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Tag: Insurance

  • Insurance firm’s valentine offer excites customers

    Insurance firm’s valentine offer excites customers

    AXA Mansard, Nigeria’s leading insurance company and a member of the global insurance giant, AXA has demonstrated a deeper impact with its PartnerforLife campaign during Valentine’s Day in the country.

    This initiative, featuring actor Adedimeji Lateef, aimed to show that true love goes beyond grand gestures and is reflected in meaningful actions.

     AXA Nigeria’s campaign was not about typical Valentine’s gifts. Instead, it was about reaching out to the beneficiaries of their late customers’ life insurance policies, reminding them that they are not alone.

     This thoughtful gesture was a testament to AXA’s commitment to being more than just a payer of claims; they are a partner for life, standing by their customers through good and challenging times.

     The campaign kicked off with visits to women who had recently lost their husbands.

     These grieving widows received heartfelt gifts and personal messages from AXA Mansard Chief Executive Officer Kunle Ahmed, reinforcing the message: “We are your partner for life.” This kindness provided comfort and support during a difficult time, showing that AXA’s care extends beyond the policyholder to their loved ones.

     Next, AXA celebrated moments of joy by visiting new mothers who had recently welcomed twins.

     These mothers were not only surprised with gifts but also received personal letters emphasizing AXA’s enduring promise of partnership.

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     The mothers expressed their gratitude for the seamless and reassuring experience provided by AXA’s health insurance services, making their journey into motherhood a little easier. Adedimeji Lateef’s presence added a special touch to these visits.

    His involvement brought an extra layer of warmth and excitement, turning a thoughtful gesture into an unforgettable experience. His smiles and joy to the recipients highlighted the campaign’s success in creating memorable moments.

    AXA Nigeria’s Chief Marketing Officer summed it up perfectly: “At AXA Nigeria, we understand that life is a mix of ups and downs. We want to be there for our customers through all of it.

     From the first day they choose to partner with us to every moment that follows, we are committed to being their ‘Partner for Life.’

     This Valentine’s Day, through acts of kindness, love, and support, we reinforced this promise. We are here for all the moments; we are here through the tough times, providing comfort, stability, and the reassurance that, no matter what, they are not alone.”

     As AXA Nigeria moves forward, its focus remains on creating experiences that touch the hearts of its customers. Whether through thoughtful gestures or the consistent reliability of its services, AXA’s commitment to being a true partner for life is unwavering.

    This Valentine’s Day, it showed up for its customers in a meaningful way, and it will continue to do so.

  • Insurance, Nasarawa United reclaim deducted points

    Insurance, Nasarawa United reclaim deducted points

    Bendel Insurance and Nasarawa United  have both won their appeals against deducted three points and three goals from alleged assaults on officials in two Nigeria Premier Football League games in the on-going season.

    The NPFL had sanctioned Bendel Insurance for allegedly assaulting match officials when they hosted Kano Pillars on 11th  November 2024 at the Samuel Ogbemudia stadium, Benin while Nasarawa United suffered the same situation because of the mild drama that ensued after their 1-1 draw at home to Rivers United.

    Both teams points deducted were restored after the Nigeria Football Federation Disciplinary Committee sitting held on 12th  February 2025 on the protest lodged by the teams against the Nigeria Premier League’s decision.

    The Barrister Obikwelu-led Committee, in its findings,, discovered that the Benin-based side did not provide adequate and effective security during the match Day 11 fixture between Bendel Insurance vs. Kano Pillars FC in that some of their fans had access to the restricted areas.

    On the allegation of assaulting officials, the committee found out that there was no evidence that the attack on match officials was grievous.

    The committee, however, in its decision, affirmed paragraphs a, b, c, d, and f of the decisions of the NPFL as contained in Form 16, Summary Jurisdiction Notice to Bendel Insurance FC dated 11th November 2024.

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    The order in paragraph “e” deducting 3 points and 3 goals from the accrued points/goals of Bendel Insurance FC by the NPFL was, however, set aside on the ground that the assault on the match officials was not grievous as provided in Rule C11 of the Frameworks and Rules of the NPFL.

    The committee also set aside the NPFL decision to deduct three points and three goals from Nasarawa United for want of sufficient evidence that Rivers United’s officials and the match officials were molested.

