The Nation Newspaper

Category: Insurance

  • FBNInsurance unveils health insurance product

    FBNInsurance unveils health insurance product

    By Omobola Tolu-Kusimo

    FBNInsurance Limited has introduced its health insurance product, SmartHealth International, to insurance brokers.

    The event held during its second Brokers’ Forum, which had over 30 top ranking brokers in attendance, as well as executive members of FBNInsurance and the healthcare solution provider, Collinson, that partnered the insurer to develop the product.

    The Managing Director/Chief Executive Officer of FBNInsurance, Val Ojumah, stated that the company, had over the years, had planned  bridging the gap in the health sector due to the high cost and limited access to medical facilities by the average Nigerian.

    He said: “To this end, we decided to partner an outstanding healthcare provider, Collinson, with over 30 years’ experience, to develop a flexible health insurance solution that provides an end-to-end high-quality service both in Nigeria and internationally.”

    SmartHealth International, according to Mr. Ojumah, is a market- specific and National insurance Commission (NAICOM)-approved  product, designed to complement local healthcare cover by providing cover for employees and their families with affordable international healthcare.

    Ojumah said SmartHealth International covers untreatable illnesses.

    He urged the brokers to promote the product as it would help address the lapses in the health sector.

    The brokers applauded the insurer and its partner for the initiative and pledged to promote SmartHealth International, saying that they were ready to do more for a reputable brand such as FBNInsurance Limited.

  • Anchor Insurance to sponsor play

    Anchor Insurance to sponsor play

    By Omobola Tolu-Kusimo

    To ensure the Nigerian culture does not go into extinction, Anchor Insurance Company Limited is sponsoring a life stage play entitled: Ibiom: When doves fly.

    The play is billed to hold in Uyo, the Akwa Ibom State capital between April 30 and May 1, this year.

    Anchor Insurance Managing Director, Mr. Augustine Ebose, who made this known in Lagos at the weekend, said the support is one of our ways of giving back to the society.

    He stated that the company would further be supporting the producers, Duke of Shomolu Productions, in providing free theatre clinics for 500 selected youths of the origin during the two-day  event.

    He said: “As a corporate citizen with high respect for social responsibility, we see it as an opportunity to support events of this sort, which aim at restoring, keeping and giving meaning to our culture as well as using such events to impact on the lives of the people.

    “As a people, we are fast losing our culture and history to Western narratives. Any race without a sustained culture and history has lost her identity. It is our passionate resolve at Anchor Insurance to be part of any programme that will help to project and ensure that the histories and cultures of the Nigerian ethnic components do not die.’’

  • Custodian and Allied Insurance gets MD

    Custodian and Allied Insurance gets MD

    By Omobola Tolu-Kusimo

    The National Insurance Commission (NAICOM) has approved the appointment of Mr Edeki Isujeh as the new Managing Director/CEO of Custodian and Allied Insurance Limited.

    This followed the retirement of   Mr.  Toye Odunsi last December.

    In a statement, the company said Isujeh has over 30 years’ experience in the industry, having worked in various insurance companies, sales/business development and general management.

    At Custodian, he coordinated the marketing and technical operations of the company.

    A member of the Chartered Insurance Institute, London, Isujeh  holds a Bachelor of Science  in Insurance from the University of Lagos (UNILAG).

     

  • Our pains, by Standard Alliance policy holders

    Our pains, by Standard Alliance policy holders

    By Omobola Tolu-Kusimo

    Policyholders have lamented the non-payment of claims by Standard Alliance Insurance Plc, The Nation has learnt.

    The underwriting firm has been failing to meet its claims payment obligation to the public.

    This development has been on for more than five years with an outcry from the public to the regulatory authority, the National Insurance Commission (NAICOM), to save policyholders from the menace.

    Policyholders have besieged the company’s headquarters at Plot 1, Block 94, Providence Street, Lekki Scheme 1. Lekki-Epe Expressway Lagos to protest to no avail.

    Sources said the company has been in trouble for more than five years with the chance of recovery deeming yearly.

    This has led to many chief executives of insurance companies to call for the cancellation of the company’s licence, as according to them, it has been tarnishing the image of the industry.

    They said the company is one of the few bad eggs causing distrust in the industry.

    They are calling on NAICOM to do the needful by cancelling the licence of the company.

    Investigation by The Nation shows that the company has not held its Annual General Meeting (AGM) for two years. Also, its account has been hidden from the public.

