All Posts in "Day: September 29, 2021"

Insurance needs tailor-made Takaful products for households, MSMEs – NAICOM

By admin

 

Nigeria’s quest for achieving improved penetration in the Insurance industry will rely heavily on the impact of tailor-made “Takaful” products designed for households and Micro, Small and Medium Enterprises (MSMEs).

Mr. Zubairu Sulaiman Darazo, the Head, Takaful Unit at the National Insurance Commission (NAICOM), who represented the Commissioner for Insurance, made this point while delivering the keynote at the Second edition of the WebTV Islamic Finance Webinar.

The webinar, which discussed the theme “Islamic Finance and Insurance”, was an opportunity for regulators, operators and experts to explore how to unlock the growth of Takaful.

He noted that as of Q2,2021, Nigeria had five Takaful companies (four full-fledged and one window) and 120 products approved by NAICOM.

He gave further details on the Takaful segment of the nation’s insurance industry. He said Takaful premium contribution in 2020 was N4bn, which was low in terms of the country’s total gross industry premium.

He identified lack of awareness and lack of skilled manpower as the challenges stifling the growth of the takaful market in the nation.

Nigerian Insurance Needs Tailor-Made Takaful Products For Households, MSMEs – NAICOM

Patoma Admin by — September 29, 2021 in Insurance 0
Veritas Kapital announces appointment of Oyindamola Unuigbe as Executive Director

By Favour Nnabugwu

 

Veritas Kapital Assurance Plc has announced the appointment of Mrs. Oyindamola Unuigbe into its Board as an Executive Director of the Company.

The appointment was disclosed by the firm in a notice dated 27th of September 2021, signed by its secretary, Saratu Umar Garba, and sent to the Nigerian Exchange Limited (NGX).

According to the disclosure, the appointment is subject to the final approval from the National Insurance Commision (NAICOM).

Oyindamola brings to bear over two decades of hands-on expertise in the insurance and financial services sectors. She combines experience in entrepreneurship, underwriting; reinsurance; portfolio management; product and business development; enterprise risk management and sales and marketing; acquired across leading international and local organizations.

She is responsible and oversees all operational aspects of the company necessary for business success and growth. In addition, she helps set strategic goals and is responsible for the flow of operations information to the chief executive and the board, while developing and executing new growth initiatives.

Prior to her appointment as an Executive Director at Veritas Kapital Assurance Plc, Oyindamola served as Head, Business Development, South wherein she was responsible for overseeing business procurement and total service delivery activities of branches in the Southern region of Nigeria.

She has over 27-years of relevant experience and have worked in key positions in reputable brands, including but not limited to; Accounts Manager with Brokerlink Inc.; one of Canada’s largest brokerage firms; Primerica Life Insurance Company, Alberta Canada; where she developed key competencies in the areas of processes and procedures that conform to the international practice of General and Life Insurance, Standards and Regulatory Compliance requirements.

She started her career at the Lagos office of SCIB insurance brokers and subsequently worked at Citi Trust insurance brokers and the Nigeria Reinsurance Corporation where she served as a senior manager.

Oyindamola holds a Bachelor’s degree from the University of Ife, Nigeria. She is an Associate of both the Chartered Insurance Institute of London (ACII) and Nigeria (ACIIN) and is a recipient of various prestigious international certifications encompassing general insurance, life insurance and professional risk management.

Patoma Admin by — September 29, 2021 in Insurance 0
EC steps up pressure on VW to compensate all EU dieselgate consumers

By admin

 

 

The European Commission (EC) has told German car manufacturer Volkswagen (VW) to compensate customers across the European Union for misleading them over vehicle emissions, known as “dieselgate” when it was exposed six years ago.

Together with the Consumer Protection Cooperation, the EC said VW breached EU consumer protection law when it sold diesel vehicles fitted with devices to cheat emissions tests.

VW has only agreed to compensate its vehicle owners living in Germany at the time of purchase, but the EC has called on the company to extend this to all affected consumers across all EU countries.

Didier Reynders, European Commissioner for Justice, said: “Up until now, not all consumers have been compensated. There have been court rulings exposing Volkswagen’s unfair treatment of consumers, and yet the carmaker is not willing to work with consumer organisations to find appropriate solutions for consumers.

“Not only consumers residing in Germany, but all consumers need to be compensated,” Mr Reynders said.

VW is expected to pay €750m to more than 230,000 of its vehicle owners in Germany.

But VW told the EC that compensation to EU consumers outside Germany is not justified because all affected vehicles have been recalled to meet legal requirements.

The EC said it is “mounting the pressure” on VW to change its stance.

Speaking to AFP, Mr Reynders said VW faces reputational risk if it does not pay out across the EU. “It’s really a trust question for consumers,” he said.

Mr Reynders added that VW should voluntarily pay compensation of about €3,000 per vehicle in line with average court orders in Germany, Italy and the Netherlands.

Patoma Admin by — September 29, 2021 in Industry, Trade & Investment 0
Lamia Ben Mahmoud re-elected to AIO executive for 3 years

By Favour Nnabugwu

 

 

Mrs. Lamia Ben Mahmoud, General Manager of Tunis Re, was reappointed to the AIO Executive Board as a new board member for a three-year term.

Mrs Lamia Ben Mahmoud has a very wide experience in the insurance field. She has been the Managing Director of her country’s reinsurance pioneer, Tunis Re, since 2009. Prior to moving to Tunis Re, she was the
General Manager of the insurance regulation division of the comité Général des Assurances ( Tunisia’s insurance regulatory body) between 2005 and 2009.

She had earlier held the position of Director of insurance regulation in the same structure. Her professional life was closely envolved around the insurance department of the Tunisian Ministry of Finance for over Seventeen (17) years as she served as Manager, insurance supervisior, Head of
Legislation department and Central inspector.

Mrs Lamia Ben Mahmoud is an unshakable pillar in the Tunisia insurance market; She was President of the intermediaries accreditation commission of insurance in the Ministry of Finance. She has also served
as Government Commissioner in the Consultative Commission on Insurance.

Mrs. Ben Mahmoud has served as Director in the board of directors of several Tunisian Insurance and Reinsurance Companies and some foreigh compagnies such as « l’ARAB RE and AVENI RE.

She has a professional repute that spans across the entire African continent. She goes down into the annals of history as the third woman to serve as President of the African Insurance Organisation in 2015-2016.

She has equally served as memeber of the Executive Committee of the Fédération Tunisienne des Sociétés d’Assurances (FTUSA), member of
the Executive Committee of the African Insurance Oraganisation (AIO),
member of Executive Comittee of the Arab War Risks Insurance

The 47th Conference and General Assembly of the African Insurance Organization (AIO) was held from 4 to 8 September 2021 in Lagos, Nigeria.

Based in Cameroon, the AIO currently counts 354 members in 48 African countries.

Patoma Admin by — September 29, 2021 in Insurance 0