The Nation Newspaper

Category: Insurance

  • Furore over ban on gifts at AGMs

    By Omobola Tolu-Kusimo

    Some shareholders are not happy with the ban on corporate gifts, food and others by the Securities and Exchange Commission (SEC) at Annual General Meetings (AGMs). They are asking for a review, writes Omobola Tolu-Kusimo.

    IN  those days, food, corporate and cash gifts for shareholders were taken for granted at Annual General Meetings (AGMs) of public liability companies.

    That has however become history as the Securities and Exchange Commission (SEC) has banned them.

    The Nation  gathered that  SEC took the decision because of the huge cash spent by companies on corporate gifts, which it said, impacted on their balance sheet.

    The unruly behaviour of the minority shareholders at AGMs was also another reason SEC weilded the big stick in May.

    It was gathered that a shareholder died during a stampede at an AGM in Lagos.

    It was also gathered that the shareholders’privileges were infringed upon by touts and miscreants who  bought between two and 10 units of shares from various companies, with the target to get food and gift items. They run after directors, begging for money and gifts.

    With some of them coming from outside Lagos, it became a thriving business for the touts as they sold the corporate gifts to make quick money.

    But some shareholders are unhappy with the development. Some alleged that it is the louts that cause disorderliness and chaos at the meetings.

    They argued that the commission did not investigate the cause of the problems before taking its action.

    At one of the AGMs, the shareholders lamented, asking the commission to lift the ban.

    The Chairman, Independent Shareholders Association of Nigeria (ISAN), Lagos branch, Mr Anthony Omotosho, called on SEC to revist the ban issue.

    He said: “What SEC has done was to punish the good and bad. They need to investigate and unravel the louts among us. Unknown to the regulator, those causing problems deliberately bought shares to collect dividend. They bought between two and 10 units everywhere. Unfortunately, they are not investors but can still be referred to as shareholders going by the law. The gift is their target. They go to three or four AGMs in a day.

    “We expect SEC to investigate what is going on and collaborate with us. If the authorities have been checking and investigating, they would have found the louts among us and acted against them, rather than acting against innocent shareholders.”

    Another shareholder, Mr Lukman Adelakun, said he was sad about the development.

    “We have been receiving gifts from quoted companies. We see the corporate gifts, especially those from companies offering services such as insurance, as a kind of promotional items that we can use to market the companies.  The manufacturing companies give us their products that we use in our homes; we get products from companies such as WAMCO, Nestle, and Dangote, among others, and this is good for us.

    ‘’In the case of the insurance industry, many of the companies don’t pay dividend  for as long as 10 years and so we comfort ourselves with the gifts. We have invested in the companies. Sometimes they make profit and declare dividend; sometimes they don’t. But they have been working with our money and the least they can do is to appreciate us with the gift. Is it proper that you hold my money and not give me anything for five years? It is not right for SEC to ban us from getting anything from the companies that we have invested in. With the economic crises, the elderly people among us see the AGMs as a kind of opportunity to get somethings.’’

    He said some youths who lost their jobs keep themselves busy with the AGMs rather than becoming louts.

    “The law allows that you can buy one unit to be a shareholder. The issue of some people buying it all in the name of gifts cannot be ruled out, but you can’t use the few number to judge other shareholders. There is poverty in the land. What I think SEC should do is to apply a very stringent control measure, one of which the registrars are doing. They should collaborate with us because we know one another,” he added.

  • SUNU Assurances to exceed N10b recap ceiling

    SUNU Assurances Nigeria Plc, a member of SUNU Group will exceed the N10 billion regulatory requirements on recapitalisation to underwrite all classes of general business, its Managing Director, Mr. Samuel Ogbodu, has assured.

    Ogbodu spoke in Abuja during the monthly Brokers Forum, titled: Engagement with brokers in Abuja and its Environs.

    He said to meet the new National Insurance Commission (NAICOM) recapitalisation regime, the company  would embrace right issue option.

