The Nigerian Insurers Association (NIA) has described the recent collapse of a 21-storey building on Gerard Road, Ikoyi, Lagos State as a big loss to the country.

In a statement by its Director-General, Mrs. Yetunde Ilori, the association commiserated with the families of those who lost loved ones, wishing those hospitalised quick recovery.

Latest report showed that 44 victims lost their lives while others were injured.

Noting the incessant building collapse in the country, NIA emphasised the need for the public to comply with  rules to stem building collapse, and to adopt insurance to minimise losses and protect lives.

She assured the insuring public of the industry’s capacity and readiness to respond to the needs of Nigerians through the provision of insurance protection to citizens.

Meanwhile, at a separate event, the chieftains of the industry, under NIA, have assured President Muhammadu Buhari of the sector’s continuous support to the government’s developmental initiatives.

They gave the assurance when they visited the president and conferred on him the grand patron of the Chartered Insurance Institute of Nigeria (CIIN) and Fellowship in Abuja.

Delegates from the sector, including NIA President, Mr. Ganiyu Musa, Mrs Ilori, representatives of the Nigerian Council of Registered Insurance Brokers and the National Insurance Commission were present on the occasion.

The President/Chairman, CIIN, Muftau Oyegunle, said: “In recognition of the laudable initiatives and programmes of your administration, it is our great privilege and with much delight that we confer on you, the highest honour of the institute.’’

“We seek more of such support in the area of increase patronage by Ministries, Departments and Agencies of the Government through adequate insurances of government properties and also in the area of speedy passage into law, of the Consolidated Insurance Bill 2020, which has just been laid on the floor of the House,” he said.

The team also acknowledged and appreciated Buhari for his presence at the recently-held African Insurance Organisation Conference in Nigeria.

Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings PLC, has partnered the National Council of Registered Insurance Brokers (NCRIB) to provide qualitative services.

Its Chief Executive, Akinjide Orimolade, stated this at the National Insurance Brokers Conference and Exhibition themed: “Innovation! Strategy! Opportunity! at the NCRIB House, Yaba, Lagos.

Orimolade noted that the theme  of the conference was apt and aligned with firm’s mission, vision and values.

He said the company had continued to roll out innovative products and services that meet the needs of its numerous customers. He urged brokers with NCRIB to take advantage of its services for the benefit of their clients.

On the vision of the organisation, Orimolade said: “For us, at Stanbic IBTC Insurance Limited, we want to be the preferred life insurance solution provider in Nigeria, and in terms of our mission, we are committed to proffering solutions that drive progress in the industry.”

He added that there were many opportunities in the insurance industry, taking cognisance of the country’s population, which will improve penetration, especially to the youth and the rural dwellers.

“Stanbic IBTC Insurance Limited has upscaled its services through its digital platform and stressed that the process had facilitated the redemption of claims to its clients within 48 hours.

“The NCRIB can be rest assured that retaining your customers will come effortlessly.‘’

FBN Insurance Limited has paid out N11.4 billion claims to its customers as of the end of the third quarter of the year, the Managing Director/Chief Executive Officer of FBN Insurance Limited, Val Ojumah has said.

Ojumah stated that N11.4 billion was paid between January and September, this year, which represented a 39 per cent increase compared to N8.2 billion paid in the same period last year.

According to him, life insurance had the highest figure with N5.3 billion, annuity accounted for N3.5 billion, N1.9 billion for Group Life insurance while N687 million was paid on credit life insurance.

He said: “To protect the interest of both corporate and individual clients, the company has built a solid foundation where clients can insure their trust by promptly paying their claims when the need arises.

“Ours is a business of trust and our strategy remains to provide financial security to our clients. We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations by paying their claims as and when due.’’

He recalled that the company paid  N14.4 billion claims last year, despite the unfavourable economic situation occasioned by the COVID-19 pandemic.

FBN Insurance is a life insurance business that operates out of over 60 sales outlets and two branches. FBN Insurance Limited is a member of the Sanlam Group of South Africa.

The Board of Directors of AIICO Insurance Plc and Africa Prudential Plc haver announced the resignation of their Executive Director and Chief Finance Officer (CFO).

AIICO announced the resignation of its Executive Director (ED), Retail Business, Mr. Olusola Ajayi.

According to notice signed by company Secretary, Donard Kanu, Ajayi did not give any reason for his exist.

The Board and Management of the Company, however, commended Ajayi for his leadership qualities and contributions to the growth of the company.

Olusola has over 15 years’ experience in management consulting and insurance. He joined AlICO in 2009 as Head of the Business Strategy and Transformation.

Africa Prudential Company Secretary, Joseph Jibunoh, stated: “We write to notify the Nigerian Exchange Limited (NGX) of the resignation of the Chief Finance Officer, Mr. Olufemi Adenuga with effect from September 30, 2021.