    With the three points deducted now restored Bendel Insurance have now moved to the 10th spot on the log with 31 points from 23 games.

    Bendel Insurance will take on Niger Tornadoes in match day 24 of the ongoing 2024/2025 season next in Lafia following a goalless draw in Minna in the first round.

    On the part of Nasarawa United, they have moved to the 17th spot with 25 points from 23 games after the points deducted were restored.

    However, the Match Commissioner’s performance was deemed unsatisfactory, resulting in his reassignment to the Nigeria National League (NNL) as a punitive measure.

    Another case that was reviewed by the NFF Disciplinary Committee was Plateau United’s appeal, following a N4.74 million fine as well as a three-point and three-goal deduction. In their case, the committee upheld NPFL’s findings and decisions in full.

  • Insurance grows Q3 assets to N3.88tr

    Insurance grows Q3 assets to N3.88tr

    The insurance sector has witnessed a slight boost in total assets standing at N3.88 trillion in the third quarter (Q3) of 2024 as against N2.81 trillion recorded in the corresponding period in 2023, it was gathered yesterday.

    While the increase represents 5.1 per cent, a total of N2.34 trillion of assets is attributable to Non-Life business, while the Life business accounted for N1.54 trillion at the end of the quarter under review.

    This was made known in the Synopsis of the Insurance Market in Third Quarter 2024 released by the National Insurance Commission (NAICOM) and obtained by the newspaper.

    According to NAICOM, the sector showed resilience amid macroeconomic challenges, sustaining the industry growth trajectory at 60.9 per cent, year on year, and 44.3 per cent on a quarter-on-quarter basis, to close at about N1.17 in gross premium written.

    In the same vein, Gross Premium Written in Q3 of same period stood at N1.17 trillion a remarkable occasion attributable to the consistent deepening policy of the Commission and market resilience.

    The Commission further stated that the performance was majorly led by the non-life sector, recording a market share of 68.9 per cent for a total volume of N808.4billion while the life segment accounted for 31.1 per cent of the market premium aggregate.

    Claims payment improved as NAICOM said it served as driver for expansion in gross claims reported in Q3 2024, reaching N564.1 billion which is representative of about 48.1 per cent of the total premiums generated during the period.

    “This underscores the need for accelerated premium growth and appropriate rate setting. The Life Insurance segment recorded an impressive claims settlement ratio of 81.6 per cent, while the Non-Life segment achieved 73.6 per cent. The ratio of net claims paid demonstrated strong performance across various business classes with motor insurance achieving an outstanding ratio of 92.3 per cent; followed by miscellaneous at 88.9 per cent; general accident and fire businesses recorded 86.3 per cent and 75.1 per cent respectively.

    “The Oil & Gas business, while lower at 63.7 per cent, showed significant progress compared to 43.1 per cent recorded in the corresponding period of the previous year. The improvement in the Oil & Gas in terms of the ration of net claims paid despite recording some low retention during the same period signifies the potentials of that business if only the existing capital gaps would be addressed.

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    “The insurance market demonstrated profitability during the period under review, achieving an overall net loss ratio average of 62.8 per cent. The Non-Life segment recorded a loss ratio of 66.7 per cent, while the Life business reported 57.4 per cent during the period, representing a significant improvement in the profitability position of the life segment with about seven points increase from 64.8 per cent recorded in the corresponding prior period, highlighting an enhanced market performance and a positive outlook. Nonetheless, despite a rather good scenario of the market average, some eleven Insurers gave rise to the reported net loss ratio during the period under review,” NAICOM added.

  • Insurance sector’s premium rises by 73% to N813.1b

    Insurance sector’s premium rises by 73% to N813.1b

    The Nigerian insurance market recorded about N813.1 billion in gross premium written in second quarter 2024, an increase of 72.7 per cent on the performance in first quarter 2024.

    The second quarter 2024 record also represented 47.4 per cent growth on the industry’s gross premium in comparable period of 2023.

    According to the National Insurance Commission (NAICOM), the continued steady growth from the first quarter of the year correlates with the current performance of the period under review.

    The commission made this known in its Bulletin on, “Synopsis of the Insurance Market, Second Quarter, 2024”. The performance analysis of the Nigerian Insurance Industry is an insight into the market behaviour in the second quarter of 2024.

    The performance analysis of Gross Premium Written during the quarter under review shows that the market achieved a Gross premium written of N813.1billion naira, a notable performance amid macroeconomic challenges in the country.

