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Tag: CIIN

  • Recession exit: Insurance sales improve, says CIIN

    Recession exit: Insurance sales improve, says CIIN

    There has ben substantial improvement in the purchase of insurance policies to reflect that the country is out of recession, the President, Chartered Insurance Institute of Nigeria (CIIN), Mrs. Funmi Babington-Ashaye, has said.

    She made this known in an interview with The Nation, noting that the improvement in sales surpassed what was made last year. According to her, although, people have not started feeling the impact of the economy being out of recession, there is hope that things will get better soon.

    She said: “I can see a lot of commercial activities and also a lot of improvement in terms of insurance purchase. If we compare the improvement to what we have last year, we can agree with the Federal Government that technically we are out of recession. But it will take some time before people start feeling the positive impact.”

    Babington-Ashaye, who will be six weeks in office as the president of the Institute, said she will during her tenure make insurance awareness and enlightenment a common issue to be driven by all stakeholders in their various domains.

    She said there is need for insurance operators to confront the lack of general awareness, which is the greatest challenge facing the profession.

    She said: “People lack knowledge about insurance and its importance in all human endeavours, including business undertakings. This manifests in poor patronage of insurance products by the public and the unwillingness to choose insurance as a course of study by the youths.

    “As an Institute, we must continue to take deliberate steps to address these issues with a view to repositioning the profession in the psyche of the people. We must build on the past efforts of our predecessors and the awareness drive of other stakeholders in the industry.

  • Technology curbing fraud, says CIIN

    Technology curbing fraud, says CIIN

    The use of technology by insurance firms in the premium payment system has helped curb fraudulent activities of agents, President, Chartered Insurance Institute of Nigeria (CIIN), Lady Isioma Chukwuma has said.

    She spoke during a courtesy visit by the institute to the corporate headquarters of Vintage Press Limited, publishers of The Nation newspapers and Sporting Life yesterday in Lagos.

    Reacting to allegations of fraud against insurance agents, the president said the financial service industry which the insurance sector is part of, has discouraged cash through online payment to eradicate fraud.

    She said part of the steps taken in the sector to reduce fraud in the agency system is to ensure that all agents are registered with the National Insurance Commission (NAICOM) and pass through the training process of both the Commission and the institute.

    She resstated the commitment of the institute to place the insurance industry in a prime position in the financial services sector and the national economy as a whole.

    She acknowledge the significant role of the media as a veritable purveyor of public education on insurance and financial issues.

    According to her, it is important because of its position as the insurance industry’s partner in progress as well as helping to gauge public opinion about our industry and practice.

    She stressed that the institute has substantially achieved its 11 point agenda during the course of her presidency.

    Part of her achievement, she said include follow-up on the recognition of the CIIN Certificate by the Head of Service of the Federation by ensuring that all necessary approvals are obtained so that the certificate holders are appropriately placed in the Civil Service structure.

  • ARIAN, CIIN disagree over certification fee

    A‘WAR’ is brewing between the Association of Registered Insurance Agents of Nigeria (ARIAN) and the Chartered Insurance Institute of Nigeria (CIIN) over the agency fee charged by the  institute.

    The disagreement arose from the longstanding issue of the N12, 500 to be paid by applicants to get the CIIN proficiency test certificate  before they are registered as licensed agents.

    The agents said they might soon  protest what they describe as an injustice by the CIIN.

    ARIAN President, Gbadebo Olamerun, made this known at the group’s Seventh Annual Conference and Awards in Lagos.

    He said the association had written to the institute to review the amount downwards from N12,500 to N5,000.

    He said this would enable ARIAN as a key stakeholder to mobilise its members to register, adding that this would increase the number of the National Insurance Commission (NAICOM)-registered agents.

    He said: “CIIN as an education institution of the industry has tightened the free flow of insurance agents for the proficiency test certification.

    “It is extremely distracting that my members are gradually losing their patience for a demonstration that is close to happen anytime soon. The institute is meant to aid and not to be strict to the other arm of the industry in order to achieve its own aim and objective.

    “We, therefore, say no to this unjust and inconsiderate action which has practically reduce the numbers of registered members as NAICOM licence agent and we also wrote an open letter to our institute to review the amount of the proficiency test certification from N12,500 to N5000, which will enable ARIAN as a key stakeholder to mobilise its member to register in mass and increase the number of NAICOM-registered agent.

    Olamerun also spoke about NAICOM ARIAN Unit Manager Training.

    He said the training could not hold because the lead supporting partner (NAICOM), which hosted the event last year, did not do so this year.

    He said he did not believe this was as a result of the recession but lack of political will to execute the progressive and educative initiative.

    He apologised to the agents who registered for the event but could not get the training.

    He said agents had been able to generate huge premium income for the industry, adding that an agent raked in over N300 million in 12 months.

    He urged them to take on a digital approach to move the insurance retail business to the next level.

  • CIINgraduates 161 associates

    No  fewer than 161 members of the Chartered Insurance Institute of Nigeria (CIIN) have graduated as Associates.

    CIIN President, Lady Isioma Chukwuma, who made this known during the institute’s Graduation and Fellowship Awards held in Lagos, said the institute also conferred Fellowship awards on three  members.

