The Nation Newspaper

Category: Insurance

  • AXA Mansard restates commitment to customer service

    AXA Mansard Insurance Plc, a member of the AXA Group and global leader in insurance and asset management, has restated its commitment to service excellence, the Group Head of Strategy & Marketing of the company, Mr. Kola Oni, has said.

    In a statement, Oni said this was in line with one of the company’s goals for 2019- “Customer first”.

    He added that the company and all its employees are committed to fulfilling its promise to all its customers and to ensuring sterling and world class service standards at every point of contact.

    He said: “It is in the company’s DNA to consistently provide exceptional service that leaves memorable experiences in the minds of our customers. We promise to make our customers our partners, not just premium payers. All our employees understand our brand’s promise to our clients and are sufficiently equipped and willing to deliver on this promise at all times.

    “In an attempt to serve our customers better, the company has a number of initiatives geared towards the continuous improvement of services. One such initiative is the AXA First Responder service which provides on-the spot assistance to customers at accident scenes, including immediate claims settlement for smaller sums.”

    He noted that the company is a member of the AXA Group, the worldwide leader in insurance and asset management with 166,000 employees serving 105 million clients in 62 countries.

    “The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 105 million clients in 62 countries. In 2016, IFRS revenues amounted to Euro 100.2 billion and IFRS underlying earnings to Euro 5.7 billion. AXA had Euro 1,429 billion in assets under management as of December 31, 2016.

    “The AXA ordinary share is listed on compartment A of Euronext Paris. AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment,” he said.

  • NAICOM to focus on capital requirement, risk based supervision, others in 2019

    The National Insurance Commission (NAICOM) has listed capital requirement for insurance practice, establishment and implementation of effective risk     management and full implementation of risk based capital and supervision as areas of focus for the commission  this year.

    Other areas, according to the commission, include monitoring of asset and liability management practices; enforcement of code of corporate governance; sustained surveillance on operators activities, especially those with issues of regulatory concern; attention to financial reporting practices by holding board and external auditors responsible; and preparing for implementation of International Financial Reporting Standard (IFRS) 9 and IFRS 17.

    NAICOM’s Deputy Commissioner for Insurance, Mr. Sunday Thomas, who made this known while presenting a paper: “The Role of the Regulator in Shaping Insurance Industry Performance in 2019”,  at the Chartered Insurance Institute of Nigeria (CIIN) 2019 Business Outlook in Lagos, said optimal development of the insurance market would be to facilitate financial inclusion initiatives and promote policy to facilitate public access to insurance services nationwide. It will also enforce compulsory insurances.

    The key areas of regulatory concerns in the sector, he said, are corporate governance failure; inadequacy and poor quality of capital and asset structure; delays in the settlement of reported insurance claims and reduction in the market capacity to underwrite special risks.

    He said they are also concerned about the inadequate risk assessment and pricing among insurance operators, inadequate deployment of technology in the industry; insufficient support to market development initiatives; challenges in financial reporting practices and deficiency in human capital needs.

    Concerning some of the commission’s regulatory initiatives, he said an enhanced micro-insurance guidelines were released in January 2018, with the licensing of two applicants as stand-alone micro-insurers  almost ready for release.

    He said: “The commission has also granted licence to two stand-alone Takaful Insurance companies and three companies with window operation trading in 22 approved products; signed a Memorandum of Understanding (MOU) with the Central Bank of Nigeria (CBN) on Bancassurance to increase access to insurance products. Companies granted approval are being monitored while pending applications are under processing.

    “We have collaborated with the insurance underwriting companies for the rebranding campaign geared towards restoring trust and confidence  of the public in the insurance sector of the economy;  restructured the Commission’s Complaint Bureau for effective response to consumers’ complaints; created the platform for knowledge acquisition on Index Based Agricultural Insurance (IBAI) through collaboration  with NISRAL -Approval granted to five insurance companies to participate in the IBAI pilot scheme.

    “We also collaborated with international and national bodies in developing insurance sector’s capacity on Index Based Agricultural Insurance; and collaborated with the Nigerian Content Development and Monitoring Board (NCDMB) to ensure compliance with the provisions of the Nigeria Oil & Gas industry content development Act 2010, by making it compulsory for all companies operating in the sector to insure assets first with local insurers before seeking permission from the body to insure with a foreign firm.”

