By Omobola Tolu-Kusimo

FBNInsurance and its subsidiary, FBN General Insurance, have donated an ambulance to the Lagos State Government as well as food  to the needy communities.

The Managing Director and Chief Executive Officer of FBNInsurance, Mr. Valentine Ojumah, explained that the gesture was to support the government’s effort in curbing the spread of COVID-19 in the state.

He further stated that the firms, in collaboration with the others, was putting together resources to provide cover for medical personnel.

The Managing Director of FBN General Insurance, a subsidiary of FBN Insurance, Mr. Bode Opadokun  urged Nigerians to adhere strictly to the precautionary measures as stipulated by the medical practitioners.

Wife of the governor, Dr.  Ibijoke Sanwo-Olu and the Lagos State Chief of Staff, Mr. Tayo Ayinde lauded FBNInsurance for the donation, assuring them that the government would put the ambulance to good use.

Mrs Sanwo-Olu said the donation would also help the government in the management of other health related issues.

In a related development,  FBNInsurance has provided food items to 6,000 Lagosians in Ajegunle, Iwaya and Agege to cushion the effect of the coronavirus pandemic on the less privileged in the area.

 By Omobola Tolu-Kusimo

In fulfilment of its pledge, some stakeholders in the industry have rolled out insurance cover worth N11 billion for about 5000  health workers.

The beneficiaries are those engaged by the Nigerian Centre for Disease Control (NCDC).

The Acting Commissioner for Insurance, Olorundare Sunday Thomas, who broke the news, said the cash had been presented to the Chairman, Presidential Task Force on COVID-19.

This is coming after weeks of intrigues on the modalities.

The cover, which began from April 12, Ag. commissioner said, would cover 12 months.

He said 19 life insurance firms were accredited to provide the cover, stating that for any fatality, the government agencies would advise the lead underwriter – FBN Insurance Limited – which would request for documents to pay the claim.

He said 19 life firms were accredited to provide the cover and that  the lead underwriter FBN Insurance, would handle this.

Also, the Nigeria Insurers Association (NIA) Director-General, Mrs Yetunde Ilori, said the N11 billion  cover is for doctors, pharmacists, nurses and other ancillary personnel and volunteers.

She said the benefits to be paid to the families or beneficiaries of those who die on duty is N3 million for medical doctors, N2 million for pharmacists and nurses andN1 million for others.

She explained that the premium of N112.5 million, which is for one-year coverage has been paid in line with insurance contracts, especially as it relates to the No Premium No Cover policy.

She said: “The life insurance policy document COVID-19 Intervention Team Life Insurance Cover detailing the extent of cover and benefits payable under the policy was earlier submitted to the Minister of Finance, Budget and National Planning Mrs. Zainab Shamsuna Ahmed by the Acting Commissioner for Insurance, Mr. Sunday Thomas and handed over to the Chairman, Presidential Task Force on COVID-19, by a member of Governing Council of Nigerian Insurers Association (NIA) Mrs. Folashade Joseph and President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Dr. Bola Onigbogi under the watch of the minister.

“The insurance coverage is part of the industry support to the Federal Government as the battle against COVID-19 continues.There are other initiatives at the state level and the main idea is that the industry must join other stakeholders in this battle.

“We thank the Federal Government for its faith in the  insurance market as exemplified by its wholehearted acceptance of the policy and to restate our support for other initiatives that will boost the morale of those in the frontline in the fight against this dreaded virus.

“Although the insurance programme is the initiative of the industry which also funded premium payment for same, the industry is ever willing to contribute its quota towards the search for a solution to this disease and wish all stakeholders well as the search continues.”

She called on stakeholders to support the government so that the nation could defeat this virus.

By Omobola Tolu-Kusimo

 

 

Great Nigeria Insurance Plc (GNI) and Linkage Assurance Plc have activated their online platforms to serve their customers.

This followed President Muhammadu Buhari’s announcement of a 14- day lockdown in Lagos, Abuja and Ogun states due to the  spread of Covid-19.

In a statemnet, GNI Managing Director, Mrs. Cecilia O. Osipitan, said: “To stay true to our commitment of delivering quality service to our valued customers, alternative service channels have been made available for seamless access to all insurance products and services available under the stable of GNI Plc.

On your mobile phone, please explore our USSD Platform by dialing *5076# for self-service, easy premium remittance, policy renewal and prompt claims settlement.

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‘’We plead with you to join us in the cause to flatten the curve of the widespread of the coronavirus disease (COVID-19).

We implore you to please stay safe during this period while ensuring to observe all the precautionary measures advised by the government and relevant health authorities,’’ she added.

Also, Linkage’s Customer Service Department, said it has opened  its online platforms to enable them  theuir customers.