    She said the institute’s responsibility is to engender a robust platform for insurance education and awareness in the country.

    According to her, the institute’s professional examinations have become deep, producing professionals who have continued to perform creditably in their various endeavours through ethical and effective dispensation of insurance services.

    She warned that the policy of the CIIN Council is that all certificates issued by the institute remain its  property and could be withdrawn from the holders if it has good reasons to do so.

    ‘’Let me state unequivocally that the institute reserves the right to withdraw its certificate from any holder, if it discovers any breach of the examination process.  A further reason for such withdrawal of certificates could emanate from acts unexpected of a holder of the institute’s professional qualification. This policy remains in force,’’ she said.

    Managing Director, Wapic Insurance, Mrs Adeyinka Adekoya, who gave the induction lecture titled:  “Imbibing the right ethics in insurance profession,’’ said the future of the industry lies on professionals through their ability to show the highest ethical standards.

  • CIIN takes insurance campaign to Kano

    •Donates textbooks

    The Emir of Kano, Alhaji Muhammadu Sanusi II, has called on the business community, especially in the North, to embrace insurance.

    The monarch made the call when the the Chartered Institute of Insurance of Nigeria (CIIN), led by its President, Lady Isioma Chukwuma, visited him in his palace as part of the institute’s campaign to promote insurance education and awareness.

    He said insurance helps to mitigate losses.

    The Emir, who pointed out that insurance penetration in Nigeria was very low compared to other countries, urged the institute to boost its awareness.

    Lady Chukwuma said insurance campaign formed part of the institute’s statutory functions.

    She said the institute had donated 100 copies of its Insurance Textbook for Secondary Schools to schools within the palace vicinity.

    She added that the institute also donated another 400 copies of the  textbook to the state Ministry of Education, adding that they were received by the Permanent Secretary of the Ministry of Education, Alhaji Danlami Garba.

    The donation was borne out of the desire of the institute to further strengthen the teaching and study of insurance in Nigeria, she said. She expressed the institute’s desire to partner the state Ministry of Education to train insurance teachers in the state on how to effectively teach the subject at the secondary school level.

    Garba assured the institute that the government would support it by ensuring that the ministry embraced insurance in its schools and urged pupils to take up the subject.

    He expressed the state’s commitment to partner the institute in training insurance teachers, adding that the objective was to have at least one insurance teacher in each  school in the state.

    CIIN Director-General, Mr. Richard Olutayo Borokini, said the institute was committed to taking its insurance education and awareness drive across the country as it had  done in Lagos, Ogun, Osun, Ondo, Ekiti, Kwara, Edo, Rivers and Imo States.

  • CIIN seeks recognition for its certificates in civil service

    The Chartered Insurance Institute of Nigeria (CIIN) is collaborating with the Head of Service (HoS) to gazette the institute’s  qualifications for employment in the civil service, CIIN President, Lady Isioma Chukwuma, has said.

    She spoke at a briefing in Lagos on her achievements since she assumed office about 11 months ago.

    Lady Chukwuma said her team, which has “Consolidating the gains of the industry for national economic growth’’,  as a mission statement, has put place the CIIN on the global scene, adding that it achieved more in the presentation and distribution of its insurance textbook to senior secondary schools and sustained the ideals of the Insurance Industry Consultative Council (IICC), especially the joint industry mega conference, reinforced the huge potential of the college of insurance and financial management, renewed pursuit of training insurance teachers on a national level and completed the institute’s examinations syllabus review.

    She said: “Discussions are at an advanced stage with the Office of the Head of Service of the Federation for the gazetting of the institute’s professional qualifications for employment in the Civil Service. This process, when completed would become an added advantage to holders of the institute’s certificate seeking employment into any government institution across the various levels and tiers of government.

    “The institute is especially committed to and is exploring every means possible at situating the CIIN brand on the global stage. We are  fine-tuning our exemptions relationships with CII (UK). We have consolidated the off-shore examination centres of the institute in Banjul, the Gambia and in Kigali, Rwanda and pursuing with vigour the extension of the frontiers of our professional examinations to the West African sub-region and other parts of sub-Saharan Africa.

    “Following the selfless efforts of my predecessors in ensuring setting in motion the effective take-off of academic activities in the College of Insurance and Financial Management, I can confirm to you that Academic activities have since commenced at the college following its  commissioning. The graduation of the first set of Diploma Students of the College of Insurance and Financial Management (CIFM) was held in December 2015 and the induction  for the second set of Diploma Students was held on February 2016.”

    She said following the presentation of the textbook to secondary schools in Lagos, Ogun, Edo, Ondo and Kwara states, the institute, in the past year, has been able to donate copies to all public senior secondary schools in Rivers, Imo, Osun, Ekiti and Enugu States through their various Ministries of Education.

    “In all, over 3,000 copies of the book have been donated to further enhance the teaching and study of insurance as a subject in secondary schools in Nigeria. We are working with some identified states through the institute’s local chapters to facilitate the donation of the books to such states while the proposed launch/presentation of the book at the national level will also be pursued to its logical conclusion.

