putting smiles on people’s faces.”

Chairman, Wider Perspectives Limited, Mr Kalada Apiafi while delivering a paper titled ‘Solutions Mindset,’ emphasised the place of creativity in coming up with solutions, stating that problems are always in abundance whereas very few engage in creative processes that inspire solutions.

The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged professionals in built industry to embrace insurance.

Its President, Rotimi Edu made this call at a lecture entitled: “Insurance for architect and professionals”, during last month’s Business Meeting of the Nigerian Institute of Architects (NIA) in Lagos.

Edu, who was the guest speaker at the meeting of the institute, however, sought the enforcement of the laws to put contractors on their toes..

He said: “There were many buildings across the country that were not proper and fit for human habitation. We appeal to all relevant agencies which include both the Federal and State Fire Services to act in accordance with the law and clamp down on such buildings.”

Also, the Chairman, NIA, David Majekodunmi, blamed the incessant building collapse on relevant government agencies that were not seen doing what they ought to do.

Majekodunmi lamented that government had not been seen implementing several recommendations of panel of enquiries raised to address the menace of building collapse.

He stressed that most of the building collapses were basically negligence by professionals, clients and workers, who would have been brought to book and serve as deterrent to others if the government implanted the recommendation submitted by the panel.

Leadway Assurance is leveraging data and insights to improve customer service, the Managing Director, Leadway Assurance, Tunde Hassan- Odukale, has said.

Hassan-Odukale in a statement said the remote/hybrid work model of the company and the policy framework were being implemented before the global coronavirus pandemic came.

“We leverage technology to digitise our various processes to generate valuable customer and business insights for organisational efficiency and effectiveness.

“This pro-activeness and the dexterity of our Business Continuity Plan (BCP) Committee brought about the stability and connections during the pandemic.

“We were able to provide our customers with a consistent experience whenever and wherever they needed it during the lockdown as we had further automated processes already in place before the pandemic.

“Furthermore, there have been engagements and an increased drive towards self-service channels such as downloading our mobile app and visiting the website. We offered a live chat experience that helped us communicate with our clients and policyholders in real-time. Staff were also sensitised to the need for exceptional speed for idling times while also maintaining a work-life balance,” Hassan-Odukale said.

However, he said the drive towards digital engagement and online customer touchpoints had not disrupted services to those who favour in-person service interactions.

“Customers who would prefer to visit our offices to transact their businesses have not been ignored,” he added.

Hassan-Odukale reiterated that Leadway would continue to entrench a customer-centric culture across the organisation to ensure a sustained outcome.

“Leadway has embedded customer orientation in its recruitment process using its corporate core values of integrity, service, customer focus, respect for the individual & excellence (iSCORE) as a required competence.

‘’Additionally, we practise customer empathy by offering our customers what we have and working with their emotional needs and lifestyle to achieve customer satisfaction and, by extension, loyalty.

He also recognised the evolving pattern facing several enterprises that are experiencing fierce competition, with just a few with the right data insights able to overcome the turbulence.

Unitrust Insurance Co. Limited has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks, the Managing Director/Chief Executive Officer of the firm, John Ijerheime, has said.

Ijerheime stated that the ‘no objection’ nod would enable the organisation to support farmers and service providers in the agricultural value chain for greater sustainability and growth.

According to him, among the products approved for the insurer are multi-perils, livestock insurance, poultry, fishery and fish farm, area yield index agricultural insurance

He said the agribusiness sector in Nigeria needs insurance to remain sustainable and achieve long-term growth.

In a statement, he said stakeholders in the agricultural value chain must embrace insurance if they want to reduce risk by transferring the burden to insurers for effective risk management.

He said: “With the approval, Unitrust Insurance Co. Limited is now well-positioned to broaden its product offerings to consumers in line with the federal government’s objective to deepen insurance penetration.

“Unitrust was founded in 1981 and commenced operation in 1986, with branches spread across Nigeria, carrying out contracts of general Insurance business.

“It specialises in oil and gas, engineering, motor, marine and aviation, personal accident and travel medical assistant, workmen compensation/employers liability, public/products liability, bonds, burglary, goods-in-transit, fidelity guarantee, professional indemnity and directors/ occupiers liability,” he added.

African average insurance penetration dropped from 2.78 per cent in 2019 to two per cent in 2020.

While the global average penetration rate was 7.20 per cent in 2019, it rose to 7.40 per cent in 2020.

Speaking at the Insurance Retreat for Africa organised by the Government of Zanzibar at Madinat el Bahr, the President, African Insurance Organisation (AIO), Mr. Tope Smart, said this should be of concern to insurers in the Africa.

He attributed the low insurance penetration on the continent to low income and awareness, failure to embrace digital technology, high level of financial exclusion, lack of infrastructural and distribution channels, as well as domestic skills and a shortage of data.

He said: “While the global average penetration rate in 2019 was 7.20 per cent, that of Africa was 2.78 per cent.

“In 2020, while the global average went up to 7.40 per cent, that of Africa came down significantly to about two per cent.  This should be of great concern to us as a region.”

Stating that regulators were not keeping pace with innovation, as timing and implementation of regulatory changes need to be looked into, Smart stressed that the lack of consumer trust as presence of weak firms erode trust, pricing and other market and cultural issues, fragmentation and over competition were hindering insurance penetration.

