All Posts in "Month: February 2021"

By admin

AICA Reinsurance Corporation Plc (WAICA Re) has donated 39 air conditioners; 12 desktops and 5 laptops as office equipment  to the Chartered Insurance Institute of Nigeria.

The Group Managing Director of WAICA Re, Ezekiel Ekundayo, at the presentation of the equipment which are estimated to cost over N10 million were presented to the institute in Lagos.

He noted that the presentation of the equipment was a further demonstration of the company’s commitment to the Nigerian insurance industry.

Represented by the Regional Director/Nigeria, WAICA Re, Mr Steve Odjugo, Ekundayo maintained that the firm believes in the values and ideas of the CIIN and have over the time provided support to the institute in different form.

Odjugo said that it is the firm’s fervent hope that the equipment would go a long way to improving the working condition of both staff and visitors to the institute’s secretariat

He urged other organisations to borrow a leaf from WAICA Re and lend their supports to the institute which belongs to the entire insurance industry.

On areas the institute needs urgent support, he asserted that aside the Victoria Island building, the institute needs a well equipped e-library that would support its research initiatives.

Director, WAICA Re, Mr. Adeyemo Adejumo, appreciated WAICA Re for the CSR project and its excellence performance within its short time of operations. Whilst calling on other organisations to continue to support the CIIN.

Director-General of the CIIN, Mrs. Abimbola Tiamiyu, said the donation was a booster and that it would assist the institute to sustain its stride in producing professionals that would take the insurance industry to lofty heights

From left: Adeyemo Adejumo, Director, WAICA Reinsurance Corporation Plc; Abimbola Tiamiyu, Director General, Chartered Insurance Institute of Nigeria (CIIN); Muftau Oyegunle, President, CIIN; Steve Odjugo, Regional Director (Nigeria)/representative of Group Managing Director, WAICA Re; Toyosi Alabi, Director, WAICA Re, and Edwin Igbiti, Deputy President, CIIN, during WAICO 10th year anniversary CSR donations and infrastructural upgrade at CIIN Secretariat in Lagos.

Patoma Admin by — February 18, 2021 in Insurance 0

By admin

Allianz Nigeria is planning to roll out a cyber insurance policy, since working at home raises the stakes in cyber security.

Discussions with regulators are close to reaching a conclusion and the policy is likely to be available before the end of the first half of this year, Allianz Nigeria CEO Adeolu Adewumi-Zer tells The Africa Report.

A risk barometer published by Allianz based on a survey of 193 Nigerian corporate respondents shows cyber incidents as the second-biggest perceived risk in 2021, second only to Covid-19. A year earlier, cyber incidents were only seen as the eighth-biggest risk

Patoma Admin by — February 18, 2021 in Insurance 0

By admin

AIG’s general insurance business saw adjusted pre-tax income fall to $1.9bn in 2020 from $3.53bn, brecorded in 2019 despite a rebound in Q4 that saw 15 percent increases for commercial business, as $1.1bn of Covid-19 losses hit.

The pandemic losses and higher nat cat claims saw general insurance’s 2020 combined ratio deteriorate to 104.3 percent from 99.6 percent in 2019.

But adjusted pre-tax income was up 4 percent in Q4 to $809m as investment income rose 28 percent to $980m. The was despite the fact the unit fell to a $171m underwriting loss in the quarter, compared to profit of $12m in the prior-year period.

The quarterly loss included $545m of cat claims, compared with $411m in Q4 2019. Some $367m was primarily related to Hurricanes Sally, Zeta, Laura and Delta. The remaining $178m consisted of Covid-19 losses, with travel, contingency and Validus Re business taking the brunt.

General insurance’s combined ratio was 102.8 percent for the quarter, deteriorating three percentage points from the same period in 2019. The combined ratio for international commercial business, however, improved by 4.8 percentage points to 92.1percent. The combined ratio for North American commercial lines worsened by 3.6 points to 112.4 percent

General insurance’s net premiums written fell 5 percent in the fourth quarter to $5.6bn. They were flat in international at $3.2bn, and down 11 percent in North America, predominantly due to a 55 percent fall in personal lines.

But net premiums were up 7 percent in international commercial lines to $1.66bn and 10 percent in North America to $1.99bn. AIG said this reflected “strong rate momentum” and improving retention across most lines.

AIG Group posted a net loss of $60m in the fourth quarter from a profit of $922m in Q4 2019, mainly due to a $1.2bn derivative loss. The quarter’s adjusted income was $827m, down from $923m a year ago.

For full year, AIG fell to a $5.97bn net loss from a profit of $3.23bn in 2019. The company said this was largely due to the sale of Fortitude last June.

However, its adjusted income still almost halved to $2.2bn from $4.08bn in 2019. The company said this was primarily due to the result in general insurance, which was hit by higher cat and pandemic losses, as well as an increased pre-tax loss from other operations, including the sale of Fortitude Re.