    He stated that the Sunu Group based in Paris, France, owned 65 per cent of the company and that it had secured the firm’s commitment to pick up the right issue.

    He said the company operates with an authorised share capital of N7 billion, affing that it had submitted its recapitalisation plan and got approval  from NAICOM.

    According to him, when SUNU bought into the hitherto Equity Assurance, it increased the authorised and paid up capital to N7 billion.

    Ogbodu said: “Nigeria is pivotal to the growth and expansion of SUNU Group in Africa and they have submitted their recapitalisation plan as instructed by NAICOM. The Commission has duly acknowledged the plan and letter of no objection was issued.

    “The company is committed to the principle of corporate governance and code of best practices. The board is committed to full disclosure and transparency in the conduct of the company activities. The company has in place a robust, dedicated and competent management team that see to the day to day management of the company.”

    SUNU was incorporated as Equity Assurance Nigeria on December 13, 1984 and was licensed to underwrite all classes of general business.

    He said: “The company changed its name from Equity Assurance Plc to SUNU Assurances Nigeria Plc with due approval from the shareholders and its regulator, NAICOM.  The approval was dated 29th March, 2018 and a new licence was issued by NAICOM.

    “The name-change was necessitated as a result of SUNU Group’s (a foremost Pan-African Insurance Group), recent acquisition of majority stake in Equity Assurance Plc., With operations in 14 African countries and 25 office locations spanning West and Central Africa, this acquisition positions SUNU Assurances Nigeria Plc., to leverage SUNU Group’s vast network of knowledge capital, financial strength and technical resources in our quest to differentiate our offerings and service standards in the marketplace.

    “In addition to strengthening the company’s balance sheet, this strategic investment and name change also provides SUNU with critical organisational capabilities and competencies, which is being harnessed to create and deliver value to our esteemed brokers and clients. This new name reflects its pan African presence as a full-fledged member of the SUNU Group.

    ‘’The company continues to operate in its current structure, and other than the name change, there is no change in management as we keep providing tailored made products and better service on which SUNU Group has built its reputation across Africa.

    “SUNU Group is a foremost Pan-African Insurance Group with operations in 14 African countries and 23 office locations spanning West and Central Africa, which has recently expanded to include five subsidiaries belonging to Allianz Africa. SUNU Group’s continuous expansion is in line with its goal of becoming a leading African insurance company, and we are glad to have you brokers as our valued partner on this journey.

    “On our support services, we have long-term partnership products backed with robust reinsurance facilities; special risks, including oil and gas.’’

    Ogodu urged the brokers to continue to support the company through teamwork enduring partnership; information sharing; and erasure of mistrust.

    “The insurance industry is struggling, but due to efforts by brokers, we are slowly and surely changing that narrative. It would be impossible to record the success of the SUNU Assurance’s presence in Nigeria without noting the impact of brokers business relationships has made on the company’s bottom-line. It’s instructive to note that 80 per cent of our businesses are derived from the broking community.

    “Abuja market size is valued at N7.5 billion in 2018 with 61 brokers. Our share is N184 million representing 2.45 per cent of the market and 35 brokers. Our company has been serving the market with prompt claims payments of N169 million, representing 20 per cent of the premiums generated over the past five years.‘’

  • Africa’s reinsurers worry about poor economic outlook

    The mood among Africa’s reinsurance executives has become more bearish as declining rates and rising claims weigh on the profitability of the reinsurance markets with premium volume of about $ 7.5 billion, a report has shown.

    The report from the fourth Africa Reinsurance Pulse, published at the 24th African Reinsurance Forum in Tunis, Tunisia, disclosed that while Africa’s economies are still recovering from the commodity crisis of 2016, which highlighted the continent’s vulnerability to external shocks, executives are once again concerned about the current outlook in light of renewed economic and political uncertainties.

    According to the report, this is the main outcome of the 4th edition of the Africa Reinsurance Pulse, which was published at today’s 24th African Reinsurance Forum in Tunis, Tunisia.

