The Nation Newspaper

Category: Insurance

  • Wapic leads talk on risk management to boost productivity in ICT, Telecom

    Wapic Insurance Plc has enlightened clients and other stakeholders on the alternative methods of managing risk and Telecoms & ICT companies’ exposures, especially within a volatile economic environment like Nigeria.

    Its Managing Director, Adeyinka Adekoya in her remarks at a Seminar Series organised by the firm with the theme: “Mitigating Risk in the Telecoms & ICT Industry: Challenges & Solutions”, said the firm aims to ensure that its clients and potential clients in the ICT and telecommunications industry manage their risks effectively and efficiently towards greater productivity and value creation. She said risk is constant in life and all business endeavours, noting that it is the reason risk management is an important aspect in the businesses’ life cycle.

    She stressed that in a progressively globalising world, risk management is in fact, a measure that calls for constant remodeling and fine tuning to fit evolutions in business and the world in general.

    She said: “Globalisation has allowed for the proliferation of digital solutions, Telecoms and ICT. Technological and industrial advancement pose a risk to our collective future. To secure a progressive future, it is important that all technological investments of today remain sustainable and scalable for the future.

    “Insurance is one very important risk management measure. However, there are many other  valid measures that together with insurance will provide the right fortification for Telecoms and ICT companies in Nigeria. There are also many more ways that insurance can provide fortification for this industry than the ways in which we currently do.

     

     

  • Scib eyes first position in Africa

    •Celebrates 40th Anniversary

    Scib Nigeria & Company Limited has said it aims to be the number one broker in Africa.

    Its founder and Chairman, Olola Ogunlana, who stated this at the 40th Gala Anniversary in Lagos, said the firm is also targeting its expansion in Africa.

    He said the firm has produced top insurance professionals such as Leadway Assurance Limited Managing Director, Hassan Oye-Odukale; Consolidated Hallmark Insurance Managing Director,  Eddie Efekoha, and FBNInsurance Limited Managing Director, Val Ojumah.

    Ogunlana, who recently celebrated  his 80th birthday, said the company was built and nurtured on core values.

    He further disclosed that the firm is  building a magnificent corporate edifice in Lagos and engaging in intermediating insurance services through robust information and technology platforms.

    He noted that to inspire the company at its formation, he used the watchword from a nursery rhyme which had guided his life since 1938 when he was enrolled in St. Paul’s Breadfruit Primary School, Lagos.

    He said the simple, but inspiring rhyme provided the core value on which Scib Nigeria & Company Limited was built and nurtured. He appreciated the board, management and staff of the company for reaching the milestone.

    The firm’s Managing Director, Shola Tinubu, said the 40th anniversary afforded the firm a unique opportunity to give special recognition to the founder, stressing that the firm, which started with one employee, has grown to an employer of over 120 and has become a globally institution.

    He attributed the growth to the support from stakeholders, adding that it takes a lot to achieve the status of leadership the firm offers.

  • CIIN: insurance stocks viable

    Chartered Insurance Institute of Nigeria (CIIN) President and Chairman of Council, Mrs. Funmi Babington-Ashaye, has assured players in the capital market of the industry’s ability to deliver value to the investment community.

    Mrs. Babington-Ashaye spoke during CIIN Council member’s visit to the Nigerian Stock Exchange (NSE) in Lagos.

    She appreciated capital market operators for their immense contributions to the recapitalisation of the industry between 2005 and 2007.

    At the moment, she said, the industry fundamentals  were sound and favourable.

    She said: “With the recapitalisation, the solvency and capacity of insurance companies to underwrite large risks and meet obligations arising from claims, have improved tremendously. More importantly, more foreign insurance companies have been attracted to the insurance space due to the resultant improvement in regulations and business environment.

    “As the economy consolidates on its growth trajectory, the industry will, hopefully, enjoy an unprecedented boom due to the various initiatives of the regulator, NAICOM, which includes release of guideline on micro-insurance to deepen insurance penetration and to achieve financial inclusion target for the sector, implementation of compulsory insurance and adoption of new risk-based regulatory regime.”

    She urged players to comply with market regulations and reporting practices in the interest of stakeholders.

    NSE Chief Executive Officer, Oscar Onyema, said the industry occupies an important position in the stock market, adding that the healthier they are, the more sustainable the market and the economy.

  • Royal Exchange makes N12.8b premium

    Royal Exchange Plc posted a Gross Premium of N12.8 billion  as at last December. This represents an increase in revenue when compared to the previous year’s figure, which stood at N12.5 billion.

    The firm’s Group Managing Director, Alhaji Auwalu Muktari, made this known following the release of the company’s financial results on the floor of the Nigerian Stock Exchange (NSE).

    He said net premium income for the period was N7.1 billion, while underwriting profit hit N7.6 billion.

    He said: “Operating results showed that the total assets of the group witnessed a marginal growth of five per cent, from N31.7 billion in 2016 to N33.3 billion as at December 31, 2017.

    “Net claims paid for the period under review amounted to N3.4 billion, a reduction of four percent from 2016, which stood at N3.6 billon. Net Income before management expenses totaled N2.4 billion, showing a slight dip from the N2.7 billion that was generated in 2016.”

