Category: Insurance

Policyholders of Noor Takaful, an Islamic insurance firm, have earned a surplus or cashback payment of N15 million having not made any claim.

The surplus, which was derived from the firm’s 2018 financial year, is aimed at promoting ethical insurance.

Takaful is a non-interest insurance market that seeks to reach a large market of uninsured Nigerians cutting across the six geo-political zones of the country.

The company, had, in its 2017 financial year, e granted N12 million surplus to customers.

Speaking at the Surplus distribution ceremony in Lagos, the Chairman of the company, Ambassador Shuaibu Ahmed, said the payment, which comes as a result of the Win-Win model of insurance operated by Noor Takaful, thrives on the pool of funds provided by the participants (insured), which is managed by the Takaful operator.

He noted that the surplus extended to participants demonstrates the commitment of the company to encouraging Nigerians to be part of Takaful insurance market as well as promote financial inclusion in the country.

He said: “This surplus distribution would go a long way to further deepen penetration of insurance in the market as Nigerians would be more willing to subscribe to insurance given the fact that this segment of the market is considered ethical and rewarding.”

Acting Managing Director, Mr. Aminu Tukur added that the distribution of surplus to policyholders has continued to serve as a big pull for the Takaful insurance market with interested participants now increasing daily.

The Head, Business Development & Sales, Mr Rilwan Sunmonu said it had become imperative to dismiss the notion that its products are strictly for Muslims, adding that non-Muslims can also access it.

He restated that Takaful remains the only segment of the industry that is premised on equity and fairness as it offers true value for the money invested.

By Omobola Tolu-Kusimo

 

FBNInsurance Limited, a member of the Sanlam Group, has upgraded its digital  platforms to serve its customers, especially its payment channels in view of the outbreak of the coronavirus (COVID-19), the Managing Director, FBNInsurance Limited, Mr Val Ojumah, has said.

In a statement, Ojumah said the channels   are FBNInsurance Customer and Financial Advisor (FA) Apps, E-Insurance on their website, POS at their Aba, Onitsha, Warri and Ikeja Retail offices.

Other alternative payment channels include USSD, ATMs, Web payments, Money Agents, Bank Payment/Online Transfer, Direct Debit/Standing Instructions, and FirstBank First BAP platforms.

According to him, most firms are adapting to the new norms of working and seeking alternative ways of reaching their customers due to the coronavirus pandemic.

He stated that the online platforms enable the company to fulfil its promises to customers by insuring their most valued assets and safeguarding their future.

He noted that the introduction of various payment channels to customers was one of the few innovations being pioneered by the company.

He urged customers to use the alternative payment channels to generate e-receipt(s) for  payments made and send to the company for ease of payment reconciliation.

By Omobola Tolu-Kusimo

 

There is less compliance with compulsory insurance in the Northeast, with Yobe State leading the pack, The Nation has learnt.

This was contained in a report titled: “Nigeria Insurance Digest 2018” by the Nigeria Insurers Association (NIA).

Compulsory insurance are Third Party Motor Insurance, Group Life Insurance, Builders Liability Insurance, Occupiers Liability Insurance, Building Under Construction and Health Care Professional Indemnity.

The report showed Yobe State as the poorest compliant state with only N689 million gross premium written or sold out of a total of N413.8 billion recorded sales by 58 insurance firms.

The Northwest also complied less as the industry recorded N14.2 billion while the operators recorded N39.1 billion in the Northcentral.

On the other hand, the Southwest is the most compliant with gross premium written of N329.1 billion recorded sales out of the total N413.8 billion insurance sold.

Meanwhile, Lagos State has continued to lead in the  regulatory compliance. It emerged as the most insurance compliant state as insurance companies sold policies worth N196.5 billion out of N413.84 billion recorded in 2018.

Compliance in the Southeast is also poor with only N5.7 billion gross premium written or insurance sold.

The operators recorded N24.8 billion in the Southsouth with Rivers State emerging as the most compliant going by a sale of N5.5 billion and Bayelsa State at the bottom going by N142 million sales.

The state has always led in the purchase of  insurance products, especially the compulsory insurances.

Aside Lagos, insurance firms sold a total of N329.1 billion in the Southwest

By Omobola Tolu-Kusimo

 

The Market Development and Restructuring Initiative (MDRI) targeted at driving insurance industry growth from a N400 billion premium income earner to over N1 trillion  has suffered several drawbacks since its inception in 2010.

Though the initiative by the regulator, the National Insurance Commission (NAICOM), has since been implemented, but not fully.

The enforcement, especially of the six compulsory insurance has remained difficult for the Commission to achieve due to its incapability.

The six compulsory products are Third Party Motor Insurance, Group Life Insurance, Builders Liability Insurance, Occupiers Liability Insurance, Building Under Construction and Health Care Professional Indemnity.

NAICOM Commissioner for Insurance, Mr Sunday Thomas is, however, insisting that the MDRI is a critical to deepening insurance penetration.

He stated that the objectives to do so identified in the Commission’s Corporate Strategic Plan 2016-2020 were to enhance compliance with compulsory insurance; eradicate fake insurance agents and forged policies from the market; facilitate the development of other financial inclusion insurance products and channels for their distribution; and implement strategic market growth initiatives such as government assets insurance.

He said while a lot had been achieved by the Commission, more needed to be done if they must attain the desired goals.

He said: “My vision is to grow insurance be ensuring enforcement of compulsory insurances across the country. The commission, over the years, had incepted a number of initiatives, especially in market development, to boost insurance penetration and this is what we will do.