    Besides, the Nigeria Insurers Association (NIA) also do not have Standard Alliance’s result as shown in their yearly digest.

    An aggrieved policyholder, Shola O’Neil in Warri, Delta State with policy number IPP/10/0009392/WWR in a special appeal The Nation entitled: “Standard Alliance Life Insurance, Pay My Maturity Claim”, said: “I want to use your widely read newspaper to appeal to the management of the National Insurance Commission (NAICOM) to compel Standard Alliance Insurance Plc to pay my Income Assurance Plan maturity claim. The claim matured since May 2020.

    “I took the IPP Policy Number IPP/10/0009392/WWR in June 2010 for a 10-year period to May 31, 2020, and as the name implies, it is meant to protect my income. Nearly one year after maturity, I am yet to get my claims, despite several efforts and visits to the company’s office in Effurun-Warri. On my first visit, I was told it could take up to three months to process my claim. I felt it was irresponsible to have me wait for three months when the company knew from the first day that the policy would mature in May 2010.

    “I have also engaged NAICOM via their twitter handle, but that too has failed to yield any result. My experience with Standard Alliance is a very painful and sad one and it is same for many others like me who besiege their offices daily. The regulatory agency should note that this is one of many reasons Nigerians are skeptical about taking up insurance policies. NAICOM, which has the responsibility of, among others, protecting insurance policyholders, should take up this matter and ensure that Standard Alliance lives up to its commitment to me and pay my overdue maturity claim”, he wrote.

    A visit to the company’s Facebook page showed many aggrieved policyholders have confronted and called out the company, describing it as a scam.

    On the facebook page https://web.facebook.com/SAInsuranceNG/,  Adenle Ademola Kenny-Akon said, “This insurance company is a scam. I don’t know why NAICOM still allows them to keep scamming people.”

    Eniola Nesimone said, “This so-called company doesn’t keep their promises, destroyed family, relationships between marketers and clients, hold clients to ransom by withholding their hard-earned money thereby making people suffer emotionally. Almost a year now, they haven’t paid my money. All their contacts are fake.”

    Danny Morgan said: “They have refused to pay me my claims going to a year now…Initially I want to start a 5 years plan, but since they have refused to pay this very one, how then will I have the balls to continue with them? I’m pleading with you guys to please pay me up…SFAS/18/0006306/LAD”.

    Ogri Peter said: “Standard Alliance is not truthful to their dealings with their clients. They are becoming a big scam. They come up with different flimsy excuses. The Head of SPIS, Chioma don’t respond to her messages. She doesn’t have regards for her clients as she never picks her calls. I have been begging them to pay my claims. Chioma nothing is permanent forever, not even the loss of my job nor that your so much exalted position. Please keep to yours words.”

    Adebisi Ebere Akindele said: “Flee Standard Alliance Insurance Plc for not paying claims. They are criminally minded people that gave their customers heart attack & psychological trauma.”

    Wunmi Chroma said: “SALIFE just scammed me… I contributed for 10 years. Now they are nowhere to be found in Akure. Their number isn’t going through. God punish all of u thieves”

    Ankurufu Tsonga said: “I think and suggest we need to organise protest to make the public aware of what standard alliance is doing with people’s money after they work hard to earn and save money into their company and refuse to pay to the clients as they promised. Facebook shall be used as our TELVISION and we will sponsor it for the whole world to hear our voice and this will also stop those that are still saving with them (sic). SALife in has no fidelity and lacks of integrity.”

    Toyin Olayinka claimed “Standard Alliance Insurance is a scam”

    Dosunmu-Adeyemi Oluwatoyin called Standard Alliance: “One chance insurance” company.

    Dare Babatunde Adekanmbi  based in Ibadan, the Oyo State capital also reported the company to the newspaper.

    In his statement entitled: “Standard Alliance Insurance, pay my money”, he said: “I wish to vent my anger about the wicked refusal of Standard Alliance Insurance to pay my long-due claim on an insurance policy I subscribed to about two years.

    “I subscribed to two policies with the company in April 2018. The first is a one-year policy with the number SFAS/18/0005800/IBD (Special Flexible Assurance Scheme) at the Ibadan regional office of the company.  For the one-year policy, I paid N50, 000 monthly without fail into the firm’s Ecobank (0942000200), Zenith (1011813306) and UBA (1017621521) accounts (the company intermittently changed the account into which to pay midway into the policy).

