All Posts in "Day: July 5, 2021"

Ghana insurance industry proffers stiffer penalty for reckless drivers

By admin

 

 

The Ghana Insurers Association (GIA), has called for stiffer penalties as statistics show that the impact of deaths caused by motor accidents was estimated at 2 percent of the country’s GDP.

Mr Kingsley Kwesi Kwabahson, GIA CEO, who made the call recently in Accra, said the association remained concerned about the staggering statistics on deaths and severe injuries associated with accidents through reckless driving on the roads, reported Ghanaweb.

He said the statistics on road crashes issued by the National Road Safety Authority (NRSA), showed that there were 10,808 crashes and 2,073 fatalities in 2019, which represented an increase of 9.8 percent and 2.6 percent respectively in crashes and fatalities over 2018.

He said that pedestrians formed the road user class with the highest number of deaths and severe injuries from motor accidents, accounting for 36.7 percent of the total number of road accident victims, followed by motorcyclists at 28 percent, and bus passengers at 14.4 percent

The Motor Traffic and Transport Department of the Ghana Police Service also estimated that there had been a total of 4,009 traffic accidents with 771 deaths in the first quarter of 2021.

Patoma Admin by — July 5, 2021 in Insurance 0
Zimbabwe regulator launches integrated capital, risk programme for insurers

By admin

 

 

The Insurance and Pensions Commission (IPEC) has launched a revamped solvency management system for the insurance industry.

Dubbed Zimbabwe Integrated Capital and Risk Programme (ZICARP) Framework, the new system aims to, among other objectives, improve consumer protection and assurance to policyholders and beneficiaries, says IPEC in a statement.
ZICARP also provides incentives to insurers to measure and properly manage their risks, which enables them to absorb significant unforeseen losses.

The framework introduces a principle-based approach to regulation, moving away from a rules-based approach, to ensure better allocation of capital resources in insurance firms, align supervision of all insurance entities and make the sector attractive to investors.

The launch of the framework on 22 June 2021 is a culmination of the work IPEC began in 2015. Upon the launch, insurance companies will begin a phased implementation of the framework.

Insurers are expected to report on ZiCARP from 2022 onwards. ZiCARP is split into three pillars:

quantitative aspects where there is a need for insurance entities to determine Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR);

Own Risk and Solvency Assessment (ORSA) that is expected to be an integral part of business strategy and must be considered when making strategic decisions;

disclosure requirements under which, various returns will be submitted quarterly and annually to the regulator.

Patoma Admin by — July 5, 2021 in Insurance 0
Egypt insurance industry to maintain 16% growth in 2020

By admin

 

The Egyptian insurance sector is forecast to grow at the same rate this year as the 16 percent increase in premium income it showed last year, according to the theFinancial Regulatory Authority (FRA).

Mr Reda Abdel Moaty, vice chairman of the FRA area of growth is travel insurance in which premiums are expected to reach EGP1bn ($64m) a year, compared to EGP60m previously. He explains that there is a new requirement for all Egyptian passport holders to buy the cover whenever they travel. A travel insurance pool has been formed to distribute the risk.

He stresses that the FRA has taken many measures to counter the effects of COVID-19 on the insurance sector, including deferring premium payments by insurance clients and encouraging social distancing.

The regulator has also allowed the expansion of the electronic issuance of some standard insurance policies and the distribution of insurance policies through the branches of the Egyptian Post and through the Nasser Social Bank, reported Shorouk News quoting Dr Abdel Moaty.

He reveals that the FRA is studying microcredit insurance to cover the risks of non-payment. The study is carried out in coordination and cooperation with the Microfinance Union. The volume of microfinance in Egypt is EGP20bn, and the average insurance premium rate is 1.5-2%.

Patoma Admin by — July 5, 2021 in Insurance 0
NAIC subsidises insurance with 50% subsidy to farmers

By Favour Nnabugwu

Nigerian Agricultural Insurance Corporation (NAIC) has said the farmers have ño need the fear about insuring the farm produce as the corporation give 50 percent subsidy to farmers

Managing Director of NAIC, Mrs Folashade Joseph, had explained to that the NAIC Act Cap. N89, Laws of the Federation of Nigeria empowers NAIC to underwrite agricultural risks and subsidise the premium chargeable on some categories of crop and livestock items by as much as 50 per cent.

