Category: Insurance

By Omobola Tolu-Kusimo

SUNU Assurance Plc  Chairman, Kyari Abba Bukar, Sunu Assurance Plc has expressed concern over the welfare of health care frontline workers who are treating and caring for those with coronavirus.

He spoke when the firm and its sister company, Sunu Health Nigeria Limited, donated N15 million worth of Personal Protective Equipment (PPE) to the Lagos State government to help protect  health workers on duty at its Medical Warehouse in Lekki.

Bukar stated that coronavirus has no cure and the only way out of it is through prevention.

He said: “All over the world, we hear doctors and health care workers being infected by the virus. We need our doctors to be hale and hearty in order to deliver care to the people.

“We have personal protective equipment’s worth about N15 million that we are giving out to protect our frontline workers.”

‘’This is Sunu group’s contribution to the pandemic all across Africa. Suno is in 14 African countries primarily west African countries both the French speaking and the English speaking west African countries. In each and every country there has been similar donations being made of PPE for the front line workers that are tackling this pandemic.’’

Its Managing Director, Sunu Assurance, Mr. Samuel Ogbodu said the Sunu Group, said: “Since the coronavirus is ravaging the whole of Africa, the Group decided to contribute its own quota in the fight towards the elimination of covid 19 in the various countries where are present. We are present in 14 countries in sub-Saharan Africa.

“Aside from this, Sunu Assurance here in Nigeria also contributed to the insurance industry N11 billion insurance cover for 5000 frontline health workers under the Nigeria Center for Disease and Control (NCDC). We will also be supporting the less privileged people. We also pray for the front line workers.

“As an insurance company, our advice to the people is that they should protect themselves against the virus by following the social distance guideline and also ensure that they have insurance policies in place to protect their lives and businesses.’’

Sunu Health, Dr Patrick Korie listed the items as N95 masks, splash resistant suits and googles.

He said the Group plans to donate to other states.

Receiving the materials for the Lagos State Government, Mr. Olajide Rasaq, who manages the Medical Warehouse, appreciated Sunu Group.

‘’It is for everyone that has the capacity to help,’’ he added.

So far, the parent company Sunu Group, one of the leading Pan-African group of insurance, has donated N300 million worth of PPE across Africa as part of its support to governments.

Last week, the insurance industry received the news of the confirmation of the Acting Commissioner for Insurance, Mr Sunday Thomas as its substantive Commissioner. Will Mr. Thomas be able to sanitise the industry? OMOBOLA TOLU-KUSIMO reports.

Reactions have continued to trail the confirmation of Mr. Sunday Olorundare Thomas as the Commissioner for Insurance by President Muhammadu Buhari.

Thomas took over the baton of leadership in acting capacity last August, after the President declined the re-appointment of former Commissioner, Mohammed Kari.

While some observers think the new chief of the National Insurance Commission (NAICOM) is a friend of operators in industry because he has worked with them in the past, others are happy, saying he is the best man for the job.

A top executive, who spoke with The Nation on condition of anonymity, said Thomas might not be able to tackle some recalcitrant operators.

He said though the commissioner is qualified, he would need to be  tough to sanitise to the industry.

He said there were a lot of challenges in the industry.

He listed rate cutting, withholding of premium and commission, claims and returns to the regulators’ falsification, bribes and inducements, the under-current ploys by operators to win business in the industry, among other unethical practices as the challenges the Commissioner would need to eradicate.

But the Managing Director of LASACO Assurance Plc, Mr. Segun Balogun, is optimistic that Thomas would be able to deal with any erring operator.

He said the appointment of Thomas is a welcome development.

He said no other person was better qualified than Thomas owing to his pedigree and understanding of the workings of the industry.

He said: “Mr. Thomas’ appointment is the expectation of the industry. Everybody, including underwriters, and brokers have been praying for it and we thank President Buhari for giving us a competent person. Mr. Thomas has been in the industry for over four decades and has touched and seen everywhere. He has worked as an underwriter and a regulator and has worked also for insurance consumers while working as the Director-General of the Nigeria Insurers Association (NIA).

“He has a deep understanding of the industry. We believe that the revenue of Commission will improve because the regulated and regulator will have a good understanding. We believe he will also improve the performance of the industry in such a way that the insuring public will be beneficiaries.”

On whether or not, he can be tough enough to handle the bad elements within the industry, Balogun said: “Yes, there is a school of thought whether he can be tough. When you are regulating a market that you don’t understand, you will have to learn first before you can even start getting tough. But, in his own case, he already understands the market. So, he knows the game any headstrong operator may want to play and he will know how to rebuff them.

“He understands the industry hence it will be an interactive thing between him and the recalcitrant or tough ones. I believe he will be able to weed them out. Most importantly, he has technical knowledge. You cannot be above your regulator when you know he understands everything, even more than you,” he noted.

The Managing Director, SUNU Assurance Plc, Mr. Samuel Ogbodu, also expressed delight at the new commissioner’s re-appointment.

Ogbodu said the NIA witnessed remarkable transformation under his leadership with the introduction of the Nigeria Insurance Industry Database (NIID) to curb insurance motor premium leakages through fake insurance policies.

He added that he also initiated the same for marine cargo insurance that is experiencing its growth phase due to the pandemic.

‘’I am optimistic that the industry will record tremendous growth in the coming days, he said.

Guinea Insurance Managing Director, Mr Ademola Abidogun, praised Thomas’ confirmation.

