All Posts in "Month: December 2020"

By Favour Nnabugwu

The Chartered Insurance Institute of Nigeria has advised Nigerians to obey covid19 regulations as they celebrate this yelutide season

The CIIN in it’s Twitter handle yesterday remind Nigerians that Covid-19 is still prevalence therefore they should obey all precaution rules
According to CIIN, “As you go around doing your shopping and taking part in the merriment associated with the season, don’t forget to observe Covid-19 safety protocool. It’s important to enjoy but most important to stay ALIVE”
The President of the CIIN, Mr. Muftau Oyegunle had said that the focus of his tenure will be reinforcement of Professionalism and Ethics in the insurance industry, even as COVID-19 forces a new work culture.

Oyegunle listed the six-point agenda to include Digital Transformation of the Institute, Reinforcement of the Relevance of Professionalism and Re-energizing the Institute’s Administrative Structure.

Others are, Insurance Awareness and Youth Mentorship Initiatives, Infrastructural Development, and Advocacy and Collaboration with various Associations in the Private Sector.

The institute’s new president said that though the world was at the mercy of COVID-19 pandemic, it could not surrender to it.

Oyegunle said the institute would continue in its stride to achieve desired results by adapting to strategies and change to the ways of doing things.

“I have come at a time we need to change our strategies to the new normal.

” Our reactions to these disruptions will determine our position today and in the future.

” These disruptions are here and it has come with new challenges that call for the reinforcement of our professional calling.

“Current development in the world call for our collaborative efforts to reinforce professionalism.

” The Nigerian economy in general and the Insurance Industry is not immune from the vagaries of the social and economic disruptions caused by the pandemic.

“The resultant harsh business environment has become a threat which we must collectively confront for survival, ” he said.

Oyegunle said that the current administration would build on the effort made by past presidents of the institute in the area of digital transformation to remain relevant.

He said the programme would be pursued to create new operation process and work culture at the Secretariat.

According to him, the programme will be pursued to lay the required base for the continued relevance of the secretariat in the new order.

“This is what we need to do to change our customers’ experiences, operational processes and business model, ” he said.

The CIIN president solicited for financial support from industry stakeholders and friends to change the face of the institute in the era of a new normal.

Oyegunle lauded the past or esidents for their pioneering roles, saying he hoped to share from their experiences.

Patoma Admin by — December 4, 2020 in Insurance 0

By admin

LIoyd’s of London has received final approval from the High Court of England and Wales to transfer its European Economic Area (EEA) operations to its Brussels-based subsidiary, Lloyd’s Insurance Company (Lloyd’s Europe) effective December 30, 2020

The establishment of Lloyd’s Europe was first announced in the wake of Britain’s vote to leave the EU.

The transaction will take effect from 30 December 2020. All existing European activities in London will then be transferred to Brussels.

Approved and regulated by the National Bank of Belgium, Lloyd’s Europe LIoyds Brussels started operating in early 2019. The company is able to underwrite non-life risks in all 30 countries of the EEA.

Speaking as part of a panel at the Fitch Insurance Roadshow 2019 event in London,, Harley Spin, Head of Global Operations of LIoyds acknowledged that the transfer would be a monumental process for Lloyd’s, but remained confident that it could be completed by year-end 2020.

We’re going to need the entire transition period for sure,” she said. “We’re looking at the moment to see how we can expedite that as much as possible to make it as least painful for the policyholder. That’s the key thing for us, and certainly for our distribution channels as well.”

Asked whether the transfer process may extend beyond 2020, Spink replied: “Well we’re certainly working towards that date, and all the plans that I have in front of me are showing that we will … So yeah, come what may we will make that happen.

Lioyd’s established its new European hub in Brussels last year to ensure that re/insurers operating in its market can guarantee continuity of service to customers in the European Union (EU) following the UK’s planned departure in March 2019.

The Belgian subsidiary began underwriting in January 2019, but the process of moving Lloyd’s UK contracts over to the EU unit is expected to be considerably more challenging than for other insurers using a similar Brexit strategy.

Parts of it are going to be huge for Lloyd’s,” Spink told panellists at the Fitch event. “You know, we’re going right back to the days of R&R in the nineties and any policy that had any EEA element within it is going to need to be transferred into Lloyd’s Brussels.

It’s going to be far more complex than it would be for a straightforward insurer,” she continued, adding that Lloyd’s has been “really lobbying hard to try to find a political way of dealing with this.”

Patoma Admin by — December 4, 2020 in Insurance 0

By Favour Nnabugwu

Consolidated Hallmark Insurance (CHI) Plc has renewed the Group Personal Accident Insurance cover worth N24 million sum assured for insurance journalists in the country to September 2021

This, according to the company, is part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected.