    Thomas pointed out that the aftermath of the financial crisis saw a globally coordinated response that resulted into series of new regulations across major financial sectors, for a more robust and stable financial system.

    “Tougher, more detailed and more complex standards now apply to all aspects of regulation,” he noted.

    He continued: “Regulators across sectors remain highly vigilant to the risks of economic downturn and market shocks. The global business environment is changing and the changes will necessitate regulatory refocusing in 2019. Jurisdictions are increasing business protection against money laundering and financing terrorism.

    “There are rising supervisory expectations, reflecting the growth of principle-based supervisory approaches that emphasise the importance of governance, culture and management approach, and the outcomes. A sound regulatory and supervisory system is panacea for maintaining a fair, safe and stable sector for the benefit and protection of the interests of policy holders; and effective insurance regulation supports economic growth.”,

     

     

  • Linkage to host NCRIB members’evening

    Linkage Assurance Plc has opted to host the February Edition of Nigeria Council of Registered Insurance Brokers (NCRIB) Members’ Evening. The insurance firm said it chose to host the event as part of efforts to extend its operation frontiers and break new grounds in its relationship with brokers.

    A statement by NCRIB said the Bi-monthly event, scheduled for T.A Braithwaite Events Hall, Insurance Brokers House, Yaba Lagos, on February 26, 2019, would be graced by top notch of the insurance broking professionals.

    The Council said the hosting of brokers under the aegis of the NCRIB by Linkage would be symbolic, given the fact that it would be the first edition of the Council’s members evening in 2019 and over 300 brokers within Lagos and its environ would be hosted.

    The statement read: “The event would be a win-win one for both Linkage and brokers as it would facilitate harmonious relationship between both parties. It is a known fact that brokers constitute a crucial chain in the insurance industry in Nigeria, given the enormous clientele controlled by them. The Linkage team would be led to the event by its Managing Director, Mr.  Daniel Braie. Linkage prides itself as one of the leading companies in Nigeria with a reputation for prompt and accurate service delivery, efficiency and customer satisfaction.”

     

  • Africa Re to reward African insurers

    The African Reinsurance Corporation (Africa Re) is set to reward and celebrate innovation, good corporate management and good leadership in the African insurance industry at the fifth edition of the African Insurance Awards.

    In a release by its Head of Corporate Communication, Alfred Adogbo, the 2019 edition will hold on June 10, 2019 in Johannesburg, South Africa. He disclosed that there are four categories of Awards in this year’s edition.

    He said: “The first category is “Insurance Company of the Year”. This prize is open to all insurance companies registered in Africa and focusing on performance in the last two years. The second is the “CEO of the Year”. This special award is given to the CEO of a company, who has made an outstanding contribution over the past 12 months or more, either through the advancement of his or her company or the insurance industry in Africa.

    “The third category of award is “Innovation of the Year”. This prize is awarded to an insurance company for the best use of technology, for launching a breakthrough product and services or and innovative distribution channel or method. The fourth award is “InsurTech Breakthrough”. This prize targets non-insurers collaborating with insurers to improve customer service delivery, product development and overall innovation in the insurance value chain. Interested participants in this category should visit www.insurtech.africa-re.com. The window to submit applications has opened from February 18, to close on April 30, 2019.”

    He added that cash prizes, plaques and certificates will be awarded to winners.

     

     

  • Guinea: Court upholds order against regulator

    A FEDERAL high Court sitting in Abuja, has upheld an order restraining the National Insurance Commission (NAICOM) from suspending Guinea Insurance Plc from underwriting new insurance businesses.

    According to a statement by the Guinea Insurance Team Lead, Corporate Communications, Hanson Ufot said the order was given  last week in suit No: FHC/ABJ/CS/151/2019 filed by the insurance firm against NAICOM on February 6, 2019.

    The statement read: “At the resumed hearing on Monday, Ebere Okonkwo, counsel to Guinea Insurance Plc, informed the court that the commission did not appear in court despite being served the Motion on Notice and a copy of the court’s order dated February 8, 2019, restraining the Commission from taking any step whatsoever against Guinea concerning the “compliance with directives contained in the letter dated January 28, 2019”pending the hearing and determination of the Motion on Notice”

    “The Court ordered both parties to maintain status quo ante and consequently adjourned the suit to February 26, 2019 for further hearing of the Motion on Notice.