    The report further showed update on claims component, stating that consistent regulatory focus on public awareness and the enforcement of timely claims settlements has had a significant impact on the insurance industry, signifying persistent increase in gross claims reported, stood at N297.9 billion in second quarter of 2024.

    This represents 36.6 per cent of all premiums generated during the period and, a 15 percent increase on annual basis.

    The net claims paid on the other hand stood at N259.4 billion, signifying an 87.1 per cent of all gross claims reported in the industry during the period.

    On one hand, the life insurance business of the industry recorded a near perfect point of 92.5 per cent claims settlement against reported claims while net claims paid of the non-life segment stood at about 83 per cent of gross claims reported.

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    The view of the percentage claims settlement was a direct replication of first quarter 2024 array, in all classes, the ratio of net claims paid stood above average position against the figures.

    The Motor Insurance business reported an exceptional ratio of 95.3 per cent of net claims paid against gross claims while Marine & Aviation businesses followed at about 95.0 per cent, higher than in the previous corresponding period of 74.5 per cent of the preceding year.

    The General Accident of 85.9 per cent and Fire 67.7 per cent stood at a relative stability compared to the preceding period.

    The performance in the Oil and Gas in terms of claims settlement was rather commendable as it recorded an improved ratio of net claims paid to total reported claims of about ninety-three per cent during the period.

    This is despite recording a low retention ratio during the same period at just about thirty-two per cent.

    On profitability of the sector, the report stated that the market indeed remained profitable during the period under review, recording an overall industry average net loss ratio of about 55.5 per cent, higher than 52.9 per cent reported in previous corresponding period.

    It read: “The Non-Life segment’s net loss ratio stood at 57.2 per cent while Life business recorded an improved net loss ratio of 53.6 per cent during the same period. The net loss ratio of the overall market average has improved by three points compared to the corresponding prior period. It is remarkable that the market has sustained some good profitability standing during the review period.

     “However, it is important to note that the ratios mentioned reflect the market averages while there are few other underwriters whose loss ratios were rather recorded at a level not so impressive, over a hundred per cent or higher during the same period. This indicates that while some players in the market are experiencing significant challenges, the broader industry still maintains a favourable profitability profile”.

    Also on market concentration risk, the report showed that a relatively uneven distribution of market share is recorded more in the Life segment of the industry compared to the Non-Life section during the review period.

    During the quarter, the top three Life insurance companies accounted for about 43.8 per cent of the total Life premiums, while the top three companies in the Non-Life segment held approximately just about 34.8 per cent.

    Furthermore, 86.6 per cent of all Life business was concentrated among the top ten players, with the bottom ten players contributing just 1.3 per cent of the Life insurance premiums.

    On the other hand, in the Non-Life section, the top ten underwriters generated around 66.3 per cent of the gross written premium, while the least ten Insurers controlled only 1.1 per cent of the market share during the same period.

    Meanwhile, the industry reported a total asset of N3.68trillion, signifying a 9.5 per cent increase from the N3.33 trillion reported in Q1 2024.

     “The balance sheet indicates that the Non-Life business holds assets amounting to N2.29 trillion, while the Life business accounted for N1.39trillion of the industry total assets. These figures highlight a significant increase in both segments, reflecting the overall robustness and upward trajectory of the industry.

    Overall, the report stated that the industry has indeed demonstrated resilience, good soundness, profitability, and stability in view of the market behaviour during the period of the second quarter.

    This is supported by the key indicators of premium generation, claims experience and a significant asset expansion which is suggestive of effective risk management, prudent underwriting practices and, certainly an effective regulatory environment prevalent in the industry. Thus, the market remained not only profitable in the current but signifying a positive outlook, definitely, the report noted.

  • Insurance meets Tech registration opens

    Insurance meets Tech registration opens

    Insurance Meets Tech (IMT) 2024, one of West Africa’s premier conferences at the intersection of insurance and technology, has announced that its pre-event registration

    The conference is scheduled to take place on September 27, this year, at the Federal Palace Hotel, Victoria Island, Lagos.

    According to the organisers, ‘IMT 2024’ will assemble over 20 speakers.