Smart charged stakeholders to address these barriers to galvanise the  sector.

“If the issues highlighted are critically addressed, the result will lead to a significant growth of the insurance sector.  It is also important to mention that the underlying economic growth forms the most important catalyst for growth and good enough, the outlook for Gross Domestic Product (GDP) growth is strong across markets,” he said.

The coming up of the African Continental Free Trade Area (AFCFTA), an initiative of African Union, he said, is a game changer for the sector.

Since insurance plays a major role in the development of the continent, he said, the expected increase in intra-African trade through the AFCFTA would lead to higher insurance penetration.

“The potential to increase life insurance growth is noteworthy. In many markets apart from South Africa, non-life represents at least 65 per cent of total premium income with even some up to 85 per cent (Tanzania & Uganda). Given this scenario, the potential opportunity to expand life insurance is very great.”

SIX months after the National Insurance Commission (NAICOM) launched its portal, a digital platform aimed at integrating transactions in the industry into one hub, operators said the portal is not working well.

A Chief Executive Officer (CEO) of the insurance firms, who spoke under anonymity, claimed the portal is not working well.

He stated that it was difficult to upload into the portal, a reason  many companies were complaining.

Another CEO said they were partially operating the system as a result of difficulty, adding that their hotlines were not responding too.

He said: “The portal seems strange to us and NAICOM officials. I think they need to do more.

“The hotlines should be given to somebody who can resolve issues immediately and not just a front desk officer.’’

The Managing Director, Unitrust Insurance Plc, Mr. John Ijerheime,  confirmed the development.

He noted that the Commission had not perfected their work but he was aware that they were still working on it.

He said when this is done, it would be of benefit to the industry.

“I know that my IT manager has been writing them. I am not saying they are not trying, but they have not perfected it. I know that it will be perfected with time and be beneficial to the whole industry.

“The beauty of it is what they have in mind to achieve. We send our activities and operations to them online and they respond, which helps us from paying so much money to courier documents to them. If they perfect the portal, it will be very good,” he added.

It would be recalled that at the Chartered Insurance Institute of Nigeria (CIIN) forum, the Commissioner for Insurance, Mr. Sunday Thomas,  affimed that there  the portal had issues.

Thomas, who did not make the issues known, said he would hold a meeting with the stakeholders in the industry during their retreat.

He lamented that some companies have refused to let them into their operations online by uploading their data.

“We are looking at e-regulation. The NAICOM portal, which we have the policy and licences system is fully operational. It is up and running and by June or July, the return analysis of the portal should be ready. This should minimise delays in processes, physical movements of documents, enhance our ability to provide data as at when due, among others. There are issues that I have reserved   till the retreat with the Nigeria Insurers Association (NIA).

“There are people who still don’t believe that things have changed and the must change. Also, some people believe that we penalise companies to generate revenue. I will like to say that it is not all penalties that are motivated by revenue generation. There are some penalties that are to put people in line to do the right thing. We agreed to adopt e-regulation and I don’t understand why some will  refuse to comply.

“We have extended and warned companies that are not complying. Although we have not penalised, it will happen very soon. All we are saying is that we want to see their transactions, but some have refused to upload their data. There are some companies that are uploading and complying and I give credit to them.

‘’While in my office, I can see what some companies produce in the last 24 hours through the portal, others are not uploading their data. And these are the ones that will cry that companies are being penalised,” he stressed.

Earlier, NAICOM spokesperson, Mr. Rasaaq Salami, in his response to this newspaper’s enquiries via SMS on the issue stated: “The portal is functioning.”

Chairman National Insurance Commission (NAICOM), Chief Emmanuel Jideofor Nwosu and Chairman, Nigerian Insurers Association (NIA), Ganiyu Musa, are among dignitaries billed for the Sixth BusinessToday Conference.

The yearly event is scheduled to hold at Radisson Blu Hotel, Ikeja, Lagos on Tuesday, April 5, 2022.

In a statement by the Editor-In-Chief/Chief Executive Officer, BusinessToday, Nkechi Naeche-Esezobor, said experts would speak on the theme: “Prioritising excellent Customer services in insurance and pension businesses.”

Musa, who is also the Group Managing Director, Cornerstone Insurance Plc, will chair the event while Chief Consultant, B. Adedipe Associates Limited, Dr. Biodun Adedipe is the keynote speaker.

The Commissioner for Insurance/CEO, the National Insurance Commission (NAICOM), Mr. Sunday Thomas and the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, would be attending the conference.

Others are Group Managing Director, African Alliance Insurance Plc, Mrs. Joyce Ojemudia; President, Pension Fund Operators Association of Nigeria (PenOp), Wale Odutola; Managing Director/CEO, Access Pension Fund Custodian Limited,  Mrs. Idu Okwuosa- Okeahialami;  Chairman Boff Insurance Brokers Limited, Babajide Agbeja; and former Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga.

Other groups expected at the programme are National Union of Pensioners (NUP); NURTW Ikeja branch; Keke Drivers Association, Ikeja branch;  Trade Union Congress; Nigerian Labour Congress; Drivers under the Indriver App; Students of insurance; Nigerian Port Authority; and Association of Senior Staff of Banks Insurance and other Financial Institutions (ASSBIFI).