Peter Zaffino, AIG’s president and chief operating officer, said the insurer achieved 15% commercial rate increases in the fourth quarter of last year, with improvement across all lines expect workers compensation, according to results service Seeking Alpha

International commercial rates were up 14 percent in Q4 and accelerated in the second half of last year, explained Mr Zaffino, who will be taking over as AIG’s CEO from Brian Duperreault on 1 March.

North America commercial rate increases were 21 percent in the fourth quarter, compared to 14 percent in the prior-year period, explained Mr Zaffino. He said this improvement was driven by excess casualty that saw rates increase of 45 percent and financial lines that were up over 25 percent, led by a 35 percent rise in D&O. North American retail property and Lexington wholesale property both saw rates increase by about 30 percent, and Lexington casualty business was up 25 percent.

Mr Zaffino expects the commercial market hardening to continue in 2021.

“We expect to see these rate increases be above loss costs. We expect that these rate increases will be balanced across our global portfolio and across multiple lines of business,” he said.

He added that AIG is going to be “very disciplined” about where it deploys its capacity for P&C risks and ensure it gets the “right price for the exposure”.

AIG’s CFO Mark Lyons agreed that there are no signs of price increases decelerating. He added that price rises started a little bit later for international business, so its market trajectory is slightly different to North America.

Mr Zaffino said AIG’s  fourth quarter results provided “further evidence” that each of its businesses remain “financially strong, market leaders, and well-positioned for profitable growth over the long-term in their respective markets”.

Outgoing AIG CEO Brian Duperreault said the fourth-quarter and full-year 2020 operating results demonstrate “continued progress” to position AIG for “long-term, sustainable and profitable growth”.

“We are effectively managing the impacts of Covid-19 and natural catastrophes, and remain well capitalised in this environment of unprecedented uncertainty,” he said.

Mr Duperreault said general insurance business “continues to improve”, with a 1.9-point uptick in the adjusted accident-year combined ratio compared to 2019; and a 5.6-point improvement in the adjusted accident-year combined ratio compared to 2018.

Patoma Admin by — February 18, 2021 in Insurance 0
Nigeria’s GDP grows by 0.11% in Q4 2020

By Favour Nnabugwu

The nation’s Gross Domestic Product (GDP) grew year-on-year (y/y) by 0.11 percent in the fourth quarter of last year (Q4 2020) aggregate GDP stood at N43.6 billion.

This represents the first positive growth in the last three quarters of the year where GDP stood at 1.87 percent, -6.10 percent and -3.6 percent respectively..

In its Nigerian Gross Domestic Product Report (Q4’20), released today, the National Bureau of Statistics (NBS) noted that the positive growth reflected the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters of the reviewed period.

The report stated: “Nigeria’s Gross Domestic Product (GDP) grew by 0.11 percent(y/yr) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.

“Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters.

“As a result, while the Q4 2020 growth rate was lower than growth rate recorded the previous year by –2.44 percent points, it was higher by 3.74 percent points compared to Q3’20.

“On a quarter on quarter basis, real GDP growth was 9.7 percent indicating a second positive consecutive quarter on quarter real growth rate in 2020 after two negative quarters.

“Overall, in 2020, the annual growth of real GDP was estimated at –1.92 percent , a decline of 4.20 percentage points when compared to the 2.27 percent recorded in 2019.

“In the quarter under review, aggregate GDP stood at N43.5 billion in nominal terms. This performance is higher when compared to the fourth quarter of 2019 which recorded a GDP aggregate of N39.5 billion, representing a y/y nominal growth rate of 10.07 percent. This growth rate was lower relative to growth recorded in the fourth quarter of 2019 by –2.26 percent points but higher than the preceding quarter by 6.7 percentage points with growth rates recorded at 12.3 percent and 3.4 percent respectively.”

Patoma Admin by — February 18, 2021 in News 0

By admin
The National Insurance Commission, NAICOM, has put the insurance companies on their tolls to embrace technology if they mean to do business
The Commissioner for Insurance, Mr Sunday Thomas at a conference in Lagos recently,  lamented the declining participation of local insurers in big ticket businesses due to lack of the right technology
According to him, The industry must embrace technology to move forward”
 
