Category: Insurance

AIICO Insurance Plc is spreading love, hope and inspiring the less privileged children to look beyond their circumstances while pursuing their dreams.

The firm organised an event to celebrate Children’s Day with kids under the care of Vine Heritage Home in Abuja through ActionAid Nigeria.

The atmosphere was filled with excitement as the kids immersed themselves in various thrilling activities, from games to lively music and dance, with lots of refreshments.

The Head of Corporate Responsibility and Sustainability AIICO Insurance Plc, Mrs. Abimbola Shobanjo, said: “One of the fundamental principles guiding AIICO’s CSR initiatives is to support the well-being and development of children, especially those who are less privileged. The initiative is an investment in the future of our society and the nation. By creating a memorable and uplifting experience, we hope to spread love, joy, and hope and give them a sense of belonging. We aim to inspire them to look beyond their present circumstances and to find the strength to pursue their dreams.”

“Over the years, AIICO Insurance has continued to support ActionAid in the fight against the obnoxious cultural beliefs that promote the practice of infanticide. In these local communities, it is believed that children born under certain circumstances are evil and are killed. These include twin children, albinos, children born with deformities, children whose mothers die during childbirth, etc. Vine Heritage Home provides shelter and livelihood for children rescued from the barbaric practice of infanticide in some local communities within the Federal Capital Territory (FCT),” Abimbola added.

To monitor operations of Takaful and Retakaful companies, the National Insurance Commission (NAICOM) has mandated the operators to appoint officers to be called NAICOM Relationship Officers.

This is contained in the recently released Market Conduct Guidelines for Takaful and Retakaful Insurance Operators by the National Insurance Commission.

The guidelines issued on May 1, stated that a takaful insurance operator shall appoint or have a relationship officer, who shall be the liaison officer interfacing with NAICOM and shall be called NAICOM Relationship Officer (NRO).

NAICOM stated that the Relationship Officer shall be a senior member of staff not below the rank of Senior Manager (or its equivalent), whose duties shall include: Ensuring that returns are filed as required by the guidelines; vetting of returns to the Commission; ensuring compliance with statutory requirements, ensuring effective dissemination of directives and policy changes as may be contained in administrative letters, circulars, guidelines and other relevant statutory documents issued by the Commission from time to time, giving a quarterly report to the Commission in respect of the reports under reference.

Read Also: Under IFRS 17 shareholders to monitor firms, says NAICOM

“The NAICOM Relationship Officer, who shall report to the Chief Executive Officer, shall be at liberty to report to the Commission any observations or conducts which are inconsistent with the statutory provisions and/or standard practice within the takaful industry,” NAICOM said.

NAICOM also noted that the takaful insurance operator is required to have a dedicated Internal Shari’ah Compliance Unit (ISCU) comprising of officer(s) with appropriate qualifications and experience in Islamic commercial jurisprudence, and conventional insurance/finance to serve as the first point of reference for Shari’ah compliance issues.

It said the Internal Shari’ah Compliance Unit may also serve as the Secretariat to the ACE and members of the Secretariat shall carry out their functions in consultation with the ACE.

NAICOM charged a takaful insurance operator to appoint a Compliance Officer not below the rank of a Senior Manager who shall be responsible for monitoring and ensuring compliance with all anti-money laundering laws, regulations and guidelines.

Thousands of African insurers, brokers, agents, regulators and other stakeholders are gathered in Algeria to brainstorm on how insurance can help the continent achieve food security.

The experts are brainstorming at the 49th African Insurance Organisation (AIO) and Annual General Assembly held at Hotel El Aurassi – Algiers, Algeria with the theme: The Contribution of Insurance to Food Security Challenges in Africa.

Read Also: Nigerians eat weird foods, says Thabang

The AIO President, Dr. Ben Kajwang, said experts and specialists agreed to discuss the contribution of the insurance industry to food security in Africa, in an economic situation marked by tensions and crises.

He said they would also discuss events on a global and regional scale, namely, climate change, the COVID-19 pandemic, among others.

