All Posts in "Month: November 2021"

AIG returns to underwriting profit in Q3 2021

By admin

 

AIG has reported adjusted pre-tax net income of $1.13bn for Q3 2021, with general insurance almost doubling its contribution to $811m and returning to underwriting profit of $20m after a loss of $423m for Q3 last year.

AIG said “elevated” cat losses of $628m in Q3 2021, mainly from exposure to Hurricane Ida and European floods, were 21% lower than cat losses of $790m in Q3 2020, which included $185m in Covid-19 claims.

The quarter closed with a combined ratio of 99.7%, improving from 107.2% in Q3 2020, after lower cat losses and stronger underwriting results, as well as commercial lines benefiting from premium growth and rate increases.

AIG president and CEO Peter Zaffino said AIG’s general insurance performance reflects “the underwriting discipline now embedded in our culture and the benefits of our volatility reduction efforts through a well-articulated risk appetite and reinsurance programme that performed well”.

However, overall underwriting profits were largely driven by gains in personal lines in North America and international business. North America commercial lines recorded further underwriting losses of $503m for Q3 2021, from $153m last year, and was running a combined ratio of 120%; while international commercial lines reported underwriting losses of $94m, improved from a loss of $148m in Q3 2020.

General insurance net premiums increased by 11% during the quarter to $6.6bn, driven by commercial lines, which increased premiums by 17% to $4.65bn. That was based on improved levels of retention but also “outstanding” levels of new business and strong rates, AIG said

Patoma Admin by — November 5, 2021 in Insurance 0
Allianz, AXA and Axis best performers in climate change underwriting ranking

By admin

 

 

Allianz, AXA and Axis Capital rank as the top three insurers for fossil fuel underwriting commitments in a new scorecard by climate change campaign group Insure Our Future, with AXA and Scor joint top when it comes to investment, followed by Allianz.

The scorecard ranks 30 leading insurers on fossil fuel underwriting, investment and other climate leadership. It is based on survey responses from 17 of the companies and on publicly available information where insurers failed to reply.

It finds that Allianz is leading on ending fossil fuel insurance, with a score of 4.7 out of 10. AXA is in second on 4.6 and AXIS Capital is third on 3.9. The score mostly reflects moves to stop covering coal, with Insure Our Future noting that only AXA and Generali have adopted restrictions on conventional oil and gas.

The top ten insurers for fossil fuel underwriting is completed with Swiss Re in fourth, followed by Zurich, Hannover Re, Mapfre, Generali, Scor and QBE.

The scorecard takes into account new policies announced by AXA and Lloyd’s of London in the last few days.

AXA’s new restrictions on conventional oil and gas production increased its underwriting score, but only marginally as Insurance Our Future said the policy allows the company to continue insuring more than 50% of planned oil and gas expansion. The new policy saw AXA’s fossil fuel insurance score increase from 4.2 to 4.6. Its investment score increases from 4.4 to 5.4.

Insure Our Future said Japanese and Korean insurers are starting to follow Europe’s lead and have stronger coal policies than most US firms. Chinese insurers remain laggards. However, the Chinese government’s decision to stop building coal power plants overseas likely spells the end of their insurers’ support for new coal projects outside China, according to Insure Our Future.

Its scorecard ranks Lloyd’s 16th on underwriting with a score of just 0.9. Lloyd’s announced last week it is joining the Net-Zero Insurance Alliance (NZIA) and committed to transition its underwriting portfolio to net-zero greenhouse gas emissions by 2050 at the latest.

But Insure Our Future actually reduced Lloyd’s fossil fuel underwriting and investment scores following the news because it believes the market has actually removed concrete commitments for its syndicates, which are now able to decide individually how best to proceed.

Chubb is 19th in the underwriting ranking on 0.7 and AIG is joint last with a score of zero. Insure Our Future points out that AIG, Berkshire Hathaway, Convex, Everest Re, PICC, Sinosure, Travelers and W.R. Berkley have no fossil fuel underwriting restrictions at all.

Chinese insurers PICC and Sinosure also ranked joint last, but their future underwriting may be constrained by the Chinese government’s new commitments on coal, which is not currently reflected in their scores, said Insure Our Future.

When it comes to divesting from fossil fuels, Scor and AXA are joint top on 5.5, followed by Allianz in third on 4.4. Swiss Re, Zurich, AXIS Capital and Generali also score well.