    They include Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Olusegun Omosehin; Chief Executive Officer, Heirs Insurance Group; President, Professional Ladies Insurance Association (PILA), Abimbola Onakomaiya; Chief Executive Officer, Cybervergent, Adetokunbo Omotosho; Chief Executive Officer, Caladium Consulting, Ayo Bankole Akintujoye; Founder/CEO, Afrobeats Intelligence, Joey Akan.

    This edition introduces the IMT Redefined segment, which aims to engage Millennials and Gen Z by integrating lifestyle, creativity and Afrobeats into the insurance narrative.

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    This segment, hosted by Elozonam Ogbolu, a celebrated actor and content creator, will present insurance in a fresh, relatable context, showcasing its relevance as a lifestyle protection tool.

    The main conference, IMT 3.0, will feature the traditional C-Suites series, hosted by Aruoture Oddiri from Arise Media Group.

    This two-pronged event will provide attendees with a holistic experience, blending cutting-edge industry insights with vibrant discussions on the future of insurance.

    Convener Odion Aleobua, the Chief Executive Officer, Modion Communications, stated: “This conference, especially with the addition of IMT Redefined, is, particularly, significant as it enables us to engage a wider demographic and explore innovative ways of making insurance relevant across sectors.”

  • AGF: Reform of insurance sector’ll curb capital flight

    AGF: Reform of insurance sector’ll curb capital flight

    …CIIN seeks compulsory Insurance Policy for all buildings, vehicles

    The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN) on Friday said the reform of the insurance sector would curb capital flight from

    the country.

    This is as the Nigerian Deposit Insurance Corporation (NDIC) and other critical stakeholders supported the move by the Senate to reform the Insurance Sector.

    The Attorney General and the Insurance stakeholders spoke at a public hearing on a Bill to reform the insurance sector organised by the Senate Committee on Banking, Insurance and other Financial Institutions in Abuja.

    The Bill titled: “Nigerian Insurance Industry Reform Bill , 2024” was sponsored by the Chairman of the Committee, Senator Adetokunbo Abiru (APC – Lagos East).

    The Attorney General, who was represented by one of his aides, Mr Oloyede Hussein, said the proposed reform would help to curb capital flight that has been the order of the day in the insurance sector in Nigeria.

    “The office of Attorney-General of the Federation, has studied the proposed provisions contained in the bill with strong conviction that it would reform the sector from one plagued by capital flight,  to enable the sector to contribute to economic growth,” he said.

    Similarly, the Managing Director of the NDIC, Bello Hassan, in his presentation,  said the proposed legislation was commendable and that the corporation is 100 per cent in support of the proposed reforms.

    On her part, the President of Chartered Institute of Insurance Nigeria (CIIN), Mrs Yetunde Ilori, acknowledged the import of the Insurance reform bill.

    She however said a provision that will make all vehicles in Nigeria to be insured by their owners, should be included as being practiced in most other countries of the world.

    According to her, such a provision would  deepen insurance penetration in Nigeria, make the sector more viable and make risk management more effective for the insured.

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    The President of Nigerian Council of Registered Insurance Brokers, Babatunde Adeleke, said the council was in support of the reform bill but said a  provision  that would compel all officially approved houses in Nigeria to be insured should be included.

    “This is very necessary and requires empowerment of building approving  authorities and National Insurance Commission (NAICOM), with relevant laws.

    “For NAICOM, required legislation by way of provision in the reform bill,  should be provided for it, to seal off buildings or  houses that are not insured,” he said.

    The Chairman of the Committee, Senator Adetokunbo Abiru, said members of the committee were happy that all the key players in the Insurance sector were in support of the reform bill.

    He said the suggestions and observations made during the public hearing shall be reviewed before the final report on the proposed legislation is submitted to the Senate.

  • Reform of insurance sector’ll curb capital flight, says AGF

    Reform of insurance sector’ll curb capital flight, says AGF

    The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN) on Friday said the reform of the insurance sector would curb capital flight from
    the country.

    The Attorney General spoke at public hearing on a Bill to reform the insurance sector organised by the Senate Committee on Banking, Insurance and other Financial Institutions in Abuja.

    The Bill titled: “Nigerian Insurance Industry Reform Bill , 2024” was sponsored by the Chairman of the Committee, Senator Adetokunbo Abiru (APC – Lagos East).

    The Attorney General, who was represented by one of his aides, Mr Oloyede Hussein, said the proposed reform, would help to curb capital flight that has been the order of the day in Insurance sector in Nigeria.

