All Posts in "Day: October 25, 2020"

South African Insurance Crime Bureau estimates N164.6bn as P&C fraud

By Favour Nnabugwu

South African Insurance Crimes Bureau’s estimates, property and casualty insurance fraud to cost the South African market 7 billion ZAR (N164.6bn) in 2019.

That is 20 percent  of the total claims reported which amounted to 35 billion ZAR (N823.1 bn).

Fraudulent activities are manifested by misrepresentations of the risk when underwriting contracts or by false claims upon the occurrence of a loss. Insurance fraud can also be unintentional.
According to Christelle Colman, insurance expert at Old Mutual, the financial pressure that consumers are facing in 2020 due to the pandemic could increase fraud attempts.
South Africa has a relatively high insurance penetration rate when compared to its emerging market counterparts and in relation to the sizes of their economies.
Insurance penetration, which comprises life insurance and non-life insurance products, is calculated as a percentage of gross domestic product (GDP). It enables the comparison of different sizes of economies.
South Africa, at 12.89 percent has the highest insurance penetration of the emerging markets under review, far exceeding China at 4.2 percent which came in second on this measure.
Of the frontier markets Namibia is the standout country, with a penetration rate of 7.25 percent while Morocco’s rate is 3.88 percent, and Tunisia’s is 2.14 percent
In Africa, Morocco, Nigeria and Zimbabwe experienced positive total premium growth in 2018 overall.
South Africa experienced stagnant growth in its total premiums, but this is in line with the stagnant economic growth and high unemployment rates.
For Morocco and Nigeria, this was mostly driven by an increase in life premiums.
The boost in life insurance in Nigeria is due to an increase in savings and protection-related financial products in that country,
Kenya experienced low premium growth mostly due to the country’s low insurance penetration levels (0.63 percent); which also stems from its low levels of urbanisation.
When comparing the insurance industries of different markets around the globe, investment analysts also look at the gross insurance premiums written (GPW).  Africa’s GPW accounts for 1.56% of global GPW, according to the report.
South Africa is the leader on the continent, with its GPW accounting for 0.93 percent of global GPW.
Patoma Admin by — October 25, 2020 in Insurance 0
#ENDSARS: There must be a State before Statement, Sirika

By Favour Nnabugwu
The Minister of Aviation, Mr Hadi Sirika has condemned in earnest the spirit of hooliganism which had almost destroyed the peaceful protest of the country youths. in the last week’s.
Sirika that youths have every fundamental human right to protest but when the protest is overtaken by hooligans then it is barbaric
The Minister in his tweeter handle early this morning wrote, “Peaceful protest is a fundamental right & must be guaranteed at all times. Hooliganism & lawlessness is barbaric & must be checked at all times.’
“Only then our country’s prosperity can be harnessed for the good of all. There must be a state first before there can be statesmen!”
It will recalled that the #ENDSARS which started well for more a week went wrong immediately some soldiers open fire on the Lekki Toll Gate protesters in which a lot of people lost their lives.
The youths who were protesting peaceful were take over by Gilligan’s who destroyed both public and private property and looted massively.
Some of the places destroyed are Nigeria Port Authority Lagos – set ablaze; Orile Police Post, Lagos – set ablaze; Lekki Toll Gate, Lagos – totally destroyed; BRT Terminal, Oyingbo – New Buses set on fire; Television Continental, Ketu, Lagos – set ablaze; VIO, FRSC Office, Ojodu – FRSC branded cars,   generators set ablaze; BRT Terminal, Ojodu, Lagos – buses set ablaze; BRT Bus at Berger – set ablaze.
9Others include Lagos Television, Agidingbi, Ikeja – shut down; Recreational Center, Oregun, Lagos – set on fire; Oba’s Palace, Lagos – burnt to ashes. His scepter of authority seized.; Sanwo Olu Mother’s House, Surulere, Lagos – set ablaze; Kings college on fire; Many lives lost already to the protests all in Lagos and south west; Oriental Hotel, Victoria Island Lagos burnt; GTBank Branches burnt down and AccessBank Branches burnt down
The other placed added are Channels Television shut down; Ajeromi Local Govt Secretariat; Lagos-Island Local Govt destroyed; Lagos-Island East LCDA Secretariat set on fire; Lagos Mainland Local Govt Secretariat Destroyed; Ibeju Lekki LCDA Secretariat destroyed and anwoolu’s Uncle’s house on Lagos Island to mention but a few.
Also looted were Covid-29 palliative in Cross Rivers, Akwa Ibom, Kwara, Osun, Delta among many others
Patoma Admin by — October 25, 2020 in Aviation 0