    The report read: “However, the senior executives of Africa’s leading brokers and reinsurers interviewed also expect that the inflow of excess capacity from advanced markets into the continent has finally come to a standstill. In fact, insured values as well as premiums might benefit from the current economic growth and outgrow GDP.

    Authors of the study at Dr. Schanz, Alms & Company, Andreas Bollmann and Henner Alms, said the market assessment among Africa’s reinsurance executives has deteriorated after it had already been on a road to recovery.

    “While rates, terms and conditions and profitability are low, Africa’s economic growth has improved somewhat and may translate into volume growth. But executives fear the next crisis may be lurking around the corner as rising trade barriers and a slow-down in appetite for Africa’s commodities cloud the outlook.

    With the report, we aim to present an overview of the current state and future prospects of Africa’s reinsurance markets and provide a comprehensive yet nuanced picture of market sentiment and track this over time.

    “The report is based on a survey of market practitioners, complemented with a summary of key regional (re)insurance market data and an overview of the most relevant trends shaping the region’s reinsurance markets, which according to our assessment surpassed last year’s reinsurance premium volume of US$ 7.5 billion.

    “The survey is based on 19 in-depth interviews with senior executives of regional and international reinsurance companies and brokers operating in Africa. The key strength of the Africa Reinsurance Pulse lies in its comprehensiveness, diversity and diligence. Our interviews have enabled us to probe deeper and obtain clarity from participating executives.

    In addition, by including both global and regional reinsurers, as well as traditional and niche players, we are able to collate a comprehensive view of the market place,” they noted.

  • Insurers lose N192b yearly to fake motor insurance agents

    There is 80 per cent chance that every vehicle owner in the country is carrying fake motor insurance certificate as illegal activities rise. Omobola Tolu-Kusimo writes on how insurers hope to end the menace.

    AGENTS selling fake motor insurance policies are still on the prowl.They deceive about 9.5 million vehicle owners with fake certificates.

    Findings by The Nation shows that about N192 billion is lost by insurance firms to the miscreants yearly. This is going by the yearly premium generated from the sales by the firms.

    Data released by the association revealed that the industry recorded N42.90 billion premium from motor business in 2014; N39.84 billion in 2015; N40.39 billion in 2016 and N39.29 billion in 2017.

    With an average sale of N40 billion from N2.5 million genuine policies, about N192 billion would be made from 12 million vehicles. However, the percentage of fake policies lost based on 9.5 million vehicles out of 12 million vehicles is 79.17 per cent.

    The records of the Nigerian Insurers Association (NIA) states that only 2.5 million vehicles have genuine certificates out of the 12 million vehicles that ply the roads.

    The NIA affirmed this figure through its platform titled: “Nigerian Insurance Industry Database (NIID)’’, where insurance firms upload motor insurance policies sold daily.

    The Nation gathered that fake motor insurance are sold at local governments arears headquarters, Federal Road Safety Commission (FRSC) and Lagos State Vehicle Inspection Service offices.

    Insurers have, however, moved to capture the 9.5 million vehicle owners carrying the fake motor insurance policies with the commencement of an awareness campaign tagged, “Wetin You Carry?

    The insurers, under the auspices of the Nigeria Insurers Association (NIA) want to  NIA Director-General, Mrs. Yetunde Ilori,  at a media launch in Lagos, said the “Wetin you Carry” campaign is aimed at stemming the menace of fake motor policies.

    She maintained that the association launched the campaign to educate motorists on the need to secure their vehicles with genuine insurance policies.

    She noted that the association had deployed a team of 33 persons, known as Insurance Squad, Lagos State to educate the public on the benefits of possessing genuine motor insurance covers.

    She said the association desires to put the slogan, Wetin you carry? on the lips of everybody, adding that the slogan is not meant to extort something from people, but to enquire from them whether they are carrying genuine or fake policies.