    “The Train-the-Trainer programme which was designed for the upscaling of insurance education to ensure that insurance teachers possess the required skills for imparting the necessary knowledge to the future generation of insurance practitioners has been well received and many states have shown enthusiasm in partnering with the institute and the college in this regard.

    “The programme was first carried out in Lagos and Ogun states and has since been replicated in other parts of the country. We are presently engaging some states we have visited to fashion out modalities to host the programme in such states.

    “The institute has also aided in the study and teaching of insurance by providing support to institutions across the country through donation of course books, equipping libraries with study materials and equipment and also by imploring insurance professionals to volunteer as teachers and lecturers in Institutions so as to cover for the dearth of Insurance teachers and lecturers in our Institutions,” she added.

  • CIIN: flexible FX policy boosts insurance

    CIIN: flexible FX policy boosts insurance

    The Chartered Insurance Institute of Nigeria (CIIN) yesterday said that the new flexible foreign exchange policy being championed by the Central Bank of Nigeria (CBN) will boost insurance business.

    CIIN Deputy President, Mrs. Funmi Babington-Ashaye disclosed this at a press briefing held in Lagos, said the previous policy regime have dampened the operations and security of the insurance industry.

    She also said that with the economy at the edge of recession and inflation rising daily, many corporate organisations and individuals were already cutting insurance from their needs.

    According to her, a lot of insurance companies were not been able to cede about 80 to 90 per cent of oil and gas and aviation reinsurance premium to overseas reinsurers. Mrs. Babington-Ashaye noted that but for the recent intervention of the new forex regime the inability of Nigerian insurers to cede the large risks abroad was a disaster waiting to happen.

    She said: “Usually insurance companies keep a very small proportion of large risks like oil and gas, aviation premium in this market but many of them were not been able to cede reinsurance premium to overseas reinsurers. With the new policy, we believe that forex will be available at any time to any country or individual at the rate determined by demand and supply and it should be able to resolve this problem.

    “In addition, claims have been mounting and we had to pay based on adjusted figure. The prices were going up, big claims were coming in and it was becoming an issue for us.

    CIIN President, Isioma Chukwuma, said the present economic situation of the country has hindered the commencement of construction works on the institute’s Victoria Island property.

    She said the industry will not allow the poor economic situation to deter operators from making progress, adding that the Institute has secured all relevant documents and government permits for the continuation of work at the site.

  • Guinea partners CIIN on fitness walk

    Guinea Insurance Plc (GI) in its resolve to support the need for people to keep fit and healthy, has partnered the Chartered Insurance Institute of Nigeria (CIIN) in its Street Presence exercise held in Lagos.

    The company’s acting Managing Director, Mrs. Isioma Omoshie made this known in a statement made available to reporters.

    She stated that the company hosted the pre-walk reception of the institute’s members at its Corporate head office at Jibowu, where the pre-walk aerobic exercise and health tips were conducted shortly before the Street Presence exercise began to the destination point – Niger Insurance Plc House, Anthony bus-stop.

    She said the institute observed that the urban lifestyles of members dissuade them from engaging in any form of physical exercise which in effect has triggered poor health and low quality of life hence, the need to awaken interests and participation.

    She stated that the company is committed to rekindling the true spirit of sportsmanship and fostering national unity through interactions among industry players and analysts.

  • Ahmed retires as CIIN DG

    •Promises new syllabus

    The Chartered Insurance Institute of Nigeria (CIIN) has announced the retirement of its Director-General, Kola Ahmed effective from July 20.

    This is just as the institute disclosed that it has completed work on a new syllabus.

    The outgoing DG while speaking during the valedictory press conference held in Lagos, said the institute will soon release the new syllabus  to the public.

    Giving accounts of his stewardship, he said the institute successfully overcame the crisis of confidence that was strong and pervasive during his tenure.

    He said: “We regained the confidence and patronage of critical stakeholders for the institute’s programmes by way of endorsements and sponsorships, ensured full and successful implementation of each successive president’s programme and theme.

    “We instilled the culture of prudency, transparency and accountability in the management of the institute’s funds and resources, successful take-off of the College of Insurance and Financial Management, achieved a more purposeful, cohesive and organised insurance industry with the coming together of all arms of the industry under the aegis of the Insurance Industry Consultative Council (IICC), fostered closer ties with the industry’s regulator, the National Insurance Commission by playing a key role in the Board among others”.

  • CIIN warns members against unethical behaviour

    CIIN warns members against unethical behaviour

    The Chartered Insurance Institute of Nigeria (CIIN) has called on its members to shun and report unethical behaviours by fellow members.

    In a letter to its members obtained by The Nation, the institute stated that the major problem facing the growth and survival of the industry is misconduct by practitioners.

    The letter reads: “The major challenge facing the growth and survival of the insurance industry is the unethical behavior of insurance practitioners

    “This has brought about the dire need for us to stand up in order to save the Industry. The survival of the Industry will be guaranteed if we all play by the rules.

    “Do not look the other way. Please report any act of misconduct by practitioners to the institute. The institute can only apply the law when cases are reported. Join us in the crusade for a better Insurance industry.”