He stated that the repercussions of this particular economic situation had been felt more on the African continent, hence the need for the involvement and participation of economic actors in setting up innovative and appropriate socio-economic projects allowing achieve the desired sustainable development.

Insurers are breaching their policy on the new Third-Party Motor Insurance rate.

The policy was increased from N5,000 premium rate to N15,000 on January 1, 2023.

While the new rate was agreed upon between the regulatory authority, the National Insurance Commission (NAICOM) and Chief Executive Officers of insurance companies, NAICOM was meant to enforce it as the regulator.

But it appears that the commission is not able to do it as some companies have been indicted to have been breaching the agreement not to cut rate by selling below N15,000.

Last week, the Nigerian Insurers Association (NIA) threatened to drag insurers before NAICOM.

The association is kicking against the underselling of motor rates. But some stakeholders believe the NIA should do more to put its members under check.

A memo by the NIA and signed by the Director-General, Mrs. Yetunde Ilori, to insurance companies that are members of the association, read, “Following the decision reached at the CEOs retreat in respect of the need to implement the new premium rates on Motor Insurance, it has become pertinent for the Association to reiterate the need for companies to sell motor insurance policies at the approved rate.

The memo further read: “The Secretariat has received reports that some companies are selling below the approved rates, and this does not augur well for the growth of the market even as it brings serious reputational issues to the insurance business.

Read Also: Insurers to settle backlog of unclaimed claims

“Also, the Governing Council is displeased with the activities of agents within licensing offices engaged by member companies to sell third-party motor insurance at reduced rates and other such arrangements.

“The association will not hesitate to report defaulting companies to the NAICOM companies, which are, therefore, enjoined to ensure compliance to avoid regulatory sanction”, she warned.

But one of the CEOs who pleaded anonymity said: “This is like a warning. I do not think we should be warning ourselves of this new directive. This is not what we need.

“There was a circular to this effect that came out in December and it is enough warning for every operator. So how many warnings are we looking at before we start sanctions.’’

A top source also said: “I am of the opinion that this letter should have come with the names of such underwriting firms that have flouted the new premium directive, rather than warning.

“But can NIA sanction their  members? Can they report their members to NAICOM?”

Another CEO of one of the insurance companies when asked why operators are breaching the agreement and if the regulator is finding it difficult to enforce said: “It’s easier said than done,” he added.

AXA Mansard Health, Nigeria’s biggest Health Management Organization (HMO) has announced a one year free Gold Health Insurance for Hilda Baci, the 27-year-old Nigerian chef , who is on her way to breaking the Guinness world record for the longest cooking time.

The company on its social media page explained that its gesture is to boost the morale of the 27-year old and give her the confidence to progress to the end, despite the exhaustion that might have come with 70 hours of cooking she has already put in.

Read Also: Madonna varsity awards Hilda Baci scholarship to PhD level

The statement reads: “Dear Hilda, you’re doing amazing! We see your determination and we Know You Can.

AXA Mansard Health solidly supports you. We know that when you feel secure, you can progress. So we are supporting you with a one year Gold Health Insurance. We trust this can strengthen you more in the pursuit of this world record for yourself, millions of women you inspire everyday and our dear country.

‘’We hope this support will inspire you and serve an additional elixir to the millions of support that you already enjoy across the world today and always. Wishing her all the best”, the statement added.

• •Sanlam Life rewards sales champions’

NSIA Group, which owns NSIA Insurance Limited,  has acquired four insurance subsidiaries of SANLAM Group.

Borne out of the desire to strengthen its positions in West and Central Africa, NSIA Group began the deal in 2021 with the following subsidiaries of SANLAM group – Sanlam Life Insurance in Togo; Sanlam Life Insurance in Gabon; Sanlam Non-Life Insurance in Congo and Sanlam Non-Life Insurance in Guinea.

The Chairman, NSIA Group, Jean DIAGOU said: “For 26 years, the NSIA Group has been implementing a controlled development strategy for its activities.