    “The second policy is a five-year plan of N70, 000 monthly which I also paid into the aforementioned bank accounts without defaulting for 12 months. I have so far paid N840, 000 on this policy. Upon maturity of the one-year policy, I ought to have been paid my N650, 000 contribution plus accrued interest by May, this year, having paid N50, 000 for 13 months instead of 12. All the necessary paperwork to fast-track the payment was done early in May. As I write this letter on November 7, my money has not been paid and there is no official word as to when it will be paid.

    “Countless visits to the firm’s regional office, which ought to liaise with the headquarters in Lagos to quicken the payment, have been fruitless.The regional head no longer picks my calls nor does he respond to WhatsApp and text messages sent to his two telephone numbers. During some of my visits to the Ibadan office of the company, I met a couple of equally frustrated clients whose claims are being held on to. They painted a gloomy picture about the company. Tales were also told of how clients had to storm the Lagos headquarters of the company and create scenes before a tiny percentage of them got paid.

    “But unable to continue to wait, I petitioned the Ibadan zonal office of the Economic and Financial Crimes Commission (EFCC) on August 22, after all means to get the company to pay my money failed. On the day the EFCC officials and I went to the Ibadan office, the regional head was said to be unavailable. I am not aware he has since honoured the invitation of the EFCC officials. One of the staff boasted that the company had got a blanket court order purportedly restraining the EFCC from ‘harassing’ its staff over matters like this,” he added.

     

    Company’s 2017 Auditors’ report

    Meanwhile, the company’s independent auditor, BDO Professional Services, in its report signed by Olugbemiga A. Akibayo on August 7, 2018, read: “We have audited the financial statements of Standard Alliance, which comprise, the statement of financial position as at 31 December 2017, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows for the year then ended; and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes.

    “Without qualifying our opinion, we draw attention to the shortfall of N1.477 billion in assets cover indicating that the company was not able to generate adequate liquid assets to cover the policy holders’ funds. Due to the large number of policies underwritten by the company, there is a risk that the revenue recorded in the financial statements and the flow of premium information from the underwriting systems to the financial reporting ledger may not be completely accounted for,” the report read.

    All efforts to get reaction of the company from the Divisional Head, Human Capital Management/Adminitration, Richard Ohoreoghene,who speaks for the company, via calls, SMS and WhatsApp messages, failed as he did not respond as at press time.

    The newspaper, however, sought NAICOM’s reaction from the Head, Corporate Communications, Mr Rasaaq Salami, asking why the commission has allowed the company continue business, having not been able to pay claims for many years.

    The newspaper also inquired  about what the commission was doing to stop unsuspecting public from becoming victims to Standard Alliance.

    Salami stated: “Your complaint has been forwarded to the Compliant Bureau Unit of the commission for necessary action. They will reach out to him.”

     

     

  • Universal Insurance is 60

    Universal Insurance is 60

    By Omobola Tolu-Kusimo

    Last week, Universal Insurance Plc rolled out the drums to mark its 60th anniversary.  It was also an oppotunity for the firm to thank stakeholders for their support over the years.

    Speaking at the event, in Lagos, the Chairman on the occasion and core investor, Cyril Umunna Ajagu, recounted how he moved to reposition the company when he invested in it in 2003.

    He said: “I remember when I first came to invest in Universal Insurance sometime in 2003. The company was going through turbulent times. Workers had not been paid for a very long time and were therefore very disillusioned.

    “I came on board and we forged ahead. The first decision we took was to reposition the company from being a regional player to a national player. And this we achieved by relocating the head office from Enugu to Lagos and thus began our progressive journey through thick and thin.

    “We grew stronger and during the recapitalisation exercise organised by the National Insurance Commission, NAICOM in 2007, we not only recapitalised but we successfully acquired three other insurance companies – African Safety Insurance Company; Oriental Insurance Company and United Trust Assurance Company Limited.

    “On December 14, 2007, we became a Public Liability Company and two months later, on the February 11, 2008, we became listed on the foor of the Nigerian Stock Exchange. Universal Insurance has since blossomed and we keep moving from strength to strength.”

    The Managing Director, Mr. Ben Ujoatuonu, noted that in the past 60 years, the company had continued to strengthen and sustain the legacy of the founding fathers.

    “For the past 60 years we have been consistent in keeping to our words through creating value and meeting claims of our teeming customers. I assure you that we will continue and not rest in our plans in satisfying our numerous customers.”