The Group Personal Accident Insurance covers death, permanent disability and medical expenses.

The policy, now in its 9th years, has been running since 2012, and is renewed annually by the company. The cover was renewed in October, 2020 and it is due to expire in September 2021.

The policy covers all members of the National Association of Insurance and Pension Correspondents (NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.

Reacting to this development, the Group Managing Director/CEO, CHI, Mr. Eddie Efekoha said this gesture is to show the kind of values and respect his insurance firm has for journalism, believing, journalists, who are the shapers of the society, and by extension, the insurance industry, must be well taken care of.

Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.

In the case of the death of any of the concerned journalists, he said, the family of the deceased is entitled to N1 million death benefits. “A journalist who suffers permanent disability in the discharge of his duties will also be entitled to N1 million. The cover provides for medical expenses to the tune of N200, 000 per journalist in the case of an accident,” he pointed out.

Applauding the initiative, the Chairman, NAIPCO, Mr. Chuks Udo Okonta, said this is a rare gesture from CHI, as part of its CSR initiative aimed at impacting lives of IRS Immediate community.

He, on behalf of all members of the association, thanked the company as well as its GMD, Mr. Eddie Efekoha, for recognising the pivotal roles journalists are playing in the society and indeed insurance industry, promising that, this will serve as moral boosters for his members to continue to discharge their duties ethically and professionally with exhibiting any fear or intimidation.

He was particularly happy for the fact that in 2013, Mrs. Bimbo Oyetunde of Radio Nigeria received medical bill compensation from CHI after she was involved in a ghastly motor accident alongside other members of the Nigerian Union of Journalists (NUJ) on their return from Abuja after an official assignment where three people died.
To him, ” Your company has lived up to expectation in the past when one of our members benefited from this policy and that, we are grateful for. Although, we don’t pray for hazard to happen, but we are relaxed that if the unexpected happens, CHI is always there for us.

Patoma Admin by — December 4, 2020 in Insurance 0
Sirika mourns Ex-NCAA DG, Captain Mukhtar Usman’s death

Minister of Aviation , Senator Hadi Sirika has described the death of the immediate past Director-General of the Nigerian Civil Aviation Authority, NCAA, Captain Mukhtar Usman as a monumental loss to the aviation industry.

Sirika said that “Although death is a journey on which everyone must embark at his own appointed time, Usman’s own came at a time the industry needed all capable hands to be on deck to reposition it, considering the depth to which it had descended as a result of the global pandemic”.

Captain Muhtar Usman, he said, would be remembered for his contributions to the sector as a “Pilot, Air accident investigator, industry regulator spanning his time at the defunct Nigeria Airways, Accident Investigation Bureau (AIB) and most recently, at the Nigerian Civil Aviation Authority (NCAA) “.

The Minister also commiserated with the aviation family on the loss “Of a thoroughbred professional who distinguished himself in his chosen field “, the family he has left behind and prays for the repose of his soul”.

The late Director General has since been buried in Kaduna , Kaduna State according to Islamic rites.

Patoma Admin by — December 2, 2020 in Aviation 0

Powerful and apparent communication is definitely fundamental designed for employee performance improvement. Receiving detrimental feedback from the employees may be uncomfortable and frustrating both equally for you as well as the employee, nevertheless it is vital to foster a feeling of transparency and open interaction in the workplace. The sooner you can start operating towards this improvement in the workplace, the sooner you will begin to find out results.

The first thing to ensure that your employees consume a positive work place and superior employee effectiveness improvement is to set increased expectations. We all want to be here. It is being human to want to please and become liked. Setting great expectations is important when it comes to how you will interact with your employees. You must ask yourself, “What do I expect of them”. When you are faced with difficult circumstances you can expect the employees to do their best, this might mean doing a poor work sometimes.

Following, implement ongoing training and advancement. Continuous improvement takes place once employees know very well what to expect, when should you expect this and how to better perform. Make use of data and statistics to support ongoing teaching and production. It is also necessary for you to consider the skills and abilities of the employees the moment determining what types of initiatives or perhaps projects to attempt to enhance the coffee quality and effectiveness of their abilities and plus points. Implementing a rewards plan will also motivate employees to participate in these kinds of efforts and receive extra benefits inturn.

Manage the people perfectly. Give your employees’ ongoing schooling, recognition and tools to help them manage overall performance and deal with feedback via customers and other employees. Your goal is to supply the tools and information to help them manage efficiency competently and encourage progress within your organization. To encourage growth within your workers, initiate a staff performance appraisal that will examine how they are doing and review the areas by which they need improvement. You should also on a regular basis evaluate how effective your existing management teaching programs happen to be and if new schooling opportunities can be obtained to help your employees to increase the corporate ladder and experience greater accomplishment.

