All Posts in "Day: June 3, 2021"

Naicom prepares to off load developments for Journalists @ Media Retreat

By Favour Nnabugwu

 

National Insurance Commission, Naicom, has highlighted a number of issues to reel out to Journalists on Friday at the on going Media Retest for Insurance reporters.

Deputy Commissioner for Insurance, Mallam Sabiu Bello Abubakar who spoke at the welcome get together yesterday evening, said that Naicom has a lot of important information to discuss with the Media on Friday.

Abubakar said the Commissioner for Insurance, Mr Sunday Thomas wil, among others developing issues, talked about Naicom reforms, strategic plan, market development.

He s stressed that the Insurance retreat for Journalists is a good measure for Naicom and Media to the insurance sector to the next level.

He gave the assurance that the good relationship between the regulatory body and the Media will be strengthened further.

NAICOM said it established the Strategic Plan with the objective of translating its Vision, Mission and Values into actionable and measurable goals, objectives, initiatives and activities.

The Strategic Plan, according to the Commissioner for Insurance, Mr Sunday Thomas said will provide direction for both long- and short-term decision-making by the Board for implementation by Senior Management in order to fulfil the mission of the organization.

Similarly, it will enable them to make strategic efforts in ensuring adequate protection of the policyholders, beneficiaries and third parties to insurance contracts and also deepen insurance market penetration, it noted.

On this premise, several initiatives have been designed by the Commission to facilitate attainment of the strategic focus which will redefine the future of the Nigerian insurance market,” Thomas said.

“The Commission is also internalizing the human capital development initiative through the effective plan of action for the takeoff of its academy, and will soon be requesting for assistance from erudite scholars in the industry to fill the identified knowledge gaps in the regulatory system,” he noted.

Patoma Admin by — June 3, 2021 in Insurance 0
Global health insurance forecast to hit USD2021.62 by 2027

By Favour Nnabugwu

 

The global health insurance market  grew from USD 1465.8 billion in 2019 to USD1721 billion in 2020 and is forecast to reach USD 2021.62 billion by 2027.

Health insurance is referred to as insurance that covers medical expenses that arise due to illness. These medical expenses can be related to hospitalization costs, cost of medicines or doctor consultation fees. It offers flexibility in disease or ailment coverage.

For the estimation of overall risk of health and health system expenses, an insurer develops a regular finance structure like payroll tax or monthly premium, to provide money to pay for healthcare benefits that are specified in the insurance agreement. Health insurance policy is often included in employer benefit package as a means of enticing quality employees.

The global health insurance market is witnessing significant growth from recent years. This growth is attributed to the increasing geriatric population, high medical costs, government initiatives for developing reimbursement policies for surgical procedures, and the need for an efficient flow of processes without any inconvenience caused due to the payment process. The increased cost of healthcare services and the high prevalence of lifestyle diseases will propel the market growth.

The global health insurance market is expected to witness significant growth, owing to the mandatory provisions of health insurance to the public and private sector, and increasing prevalence of chronic diseases like cancer, diabetes, and cardiovascular diseases.

The factors restraining the market growth are the exclusion of various expensive medical treatments from the policy and increased cost of healthcare insurance products. The introduction of advanced and innovative technology in health settings will provide market growth opportunities.

The global health insurance market is driven by the growing prevalence of chronic diseases such as diabetes, cardiovascular diseases, renal disorders, cancer, among others, and has drastically increased the patient pool and rate of hospitalization.

This in turn increases the healthcare expenditure incurred by the patients, thereby increasing the demand for healthcare policies covering critical illnesses and treatments.

Additionally, mandates about health insurance of employees in different private and public sectors are further expected to fuel the market growth. Furthermore, the sudden outbreak and spread of the COVID-19 pandemic has made many health insurance policy provider companies expand coverage for the disease in healthcare policies, especially in the United States.

Also, Chinese healthcare insurance provider companies are now providing coverage for the after-effects of COVID-19 in their insurance plans as it has been identified that the disease causes long-term organ damages.

Moreover, the adoption of advanced techniques and treatment options in the healthcare industry is further expected to create lucrative opportunities for the market growth through 2026F.

The unhealthy lifestyle patterns of people have resulted in an increase in the number of people suffering from chronic illnesses and an increase in the number of road accidents, and healthcare costs such as high medication costs, among other things.The expansion of the global health insurance sector has been fueled by rising GDP in many countries.

Increased demand for health insurance has resulted from increasing costs of quality healthcare and medical services, especially in private hospitals.If a person does not have benefits, hospital care expenses are enough to deplete a person’s savings.