    She said: “The campaign is not geared towards enforcement, but to let people understand that they can have genuine policies that could give them rest of mind in times of incidence. The campaign would be driven through different platforms, such as billboard advertorials, media and digital and that the pilot scheme, would start from Lagos and later extended to other states.

    “We implore the public to maximise the benefits provided by insurance and secure their lives and properties. Insurance remains one of the best tools to safeguard properties at times like this, when is difficult to restore lost items.”

    Nigerian Council of Registered Insurance Brokers(NCRIB) President, Mr. Shola Tinubu during a press briefing with journalists said it is unfortunate that despite the existence of compulsory insurance Act of which Third Party Motor Insurance is part of, some motorists have decided to patronise fake insurers at the detriment of the registered insurance firms, while some are uninsured, thereby, making insurance industry loses billions of naira on an annual basis.

    He urged the people to do their insurances through brokers, as insurance brokers have the needed expertise to advise them on the right policies that suit their needs.

    The Managing Director, Consolidated Hallmark Insurance PLC, Mr. Eddie Efekoha on his part urged the government and law enforcement agencies to support insurers by enforcing the procurement of compulsory insurances, adding that operators cannot be selling products and at the same time carry out enforcement.

    He believes if there is proper enforcement and the right sanctions meted on the violators, road users would not want to put their cars on the roads without valid cover.

    “With enforcement, the insurance industry will not only get more premium income, it would also increase the contribution of the industry to the nation’s Gross Domestic Product (GDP),’’ he said.

    Federal Road Safety Corps(FRSC) Corp Marshal, Mr. Boboye Oyeyemi, said increasing insurance patronage, such as subscription of insurance by motorcycles, requires a commitment to a public-private partnership process that combines the development of a conducive enabling environment, the building of strong public institutions and programme, and a local private sector that has the capital and knowledge to successfully embed road safety in insurance products.

  • Anchor sponsors NAFEST Edo 2019

    Anchor Insurance Company Limited is sponsoring the National Festival of Arts and Culture, known as NAFEST Edo 2019, being hosted by Edo State this month.

    Also the company has won two major awards.

    Its Managing Director, Mr. Ebose Augustine, in a statement, said the company because of its high respect for social responsibility.

    According to him, the support is the firm’s one way of giving back to the society, which has been patronising it over the years.

    He said: ‘’It is not out of place to give the support we could to ensure the success of  the festival.

    “As a people, we are fast losing our culture to Western ways. Any race without a culture is a lost race. It is our passionate resolve at Anchor Insurance to be part of any programme that will help to promote and ensure the Nigerian diverse cultures do not go into extinction.”

    Edo State Commissioner for Arts, Culture, Tourism and Diaspora, Hon. Osaze Osemwegie-Ero, noted that the government recognised the reputation of the company in promoting arts, culture and tourism in  the country and wsa convinced that through the company’s support, it would weave a tapestry of hope for our arts, culture and tourism.

    Meanwhile, the company has been decorated with the Customer Service Brand of the Year 2018 and Fastest Growing Insurance Brand in Nigeria awards.

    Presenting the company with the awards at an event at the Lagos Sheraton Hotel, Ikeja, the Publisher of the magazine, Prince Cookey, explained that the awards were to recognise Anchor Insurance for its  commitment to robust, innovative and retail insurance solutions.

    He noted: “We, at Business Journal, had watched the underwriting company’s activities closely during 2018.

    ‘’The phenomenal way the brand has risen from a near unknown status to booking a seat on the front row of leading and popular insurance brands in Nigeria during the last one year was worth commending, hence the award as the Fastest Growing Insurance Brand in Nigeria.”

  • Saham Unitrust unveils online travel insurance

    Saham Unitrust Insurance Nigeria Limited has made its travel insurance solution available online to enable customers  get their travel insurance policies from around the world.