“This is what allows us to establish ourselves permanently in each of the countries where we operate. Today, we are strengthening our presence in Togo, Gabon, Congo, and Guinea. For all of our stakeholders, this operation heralds promising prospects,” he noted.

The Managing Director/CEO, NSIA Insurance Nigeria, Moruf Apampa, said this operation met two objectives, which is to increase our market share in countries that are important for the development of NSIA and to strengthen our compliance with the requirements of the regulator of the CIMA zone”, he stated

Meanwhile, as part of her drive to continuously motivate her retail sales force, Sanlam Life Insurance Nigeria Limited, formerly FBN Insurance Limited, recently rewarded outstanding members of the sales force.

The company rewarded the staff members at the 2022 MD/CEO Ember Championship and The Retail Annual Competition (TRAC) in Jos, Plateau State.

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A statement by the Senior Marketing Services Coordinator, Sanlam Life Insurance Nigeria Limited, Bankole Banjo, said Sanlam Life boasts a potent sales force with thousands of vibrant men and women all over Nigeria, adding that the sales force was in different categories ranging from Financial Advisors to Area Sales Managers.

The Executive Director, Retail Distribution, Sanlam Life Insurance Nigeria Limited, Odinakachi Umekwe, commended the efforts of the retail team for the outstanding performances they put forward despite the macroeconomic headwinds of the year 2022.

Umekwe said; “Our sales champions all over Nigeria have sold insurance under the most challenging environment to ensure the company stays ahead in the retail space. This TRAC ceremony is to adequately recognize and reward the overall top sales men and women for the year and motivate others to strive for more.”

The Managing Director/Chief Executive Officer, Sanlam Life Insurance Limited, Tunde Mimiko, presented a brand-new Hyundai Accent car to the overall winner of the 2022 TRAC Award (Financial Advisors category), Agene Jacob Israel. Winners in other categories got cash prizes, return tickets to United States of America, a trip to Dubai as well as training opportunity at the South African Business School, University of Stellenbosch.

Shareholders should be prepared to monitor financial positions of their companies as  the International Financial Reporting Standard (IFRS) 17 kicks off next month, the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said.

Thomas, who spoke when members of Independent Shareholders Association of Nigeria (ISAN), visited the Commission in Abuja, urged them on education.

He told the shareholders that IFRS 17, would change how insurance companies report their statements.

He urged the shareholders to consult their companies on how they could be trained on the new reporting standard.

He noted that with the adoption of IFRS 17, financial statements of insurance companies would no longer carry gross premium, though the balance sheet will remain the same.

The regulator, who was excited by the visit, told the shareholders that NAICOM needs a robust relationship with them on regulation.

He submitted that NAICOM is committed to protection of stakeholders – policyholders; shareholders and residual owners.

Responding to the shareholders demand for better value of their shares at the Nigerian Exchange, Thomas said investor need to be very patient to maximise their profits, adding that there is future for the sector.

He told the shareholders that insurance companies do comply with the local content policy, adding that companies only cede abroad risks they do not have the capacity to underwrite.

Read Also: Shareholders praise NAICOM for restoring IEI Insurance

He said: “Shareholders need to be educated on how the insurance industry works and the capital market by  looking beyond the financials.

“I implore shareholders to hold members of the board of their companies responsible for most problems suffered by their companies. As investors, you should be interested on how your investments are managed.

“I also urge you to promote corporate governance by ensuring competent individuals are elected as board members of their companies. You need to take responsibility of internal evaluation of board reports and comport yourselves during annual general meetings. Also, shareholders elected to internal audit committee to exercise their duties and ensure quality control”, he noted.

Responding, the National Coordinator Independent Shareholders Association of Nigeria, Moses Igbrude, applauded NAICOM for the meeting, whilst seeking for involvement of shareholders in major decisions taking on companies.

He expressed misgivings on how some foreign firms were allowed to take over 100 stakes in some companies without the involvement of minority shareholders.

He implored NAICOM to work together with insurance practitioners to promote insurance education, stressing that most Nigerians don’t buy insurance due to wrong perception arising from low awareness.