    “With an asset base of over N11 billion and shareholders fund of over N8 billion, we are ever ready to satisfy the needs of their customers. At 60, our human capital is a mixture of the experience of the old and vigor of the young to drive the company.

  • SUNU Assurance celebrates its women

    SUNU Assurance celebrates its women

    By Omobola Tolu-Kusimo

    In commemoration of the international Women’s Day, SUNU Assurance Plc has celebrated the achievements of its women members of staff.

    At the event, SUNU Managing Director, Mr. Samuel Ogbodu, said women were setting new records in the company.

    Against the backdrop of the International Women’s Day theme, choose Tochallenge#,  Ogbodu said  women faced greater hurdles than men. According to him, SUNU takes pride in its women’s accomplishments, and is determined to  further empower them.

    He said: “On this day, International Women’s day, we celebrate all SUNU Assurance’s women. We stand with women and believe that there is no limit to what they can and should achieve. We take pride in their many accomplishments and we are determined to work towards furthering women empowerment across a wide range of the sector.

    “The area of greatest concern is women’s economic participation and opportunity as they face greater hurdles than men in almost all spheres of economic activity, including access to finance. Within the company, efforts are targeted towards encouraging the hiring of women and improve their working conditions.”

    Although the company’s products have helped expand access to financial services for women, the company has launched insurance programs to protect women from unexpected events in their lives and businesses.

  • Lagos praises Custodian’s community development projects

    Lagos praises Custodian’s community development projects

    By Omobola Tolu-Kusimo

    Lagos State Government has commended Custodian Social Responsibility Foundation (CSRF), an arm of Custodian Investment Plc, for its community development projects in Yaba.

    Governor Babatunde Sanwo-Olu, who gave the commendation at the  hand over of the completed project to the state government, said the government was focused on infrastructure development and innovation in its quest to achieve the transportation and traffic management pillar in its THEMES agenda.

    He said: “Lagos State, like all other states in the country, also has infrastructure funding challenges. There is no gainsaying that the government alone cannot provide funds for the infrastructure needs of the state. Therefore, the only option available to the government is to be creative and to look for ways to provide extra budgetary funding for the maintenance of roads.”

    Sanwo-Olu, who was represented by the Special Adviser on Works and Infrastructure, Aramide Adeyoye, noted that it was in this light that the proposal by Custodian Social Responsibility Foundation was approved for execution.

    “This completed strategic link road project, situated in Yaba LCDA, which was approved last December, under a Public Infrastructure Improvement Partnership (PIIP) Programme, is 149m in length with an average width of 7.5m. The scope of the project includes scarification to a depth of 500mm. It has a build back up with 200mm sharp sand, 150mm crushed stone base and 50mm sand bed, complete with semi rigid 80mm thick interlocking pavement. It also has drains and streetlights components.

    “Through the delivery of this project, we have been able to demonstrate the linkage of road infrastructure delivery to employment generation, and perhaps, as a component of Corporate Social Responsibility (CSR). We hope this will encourage further private sector participation in our developmental strides.

    “It is on this note that I want to appreciate Custodian Investment for its collaborative efforts in the delivery of this project, which will no doubt reduce travel time, save man-hours that would have been otherwise lost to traffic, provide better riding surface, boost interconnectivity and generally make life more meaningful to commuters,” he added.

    CSRF Chief Executive Officer, Mrs. Olubunmi Aderemi, said the foundation supports four pillars – Education, Health, Sustainability and Community Development. He added that the reconstruction of Chapel Street is not their first in the community.

    She said in the last quarter of last year, the company repaired a failed portion of Commercial Avenue in Yaba.

    She said the second road rehabilitation took place in the first quarter of 2021 and it was focused on the rebuilding of damaged drainages, construction of road pavements for Chapel Street in Sabo and the installation of street lights to illuminate the area at night.

  • Stanbic IBTC Insurance opens

    Stanbic IBTC Insurance opens

    By Omobola Tolu-Kusimo

    Stanbic IBTC Insurance has opened shop.

    This followed approvals as well as the issuance of a licence by the National Insurance Commission (NAICOM) to the new subsidiary.

    Chief Executive, Stanbic IBTC Insurance, Akinjide Orimolade, stated that the new business would continue in the vision and tradition of the Group through the provision of innovative and customer-friendly  products.

    He stated that Stanbic IBTC Insurance had developed various life insurance products that would address the unique insurance needs of its customers, adding that it would also facilitate long-term insurance for individuals by offering them innovative and seamless solutions that can be accessed electronically with ease.