    The Court had given an order restraining NAICOM from suspending the company from writing new businesses in the suit filed on February 6.

    The court, in a ruling by Justice I. E. Ekwo, granted an order against the commission on February 6, 2019.

    The order reads: “An order of mandatory injunction restraining the defendant, whether by itself, or assigns, successor-in- title, personal representative, agents or privies or any other person or body of persons (however described) acting for it or at its instance or behest, from enforcing or taking any steps whatsoever, including, without limitation, writing letters, issuing directives and/or instructions of the plaintiff or any other person or entity; or taking out publications or any other acts; with intent, (or, in respect of such acts having) the likelihood or potential, to halt, stop, disrupt, frustrate or defeat; or in any way, other way whatsoever, undermine or negatively impact the operations and / or business of the plaintiff; for any reasons whatsoever arising from, connected to, based upon or touching  or concerning the compliance with the directives contained in the defendant ‘s letter of 28th January, 2019 pending the hearing and determination of the motion on notice.”

     

     

     

     

  • ‘NIA promoting self-regulation’

    The Nigeria Insurers Association (NIA) is promoting self-regulation among its member companies, the Chairman, Mr. Tope Smart, has said.

    He spoke during a media parley  in Lagos.

    Smart said the association is taking self-regulation more seriously than ever before, following the cancelled Tier Based Minimum Solvency Capital (TBMSC) introduced in August 2018, and later cancelled the regulatory body of the industry, the National Insurance Commission (NAICOM).

    The TBMSC is a planned policy that would have categorised insurance companies into Tier 1, 2 and 3, and force many to recapitalise to be well classified.

    The NIA chairman stated that the association had two years ago launched a transformational agenda that would grow insurance companies and the sector.

    He added that it is in the interest of the operators to shore-up their capital and not wait to be compelled by the government to do so.

    He said: “Self-regulation is one of the things that we are trying to promote at NIA. In view of this, we launched a transformational agenda two years ago. We don’t want to wait until NAICOM tell us to raise capital. We want to on our own decide that the capital we are using to trade needs to be increased to a particular threshold. We have agreed among ourselves that this is necessary.

    “When the commission cancelled TBMSC, we discussed the issue at our council meeting and told our members to shore up their capital so that they can be responsible and pay claim. It will also enable us to play where we are supposed to play and to carry the risk we are insuring. So this is an issue that we are taking up at Council. Going forward, we don’t want to wait for government to say do this or that and that is why we have taken it up as an association.

    “The industry is moving forward and it is evolving. We are not yet where we plan to be but we are working towards getting to the promised land. There are a lot of innovations in the industry which, when compared to the past, we can say the industry is much better. We are happy that service delivery of most companies are getting better every day. We have a customer complaint bureau where members of the public can make a report on any issue they have with any insurance company. We have received several complaints and we have resolved many of them. So the companies have improved. We are not done yet because we believe our best is yet to come,”  he added.

  • AIICO empowers students with work tools

    To ignite passion for science and technology innovation in youths, AIICO Insurance Plc has donated thousands of mathematical sets and calculators to pupils and students in over 30 primary and secondary schools across six states of the federation.

    Its Executive  Director and Chief Operating Officer, Mr. Babatunde Fajemirokun in a statement, said this was in line with the organisation’s commitment to promoting literacy and aiding adoption of STEM in schools.

    STEM is a curriculum based on the idea of educating students in four specific disciplines – Science, Technology, Engineering and Mathematics and this campaign is being championed across various climes, including Nigeria.

    AIICO, he said, identifies with this initiative and supports government’s drive to entrench STEM in schools by encouraging young ones to pursue STEM subjects.

    AIICO Insurance, a leading corporate insurer in Nigeria, began operations in 1963. It provides life insurance, health insurance, general insurance, wealth management and pension management services as a means to create and protect wealth for individuals, families and composite customers.

  • STI pays N4.2b

    Sovereign Trust Insurance Plc has settled claims to the tune of N4.24 billion to various insured spread across the country in 2018, the Managing Director of the underwriting firm, Mr. Olaotan Soyinka, has said.

    Soyinka, in a statement, reaffirmed the firm’s commitment and capacity to honour all genuine claims as and when due.