    “The office of Attorney-General of the Federation, has studied the proposed provisions contained in the bill with strong conviction that it would reform the sector from one plagued by capital flight, to enable the sector to contribute to economic growth,” he said.

    Managing Director of the NDIC, Bello Hassan, in his presentation, said the proposed legislation was commendable and that the corporation is 100 per cent in support of the proposed reforms.

    President of Chattered Institute of Insurance Nigeria (CIIN), Mrs Yetunde Ilori, acknowledged the import of the Insurance reform bill.

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    She however said a provision that will make all vehicles in Nigeria to be insured by their owners, should be included as being practiced in most other countries of the world.

    According to her, such provision, would deepen insurance penetration in Nigeria, make the sector more viable and make risks management more effective for the insured.

    The President of Nigerian Council of Registered Insurance Brokers, Babatunde Adeleke, said the council was in support of the reform bill but said a provision that would compel all officially approved houses in Nigeria to be insured should be included.

    “This is very necessary and requires empowerment of building approving authorities and National Insurance Commission (NAICOM), with relevant laws.

    “For NAICOM, required legislation by way of provision in the reform bill, should be provided for it, to seal off buildings or houses that are not insured,” he said.

    The Chairman of the Committee, Senator Adetokunbo Abiru, said members of the committee were happy that all the key players in the Insurance sector were in support of the reform bill.

    He said the suggestions and observations made during the public hearing shall be reviewed before final report on the proposed legislation is submitted to the Senate.

  • Practitioners laud Omosehin, Ilori’s contributions to insurance growth

    Practitioners laud Omosehin, Ilori’s contributions to insurance growth

    Insurance industry practitioners and dignitaries from different sectors have applauded the contributions made by the immediate past Chairman of Nigerian Insurers Association (NIA), now Commissioner for Insurance Olusegun Omosehin, and outgoing Director-General of the Nigerian Insurers Association, Mrs Yetunde Ilori, to the growth of insurance sector.

    The practitioners at a send off organised by the NIA in Lagos, tagged, ‘Celebration of double-edge excellence’. They spoke on the achievements of Omosehin and Ilori.

    Omosehin, chaired the NIA until April, this year, when he was appointed as Commissioner for Insurance while Mrs. Ilori was elected president of Chartered Insurance Institute of Nigeria (CIIN).

    Chairman of NEM Insurance Plc, Tope Smart, said: “Omosehin is very professional, very hardworking. He is a man of integrity who is very passionate about the industry. He actually excelled everywhere he worked. He is a man who dedicated virtually everything to his work, he has the drive and energy.”

    He listed Ilori’s contributions to the industry.

    The President, Nigerian Council of Registered Insurance Brokers (NCRIB), Babatunde Oguntade, lauded the achievements of the celebrators, saying that they have the right character to do the work.

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    Noting that Omosehin is the commissioner for all, he stressed the need for collaboration to grow the industry.

    Deputy Chairman NIA, Mrs. Ebelechukwu Nwachukwu, also applauded the contributions of the duo, stating that their impacts have helped the industry greatly.

    Speaking for the CEOs, the Chairman, NIA, Kunle Ahmed, said: “Mr. Omosehin and Mrs. Ilori have been a beacon of inspiration, guiding us through challenges and triumphs with unwavering dedication and visionary leadership. Under their stewardship, our association has reached new heights, achieved significant milestones, and set a solid foundation for future success.

  • Insurance chief unveils plans ahead of investiture

    Insurance chief unveils plans ahead of investiture

    President of Professional Insurance Ladies Association, Abimbola Onakomaiya, has unveiled a seven-point agenda.

    Onakomaiya, the 15th president, spoke ahead of her investiture on July 18.

    She said: “Insurance is the most important arm of the financial industry while banks come second but in Nigeria, the flip is the case. As professional women, we must build on the past that has taken place in PILA.

    “I have a seven-point agenda. We will be signing with United Capital Assets Management because our women must become financially capable. Currently, there is a partnership with Nigerian Institute of Estate Surveyors, and we will build on this and relate with other progressive women in the industry.”

    Onakomaiya, managing director of Peakthrust Insurance Brokers will lead for two years.