    He said this meant that consumers would be able to purchase insurance products, make timely claims submissions and efficiently from wherever they are.

    Commending the government and NAICOM, for the achievements, Orimolade highlighted some improvements that would aid industry growth and enhance customer experience.

    He said: “There are bountiful opportunities to grow the  insurance market since less than 10 per cent of the Nigerian populace are insured, not to mention that more and more Small and Medium Enterprises (SMEs) are seeking out insurance solutions. This is a clear indicator of room for growth in the industry. It will also be ideal for insurance to partner with telcos to improve on the lives of customers.

    “The industry will develop as there will be an increasing need for business owners to prioritise insurance to protect their properties and lives.’’

    “The birth of Stanbic IBTC Insurance can be described as meeting a pressing need at the right time. The journey of a thousand miles, they say, begins with a single step and for us, several giant strides have been made. We are positive that this venture will bring smiles to the faces of our customers”, he added.

  • New Insurance Bill to block loopholes

    New Insurance Bill to block loopholes

    By Omobola Tolu-Kusimo

    The Insurance Industry Consolidated Bill, which has scaled second reading at the Senate, is expected to sanitise the industry.

    The Insurance Act (Amendment) Bill, 2021 was sponsored by Senator Amosun, Ibikunle Oyelaja (Ogun Central).

    When passed by the National Assembly and assented to by President Muhammadu Buhari, the bill would, among others, make it mandatory for victims of building collapse to be compensated by insurance firms.

    Similarly, the bill bars insurers from granting illegal discounts and rebates to brokers.

    The Nation learnt that the bill would bar insurance firms from granting discount or rebate in the rate of premium for insurance made compulsory by law unless such discount or rebate was approved by the National Insurance Commission (NAICOM).

    The bill would also ensure that  violations constitute cancellation of licences of firms, among others.

    It was also learnt that the bill aims to sanction any person who fails to comply with compulsory insurance of public buildings. Thus, the owners of buildings under construction would be liable on conviction to a fine of N5 million or imprisonment to a maximum term of 12 months or to both fine and imprisonment.

    It would, among others, make it mandatory for victims of building collapse to be compensated by insurance firms.

    Senator Amosun, while leading debate on the bill, said the amendment of the bill was necessitated by the prevalence of collapsed buildings in many cities, which has led to loss of lives and property as well as permanent disability.

    He stated that there had been an increase in the cases of collapsed buildings, most especially in the last 10 years.

    Citing incessant collapsed buildings in the country, he said: “The cases and several others, too numerous to mention, are considered as some of the worst incidences of collapsed buildings in Nigeria, in recent times. How to checkmate the rising cases prompted the urgent need to amend the Insurance Act.’’

    The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Sunday Thomas, said the proposed Insurance Bill, when passed, would ensure that policies were up to date and implemented in a timely fashion.

    He added that it would help to further maintain high standards in the authorisation, supervision and good conduct of insurance business, maintain a cost-effective support system which appropriate to needs, is sufficient to support the regulatory and other responsibilities of the commission without compromising regulatory impartiality.

  • Firm bags best health insurance product of the year

    Firm bags best health insurance product of the year

    By Olalekan Balogun

    A Health Management Organisation, AXA Mansard Health Limited, has emerged winner of the Best Health Insurance Product of the Year in the insurance product and process section of the just concluded 11th Annual Global Banking and Finance Awards 2021.

    The winning product, which is the AXA Platinum Plus Cover, is specially designed to provide a world class health cover for its customers.

    CEO, AXA Mansard Health Limited, Tope Adeniyi said: “We thank our highly esteemed customers for this prestigious award, as they are the reason we passionately drive to improve our product offerings and execute innovative initiatives.

    “This award is recognition of our unflinching commitment to our customers and an affirmation of our current position as the leading health insurance company in the country.”

    Thanking the organisers, he said: “The company is counting on the continued support of our stakeholders to continuously provide superior customer experience and to develop more innovative and value-adding products.

    “We will continue to innovate, create new products, improve our product offerings and refine our service delivery to ensure we continuously meet the changing needs of our customers.”

    AXA Mansard Health Limited is the Health Maintenance Organization (HMO) arm of the AXA Mansard group of companies.

    The HMO is geared to promote her members’ wellbeing. It is able to serve all clients across the country virtually and has established functional offices in Lagos (the head office), Abuja, Port-Harcourt, Enugu, with ongoing plans to open offices in other locations.