    He said the company has put in place a friendly-claim-process with the sole aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest possible time on completion of all necessary documentation.

    He said: ‘’Our commitment to uphold the tenets of our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country. STI is no doubt a formidable force to reckon with in the Nigerian insurance landscape with a network of offices spread over 18 locations in the country.”

    The company’s spokesperson and Head of Corporate Communication & Brand Management, Segun Bankole said the claims experience in 2018 was quite humungous, attributing it to the downturn in the economy.

    “The summary of the claims paid in 2018 shows that Energy had the highest figure of N2.1 billion with Fire Insurance ranking second with total claims settled to the tune of N664 million. Motor Insurance claims amounted to N567 million while Marine & Aviation claims stood at N447 million. The total sum of N333 million was paid as claims on General Accident Policy with Engineering closing the figures with N41 million, bringing the total claims paid to N4.2 billion.”

    Also commenting, the Executive Director, Technical Operations, Mr. Jude Modilim, said there is no compromise to genuine claims settlement in the company.

  • NAICOM confirms Ikuomola Anchor ED

    The National Insurance Commission (NAICOM) has approved the appointment of Mr. Ikuomola Adebisi Adeleke as the Executive Director, Technical of Anchor Insurance Company Limited.

    The commission also ratified the appointments of Mr. Fasanmi Anthony Olajide and Ms. Olubukola Koyenikan as the General Manager, Marketing and Head, Enterprise Risk Management.

    A statement from the company’s spokesman, Nelson Egboboh read: “A letter from the commission which conveyed the approvals and signed by Leo Akah, Director, Governance, Enforcement and Compliance stated in part that the commission was pleased to convey the approval for the appointments of the officers after carefully reviewing the company’s application and the supporting documents.

    “Mr. Ikuomola, who was the Group Head, Technical of the company before his appointment as Executive Director in September, 2018, by the Board of Directors subject to NAICOM’s approval, started his insurance career in 1989.  He joined Anchor in April, 2011 after working with different insurance companies and brokerage organisations in different technical capacities. He holds an HND in Business Administration from Akwa Ibom State Polytechnic and an MBA in Marketing from Ladoke Akintola University of Technology. He is an Associate, Chartered Insurance Institute of Nigeria.

    “In the same vein, NAICOM has also, via the same letter, approved the appointments of Mr. Olajide and Ms. Koyenikan.

    Olajide is a rounded insurance practitioner with long experience in insurance underwriting and broking concerns. He joined the company in May, 2018 from Staco Insurance Plc where he was Assistant General Manager, Brokers/Branch Operations. He holds a B.Sc and an MBA from Abubakar Tafawa Balewa University and the Lagos State University, Ojo. He is an Associate Member, Nigerian Institute of Management, Nigerian Council of Registered Insurance Brokers and Chartered Insurance Institute of Nigeria.

    “Ms. Koyenikan, who joined the company in August, 2018, holds a B.Sc. degree in Economics from the Lagos State University and an Advanced Diploma in Accounting and Business.

    She is a member, Association of Certified Chartered Accountants (ACCA) and an affiliate of the Certified Institute of Risk Management (IRM –UK). She joined the industry in 2014 as an Internal Auditor and Compliance Officer at Standard Alliance Insurance Plc,” the company added.

  • AIO Confab to hold in Johannesburg

    The African Insurance Organisation (AIO) is to hold its 46th conference and annual general assembly at Emperors Palace in Johannesburg, South Africa, from  June 8 to 13.

    Each year, the event attracts senior delegates from across Africa and the rest of the world to discuss the most pressing issues facing the insurance industry on the continent at the time.

    AIO Vice President, Delphine Traore Maidou in a statement in Nigeria said this year’s theme is: Insurance penetration in Africa: Insuring the uninsured, noting that the conference will focus on insurance distribution and inclusivity across the continent.

    According to her, other topical issues under discussion will include micro-insurance and the effects of climatic events, such as floods, droughts and wildfires on the industry and the economy in general.

    She said they have managed to secure some highly regarded speakers, panelists and facilitators from all over Africa and beyond for this year’s conference.

    ‘’We have also got some quality bookings and are very happy at the rate that seats are filling up. As always, I am sure my colleagues from across the continent will network, do business and drive further cross-border collaboration,’’ she added.