“The industry must invest handsomely in technology which is one of our key drivers for developing the market. Institutions should be prepared to digitalize their processes, procedures and systems in order to make their operation seamless and real time.”
He stated that the Commission is investing heavily in automating its processes and expects nothing less from insurance institutions.
“As business owners and as businesses spring up, we must ensure that we put the right processes in place in trying to manage our assets and ensure that we have more strategic thinking”.
Thomas, noted that more businesses are being reinsured abroad them, further eroding the capacity of the local market.
He said, “More businesses especially in the aviation sector and oil and gas are now being reinsured abroad. Of more concern is the declining participation of life companies in the annuity business which is the emerging business for our industry.
These are the areas where the industry can impose itself on the economy through the control of funds for national development; unfortunately, we are missing it.”
The Commissioner further advised the insured public not to discard insurance as part of measures to cut cost in the face of the harsh economic situation.
He said: “It is good to reduce cost but in terms of insurance, people should ensure that all assets are adequately insured”.
“It is good to have a good risk management framework as well as be able to manage our insurances and assets. Many are left with the option of cutting cost, however, not all cost cutting will measure success and some might even end up hurting our businesses
Thoma make bold to say that the insurance industry has proven its relevance in the affairs of the economy.
“Risk is part of our business endeavours and the best thing is to evaluate and see what part of the risk you can transfer”.
Patoma Admin by — February 18, 2021 in Insurance 0

By Favour Nnabugwu

Pension Traditional Arrangement Directorate, PTAD has informed the Pensioners/NoKs that the mop up verification exercise will now commence from 17th February to 23rd February 2021 at the Directorate’s Headquarters Abuja

The scheduled earlier slated for 18th January, 2021 has been rescheduled to the new dates.

This exercise is for Pensioners who have already submitted their documents for consideration and have been invited to be verified.

The continuous In-House verification at the Head Office and the Directorate’s Lagos Regional Office will resume immediately after the mop-up exercise.

Pensioners who are yet to submit their documents for consideration are encouraged to do so now. They can submit their documents at PTAD Headquarters in Abuja, PTAD State Offices or scan the documents and send via email to: verifications@ptad.gov.ng. or by regular mail to:

The Executive SecretaryPension Transitional Arrangement Directorate22, Katsina Ala Crescent, Off Yedseram Street, Maitama, Abuja.

Bearing in mind that we are still dealing with the Covid-19 pandemic and the need for adequate safety measures, the mop up/ In-House verification exercise is strictly based on APPOINTMENT ONLY.

Following submission of documents, Pensioners will be invited on a GIVEN DATE and TIMEFor further inquiries call 09-4621700 (Rates Apply) or 0800-2255-7823 (Toll Free). For more information on PTAD and its activities, please log on to www.ptad.gov.ng. PTAD will NEVER request for cash to process your pension. Please call 08144607574 or email actu@ptad.gov.ng to report suspicious phone calls or messages.

Patoma Admin by — February 17, 2021 in Others 0

We all are living in some new truth. Changes be held very speedily, fresh systems appear, and also anxiety increases on a daily basis. The actual planning ?cart is getting smaller, strategies which were written 2 decades in improve reduce their very own concordance. Exactly what designed providers successful on the former not any longer warranties these folks good results in the foreseeable future.

With such the rapide conditions, the future of organizations could significantly be based upon the actual choices about the board of directors, on their whole capacity to discover general trends, acknowledge modifications in our additional atmosphere around good time frame, check out hazards and also select options.

The exact method is a reality seeing that boards of directors progressively more rely with online instruments for you to pass critical details. Use technology which will permit your board of directors to work along with meet remotely, these types of as: relationship and board portals comparison tools when carefully thinking of all potential aspects.

It truly is more very important than ever before in which your firm’s most subtle documents in addition to conversations happen to be protected along with the highest protection standards, understanding that your board of directors and direction know the exact top on line security techniques.

Typically the solution might be any safeguarded fog up platform which provides a particularly robust yet user-friendly surroundings for managing communications on the courtroom. Changing to the particular online board communications portal provides a number of advantages:

Web based and traditional having access to products and various other essential business proof out of wherever.

Submission involving introductory elements and even upgrading the technology for the board meeting around meetings.

Up graded information with those things with the Board of Directors.

Facilitating contact with recommendations and direction.

Improving business governance and even accountability.

The duties of the particular contemporary board management software tend to be engineered even more thoroughly compared with preceding years. Investors plus option traders expect to have typically the Board of Directors to be able to create extra value for the company and ensure its continuous sustainable production. Such expectations are inside change a great obstacle for typically the board portals alone along with make this towards think regarding its own performance together with means of bettering it.

Why is it so essential meant for all of us boards of directors in order to think on most of their own efficiency?

An productive board communications portal is composed mostly regarding professionals using knowledge, abilities, experience in addition to qualifications about matters that can be the obligation on the board regarding directors. Traditionally, boards members own required skills, expertise as well as ability with technique, auditing, economic, human investment operations, threat supervision plus corporate governance.

More just lately, IT capabilities based on the exact development regarding innovative technological know-how and their impression on industry are in addition in demand. People today with decent industry expertise are at all times in demand in the board meetings without papers.