    The Managing Director, John Ijerheime, said this was part of its efforts to be innovative and continue to make insurance more accessible to the public, saying the company has continued to improve on its services as part of its bid to remain competitive in the ever-dynamic business world and meet the needs of the insuring public.

    He stated that policy cover serves the travelers better, reduces operational costs and improves professional efficiencies.

    He said: “Unlike the current system where every transaction is typed on individual workstations and stored in multiplicity of places, the new solution is designed to run on an enterprise database platform that would allow all transactions to be generated at the click of a button.

    “The company is in partnership arrangement with Swan International Assistance to provide travel insurance for intending travelers for all Schengen countries and worldwide coverage, against emergency medical assistance, Repatriation and evacuation, urgent medical expenses; repatriation of mortal remains; Emergency dental coverage; trip cancelation; Sea and Mountain Search & Rescue; Loss of baggage and loss of passport.

  • Old Mutual rewards customers

    Old Mutual General Insurance Company, a subsidiary of Old Mutual Limited and Premium African Financial Services Group, has launched Double Awoof campaign on its Comprehensive Motor Insurance policy in furtherance of its resolve to deepen market penetration and reward its loyal customers,

    The company’s ‘Double Awoof’ loyalty programme, which began on August 27, 2019, will last till November 8, 2019. The loyalty programme rewards policyholders by slashing the cost of procuring comprehensive motor insurance cover to 2.5 per cent on vehicles and doubles the reward with an instant gift of a Total Service Station’s fuel voucher of up to N30,000.

    The Executive Head, Marketing, Old Mutual, Alero Ladipo, who made this known in a statement explained that for a vehicle owner whose car is valued at N2 million, the instant fuel voucher is N5,000 to keep the vehicle moving during the ember months.

    This, according to her, is an addition to the 25 per cent discount of the premium.

    She said: “The brand’s move to reward its growing customer base was borne out of the firm commitment to the Nigerian insurance market. We understand the importance of comprehensive car insurance to Nigerians especially during the last quarter of the year, when there is a spike in travel activities, heightened insecurity and other associated risks.

    “While we believe that it is critical for everyone to buy an insurance policy for their cars, we also consider it thoughtful to give back to policyholders who buy our Comprehensive Motor Insurance policy. So, it is really about buying a great product at a discount and getting rewarded at the same time,” she said.

  • Seeking legislative backup to up women’s positions in industry’s boardroom

    With only a handful of women in the boardroom and top management positions in insurance, experts are canvassing legislative support to empower more women to develop the industry. Omobola Tolu-Kusimo writes.

    The business case for gender diversity, particularly for increasing the proportion of women in the management and boards positions for women in the insurance industry is compelling for growth.

    Before now, women, either by design, or otherwise, were majorly excluded from boardroom positions in the industry. Men have always dominated the space. Unlike in the banking industry where banks are compelled by regulation to include women in their  boards, the insurance industry does not have any such provision, nor does it have any in the pipeline.

    The Nation learnt that the banking sector  has a provision that allows it to have three women on the board of each bank.

    The need for the insurance industry to emulate the banking industry however formed a major discourse at an international conference by ‘DiveIn Festival’ event held in Lagos, with the theme, ‘Empowering Women in Leadership.’  DiveIn is a global movement in the insurance sector aimed at supporting the development of inclusive workplace cultures.

    Global Chairman, Aon Reinsurance Solutions,  Dominic Christian and also Chairman of Inclusion@Lloyd’s, said insurance in Nigeria has a very bright future because it has huge potential.

    He said there is need to attract women and men with great  talent into the  industry to develop insurance. He pointed out that as insurance practitioners, they should  try to understand people’s risk and how to transfer the risks so that when challenges happen, they can restore their lives and communities.

    He noted that there are  strong societal benefits that insurance provides which he said he believes lies is in the heart of so many women, saying  this is why it is necessary for the government to support women in order to drive growth in the industry.

    He said they launched the very first DiveIn festival in London five years ago.