This necessitates the purchase of health insurance.

The global health insurance market is segmented into type of insurance provider, type of coverage, term of coverage, mode of purchase, end-users, company and region.

Based on type of insurance providers, the global health insurance market can be categorized into public, private, and standalone health insurers.

Among these, the public segment is expected to dominate the market since they provide affordable treatment options which do not include extra deductibles.Based on the term of coverage, the market can be grouped into lifetime and term.

Out of these, the lifetime segment is expected to dominate the market owing to the growing prevalence of chronic diseases.

In terms of region, the global health insurance market has been segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa.Among these regions, Asia-Pacific is expected to witness significant growth in the overall health insurance market owing to the increasing healthcare expenditure and expensive health facilities in the region.

Additionally, increasing demand for health insurance policies, especially in countries like China and India, is expected to drive the market in highly populated countries over the coming years.

Major players operating in the global health insurance market include UnitedHealth Group, CVS Health, Anthem Inc., Cigna Corporation, Allianz Group, AXA Equitable Life Insurance Company, and others.

The companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.

Patoma Admin by — June 3, 2021 in Insurance 0
NECO appoints Ebikibina Ogborodi acting Registrar

By Favour Nnabugwu

The governing board of the National Examinations Council, NECO, has approved the appointment of Mr. Ebikibina John Ogborodi as the Acting Registrar/Chief Executive of the Council.

The appointment followed the death of the Registrar, Professor Godswill Obioma on Monday, June 1, 2021, after a brief illness.

Until his appointment, Mr. Ogborodi was the Director of Special Duties in the Council.

A circular issued by the Director, Human Resource Management, Mr. Mustapha K. Abdul, explained that the Acting Registrar’s appointment was endorsed by the governing board at its emergency meeting held on June 2, 2021.

The circular explained that Mr. Ogborodi’s appointment was as a result of his being the most Senior Director in the Council. The Circular also stated that all activities of the Council are to continue unabated as earlier planned.

Mr. Ogborodi hails from Sagbama Local Government Area of Bayelsa State. He obtained his first degree from the University of Jos in 1986 and a Master’s Degree in Learning Disability from the same university in 1999.

The Acting Registrar joined the service of NECO in 1999 and had served in different capacities.

He was a former Acting Director, Examination Development Department; Acting Director, Office of the Registrar; Director, General Services and Director, Human Resource Management among others

Patoma Admin by — June 3, 2021 in Education 0
Baptish Girls Academy wins CIIN Secondary School Quiz Competition prize

By Favour Nnabugwu

 

Baptist Girls Academy has emerged the winner of the Chartered Insurance Institute of Nigeria (CIIN) ‘s Secondary schools quiz competition.

The school emerged top amongst the five schools that participated in the competition. It was followed by Reagan Memorial which came second.

International School Lagos, came third, while Baptist Academy came fourth and Gideon International School came fifth.

President/Chairman of Council of CIIN
Sir. Muftau Oyegunle, said the quiz competition is borne out of the CIIN’s desire to enlighten and introduce young minds to the amazing world of insurance, stressing that the initiative is also aimed at promoting the significance of insurance in our daily lives, community development, poverty elimination, economic advancement and world peace.

“Insurance ensures that we have adequate safety nets against the misfortunes of life by providing compensation for its customers that enable them to survive the adversities of life”

“Hence, insurance provides us with a means of protecting ourselves and our families from unexpected but possible financial losses while also enhancing the capacity to build wealth.

“This competition is designed to create awareness amongst you, the young adults, who we consider the future of our industry, about the importance of Insurance as a service and the career opportunities it offers to students like you.

“It is my belief that whatever you have learnt in preparation for the competition shall impact your lives positively. Similarly, the knowledge and information you receive here today would assist you in your carrier choice,” he said.

He expressed hope that the students would maximize the opportunities which the competition provides and make insurance their course of first choice when going into the university.

He submitted that the competition was not all about winning but also about having fun while learning more about insurance.

Patoma Admin by — June 3, 2021 in Insurance 0
91,499 RSAs registered by PFAs in January – April 2021

By Favour Nnabugwu

 

A total of 91,499 Retirement Savings Account (RSA) holders were registered by the Pension Fund Administrators (PFAs), under the Contributory Pension Scheme (CPS), between January and April 2021, according to the National Pension Commission (PenCom).

Data obtained from PenCom’s website on Saturday, revealed that the PFAs registered 9,236,841 RSA holders in January, while the number surged to 9,328,340 in April.