Set prospects. Give staff a clear perspective of whatever you expect from. Give them clear expectations and consequences with respect to poor performance. Always display employees instances of success in order that they may aspire to better success. If there is ever a period of time that you think that your employees’ performance requirements improvement, take quick action to make sure that they are aware of everything you expect of them and that they will be committed to making improvements just where necessary.

Is not going to put up with poor performance through your employee. If you believe that you might have trouble with poor overall performance from one of your employees, talk to them immediately and don’t maintain it bottled www.urfakombiservis.com up inside. Contact a staff performance improvement consultant right away. Don’t defeat around the rose bush. Talk about the case and acquire concrete ideas for improvement.

Review worker performance critiques. Once you have set up expectations to your employees, become proactive in monitoring them. Start by making time for how they are performing. Are their tasks meeting your goals? Are they helping to increase client satisfaction or are that they frustrating customers by certainly not presenting properly? This will tell you early on so that you can make alterations in the way you are managing all of them.

Once you have determined problems with the employee’s functionality, set an idea of action to resolve these people. The sooner that you just manage employee underperformance the sooner you will see results. It will take two people to manage an employee, you and your director, so employ your best verdict. If you find that your company offers underperformance concerns, follow these types of simple steps designed for common advancements:

Patoma Admin by — December 2, 2020 in Others 0

Five countries have contributed to 84 percent of deaths in the region and they are South Africa, Ethiopia, Kenya, Nigeria, and Cameroon in Sub-Saharan Africa

South Africa tops the list of cumulative deaths with 21,439 (68 percent), followed by Ethiopia 1,701 (5.4 percent), Kenya 1,445 (4.67 percent), Nigeria 1,173 (3.7 percent), and Cameroon 462 (1.5 percent).

There are cumulative confirmed cases of 1,411,393 in Sub-Saharan Africa, according COVID-19 daily update report as of November 28th, 2020

According to the report, South Africa tops the list with a cumulative confirmed case of 785,153 (55.6 percent), followed by Ethiopia 109,247 (7.7 percent), Kenya 82,605 (5.9 percent), Nigeria 67,330 (4.8 percent), and Ghana 51,075 (3.6 percent).

A total of confirmed cases in Africa 2,137,871 and deaths of 51,248, CFR (Case fatality rate) of 2.4 percent however, there are 55 countries in Africa out of which 46 countries are from the sub-Saharan African region.

Out of the growing number, South Africa, Ethiopia, Kenya, Nigeria, and Ghana top the list with a total of 1,095,410 confirmed cases, representing 77.6 percent whilst the other 41 member-countries of the sub-region contributed 22.4 percent.

Out of the growing number, South Africa, Ethiopia, Kenya, Nigeria, and Ghana top the list with a total of 1,095,410 confirmed cases, representing 77.6 percent whilst the other 41 member-countries of the sub-region contributed 22.4 percent.

In Sub-Saharan Africa, there are cumulative confirmed cases of 1,411,393 and deaths of 31,342, CFR of 2.2 percent. The Sub-Saharan Africa cumulative confirmed cases and deaths represent 66 percent and 61.2 percent of entire Africa’s figure respectively.

Chad with 6.1 percent topped the list on CFR, followed by Liberia with 5.2 percent and Sao Tome & Principe 4.8 percent with the least coming from Eritrea 0 percent followed by Burundi 0.1percent

The least in the cumulative confirmed case comes from Eritrea with 577 followed by Burundi 684 as well as in the least cumulative death of 0 for Eritrea and 1 for Burundi.

Patoma Admin by — December 2, 2020 in Aviation 0

President Muhammad Buhari has nominated Dr. Umaru Farouk Aminu as a commissioner-elect representing the North-West zone of the country in the National Pension Commission (PenCom).

According to the release on PenCom, the appointment of  Dr. Farouk was discussed at the Senate plenary session and subsequently forwarded to Committee on the establishment and public service matters for further legislative actions, which is to be reported back in two weeks

Senator Yahaya Abdullahi moved the motion for the confirmation of the nomination of Dr. Farouk for appointment as full-time commissioner.

Senator Abdullahi affirmed that the nomination is in tandem with the provisions of Section 19(3) of the Pension Reforms Act, 2014.
In lieu of this, the request of the president C-in-C was referred to an ad-hoc committee for further hearing and considerations, with the mandate to report back in two weeks.

Patoma Admin by — December 2, 2020 in Pension 0
Naicom grants conventional insurance companies window for microinsurance operation

By Favour Nnabugwu

National Insurance Commission (NAICOM) has announced its resolve to grant Microinsurance window operations to conventional insurance companies from December 1, 2020.