She, however, said when agricultural projects are financed through credit facilities from whatever sources, they must be insured with NAIC.

On what farmers could insure against at NAIC and how to go about it, the NAIC boss said the corporation insures agriculture across the value chains, covering risks associated with primary production, transportation, processing, and storage (silos), among others.

She explained that “the perils covered by crop policy are fire, lightning, windstorm, flood, drought, pests/diseases, and invasion of the farm by wild animals.

“Losses caused by negligence or willful damage are not covered. Similarly, political risks and losses resulting from social risks like riots, mutiny, revolution are not covered under the scheme.”

In addition, Joseph said the corporation’s website also contains salient information that could guide the farmers on how to access NAIC policies.

She said: “However, all a farmer needs to do is call or go to the branch office nearest to him/her and give the detailed description of his/her farm, and NAIC officials will be there in no time. The farmer will need to complete the proposal form, after which NAIC will carry out a pre-inspection visit to the farm to assess it.

Once the farm is assessed, the premium payable would be communicated to the farmer. After the premium has been paid, the policy would be issued. It is as simple as that.”

Subsidy of 50 per cent applies to crops such as rice, maize, yam, cassava, sorghum, guinea corn, beans, soya beans, and indeed all food crops. Crops such as cashew and cocoa are on a commercial basis, and therefore attract no subsidy.

Subsidised livestock includes poultry, cattle, goats and sheep, rabbits, and fishery, among others, but dogs, camels, donkeys, and horses are categorised as commercial with no subsidy, she disclosed.

For a farmer to get compensated for farm losses, NAIC said it takes a maximum of 14 days to pay genuine claims if complete documents are made available to the corporation by the farmers or their agents. Some claims take less.

Patoma Admin by — July 5, 2021 in Insurance 0
UAE GCAA reacts to Minister of Aviation on difficult protocols

By Favour Nnabugwu

 

The UAE General Civil Aviation Authority (GCAA) has reacted to the Nigeria’s Minister of Aviation stand that UAE protocols are uncrssarily dificult, added all that they was in the health and safety of its citizens.

The GCAA in a statement released yesterday state,  “In response to remarks made by the Aviation Minister of the Federal Republic of Nigeria regarding the suspension of flights to and from the United Arab Emirates, the GCAA underlines that the UAE transport authorities are committed to upholding the highest standards of public health and safety in response to the COVID-19 pandemic.

‘The GCAA will continue to work tirelessly with its international counterparts to find ways to facilitate travel without compromising public health and safety, and in line with international aviation standards. In this respect, the GCAA looks forward to reviewing constructive responses from the relevant authorities in Nigeria, following the consultations held between the UAE embassy and Nigerian officials over recent months”

“The  UAE authorities, like those in every country, have made a number of difficult but necessary decisions throughout this pandemic to protect the health of those in the country. Over the course of the past 12 months, the UAE has introduced a variety of special measures to govern travel between the UAE and a number of countries.”

According to it, “These  measures have sometimes been tailored to the particular characteristics of certain areas, but they were always introduced with only one objective in mind: to ensure the health and wellbeing of citizens, residents, and visitors”.

“In  some cases, the UAE has decided to restrict all or indirect travel from countries where the COVID-19 situation is especially concerning. This list of countries is subject to regular review and change”

“These  decisions have been taken after reviewing the prevalence of concerning variants, the number of passengers arriving from each country who subsequently test positive for COVID-19, and the integrity of domestic testing facilities. At no point has the UAE ever given certain airlines exemptions from these measures”.

In conclusion, it said the UAE will continue to discuss with the Nigerian government on the way forward, “The UAE government continues to coordinate with the Nigerian government and to closely monitor the current situation, and will proceed with updated measures that are in the best interests of the safety and well-being of citizens, resident, and visitors”.

Patoma Admin by — July 5, 2021 in Aviation 0