    “We wondered back then, whether it would be popular enough to warrant an annual event. We had no idea how much support and enthusiasm was out there around the insurance industry for an initiative like this which focus was on leveling the playing field for talent and supporting people to reach their true potential at work. Our festival message then as now, was that diversity and inclusion are good for business. The industry must be one step ahead of the complex global challenges that are affecting business and the public sector – from globalisation, to climate change and cybercrime- and to do that, they need the brightest minds and the boldest innovation.

    “This does not come from groups of people who all think the same way. We need different perspectives, life experiences and cultures in our teams to see opportunities from different angles. We need to be able to walk in our customers’ shoes to see the world the way they do and the only way to make that happen is to mirror our customers in our own employees. But visible diversity is only one-half of the picture.

    “Since we launched in 2015, the festival message has spread across four continents and I am particularly proud to be invited to address you today, opening this milestone event in Lagos, the commercial heart of Nigeria – Africa’s leading economy and one that is full of potential, as a growth market for business services, and particularly insurance,” he said, adding that  their event focuses on empowering women in leadership.

    “Women make up half of our global population. There is a great quote from a World Economic Forum event that I often borrow from, which is, ‘If you exclude 50 per cent of the talent pool, no wonder you find yourself in a war for talent’

    Gender is one of the most apparent signs of diversity – walk into any workplace and it is immediately apparent that there is a problem if the room is almost exclusively male. The International Labour Organisation published global research earlier this year on this subject.  Let me quote from their report which is called: The Business case for Change, which cites Nigerian companies among its respondents in Africa. Our findings indicate that enterprises with equal employment opportunity policies and gender-inclusive cultures are over 60 per cent more likely to have improved profits and productivity, and they are almost 60 per cent more likely to experience enhanced reputation, greater ease in attracting and retaining talent, and greater creativity and innovation. The business case for gender diversity, particularly for increasing the proportion of women in the management and board pipelines, is compelling. But we know that the talent pipeline for women is leaky.”

    Regional Director, Lagos Office, Africa Re, Mrs Funmilayo Omokhodion on her part, said there is an urgent need for the insurance industry to have a legislation that supports women to thrive in the boardroom, saying DiveIn is a welcome development in the Nigerian environment.

    “DiveIn is a welcome development in the Nigerian environment and I believe that it can be involved in our industry. We need to copy up on what the bankers have done.

    The bankers have a legislation that allows them to have three board members on the seat of every bank. These are females that have proven themselves and not just anybody. So when you use legislation to drive women leadership and hearing the voice of women, it tends to yield more result.

    “With the cultural challenge and perception of what and where women should be by some cultures and tradition in the country, it will probably take a long time for it to sink into the sub conscious level of everybody in the private and public sector, inclusive of the women themselves to know that they can actually go and take up a leadership role. This is why there is need for legislative backing for the women to be able to bring out the values they have in them and take it to the level where they can be recognised for what they do. This is when we will begin to see a balanced work force. So I think first of all is a legislation to follow what the bankers have done.

    “Secondly there is need for the women to be mentored. Luckily, we have the Professional Insurance Ladies Association (PILA) that is actually doing a good job on mentoring. The women in this association have meetings once in a month where we try to discuss issues that will make them better in  leadership roles and become better underwriters. I think we are doing a lot in the industry but I think we can do more with legislation.”

    Facilitator of the DiveIn Festival Nigeria, Ms. Egbe Oyegun-Adeoye, said the conversation at the event was the first of the series of conversations that need to happen. “What I found while preparing to host and facilitate the event is that the industry globally is making a very constructive effort to move forward around the diversity and inclusion. And so my words to regulators and legislators is that they should borrow the best practices examples around them like in the financial services sector where the banking industry has shown the way. They had a conversation around it and they got it done. I advise the insurance industry to have this conversation and get it done.