NAICOM in a circular dated November 30, 2020, with a number NAICOM/DPR/CIR/32/2020, signed by the Director, Policy and Regulation, Mr Leo Aka said the directive took effect from today, December 1st, 2020.

The Commission released operational requirements for the business as it detailed; “Henceforth, in order for a window operation to be granted to a Conventional Insurance Company, the following requirements shall be met;

The Insurer shall seek and obtain approval of the Commission to transact Microinsurance Business .

Board Resolution approving the establishment of a Microinsurance Department .

Applicant shall apply for Window Microinsurance National Operation License.

The Department shall be headed by an experienced insurance officer not below the rank of an AGM, who must posses a minimum of seven years post Associate of Chartered Insurance Institute of Nigeria qualification or a minimum of 10 years working experience in a technical department of an insurance institution.

Any Window operator shall segregate the financial records of its Microinsurance business from that of the conventional business.

Appropriate Reinsurance arrangement shall be put in place”, it state.

Patoma Admin by — December 1, 2020 in Insurance 0

As part of preparations for the commissioning of the newly completed, world-class, brand new international terminal at the Mallam Aminu Kano International Airport (MAKIA), Kano, Management of the Federal Airrportsports Authority (FAAN), last week inspected facilities at the airport.

The delegation, which was led by the Managing Director/Chief Executive of the Authority, Capt. Rabiu Yadudu also had a team from the Nigerian Civil Aviation Authority on the tour.

The Management of the Authority also commenced a 10 day facility tour of the nation’s 23 airports yesterday.

The tour is aimed at assessing the infrastructural needs of the airports, while also evaluating their preparations for the annual surge in passenger traffic usually occasioned by the yuletide season, as well as the level of compliance with covid-19 protocols at the airports.

At the Yakubu Gowon Airport, Jos, yesterday, the MD/CE also used the opportunity to address members of staff at the airport.

He assured them that Management will continue to prioritize staff welfare and improve on their conditions of service. He enjoined them to continue to discharge their duties with the highest level of professionalism and dedication.

The team, which also included the Authority’s Directors of Finance, Mrs. Nike Aboderin; Engineering Services, Engr. Salisu Nurudeen Daura; Commercial and Business Development, Mr. Sadiku Abdulkadir Rafindadi; Airport Security Services, Rtd. Group Captain Usman Abubakar Sadiq; Airport Operations, Capt. Mukthar Muye; Human Resources, Mr. Norris Anozie; and Legal Adviser, Dr. Clifford Omozeighan will be proceeding to Bauchi, Kaduna, Gombe and Maiduguri airports, before taking another batch of airports.

Patoma Admin by — December 1, 2020 in Aviation 0

Premiums generated by insurance brokerage businesses increased by 11.08 percent higher to P75.38 billion in 2019 from P67.86 billion premiums generated by the industry in 2018

But the reinsurance brokers saw a decline in their total premium income, according to data from the Insurance Commission (IC).

Citing data from the documents submitted by regulated entities, Insurance Commissioner Dennis Funa said the total premium produced by insurance brokers amounted to P75.38 billion last year.

In terms of product line, insurance brokers generated the most premiums in health insurance, amounting to P22.38 billion as of year-end 2019. This is followed by the fire insurance and life insurance lines, amounting to P17.6 billion and P11.53 billion, respectively,” Funa said.

Aon Insurance and Reinsurance Brokers Philippines Inc. emerged as the best performing firm in the industry in terms of premiums with P10.96 billion generated. The company ranked second last year. It was followed by BDO Insurance Brokers Inc., Marsh Philippines, HSBC Insurance Brokers (Philippines) and Lockton Philippines Insurance and Reinsurance Brokers Inc.

Meanwhile, commissions earned by insurance brokers also reached P8.48 billion in 2019, 4.05 percent higher than the P8.15 billion in the previous year.

BDO Insurance Brokers ranked first in terms of commissions in 2019, with P1.73 billion earned.

Aon Philippines placed second, followed by Marsh Philippines, Intertrade Insurance Brokers, and Lockton Philippines.

On the other hand, reinsurance brokers generated P2.19 billion in premiums in 2019, 42 percent lower than the previous year.

We noticed that insurance companies and NatRe (National Reinsurance Corp. of the Philippines) have been aggressive in accepting risks so there are more premiums on direct business than reinsurance business,” Funa said, quoting one of his staff.

Commissions earned from the reinsurance business likewise declined by 31.58 percent to P128.62 million.

PhilPacific Insurance Brokers and Managers ranked first in terms of premiums last year, with P769.17 million collected. It also topped the industry in terms of commissions earned amounting to P50.57 million.

Patoma Admin by — December 1, 2020 in Insurance 0