Of the 30 companies, 19 have coal divestment policies. While 14 had some oil and gas restrictions, most were restricted to tar sands. Ten insurers have no fossil fuel divestment policies.

On other climate leadership metrics, Aviva, Allianz and AXA score highest in that order. They are among the eight founding members of the Net-Zero Insurance Alliance that have committed to align their underwriting and investments with a 1.5°C pathway.

Twenty insurers scored no points in this part of the scorecard, including all US and Asian insurers and Lloyd’s of London.

Patoma Admin by — November 5, 2021 in Insurance 0
Plane tickets set to increase due to rising oil prices – IATA

By admin

Plane tickets are set to become more expensive as a result of rising crude oil prices and labour costs, warned head of the International Air Transport Association, IATA.

“The issue that will impact fares in the short to medium-term will be the high price of oil, that continues to remain stubbornly high and increased charges by ANSPs and airports,” said Willie Walsh, the director general of AITA.

“Higher oil prices will reflect in ticket prices,” Mr Walsh said. “Where airlines have made huge losses in recent years, it’s impossible to absorb increases and will have to be passed on to consumers and will have to be reflected in the pricing, he said during an online media briefing monitored by Persecondnews.com

Mr Walsh said. The industry has no choice but to reflect this into plane ticket prices.”

Rising oil prices will add pressure on airlines’ costs, forcing them to pass on some of that burden to passengers by raising air fares, but will not stall the recovery of carriers, according to the head of the

Global airlines, already battered over the past 20 months by the Covid-19 pandemic that has hit their revenue, are facing stronger oil prices of about $80 per barrel and increasing fees from air navigation service providers (ANSPs) seeking to recoup their own losses.

Oil prices have hit multi-year highs with global supplies constrained while demand is rising as developed economies rebound faster than expected from the coronavirus-induced slowdown. Brent, the global benchmark under which two thirds oil trades, has gained more than 60 per cent since the start of the year and was trading at $82.87 a barrel at 3.30pm Nigerian time on Wednesday.

Fuel typically makes up 25 per cent of an airline’s cost. Global carriers will shoulder total accumulative losses of $201 billion in the period between 2020 to 2022, as a result of the pandemic that brought air travel to a halt, according to Iata’s latest industry report in October.

The higher pricing will reflect airlines’ cost of operations, rather than a supply-demand dynamic, Mr Walsh said.

Patoma Admin by — November 5, 2021 in Aviation 0
Underwriting facility eyes geothermal development in Kenya, Ethiopia

By admin

 

 

The UK Government’s financial sector program FSD Africa and Parhelion, a UK-based specialist energy and climate risk finance advisory firm, are to launch an underwriting facility aimed at helping de-risk the early-stage development of geothermal energy projects in Kenya and Ethiopia.

Kenya’s power demand is growing 20% faster than GDP, while recent annual growth rates of around 10% in Ethiopia imply a similar increase in energy demand.

Geothermal power plants, while having shown potential as an alternative and more sustainable energy source, are held back by high upfront investment requirements and the risk of drilling wells that are found to be commercially unviable.

Parhelion will work with East African insurers to create an underwriting facility that hopes to mitigate the low probability, high-cost risk of unviable wells.

Parhelion is also planning to launch the GeoFutures Fund, which would invest in nascent geothermal projects.

With support from the program, Parhelion and FSD Africa forecast a 20% increase in geothermal output for Kenya and a 500% rise in Ethiopia.

This is expected to create 2,600 jobs in renewable energy and insurance sectors, while bringing electricity to 5.25 million people who currently live without power.

Patoma Admin by — November 5, 2021 in Insurance 0
Coronation Insurance total assets hit N41.2bn in Q3 2021

By Favour Nnabugwu

 

Coronation Insurance Plc has recorded growth in its total assets to the tune of N41.15 billion for the third quarter ended  September 30, 2021.

This represents an increase of 3.6 percent when compared with N39.72 billion recorded in the comparable period of 2020.

This is contained in the firm’s unaudited interim group financial results, approved by the company’s board of directors, duly signed by the Chairman, Mutiu Sunmonu and the Managing Director, Olamide Olajolo and made available to SUPERNEWS in Lagos.

According to the report, the Coronation Insurance posted a Gross premium written of N11.06 billion within the period compared to N13.26 billion recorded in 2020 while gross premium income stood at N10.37 billion against N12.85 billion posted in the previous year.

Net premium income soared to N6.63 billion compared to N5.54 billion recorded in the comparable period of 2020 while net underwriting income grew to N7.29 billion against N7.25 billion recorded in the third quarter of 2020.