However, the ability and idea of the particular person board individuals are usually essential on and also of independently. The concern will be to generate a well balanced board portals the spot that the experience, know-how and expertise of you board part accentuate the main experience, expertise and certification of some. The more well-balanced typically the Board of Directors is in stipulations of it’s composition, cardiovascular disease successfully it’d cope using their assignments.

One of many reasons traits of the useful board for directors can be it has the flexibility to support constructive arguments, discuss unique points with watch, and evaluate varied conclusion options and the implications. Towards accomplish this type of debate, the main board with directors will incorporate men and women out of various specialized experience.

With an ecosystem of doubt, a high level regarding conformity on the board of directors is way too excellent a exposure to possible any company. Fashionable board meeting software need to therefore seriously think about diversifying their own composition.

Patoma Admin by — February 17, 2021 in Others 0

The Board of Directors of AXA Mansard Insurance Plc has approved an accelerated exercise of the company’s Options Scheme that was granted to eligible staff along with the accrued bonus in 2015 and 2017.

The approval of the 100 percent vested Share Options was granted at the 85th Board meeting of the company held on 12th February 2021.

According to the resolutions of the meeting, the eligible staff (current staff and good leavers) will have an immediate right to exercise such vested options at the grant prices as contained in their grant letters.

“The Trustees and the Administrators be and are hereby authorized to take all steps and do all acts that they deem necessary for the successful implementation of the above stated resolutions,” the insurance firm said.

Employee stock options (ESOs) are a type of equity compensation granted by companies to their employees and executives. Rather than granting shares of stock directly, the company gives derivative options on the stock instead.

These options come in the form of regular call options and give the employee the right to buy the company’s stock at a specified price for a finite period of time. Terms of ESOs will be fully spelled out for an employee in an employee stock options agreement.

Patoma Admin by — February 17, 2021 in Insurance 0

By admin

Mutual Benefits Assurance Plc, has recorded an increase in gross premium written for year ended December 31, 2020 to N20.194 billion from N18.698 billion in 2019.

In the same vein, the company’s gross written premium for Q4 2020 rose tonN5.378 billion from N4.944 billion recorded in the corresponding period of (Q4 ) 2019.

While profit after tax rose by 104.5 percent to N2.155 billion in Q4 from N1.054 billion in 2019, it rose lower by 25.9 percent to N4.548 billion in full year from N3.612 billion in 2019

The company planned to meet the recapitalisation through a sum of N4.8billion through private placement

At the company’s Extra Ordinary General Meeting held last December, its Board of Directors secured the approval of its shareholders to  sell 8,888,888,889 ordinary shares of 50 kobo each at 54 kobo per share.

Among the shareholders that have indicated interest to take up the private placements are Charles Enterprises and Arubiewe Farms Limited.

Chairman of the firm, Akin Ogunbiyi, said given the impact of the COVID-19 pandemic on the world economies and the negative investors’ sentiments in the stock market, the company has decided to raise more capital required by way of private placement of its shares to some substantial investors who have indicated their readiness to commit further investment into the company to meet the new minimum regulatory capital.

Managing Director of Mutual Benefits Assurance Plc, Femi Asenuga assured shareholders that the company would reward shareholders for their support and patronage in the new year.

Patoma Admin by — February 16, 2021 in Insurance 0

By Favour Nnabugwu

The federal government has named the Idu railway complex after the Deputy Secretary General of the United Nations, Mrs. Amina Mohammed.

The Director PPR, Federal ministry of transportation, Eric Ojikewe.

The statement reads “The Federal Government of Nigeria has named the Idu railway complex, Idu train station, and the light train station of the Federal Capital Territory and all its Facilities after the Deputy Secretary General of the United Nations, Mrs. Amina J. Mohammed.

“It has also gained the concurrence of the honourable minister of Transportation, Rt. Hon Rotimi Amaechi and the minister of the Federal Capital Territory Administration, Mohammed Bello,” the statement added.

Ms Amina J. Mohammed is the Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group.

Prior to her appointment, Ms. Mohammed served as Minister of Environment of the Federal Republic of Nigeria where she steered the country’s efforts on climate action and efforts to protect the natural environment.

Ms. Mohammed first joined the United Nations in 2012 as Special Adviser to former Secretary-General Ban Ki-moon with the responsibility for post-2015 development planning. She led the process that resulted in global agreement around the 2030 Agenda for Sustainable Development and the creation of the Sustainable Development Goals.

Ms. Mohammed began her career working on the design of schools and clinics in Nigeria. She served as an advocate focused on increasing access to education and other social services, before moving into the public sector, where she rose to the position of adviser to three successive Presidents on poverty, public sector reform, and sustainable development.

Ms. Mohammed has been conferred several honorary doctorates and has served as an adjunct professor, lecturing on international development. The recipient of various global awards, Ms Mohammed has served on numerous international advisory boards and panels. She is the mother of six children and has two grandchildren.

Patoma Admin by — February 16, 2021 in Others 0