Nigeria Employers’ Consultative Association (NECA) has called for more sensitisation on the enhanced Third-Party Motor Insurance cover.

NECA made the call during a visit to the National Insurance Commission (NAICOM) in Abuja.

Read Also: NECA warns against imposition of additional taxes

NECA Director-General, Adewale Smatt-Oyerinde, who led his team, also urged the Commission to explore areas of collaboration to sensitise employers and workers on the importance of Group Life Insurance.

The team was received by the Commissioner for Insurance, Sunday Thomas and his management team.

Governments and international communities embarking on infrastructural projects across the sub-region, including Nigeria, are to insure them through West African insurance firms.

Findings show that while such project facilitators do approach banks for funding, it is not the same with their insurers as they are neglected.

The five English-Speaking West African countries – Nigeria, Ghana, Liberia, The Gambia and Sierra Leone – are standing up to the challenge as they are set to insure infrastructural projects across the sub-region.

These countries are under the West African Insurance Companies Association (WAICA).

Consequently, WAICA is working with the Economic Community of West African States (ECOWAS) on the ratings of underwriters that will be participating in these infrastructural projects.

Confirming this development at the ongoing WAICA 50th Anniversary and Conference in Victoria Island, Lagos yesterday, theSecretary-General/CEO, WAICA, Mr. William Coker, said the association was working with ECOWAS on the ratings of underwriters in the sub-region so that they could participate in international infrastructure projects.

This, he said, was not good for projects to sideline insuers, the reason the association approached ECOWAS to assist it.

Believing insurers could underwrite such projects, especially under a consortium, he added that this would not only improve the profitability and growth of the industry, but also make the sector relevant in national and economic planning.

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He said: “Infrastructure projects’ facilitators go to banks for funding, why not approach insurers in the sub-region for cover. Even if we cannot do it as an individual company, insurance companies can come together as  a consortium to provide cover.

“WAICA has initiated a proceeding with ECOWAS. It has got the approval of the Council of ECOWAS to get their final blessings.This will change the landscape of infrastructure projects insurance in the sub-region,” he pointed out.

Meanwhile, the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, in her opening address, noted the importance of enhancing multilateral cooperation topromote international standards in fostering favourable investment environments and orderly markets in the West African sub-region and beyond and that it could engender growth for the continent.

Consequently, she said, it had become imperative for the insurance supervisory systems and practices to  upgrade to cope with these developments to mitigate possible financial and systemic stability arising from the sector.

The Chairman, Nigerian Insurers Association (NIA), Segun Omoshein, said:  “Our commitment to excellence, innovation, and professionalism is reflected in the way we have prepared for this conference, and I am confident that it will be a resounding success.’’

Speaking on the theme of the conference, “Repositioning the Insurance Industry in West Africa for Global Competitiveness”, Omoshein said it is timely and relevant, adding that it underscores the need  for them to drive growth and innovation of the  sector.

The Managing Director of LivingTrust Mortgage Bank Plc, Dr. Adekunle Adewole, has canvassed a synergistic relationship between banks and the police to ensure a more effective and less rancorous recovery of bad debts.

Adewole made the call when he visited the Assistant Inspector General of Police (AIG) in-charge of Zone ’11’ Command, comprising Oyo and Osun state Commands, Mr. Akande Sikiru Kayode, at his office, in Osogbo, the Osun State capital.

According to a statement by the bank, at the weekend in Osogbo, Adewole and the newly-deployed police boss also brainstormed on how the two entities can work together to improve the security situation in the zone.

Read Also: Why Nigerians should join us to recover N4tr bad debts, by AMCON

“Adewole and the AIG discussed possible areas of collaboration to improve the overall security situation in the zone. They also discussed how the police could assist banks with bad debts recovery given the complexity of Nigeria’s operating environment”, the statement reads.

Adewole, according to the statement, pledged the bank’s support for the police in the Zone, especially in the execution of projects that will enhance the efficiency of their officers.

In appreciation, the AIG presented Adewole with a souvenir at the end of the visit.