Claims paid within the period rose to N4.16 billion compared to N2.74 billion while net claims expenses N4.24 billion against N2.48 billion recorded in 2020.

Underwriting expenses dropped to N1.94 billion compared to N2.10 billion posted in the comparable period of 2020, while investment income recorded N1.33 billion compared to N765 million recorded in the previous year.

Profit before tax stood at NN685.2 million compared to N1.19 billion posted in the comparable period of 2020 while profit after tax recorded N711.1 million against N992.7 million written in the previous year.

Coronation Insurance Plc is an insurance company in Nigeria licensed to underwrite all classes of life and non-life insurance for the personal, groups, commercial and industrial sectors.

The company has operations in Nigeria and Ghana. General and personal insurance products cover motor, life, investment, yacht, marine and home insurance. Corporate insurance products cover general property insurance, automotive, marine, aviation, all risk, fire and special perils, goods-in-transit and guarantee and liability insurance for the oil and gas, hotel and restaurant, professional firms and associations, manufacturing, education, energy, telecommunication, financial services, trading, religious bodies, contractors, travel agent, real estate and transport sectors. Public sector clients include government ministries and departments, parastatals and agencies. Wapic Insurance Plc was founded in 1958. Its company head office is in Lagos, Nigeria.

Patoma Admin by — November 5, 2021 in Insurance 0
Naicom may leave insurers behind on digital portal

By Favour Nnabugwu

 

 

The National Insurance Commission (NAICOM) may leave insurance companies yet to slign to it portal behind if they fail to hasten up with the commission.

The Commissioner for Insurance, Mr  Sunday Thomas, made this know at the Insurance Professionals’ Forum, organised by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State, adding that the insurance industry is currently lagging behind and needs to reassess its business model, re-evaluate her strategy and make the digital agenda a high priority.

“If this is not done it will be difficult to deliver on customers’ expectations and new entrants, Insurtech Companies and leading digital competitors will take advantage of this weakness. It is time for Insurers to evolve and do the needful”

“This will require a different set of skills, culture and operating model,” he said.

Thomas noted that there is no technology age that does not have its own challenges, stressing that there would be challenges faced by the industry in the digital environment such as; meeting the demands of the multi-generation customer bases.

He submitted that the fast-changing digital space, systems and technologies; would lead to the need to reduce cost; data reliability; legacy technology; workforce training; fraud, dealing with on-demand economy and others.

He said the Commission is desirous of a fully digitized Industry, adding that the COVID-19 pandemic has accelerated the adoption and the use of digital technologies in the Nigerian Insurance sector. “To this extent, On 1st September, 2021, the NAICOM Portal was successfully launched. In order to ensure effective and efficient utilization of the Portal, the Commission directed all Operators to: Integrate, connect and upload five (5) years historical data of all policies issued from 1st January, 2016 to NAICOM Portal on or before 1st March, 2021,” he posited.

Patoma Admin by — November 5, 2021 in Insurance 0
The Mystery of Thanksgiving by Pastor Favour Onoja

THE MYSTERY OF THANKSGIVING.

INTRODUCTION:

Thanksgiving is a mystery that has been in practice from the Old Testament till now.

God set up a system for the Israelites to show their thankfulness through a specific thanksgiving sacrifice called “a Peace Offering“ (Leviticus 7:11-15).

Individuals, Institutions, Nations and the body of Christ have engaged this mystery and have seen God’s Divine Interventions in various realms and fields of endeavours.

Particularly in the United States, thanksgiving is historically a day to praise and thank God the Father, for His blessings and to ask Him to heal the wounds of the nation. It is also a national day of penitence for them to humbly repent from their sinfulness and disobedience.

Thanksgiving became a national holiday in 1863 during the Civil War, when President Abraham Lincoln declared it a Thanksgiving day.

Having a spirit of contentment and gratitude is a powerful tool to possess because it can affect every aspect of our lives and remind us of God’s sovereignty and magnanimity.

Thanksgiving is a platform where divine ideas and strategies are released for the maximization of your purpose. You cannot be handicapped or stranded in life when you engage this mystery.

Jesus engaged it in the wilderness and fed Five Thousand Men excluding Women and Children, with Twelve baskets left over from a young boy’s lunch of Five loaves and Two fishes (Matthew 14:14 – 20).  It’s the secret for the multiplication of your resources and the work of your hands. Dryness and emptyness are not permitted around you when you deploy this mystery.

