All Posts in "Day: June 2, 2021"

FG approves N9.2bn for 2021/2022 Group Life for workers

By Favour Nnabugwu

The Federal Executive Counci, FEC, meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja on Wednesday, gave the nod for N9.2billion Group Life for workers for 2021/2022.

The President gave his approval following deliberation on a memo by the Head of Service of the Federation.

The Minister of Information and Culture, Lai Mohammed, who tood correspondents on behalf of the Head of Service, said the premium covers federal government employees, public servants, para-military and the intelligence community.

He said it is part of the government’s welfare initiative to ensure that the workers are paid compensation in case of death.

The minister said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for federal government employees, public servants, paramilitary and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907 and this premium is for a period of 12 months.

Thisi s part of the government’s welfare programme for our public employees so that in case of death, they are assured that there would be compensation.”

The council also approved another contract worth about N5.6 billion for the establishment of one oxygen production plant in each of the 36 states of the country, worth N5.6 billion.

Mohammed, who spoke on this on behalf of the Minister of Health, Dr Osagie Ehanire, revealed: “The Minister of Health presented a memo, which was approved, for the emergency supply, installation and maintenance of oxygen production plants and construction of plant houses in each of the 36 states of the federation and Abuja.
The contract was approved in the sum of N5, 615, 127, 479 inclusive of 7.5 per cent VAT, in favour of four different companies, with a completion period of 20 weeks.”

He said the approval was to cushion the effect of the COVID-19 pandemic, which has made oxygen a very critical commodity.

He said that the council similarly approved N18.1 billion for the Ministry of Industry, Trade and Investment, for the development of infrastructure and Kano and Calabar Free Trade Zones, as well as the Textile and Garment Park in Lagos and the Special Economic Zone, Lekki–Lagos.

Patoma Admin by — June 2, 2021 in Insurance 0
Africa Specialty Risks appoints head liability underwriting

By admin

 

Africa Specialty Risks (ASR) has launched liability capacity with the appointment of Martin Boreham as head of liability underwriting.

The pan-Africa-focused reinsurance group will specialise in offering liability solutions cover across a number of lines including liability, professional indemnity, D&O and financial lines.

ASR will offer tailored liability insurance throughout Africa across a wide range of industries. “The liability division will write products proportionally or non-proportionally and is looking forward to working with and writing risks for well-managed and presented businesses that have a strong risk management ethos,” said ASR.

Mikir Shah, CEO of ASR, said: “De-risking and facilitating inward investment across Africa is core to our values, shaping our growth as we continue to do business across the continent. The launch of the liability business line increases ASR’s coverage offering to businesses all over Africa. Martin’s experience will undoubtedly be an asset to the whole ASR team – we are very pleased to be welcoming him to the group.”

Mr Boreham has more than 30 years’ experience within the insurance industry and joins ASR after eight years at MS Amlin, where he was the product lead for international casualty. Prior to this role, he was portfolio manager at QBE and London casualty business leader at GE Insurance.

“I was drawn to the passion and ambition of Mikir, Bryan and the whole ASR team. The quality and depth of knowledge throughout the business forms a great building block to drive ASR forward through the African continent and beyond,” said Mr Boreham.

ASR was launched by Helios Investment Partners in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks, and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations. It recently launched a construction line with the appointment of James Cronje.

Patoma Admin by — June 2, 2021 in Insurance 0
Govt assets inadequately insured – Naicom

By admin

 

The National Insurance Commission, NAICOM, has said that most assets of the Federal Government are never adequately and appropriately insured.

Commissioner for Insurance, Mr. Sunday Thomas stated this at a sensitisation workshop for insurance desk officers of Ministries, Departments, and Agencies, MDAs, on the insurance of Federal Government assets and liabilities in Abuja. Thomas consequently implored the MDAs to domesticate and help in the enforcement of compulsory insurances.

Thomas said: “It is very worrisome to the Commission that most assets and liabilities of government are never adequately and appropriately insured, which further accentuated the need for urgent measures to be put in place by the Commission to ensure that government gets value for money in the purchase of insurance by MDAs and that it is the desire of NAICOM to change this narrative for good.

READ ALSO: Wema Bank deepens financial literacy for SMEs “The essence of insuring government assets and liabilities is to cushion the impact and reduce the burden that the government would have to bear in likely occurrences of catastrophic events such as natural disasters, fire, accidents, building collapse, injuries or death to third parties, etc, thereby saving the government money which can be channelled towards augmenting the needs of the citizenry, providing infrastructure, and creating employment, among others.”

Thomas noted that it has now more than before become imperative to put in place measures to guide MDAs on procuring adequate insurances for assets under their watch, stressing that the provision of Section 7 (d) of the National Insurance Commission, NAICOM Act 1997 stipulates that the Commission shall ensure adequate protection of strategic government assets and other properties.

According to him, Section 7 (f) of the Act, also provides that the Commission shall act as Adviser to the Federal Government on all insurance related matters. He said it is pertinent to note that the Commission can better achieve its task with the full cooperation of the MDAs.

“As you may be aware, NAICOM in 2009, launched the Market Development and Restructuring Initiative, MDRI project which aimed at creation of awareness on compulsory insurance products, education of the public on the long-term benefits of insurance to policyholders and the economy at large, among others.

While NAICOM bore the responsibility of disseminating key messaging on the benefits of compulsory insurance, we relied on government MDAs to help domesticate the initiative in their respective offices and perhaps, serve as the primary vehicles for enforcement of compulsory insurances in their various MDAs,” he said.

Patoma Admin by — June 2, 2021 in Insurance 0