“Pending the appointment of a Chief Finance Officer, Mr. Anu Akindolire will assume the role in an acting capacity. Mr. Anu Akindolire is a chartered accountant with varied experience acquired from the financial services and capital market sectors. His professional skills extend to financial and corporate reporting, treasury management and budgeting.’’

A broker,  Oluwarotimi Edu has become the 21st president of the Nigerian Council of Registered Insurance Brokers (NCRIB).

Edu succeeds Mrs. Bola Onigbogi whose tenure has ended.

The new President promised to focus on improving professionalism and welfare of members during his two-year tenure.

During his investiture in Lagos, he said the focus of his tenure  would be ‘Broker Centrism’.

Edu said he came up with term, after consulting with members of the council and some seasoned professionals.

He noted that the focus connotes that the brokers’ welfare would be the vortex of decisions that would be taken during his tenure.

He said: “The council under my leadership will also focus on financial solvency, strategic government and institutional relations, mentoring, corporate visibility sustenance and secretariat development. The council’s executives would open channels of training needs for members within and outside the country and reinforce ties with institutions.

“It is longer news that the hallmark of professions is in the continuous acquisition of knowledge and openness to new and evolving knowledge. The insurance brokers can definitely not be an exception being the main professional in the insurance value chain. Brokers under my tenure would be an encyclopedia of knowledge and professionalism.”

The NCRIB chief said his team would also devise strategic plans to reach out to educational institutions across the country and create awards and scholarships to those who have inclination towards broking as a career.

He commended Mrs Onigbogi, whom he described as a leader, excellent team player and pride of womanhood in the profession.

The removal of trade barriers birth by the African Continental Free Trade Area (AfCFTA) will lead to increase in intra-African trade, including insurance across Africa, the President, African Insurers Association(AIO), Mr Tope Smart has said.

Smart, who said one of the cardinal objectives of the AIO, is to promote inter-African corporation in insurance and engage the stake holders in the insurance sector in Africa to take advantage of this initiative so as to grow the sector.

He spoke during a media parley in Lagos.

He said: “AIO is working on improving cross boarder collaboration on insurance businesses. We will encourage markets across the region to share information and experience among one another.  Such information can be very useful and the receiving markets can use them to further advance the growth of insurance in their domain.

“Low penetration has been a major issue across Africa and we intend to change this story. My target is to increase the rate of insurance penetration across Africa. As the president, I have an opportunity to come up with some initiatives that will change the narrative about the practice of insurance across Africa.  It presents an opportunity to correct some negative conversations around insurance practice in Africa.”

NSIA Insurance Limited has unveiled five products. They are NSIA Deferred Annuity Plan, NSIA Education Protection Plan, NSIA Family Protection Plan, NSIA Family Welfare Plan and NSIA Term Assurance with Cash Back.

This followed their approval by the National Insurance Commission (NAICOM).

The Managing Director/Chief Executive Officer (CEO), NSIA Insurance Limited, Ebelechukwu Nwachukwu, said  they were aimed at meeting consumer’s needs.

She stated that this was why they had striven to develop innovative products to satisfy their customers.

She said: “NSIA Deferred Annuity Plan was designed for long-term savings that provides people with an avenue to save towards a regular income in retirement. It also serves as an opportunity to convert lump sums into regular income to enable you enjoy a luxury life after retirement. NSIA Education Protection Plan shields groups of families and individuals against the ongoing cost of their child’s education upon the death of any of the two parents or physical incapacitation of the fee-paying parents.

“Similarly, NSIA Family Protection Plan pays a specified amount  in the event of death by ensuring that the costs of the funeral will be covered, so that the family members do not have to struggle financially.

“Also, NSIA Family Welfare Plan affords you the opportunity to leave a legacy for your loved ones. It is an annually renewable plan designed to make provisions for your family when an eventuality occurs.

“NSIA Term Assurance with Cash Back offers you a percentage of the premium paid if no claim is filed till the expiration of the policy. Along with financial protection and peace of mind, you get cash back.’’

Awareness on insurance as a major product to sustain the standard of living of Nigerians has remained low, former Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, has said.

Mrs. Onanuga, who spoke at a conference in Lagos, decried the low  penetration, and  called on insurers to emulate the banking industry by investing more in awareness programmes.

She said: “Insurance industry needs to increase awareness like the banks have been doing and are still doing.The issue of getting the majority of the people understand that they need insurance should be priority to them. With no social security system in place, the operators need to let the people know that they have to take their future in their hands by insuring their lives and properties.” She stated that the government has nothing much to offer because they have a lot of things they are battling with like infrastructural decays, and insecurity, among others.’’

She noted that parents spend so much  on their children’s education and providing for their needs and that while she is not against the investment, Mrs.Onanuga stressed the need for parents to be reminded that the children of today called millennials are self-opinionated.