    Muktari added that despite the harsh  environment, the group grew its figures by participating in large-ticket financial transactions as well as playing in the retail insurance market, which shall be a key growth driver in the years ahead.

    “Royal Exchange envisions a situation where the retail insurance market should contribute between 50 and 60 per cent of our revenue in the future, as the retail market is the future of insurance in Nigeria, considering the population of the country,” Muktari said.

     

     

     

  • ARM premium hits 31 %

    ARM Life Insurance, a subsidiary of Asset & Resource Management Holding Company, has recorded a growth in its Gross Premium Written (GWP) by 31.5 per cent to N3.62 billion in the financial year end 2017 results from the N2.75 billion generated in 2016.

    Its Managing Director, Stephen Alangbo, made this known during a briefing on the company’s upcoming Annual General Meeting (AGM) in Lagos.

    He stated that the sustained focus on growing policyholders fund, particularly in the individual life segment, the disciplined risk management practices and investment management strategies, enabled the company to return a Profit before Tax of N486.9 million for 2017, against N123.2 million in 2016, representing an increase of 295 per cent increase over the previous year.

    He said a total of N412 million was paid out as claims to policyholders during the year under review, adding that this further underscores the company’s commitment to prompt claims payment and efficient customer services.

    On the balance sheet side, he said total assets grew by 27 per cent to N16.13 billion in 2017 from N12.71 billion recorded in 2016 under-scoring the success of the company’s investment management strategy and culminating in 18 per cent increase in shareholders’ equity to N3.23 billion – up from N2.75 billion achieved in 2016.

    He said: “As ARM Life progresses in its quest for leadership in the retail segment of the market, they remain mindful of the importance of building a sustainable business that will continue to engender the trust of our clients and, other stakeholders.

    “The company is on course to launch new products specifically designed to provide insurance services for the retail segment of the market.”

  • How industry can grow, by stakeholders

    •Awosika warns against market disruptors

    TO grow the industry, stakeholders should  embrace change and respond to the economic, social and technological needs of their clients.

    Stakeholders, who spoke at this year’s Presidential Valedictory Lecture for the Chartered Insurance Institute of Nigeria (CIIN)  President and Chairman of Council, Mrs. Funmi Babington-Ashaye, said  firms  should embrace new ways of delivering their services to meet the expectation of the new generation of consumers.

    The lecture, delivered by Mrs Babington-Ashaye, had as its theme ‘’Insurance and generation next-Meeting the needs of stakeholders’’.

    FirstBank of Nigeria Limited Chairman, Mrs Ibukun Awosika, said insurance model is not sustainable because change was inevitable.

    Mrs Awosika, who chaired the event, said the industry will die if it does not open itself to change and embrace the new space, stating that there are a lot of disruptors that are ready to take over the business and offer the same services the insurance companies or the brokers think they are offering.

    She said the potential for growth was huge, because the industry is at the least of its capacity. ‘’There is a bit of complacency in the industry, so you might not survive the next generation if people and technology come in with the new things they have,’’ she stated.

    Mrs Babington-Ashaye looked the fundaments of change in the industry, charting the future for the profession.

    She said for the industry to catch-up with the next generation, players must leverage technology, adopt new ways of working, repackage products, improve  on pricing strategy, and data mining.

    The industry, she further said, is at the threshold of its evolution where development in technology would significantly impact its products offerings, operations and the skill sets of personnel required to deliver value to the diverse stakeholders, in the near future, which will be dominated by next generation.

    ‘’Given the declining inflow of new entrants into the profession, the fear of a talent gap in rife. We need to change the wrong perception by showcasing the career opportunities that exist, the product we develop, the risks we assume and the professional advisory services we provide,” Mrs Babington-Ashaye said.

    Discussants, who include Group Managing Director, Custodian Investment Plc, Wole Oshin; Director-General, Nigerian Insurers Association (NIA), Yetunde Ilori; Lagos Chamber of Commerce and Industry Director-General, Muda Yusuf and Consolidated Hallmark Managing Director and  CIIN Deputy President, Eddie Efekoha, agreed on the need for firms to bring flexibility and varieties to the system.

     

     

  • NCRIB seeks patronage

    The importance of brokers in the insurance value chain cannot be overemphasised, Nigerian Council of Registered Insurance Brokers (NCRIB) President, Mr. Shola Tinubu has said.

    He stated this at  the council’s CEOs’ Retreat with the theme, “The future broker” held in Uyo, the Akwa Ibom State capital.

    He explained that brokers were in the professional arm of the industry, who know the nitty-gritty of the business, adding that their engagement gives the client opportunity to maximise their insurance placement without any cost to the client.

    He said they had carefully chosen a theme in line with the vision of the  administration.

    The theme would not have come at a better time, considering the advancement being faced by professions around the world, he said.

    He appealed to the the Akwa Ibom State Government to ensure the inclusion of insurance brokers in its business transactions.

    He said: “This step is definitely in tandem with the NCRIB Act which makes for patronage of only registered insurance brokers.

     

     

    “We will appreciate that our choice of Uyo for the retreat will be the beginning of mutual and beneficial relationship between the Council and the Akwa Ibom State Government.’’