For him, the recognition bestowed on Thomas is indicative of his strength of character, high probity and capacity to re-invent and attain feats others consider impossible.

“Many are beneficiaries of his years of selfless and dedicated service to humanity and the insurance industry. We are happy that he has been chosen as the vessel to champion regulatory policies that meet both the insuring and investing public’s expectation and provide an enviable playing field for all Insurance professionals in the country,’’ Ademola said.

The President, Nigerian Council of Registered Insurance Brokers, Dr Bola Onigbogi, said Thomas’appointment was one of the best things to happen to the industry.

She maintained that the industry’s contributions to the country’s Gross Domestic Product (GDP) would leap-frog under his leadership.

By Omobola Tolu-Kusimo

AIICO Insurance Plc paid about N1.7 billion claims within the first 21 days of the COVID-19 lockdown, the Managing Director of the company, Mr Babatunde Fajemirokun has said.

Fajemirokun, in a statement, stated that the claims payment was in fulfilment of their contractual obligations covering claims, benefits, loans, maturity payments.

According to him, the daily volume of transactions is proof that the company’s investment in infrastructure for business continuity is worth every  kobo and built for the long term.

He said: “AIICO’s Business Continuity Management System (BCMS) is certified using standards set by the British Standard Institute. Our well-motivated employees, who are working remotely, have played a significant role in making things happen.

“In addition to this, we are monitoring the COVID-19 situation closely and its effect on consumer behaviour. As a company with a long obsession for excellent customer experience, we are evolving and adapting to changing customer preferences. Our mode of operation is continually evolving to cater to the needs of existing and prospective customers. We have not only been paying out, we have also been attracting and underwriting new businesses within the period.”

The Executive Director Retail Business, Mr Sola Ajayi, further explained that within the first three weeks of the lockdown, the company paid N907 million in life insurance benefits to 1,441 individual customers and over N480 million to 10,275 annuitants who are on our Life Annuity plan.

For us, commitment is an act, not a word. These are extraordinary times, and we have evolved; we keep producing great results. This is part of the AIICO culture, and it has accounted for our high customer retention rate, he asaid.

The Executive Director, Corporate Business Division, Mr. Adewale Kadri, noted that the company, despite the lockdown, is accepting discounted premium from clients.

“We deliver insurance certificates, including policy documents, within minutes. Over 250 valued brokers have had their claims of over N300 million settled within 48 hours. Our online real-time platform has delighted all our brokers in this regard, and we receive compliments almost daily on our service delivery,” he added.

By Omobola Toolu-Kusimo

 

AIICO Insurance Plc has embarked on a Feeding Relief Programme to cater to the needs of underprivileged communities in Lagos amid the COVID-19 lockdown.

The company said it is complementing the government’s efforts in food supply to these communities to ease their burden which arose from the lockdown.

With provision to feed 130 people daily for 14 days, the company feeds women, children and young adults.

To achieve this, the company collaborated with DreamsFromTheSlum, a non-profit organisation, and Chicken Republic, a retail fast food firm.

AIICO Insurance Managing Director, Mr. Babatunde Fajemirokun, stated that the company is prioritising the needs of the vulnerable and less privileged in line with the United Nation’s Sustainable Development Goal on ‘Zero Hunger’.

‘’We will continue to pursue causes and drive initiatives to ameliorate the impact of the lockdown, through this season and beyond,” he said.

AIICO’s Corporate Responsibility and Sustainability Manager, Abimbola Shobanjo  said the company believes this is one way to encourage them to stay at home and to maintain social distancing to avoid the spread of the virus.

She said the movement restriction has affected the ability of people to pursue their livelihoods, noting that these are mostly petty traders and artisans in impoverished communities who find it difficult to provide for their families and dependants.

By Omobola Toolu-Kusimo

 

The National Pension Commission (PENCOM) has delivered troubled Pension Fund Administrator (PFA), First Guarantee Pension Limited, to a new board after years of regulatory intervention and takeover.

The commission said it has concluded its intervention, which came as a result of the judgment delivered by the Court of Appeal, Abuja Division last Thursday, in the three appeals filed by the Commission, the Attorney-General of the Federation and the PFA, against the judgment of the Federal High Court that nullified the Commission’s regulatory measures.

According to the commission, the Court of Appeal’s decision upheld the appeals, thereby setting aside the judgment of the Federal High Court. Thus, the judgment of the Court of Appeal validates the regulatory actions taken by the commission in 2011.

In a statement by the Commission, the Acting Director-General, Mrs. Aisha Dahir-Umar said: ‘’The Commission wishes to inform stakeholders in the pension industry and the public that its regulatory intervention in First Guarantee Pension, which resulted, among other things, in the appointment of an Interim Management Committee (IMC) to superintend over the affairs of the PFA had been concluded.

The intervention was undertaken in August 2011 based on the findings of the Routine and Special examinations carried out by the Commission.

“Accordingly, the Commission has handed the PFA over to its reconstituted Board of Directors under the chairmanship of Alhaji Kashim Ibrahim Imam with Hon. Tsegba Terngu, Hon. Ahmed Salik, Dr. Pat Asadu, and Hon. George I. Ozodinobi as members. Concurrently, the Commission has dissolved the Interim Management Committee it appointed on August12, 2011.’’

She added: “The Commission would like to use this medium to assure all clients of the PFA that the company has been returned to normality.

The Commission further reassures pension contributors and the public that it is alive to its responsibility of ensuring the safety of the pension industry at all times.’’