The company stated that it could be reached through www.linkageassurance.com

By Omobola Tolu-Kusimo

 

NSIA Insurance has joined other  institutions and individuals in the fight against the Coronavirus pandemic, its Managing Director, Mrs. Ebelechukwu Nwachukwu, has said.

Mrs Nwachkwu, in a statement, said following the  spread of the  pandemic, the Insurance companies in Nigeria (NIA) set up The Nigerian Insurers Association (NIA) COVID-19 Support Fund to raise funds to combat the pandemic.

The association, which seeks to support the government, has also volunteered to acquire testing kits and protective gears to help further mitigate the spread of the virus.

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The NIA donated N1 million free life insurance cover to health workers and allied professionals catering to the needs of COVID-19 patients, which has been made possible through the collective contributions of insurance companies in Nigeria.

“As an organisation that cares, NSIA Insurance salutes the gesture and has made a financial commitment in support of the decision of the NIA,’’ she said.

She urged the public to comply with the government’s policy by staying indoors while following the World Health Organisation’s (WHO’s) guidelines for staying safe during this period.

She said: “Our hearts go out to those families who have lost dear ones in the course of this pandemic and pray that they would have the strength to pull through the pain.

“Our staff members are working remotely, though our offices are closed, which means that we are still very much available to do business. We have an array of life products that we encourage customers to take at this time.

We also would want people to take householder insurance policies now since everyone is home and may need it for possible eventualities. Insurance at a time like this should be taken seriously,” she stated.

 

By Omobola Tolu-Kusimo

 

SUNU Assurances Nigeria Plc plans to cancel 11.2 billion ordinary shares of 50 kobo each out of its 14 billion ordinary shares of 50 kobo each as part of a recapitalisation plan aimed at increasing the capital base of the insurance company to the new minimum capital base.

At an  Extraordinary General Meeting, shareholders of the company approved a proposal by its board to cancel four ordinary shares out of every five held by shareholders.

The company stated that the purpose of the share capital reduction is “to allow for the issuance of new ordinary shares by way of a rights issue and private placement, in order for the company to comply with the recently revised share capital requirement by the National Insurance Commission (NAICOM) for insurance companies”.

The company explained that the share capital reconstruction was adopted as the more efficient approach to creating room for new equity capital issuances.

“The share capital reconstruction will lead to the cancellation of 11.2 billion ordinary shares and result in an increase in the share price to N1. This will enable the rights issue, private placement and any subsequent equity capital raising to be priced above the nominal value of 50 kobo,” the company stated.

According to the company, the shortfall between its paid up capital and NAICOM’s new capital requirement of N10 billion for non-life insurance companies was N7.71 billion as at September 30, 2019.

The company stated that it is exploring a recapitalisation plan to augment the shortfall ahead of the December 30 deadline for compliance with the new minimum capital base.

NAICOM had in May 2019 released new capital requirements for insurance businesses with a 13-month compliance period for operators to shore up their minimum capital base to the required level.

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The minimum paid-up share capital of a life insurance company was increased from N2 billion to N8 billion, non-life insurance from N3 billion to N10 billion, composite insurance from N5 billion to N18 billion while re-insurance companies were directed to raise their capital base from N10 billion to N20 billion.

SUNU Assurance Group had in 2016 acquired 60 per cent equity of the former Equity Assurance Plc and renamed the company SUNU Assurances Nigeria Plc.

SUNU Assurance has operations in not less than 12 Franco-phone African countries and the acquisition of Equity Assurance was a major entry strategy into the Anglo-phone countries.

Managing Director, Sunu Assurances Nigeria Plc, Mr Samuel Ogbodu, said the company was favourably disposed to the new minimum capital requirements, noting that the move was in the best interest of the insurance sector.

He said the recapitalisation would lead to consolidation of the insurance sector and provide more opportunities for large ticket transactions while positioning Nigerian insurance companies as big players, as against the current trend of being agents to foreign insurance underwriters.

He added that insurance brokers would have more creative roles to play towards harnessing the benefits of the new capital base requirement.

According to him, the recapitalisation will help to reposition the Nigerian insurance sector to take its rightful place in the country’s economy as insurance companies would at the end of the recapitalisation be able to take up opportunities hitherto taken by foreign companies.

He said various efforts aimed at boosting the insurance sector’s contribution to the Gross Domestic Product (GDP) from its present 0.1 per cent level would be accelerated with the implementation of the new capital base.

Ogbodu was optimistic that insurance penetration in the country would surpass one per cent with proper implementation of the capital raising exercise as players would be forced to harness new grounds.

He assured shareholders and stakeholders that Sunu Assurances Nigeria would surpass the new capital base of N10 billion.