  • NIA makes N153m from data uploads

    The Nigerian Insurers Association (NIA) recorded N153.10 million from data uploads in the Nigerian Insurance Industry Database (NIID) last year,  its Director-General, Mrs Yetunde Ilori has said.

    Mrs Ilori stated that interest accrued on the NIID accounts was N3.06 million while disbursement stood at N102.07 million; transfer to the association’s account, N43.40 million, while the balance at the end of the year was N79.97 million.

    He said the implementation of the NIID had transformed the motor insurance policy landscape, stressing that the NIID has become a household name among stakeholders across the federation.

    She noted that the association had continued to receive requests for integration from state government agencies seeking to sanitise their states’ motor administration.

    She said the reduction in the level of secondary enforcement by government agencies in some major states, policyholders make demand of their insurers for instant uploads, stressing that to give more power to policyholders in verifying and ensuring the genuineness of their policy, the association has introduced a USSD code *565*11#.

    Mrs Ilori said the claims module of the NIID platform had been strengthened to flag and report suspected cases of multiple insurance/claims and that these had led to early detection of cases of fraudulent claims.

    She noted that the NIID has proved to be a breakthrough in insurance business, adding that it has become a case study for some African markets.

     

  • AXA Mansard is Insurance Company of the Year

    AXA Mansard Insurance Plc, a member of the AXA Group and global leader in insurance and asset management, has emerged as the Insurance Company of the Year.

    The firm won the award at the Sixth edition of the Marketing Edge Brand and Advertising Excellence Awards in Lagos.

    Speaking on the recognition, the Brand Strategy and Communications Manager, AXA Mansard Insurance Plc, Mr. Emeka Muonaka, said they were happy to be recognised also as the Outstanding Insurance Company of the Year.

    He said the award was in recognition of their commitment to provide effective service to their customers,  promising that the firm would not relent in making meaningful contributions to the growth of the industry.

    He said: “The award is in recognition of our excellent service delivery and immense contribution to the insurance sector as well as the country at large.

    “Marketing Edge Brand and Advertising Excellence Awards is an annual event that recognises and celebrates outstanding personalities and brands for their contributions in their various industries. The award, in the last six years, has become the benchmark for recognising and celebrating talents and milestones in the integrated marketing communication industry in Nigeria.’’

    Recently, the organisation launched MyAXA Mobile App, an application designed to bring real value to the life experiences of its users by providing a more convenient way to purchase and manage their AXA Mansard product plans.

    The app is available for free download on the App Store for IOS users and Play Store for Android users. The app is secure, all-payment information is strictly confidential and global security standards have been employed to protect users’ information.

  • CIIN moves to end unethical practice

    •Unveils new code of conduct

    A NEW code of ethics in insurance has been released. There has been pressure on the Chartered Insurance Institute  from Nigeria (CIIN) by the National Insurance Commission (NAICOM), which is pushing for more discipline among practitioners.

    The institute’s President, Mrs Funmi Babington-Ashaye, unveiled the new code at the just-concluded National Insurance Conference held in Abuja.

    She said the changing business environment and the pressure on professionals to meet the expectations of diverse stakeholders made the review of ethical standard imperative globally.

    She stated that the code, which replaces the one, is expected to guide the conduct of professionals by principles, adding that it will ensure they act ethically.

    She said: “The changing business environment and the pressure on professionals to meet the expectations of diverse stakeholders made the review of ethical standard imperative globally. This is to guide the conduct of professionals by principles which will ensure that they act ethically. The CIIN and all the other stakeholders in the insurance industry have produced a new code of ethics for insurance practitioners in Nigeria to address all the inadequacies of the previous one and ensure that practitioners are guided by principles of global best practice. This will replace the 1991 Code of Ethics.

    “The enforcement of the new Code of Ethics has been aligned with the existing laws guiding practitioners and the practice of insurance in Nigeria. The penalties for professional misconduct will be as contained in these laws. The new Code of Ethics is principle based. It does not prescribe behaviours but principles to guide the conduct of practitioners. It covers the principles of conduct that will guide relations with clients, colleagues, regulators, the community, the laws of the land and the CIIN. This Code of Ethics states the principles and expectations governing the behaviour of insurance practitioners. It describes the minimum requirements for conduct and behavioural expectations. It does not prescribe behaviour for every situation. The overall objective is to make practitioners adhere to and get committed to the required ethical and professional standards.’’

    She continued: “The purpose of the institute’s Code of Ethics is to promote an ethical culture in insurance profession and ensure a systematic, disciplined approach to evaluate and improve the effectiveness of risk management and corporate governance. The code of ethics sets forth the values, principles and standards to guide the conduct all insurance practitioners. Instilling ethical behaviour among insurance practitioners is key to improving the public image of insurance business. It applies to all practitioners. They are expected to be guided in their responsibilities to clients, the  public,government, regulators, the institute and their ethical behaviour towards other practitioners.

    ‘’The code concentrates on the ethical behaviour of individual members who make decisions on behalf of the organisation because it is the individuals working for the organisations that decide the actions of the organisation.’’