    “But bringing women into leadership positions is the first thing, giving them a voice is second and making sure that their voice has power and can be effective is the third thing. But they need to be brought in first because if you don’t bring them in, nothing can follow suit. So I think there is definitely room for reform. We want to see more women leading insurance, and being on the boards. And I think the conversations need to be started to say how many women do we need and what need to shift.”

    One of the participants, a Nigerian who lives and work in the United Kingdom’s insurance industry, Mary Alade, gave her experience working in the U.K in comparison to what she has seen in Nigeria.

    Alade, who works at AON Reinsurance Solutions, said being successful to be able to drive insurance as a woman is all about having a genuine interest to look around to say what can I do to help the industry.

    ‘’It is about asking yourself what products you can develop to help the industry. But I think that the woman and man can both work together even though they both see things differently’’, she added.

  • More retirees opting for annuity plan as insurance gets N371b premium

    There is a growing number of retirees who opt for life annuity to access pension benefits under the Contributory Pension Scheme (CPS). Omobola Tolu-Kusimo reports.

    The insurance industry has received N371.21 billion premium on life annuity for retirees from the pension industry since inception of the Contributory Pension Scheme (CPS) in 2007 till the second quarter of the year.

    The Nation gathered from a report by PenCom that Pension Fund Administrators paid the premium to insurance companies on behalf of retirees who opt for life annuity as their retirement payment mode.

    The Acting Director-General of PenCom, Mrs. Aisha Dahir-Umar in the report stated that the (PFAs) under the supervision of the Commission also made a lump sum payment of N91.28 billion to the insurance companies in the second quarter of the year.

    This showed an increase of N24.74 billion in one year when compared to the N66.46 billion recorded in the same quarter of 2018.

    She said the Commission approved a total of 2,941 applications for retirement under life annuity during the second quarter of 2019, thus  bringing the total number of retirees receiving their retirement benefits through the annuity plan to 68,857 from inception.

    She said the 2,941 retirees received N4.68 billion as lump sum payment and paid premium of N17.53 billion to insurance companies and monthly annuity of N184.50 million.

    Mrs. Dahir-Umar said this resulted in total lump sum payment of N91.28 billion, premium of N371.21 billion and monthly annuity payments of N3.70 billion as at the end of the second quarter, 2019.

    She added that the commission in the second quarter of 2018, approved a total of 2,652 applications for retirement under life annuity during the quarter, bringing the total number of retirees receiving their retirement benefits through the annuity plan to 54,471.

    The 2,652 retirees received N2.56 billion as lump sum payment and paid premium of N14.34 billion to insurance companies. This resulted in total lump sum payment of N66.46 billion and monthly annuity payments of N2.84 billion, she said.

  • ARIAN pushes for property insurance

    The Association of Registered Insurance Agents of Nigeria (ARIAN) has embarked on an insurance walk to sensitise Nigerians on the need to secure their lives and property with insurance.

    Its President, Ademola Ifagbayi who spoke during the ARIAN Insurance Walk 2019 with the theme: Project S3, Secure Child Education/Secure the Future/Save Nigeria, held in Lagos, said the purpose of the walk was to create awareness on insurance in the country, saying that insurance is very important but many people are yet to embrace it.

    He urged Nigerians to plan for their future, children and business by having insurance cover.

    He said: “Whether you like it or not, risk is natural and there is nothing you can do. This year, we are focusing on children education plan. Education is the best legacy that any responsible parent must give to their children because it has become very expensive and many  children are returning back to school.

    “Many children attend private schools, whether primary or secondary including private universities. This is the time parents will be running around to look for how to pay school fees. But with an insurance policy, a parent can plan for their children’s future by making a regular savings on a monthly basis, quarterly basis, even on annual basis depending on  their capacity. If you want your children to be better than you tomorrow, you must give them education. It is also good for you to have insurance for your business whether you are an artisan, or you are working in an organisation.

    “I want you all to know that this insurance policy makes provisions in two ways because I know that plenty people will say why do I need to take insurance because I already have accounts with the banks. Taking an insurance policy is different from having a bank account,” he added.