The commission stated that pension fund assets which rebounded in March 2021, having dropped for two months, have continued on a growth trajectory to gain over N50 billion between March and April.

PenCom noted that of the N12.39 trillion assets, N8.32 trillion had been invested in federal government securities.

Giving a breakdown, PenCom said Federal Government bonds gulped N7.45 trillion investment; treasury bills, N690.43 billion; agency bond, N13.01 billion; Sukuk bonds, N79.31 billion and green bonds N79.81 billion.

According to the commission, the state governments’ securities also gulped N117.21 billion investment.

Patoma Admin by — June 3, 2021 in Pension 0
CAMCONIA, NAIPCO to boost industry’s media parley

By Favour Nnabugwu

 

The Corporate Affairs Managers’ Committee of the NIA (CAMCONIA), has implored the Media to increase the growth and sustainability of the Insurance Industry in the country.

The CAMCONIA’s bimonthly meeting recently held with the Executive Members of the National Insurance and Pension Correspondents Association representing both the print and electronic media in the country in attendance tied to boost the sector’s media obligations.

According to the Chairman of the Committee, Oyinkansola Sobande, “The role of the Media as watchdog in the society cannot be undermined especially in matters that is in the interest of the general populace.

She further said that “The Media is very critical to the development and sustenance of the Insurance Industry considering the fact, that, there are a lot of challenges facing the sector which are being addressed by stakeholders and business owners in the sector”.

The further appealed to the media to rescind on exposing damaging reports discrediting underwriters as such acts can adversely affect the industry.

Oyinkansola further mentioned that, “businesses, at some point in time, faces one form of challenges or the other and that what some of the players are facing currently, is not peculiar to the Insurance Industry alone, therefore, journalists are required to support positive projection of the industry.

The responsibility of the Media in this regard is quite phenomenal and must be carried out with astute professionalism,” She commended the efforts of all the Insurance Correspondents in the various Newspaper Houses in the country as their intervention in reporting insurance news and happenings is quite commendable and more can still be done in pushing the frontiers of the Industry, she concluded.

In the same vein, the Director General of the Nigerian Insurers Association, Mrs. Yetunde Ilori posited that what the industry need more than ever is acceptability and patronage from all strata of the society; both at the Corporate and Individual level and that can only come with a better understanding of the workings of the insurance business which unfortunately, a lot of Nigerians do not have.

The education on insurance can never be enough at this point in time. “We must move away from the level of assumptions to that of informed opinion and ultimately, acceptance”.

She said a lot of promotion and advertisement are ongoing by several Insurance companies both on the Electronic and Print Media to engender sensitization and awareness of insurance in the country for a robust and holistic enlightenment of the insuring public.

The Chairman of National Association of Insurance & Pension Correspondents (NAIPCO), Mr. Chucks Okonta, solicited the support of member companies and active involvement of the association while pledging the unflinching support of NAIPCO towards ensuring that the Industry is presented in the best light possible to the general public

Patoma Admin by — June 3, 2021 in Insurance 0
Microsoft unveils new window June 24

By Favour Nnabugwu

 

Microsoft will unveil ‘the next generation of Windows’ come June 24, 2021

Windows, the dominant operating system for personal computers, is the source of 14 percent of total revenue for Microsoft, one of the most valuable companies in the world.

The company has pushed two updates each year to its Windows 10 operating system since it first became available in 2015.

The Chief Executive Office, Satya Nadella said the company announced that it won’t ship Windows 10X. That operating system was initially designed for dual-screen devices such as the Surface Neo, which has been delayed.

The company then honed its focus on single-screen PCs such as laptops for Windows 10X before saying on May 18 that “instead of bringing a product called Windows 10X to market in 2021 like we originally intended, we are leveraging learnings from our journey thus far and accelerating the integration of key foundational 10X technology into other parts of Windows and products at the company.”

Microsoft announced the latest Windows 10 update last month with only slight changes.

The company is working on an update to Windows with the code name Sun Valley, that includes a more modern look, with rounded corners coming to components such as the Start menu, technology news website Windows Central reported in February.

The site also said Microsoft could ship a revamp of its Windows app store, which would allow developers to use third-party commerce systems, alongside the Sun Valley update.

The event will be held online at 11 a.m. ET, according to an invitation the company sent to reporters. Nadella will be there, along with Panos Panay, Microsoft’s chief product officer, who has been the face of the company’s Surface devices, the invitation said.

Patoma Admin by — June 3, 2021 in Technology 0