“As 2020 continues to unfold, giant strides will be made by the commission in all aspects of its statutory responsibilities. This is the time to put the past behind us and look forward to a better and more vibrant sector. The task of building an insurance sector of our dreams is a collective one and thus, all hands must be on deck to ensure our dreams become realities.

“We recognise the impact of conducive work environment to an effective and efficient regulatory system and this will remain our priority.

“The second phase of the MDRI will soon be unveiled and it will mark out targets for stakeholders. We shall pursue the continued implementation of compulsory insurance in every nook and crannies of the country.

‘’We are certainly not unaware of the challenges inhibiting the successful implementation of these classes of insurance, thus far hence, our resolve to work with relevant stakeholders to ensure a seamless drive.

‘’Indeed, the successful implementation of compulsory classes of insurance across the nation will ensure adequate protection of our strategic national assets. We will be working with the relevant security agencies to guarantee effective and efficient monitoring of compliance.’’

By Okwy Iroegbu-Chikezie

IN the upscale area of Lekki, Lagos, comes a new delightful mix of recreational, retail and residential edifice.

This affordable premium lifestyle experience on Freedom Road, sits a luxury eight-floor edifice on a 10,000 square meter. It is a full blend mixed development, with  serviced apartments, retail, grocery, departmental stores, entertainment, hotel and co-working space.

But the Chief Executive Officer (CEO)/co-Founder Purple, Olayide Agboola, said this wouldn’t have been possible without support from local investors who believed their dream.

He said his organisation embarked on the Lekki Mall project after their success story with Maryland Purple Mall.

He said: ‘’The successes of Maryland Mall showcase that domestic investment fuelled by the indefatigable spirit of Nigerian entrepreneurs is key to driving national economic growth. We are proud to be supporting the retail and entertainment industry and creating lifestyle experiences for Lagosians on that axis.’’

He said the shopping hotspot is the leading neighbourhood retail and entertainment centre in Lagos and plays host to a mix of local and international brands, including Shoprite, Genesis Deluxe Cinemas, Stanbic IBTC Bank, and Uber.

Others are Workstation, Medplus, Miniso, PEP Store amongst retail, hospitality and entertainment brands.

He said though the mixed development would be delivered in the first quarter of next year, it has already achieved 65 per cent occupancy with the price for a space from N35million.

On the financing, he said it is self-financing, and equity with domestic financial institutions. He urged the public to be part of history as, according to him, it is a good place to live and work.

Agboola said they embarked on the Lekki project after the success of their Maryland Mall, a redevelopment of the Maryland Business Plaza sitting on a 7,700-square meter piece of land, located on the ever-busy Ikorodu Road, Lagos.

He said the construction of the iconic mall began in September 2014 and was open two years later.

He said: “The mall contains  three floors with a mezzanine, about 50 stores and hoists on its external façade the largest outdoor screen in sub Saharan Africa spanning 550 square meters, a unique feature that sets it apart from any other retail centres in Nigeria.”

He expressed pride on the achievements of the mixed-use centre till date and the discipline, focus and resilience of the partners, occupants and everyday customers at the centre, appreciating the value created over the years.

‘’We are leveraging the success of this flagship project to grow our footprints in retail, entertainment and lifestyle by delivering similar assets,’’ he said.

He said since it opened to customers in 2016, the Maryland Mall has welcomed over six million visitors boasting about 97 per cent occupancy from top domestic and international retailers.

The mall contains three floors with a mezzanine, about 50 stores and hoists on its external façade the largest outdoor screen in sub-Saharan Africa spanning 550 square meters, a unique feature that sets it apart from any other retail centres in Nigeria,” he added.

On the uniqueness of the residential segment of the Purple Lekki, he said the premium and standard units are conceived with the modern professional in mind, available in one bedroom, two bedroom, three bedrooms and studio room variants.

He said they are furnished to fit the peculiarities and taste of the upper middle market and provides a peaceful, cozy space for occupiers and visitors.  Furthermore, he said the apartments feature key value-adding items like 24-hour security, shared communal area, laundry, open plan kitchens, pool bar, gym, play areas, facility management and backup power.

He said: “Just like Purple Maryland, Purple Lekki is more than just a fancy multi-use building. It will also serve as a neighbourhood hub, aggregating visitors from the Lekki axis and beyond. We have included indoor and outdoor advertising opportunities which allows brand communicate with their audience.’’

By Okwy Iroegbu-Chikezie

Anchor Insurance Company Limited is fast rising as it grosses a premium of N5.1 billion in 2020 just as it achieved N4.2 billion premium income as at the end of 2019, its Managing Director, Mr. Augustine Osegha Ebose, has said.

He spoke with  reporters  during a briefing in Lagos.

He said the company was able to achieve this feat despite the effect of COVID-19 pandemic on business operations, noting that the underwriting organisation’s production would have been above N7 billion by now if the pandemic had not set in.

Ebose said: “It was as if we foresaw the pandemic when we invested in most modern information technology to drive our business. So, it was not difficult for us to continue to navigate the insurance market using what we had already put in place and it has really helped in ensuring we never suffered any panic in this era of doing business differently.

“The company, whose 2019 accounts have been approved by the National Insurance Commission (NAICOM) and Annual General Meeting (AGM) accordingly fixed for September 4, is not looking back at pushing up its premium income and attending to genuine claims requests with utmost concern.’’