“They don’t think about you. And because you have always been giving them the best to your own detriment, you forget to invest in a future plan for yourself. When you get to old age and you retire, they will not take care of you.

“They will rather take care of their  small families and expect you to live on your own. So, we need to begin to think how to cater for myself more than ever before. This can be achieved by buying into insurance products that can ensure our financial independence at old age.

She said this is why it is important for operators to embark on media campaigns and advertisement that align with the people at the grassroots.

She added: “Banks do this a lot. You may think some of their adverts are stupid but they are not. Rather, they are sending messages across to the masses. I advise insurers to emulate banks to deepen insurance penetration that can guarantee the financial inclusion and financial liberation of the Nigerian people.”

Mrs. Onanuga, nonetheless, admitted that there is improvement in life insurance products.The  sector, she said, had “seen some remarkable growth, especially now that many people have died as a result of the COVID-19 pandemic. We have also seen improved patronage in the area of all risk insurance but said there some problems that are hindering further growth of the industry. Some of the problems are due to lack of trust and unethical practices”.

She stressed that the pandemic has had drastic impact on lives and businesses, and that  before the outbreak of the disease, four-in-10 Nigerians were living below the national poverty line, and millions more living just above the poverty line, making them vulnerable to falling back into poverty when shocks occur.

“The World Bank estimates that the COVID-19 crisis will result in 10.9 million Nigerians falling into poverty by January 2022. If we have learnt anything, the pandemic and the ensuing economic crisis have highlighted the critical need for a functioning social security system to allow all Nigerians achieve an adequate standard of living.”

She recalled that in 2012, the National Financial Inclusion Strategy was launched to catalyse  economic recovery.

Mrs. Onanuga said opportunities exist to increase insurance penetration and the customer base, in the retail and corporate segments if the right moves were made. “Insurance penetration has remained at an average of 0.4 per cent of Gross Domestic Product (GDP) driven by a lack of understanding and awareness of the benefits of insurance products, specifically among low-income Nigerians.  We need to build trust.  The banking sector has managed to bridge this gap to an extent,” she added.

She pointed out that attempts had been made to improve the industry’s performance through regulation and legislation.

She said the new capitalisation requirements had been announced and reviews of some laws were being done to bring them up to realities.

On improving access to insurance and making products and services more inclusive, the former LASPEC chief  said  stakeholders have a major role.

The Professional Insurance Ladies Association (PILA) has challenged professional women to be leaders in their various spheres of influence by taking charge and creating value.

PILA gave the advice its first virtual Education Summit with the theme, ‘Redefining success in a changing world’.

The association’s President, Joyce Ojemudia, who is also the Managing Director, African Alliance Insurance PLC, said: “As we all know, success, by its very essence, is about meeting and exceeding set expectations. In this COVID-19 imposed new normal, the parameters for measuring success has become quite stricter. However, there is one thing we have in common, which is that we are in the business of uncertainty as insurance practitioners.

Read Also: Unitrust Insurance declares N3.98b premium

“We, therefore, are supposed to naturally thrive in uncertainties due to our training and professional leanings. But you and I know this is usually not the case. It is with this at the back of our minds that the PILA has put together this education summit to help us, reinvigorate us, remind us and indeed realign our thoughts towards success despite the uncertainties.”

A foremost Gambian insurance expert Frederick Bowen John, spoke on ‘Redefining insurance in Africa in the 21st century as well as gender diversity from an international perspective, hihlighted the challenges facing insurance globally and in the African market and the possible solutions to address these challenges.

Unitrust Insurance Company Limited has promised its policyholders of intimate relationship as it celebrates 35 years existence.

The Managing Director/Chief Executive Officer, Mr John Ijerheime,  said the firm is a service-oriented company desirous of understanding the risk exposure in customers businesses and proffering solutions.

He stated that the company’s approach is simple and does not premise itself on any assumption, but operate in line with the core business ideals and values to satisfy customers.

He said: “Unitrust prides itself on operational excellence which can be directly attributed to our highly competent work force.

“Our business is driven by process digitalisation and products innovation as we offer the right impetus for business growth.”

Read Also: ‘Insurance vital to agribusiness’

Speaking on the company’s performance in 2020, he noted that the firm closed the year with a Gross Premium Written (GPW) of N3.98 billion, representing a year-on-year growth rate of 13 per cent during the corresponding period of 2019.

He maintained that the firm’s Profit After Tax (PAT) for the year stood at N747.172 million against recorded in 2019 and that in the same vein, the company’s underwriting profit improved significantly as the total of N802.194 million achieved from N 301.759 million reported in the 2019 financial year. The claims paid for the year was N1.08 billion, he said.

Ijerheime reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics.

“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances the company delivered impressive results during the year,” he added.