    She noted part of her agenda include creating more visibility for the association, providing mentorship and sponsorship for younger members, expanding its corporate social responsibility engagements, including ‘Adopt an Orphan’ initiative, where orphans would be screened for their needs and sponsored from primary school to university. “These are not standalone. They are based on building blocks of our past presidents,” she maintained.

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    She hinted of plans to sign an MOU with United Capital Asset Management to empower women in insurance to remain essential in shaping an inclusive and diverse industry in the financial market.

    Backing Onakomaiya’s plans, 14th president, Margaret Moore, said her agenda, shows continuity is the game.

    “We are ready to take over banks as insurance firm own banks as risk bearers, …”

    Former President, Olufemi Ogun, urged Onakomaiya to work and achieve her plans.

    Present also at the event were Vice President, Joyce Ojemudia.

  • Pushing technological advancements in insurance

    Pushing technological advancements in insurance

    The insurance industry has been slow in the adoption of digital technology. OMOBOLA OLU-KUSIMO writes that this is changing as the National Insurance Commission (NAICOM) is pushing for the use of Artificial Intelligence (AI), among others, to transform the industry.

    The insurance industry is lagging behind in digital technology such as blockchain, Artificial Intelligence, and mobile platforms that can revolutionise the sector.

    Digital technology has taken the world by storm affecting, changing and improving the way things are done. It is disrupting traditional structures and industries such as telecoms, media, and entertainment; and consumer products have been impacted to attract and retain customers.

    Operators were put on their toes to reassess their business model, re-evaluate their strategy and make the digital agenda a high priority.

    The National Insurance Commission (NAICOM) believes that if this is not done, it will be difficult for the operators to deliver on customers’ expectations.

    This is not to say that NAICOM did not brace itself in the adoption of changes. It has and has been working assiduously to put the industry at par with others and deepen insurance penetration.

    Insurance penetration is a measure of the contribution of insurance to the Gross Domestic Product (GDP). It is calculated as the ratio of total insurance premium to gross domestic product in a year.

    It is also an indicator of the development of a sector within a country and how much it contributes to the national economy.

    However, it does not indicate how many people have coverage, its quality and the value it provides for  consumers.

    According to NAICOM, in the past six years the insurance penetration rate has been as follows:  0.48 per cent in 2016, 0.54 per cent in 2017; 0.61 per cent in 2018; 0.71 per cent in 2019; 0.72 per cent in 2020; and 0.88 per cent in 2021.

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    Further analyses show that an estimated three per cent of adults are covered by insurance.

    Experts have, however, decried the low Insurance penetration, saying it can be increased through the adoption of technology and digital solutions.

    Commissioner for Insurance, Mr. Olusegun Ayo Omosehin has, however, been fostering technological advancements, such as blockchain, AI, and other mobile platforms.

    On his strategies to deepen penetration and transform the industry through technology, Omosehin said it is high time insurers evolved and responded.

    He said this would require various skills, culture and model.

    Few weeks ago, the Commissioner had, during a visit to the Inspector-General of Police, Kayode Adeolu Egbetokun, at Louis Edet House, Force Headquarters, Abuja woed the police to collaborate with them to enforce compulsory insurance with technology.

    He emphasised that it is unlawful for individuals to drive on the road without valid motor insurance which is Third Party Motor Insurance.

    He noted that less than a quarter of the vehicles have valid motor insurance and underscored the need for digitisation platforms to authenticate the validity of vehicle insurance.

    He mentioned that this system is being implemented by the Lagos State Government.

    He requested the establishment of a team to collaborate with the Commission in conducting enforcement, asserting that the success of this initiative would be significant.

    In response, the IGP assured the commissioner of the Police’s support. He announced that a team, headed by the DIG Operations, would be set up to handle the matter.

    Also, at the Annual Industry Conference, themed “Actuaries and AI: Strengths, Opportunities, Weaknesses, and Threats”, Omosehin reiterated that the world is experiencing a significant transformation, driven by technologicy and data revolution.

    “The financial sector, in particular, is at the point of a significant shift, with Artificial Intelligence (AI) poised to revolutionise the way we conduct business. As the Nigerian insurance industry continues to evolve, the intersection of actuarial science and AI presents a unique opportunity to further utilise the power of technology to shape the future of insurance in Nigeria. Today, actuaries play a critical role in risk assessment, pricing, and financial stability using advanced techniques such as data science and predictive analytics to analyse complex data and make informed decisions. The profession has become increasingly important in a data-driven world, with actuaries in high demand across various economic sectors.

