All Posts in "Day: April 2, 2021"

FG extends NIN deadline to May 6, 2021

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The Federal Government has extended the deadline for linking Subscriber Identification Modules, SIM with valid National Identity Numbers from April 6 to May 6, 2021.

It announced the extension on Friday in a statement issued in Abuja by the spokesperson of the National Identity Management Commission, Kayode Adegoke.

The deadline was extended from April 6, 2021, to May 6, 2021, after participants at the meeting of the Ministerial Task Force on NIN-SIM data linkage agreed to have an extension of the process.

The statement read in part, “The meeting took place on Thursday, April 1, 2021, and approval was given to extend the period of the NIN-SIM linkage to the 6th of May, 2021.

“The request for the extension was presented to President Muhammadu Buhari and he endorsed it.”

The Minister of Communications and Digital Economy, Isa Pantami, chaired the meeting.

The meeting was attended by key stakeholders, including the NIMC, Nigerian Communications Commission, National Information Technology Development Agency, Economic and Financial Crimes Commission, Nigeria Immigration Service and the Association of Licensed Telecommunications Operators of Nigeria.
Others include the managing directors of MTN, Airtel, EMTS (9Mobile), NTEL, Spectranet and SMILE, as well as the chief operating officer of Glo.

The statement also stated that based on the updates of the NIN registration process, over 51 million people had been assigned NINs.

Patoma Admin by — April 2, 2021 in Technology 0
Natural, man-made disasters hit $202bn in 2020 – Swiss Re

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Swiss Re Institute report shows that the economic losses generated by natural and man-made disasters reached USD202 billion n 2020. This cost increased by 48 percentcompared to 2019.

The economic cost of natural disasters amounted to 190 billion USD while man-made disasters reached 12 billion USD.

The insured losses totalled 89 billion USD, 81 billion USD of which are related to the damages caused by natural disasters and 8 billion USD of which caused by man-made catastrophic losses.

The Beirut port explosion is the highest man-made loss in 2020. The economic losses are estimated between 3.8 and 4.6 billion USD and the insured losses are believed to be around 1.5 billion USD.

The study, published on 30 March 2021, also emphasizes the magnitude of secondary perils defined as the side effects of a major disaster. The latter represent more than 70 percent of the amount of the natural catastrophe losses, that is 57.4 billion USD.

In 2019, the losses generated by secondary perils were established at 31.9 billion USD.

With a total of 274 natural disasters and 7 993 victims, 2020 is considered as the fifth most costly year for insurers since 1970.

The majority of rising losses resulting from natural catastrophes have been due to the rising exposure accumulation (human and physical assets) that has come with economic growth and urbanisation, the latest signs says. In the coming decades, climate change will be one of many factors contributing more to growing losses. In particular, as world temperatures warm, the frequency of and losses resulting from severe weather events will rise.

After two high-loss years in 2018 and 2017, economic losses from natural catastrophes and man-made disasters in 2019 were lower at USD 146 billion. The insurance industry covered USD 60 billion of last year’s losses, down from USD 93 billion in 2018, and also below the USD 75 billion average of the previous 10 years.

Once again, the effects of climate change were manifest most notably in intense secondary perils events in 2019. For example, the very heavy rains that came with Typhoon Hagibis in Japan, the storm surge after Cyclone Idai in Mozambique, and monsoon rains in southeast Asia, all these events resulted in widespread flooding. And, in eastern Australia, record-high temperatures kept wildfires burning across millions of hectares of bushland.

Patoma Admin by — April 2, 2021 in Insurance 0