    “One of the things that some older actuaries talk about is the time before spreadsheets existed, when calculations were done by hand. The advent of spreadsheets did not eliminate actuaries; rather, it allowed them to do more and explore new aspects of their work. AI may represent another major leap forward, but it is very unlikely to replace actuaries. It is therefore exciting to witness conversations around AI especially since the release of Chat-GPT in 2022 which was followed by other AI Chatbots and other technologies to integrate these advancements to improve operational efficiency.

    “It is in recognition of these developments that the Federal Government of Nigeria plans to position Nigeria as the AI hub for AI solutions in Africa. This is to be achieved through the development and implementation of a National Artificial Intelligence Strategy aimed at accelerating AI adoption. It is thus important that the insurance industry and, by extension, actuaries are at the forefront of its adoption.  In conformity with the above, the Commission is committed to the Federal Government’s strategy.  We will ensure that our sectoral regulatory policies are consistent with the outlined goals of the Federal Government while enhancing the stability of the insurance industry”.

    He continued: “Even though, there are perceptions that disruptive technologies like AI will replace every job and make a lot of skills obsolete. There may be credence to this sentiment, if like actuaries, we are to observe historical patterns. However, technological advances have always changed the landscape regarding jobs and relevant skill-sets. Like other technological disruptors, AI has the potential to transform the insurance industry and by extension the actuarial profession. The pace at which AI is evolving means that actuaries have to also continuously evolve and develop skill sets that utilize AI and other machine learning tools or risk being left behind.The Nigerian Actuarial Society (NAS) has a vital role to play in equipping its members with access to the necessary skills to navigate the world of AI. This is why I am inclined to believe that this is one of the reasons we are having this conference.

    “In the changing landscape, using AI for vast data analysis will be commonplace.This will enable actuaries delve deeper into large data; uncovering insights, and developing more accurate risk pricing models and innovative insurance products for the Nigerian populace. AI would readily be instrumental in the emerging Insurtech landscape and financial inclusion by enabling the development of microinsurance solutions that cater to the underserved population, Insurtech AI underwriting, etc. Accordingly, as an insurance industry regulator, we believe that this is the time to strengthen our collaborative efforts to ensure responsible AI adoption in order to maximise the strength and opportunities of Actuaries and AI.”

    Omoseyin enjoined actuaries to be open to ingenuities as well as harness the true potential of AI in the   industry.

    To this extent, he stated that the mutual collaboration between NAICOM and actuaries seek to consider regulation and governance, collaboration, and up-skilling and reskilling.

    He maintained that the Commission is concerned about the inadequate professionally qualified actuaries in the industry and is committed to supporting initiatives and developments that are likely to facilitate actuarial capacity development or enable the industry to access qualified actuaries.

    “This is part of the reasons we, at the Commission, are excited about the prospects that AI brings to the actuarial profession and by embracing the strengths and opportunities of AI while addressing its weaknesses and threats, we can navigate this new landscape with confidence and foresight,’

    The commissioner called on actuaries to collaborate, innovate, and lead the way in shaping the future to facilitate the enthronement of a more sustainable and inclusive insurance ecosystem that benefits stakeholders.

    Managing Director, Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, during the inauguration of a new head office of the organisation and brand relaunch spoke on how the company has embraced digitalisation.

    Mrs. Nwachukwu said: “In today’s rapidly evolving digital landscape, staying ahead requires continuous adaptation and innovation. Our new head office is a testament to our commitment to digitalisation. We have integrated the latest technologies to enhance our operational efficiency, improve communication, and deliver superior customer experiences.

    “From advanced data analytics to seamless digital platforms, we are embracing the future and ensuring that our services remain accessible, efficient, and user-friendly. Our recently redesigned website has a more user-friendly user interface to aid navigation by visitors to the site. A new mobile app has been developed with the aim of giving users 24-7 access to our product and services and are available on the IOS and Google play stores.These are some of the changes we have made,” she added.

    Also, Group Managing Director, Consolidated Hallmark Holdings (CHH) Plc, Mr. Eddie Efekoha. said the group has embraced digital technology in line with global trends.

    He said the use of technology remains pivotal in their quest to consolidate their operations as one of the top players in the financial services sector.