Thanksgiving is a tool or weapon for Global Evangelism in this end time.  It is also the attestation of His Almightiness, declaration, publication of His wonders and marvelous deeds among the heathen so that the earth will tremble and fear Him and come to the knowledge of the true God.

The Bible said that He does fearful things in righteousness so that the ends of the earth might fear Him (Psalm 75:1; 105:1; 1Chronicles 16:35; 1Samuel 22:50).

Recently, I experienced one of His marvellous acts upon my life when I got involved in an accident on the 30th of September, 2021.

I was sandwiched between two vehicles when a bus ran into me from behind with top speed, and with that impact, I hit the car in front of me. At this point, the airbag of my car bursted, the two engine sittings were broken, the back bumper was written off and so many other damages. But I came out unhurt to the glory of God.

I return unto Him thanksgiving for this mighty deeds in my life and Ministry.

WHAT IS THANKSGIVING?

1. Thanksgiving is an art of worship and honor unto God (Psalm 95:1-6).

2. Thanksgiving is a declaration, publication of His almightiness and holiness, attestation of His marvelous deeds in our lives and faithfulness, so that the heathen will fear Him (Psalm 75:1; 105:1; 1Chronicles 16:35; 1Samuel 22:50).

3. Thanksgiving is an art of appreciation and gratitude to God for His benevolence, kindness and multitude of His mercies demonstrated towards us.

4. Thanksgiving is responding to God’s goodness, grace and acknowledgment of benefits of favours especially to God with appreciation.

5. Thanksgiving is an art of sacrifice (Leviticus 7:11-15).

SEVEN EFFECTIVE WAYS TO THANK GOD

1. Recognize His Hand:
To give thanks unto God, we must recognize His hand in our lives. Recognizing His hand is a clue that whatever you have achieved, accomplished in life is not by your effort, connections and certificates. The Bible says: “So then it is not of him that willeth, nor of him that runneth, but of God that sheweth mercy“ (Romans 9:16; Psalm 124:1-8). This means that, you owe it all to Him.

2. Give Thanks In Prayer:
One way of showing our thanksgiving and appreciation to God is through prayers. “O give thanks unto the Lord; call upon His name: make known His deeds among the people“ (Psalm 105:1).

3. Keep A Gratitude Journal:
An excellent way to show thanksgiving to God is by keeping a gratitude journal. A gratitude journal is more than just a list of your blessings, but a way to record what God has done for you on a daily basis.

4. Serve Others:
One of the most profound ways in which we can truly give thanks to God is through serving Him by serving others. He said, “In as much as ye have done it unto one of the least of these my brethren, ye have done it unto me“ (Matthew 25:40).

5. Express Gratitude To Others:
When others help or serve us, they in turn are serving God. In a way, when we express our gratitude to those who serve us, we are truly showing thanksgiving to God. We can easily acknowledge the services of others by saying thank you and sending a card or an email to express our appreciation to them.

6. Have An Attitude Of Gratitude:
When we choose to have a positive attitude and to live our lives in joy, we are showing our thanksgiving to God. We are showing to Him that we are grateful for our very life which He has given to us. Ingratitude is a spirit. Don’t embrace it. (Malachi 2:2; Proverbs 17: 22).

7. Choose To Be Humble:
Humility begets gratitude, while pride begets ingratitude. In the parable of the Pharisee and the Publican (Luke 18:9-14), Jesus Christ taught what happens to those who are lifted up in pride and those who are humble. He said “For everyone that exhalteth himself shall be abased; and he that humbleth himself shall be exalted“ (Luke 14:11).

In the face of adversity, we must make a choice. We can either react to our afflictions by becoming humble and thankful, or we can become angry and bitter.

As we chose to be humble, we are showing to Him that we have faith in Him, that we trust Him. We may not know God’s plan for us, but as we humble ourselves, especially in adversity, we are submitting ourselves to His Will.

BENEFITS OF THANKSGIVING:

1. Thanksgiving Gets Our Focus Off Ourselves:
We need to know that life is not all about us, because we are prone to selfishness. God desires our eyes to be set firmly on Him, because that is where our true hope and victory is found.

Thanksgiving helps us to redirect every achievement and accomplishment back to Him. “And my tongue shall speak of your righteousness and of your praise all day long” (Psalm 35:28). “Praise Him for His mighty deeds; praise Him according to His excellent greatness “ (Psalm 150:2).

2. Thanksgiving Is A Tool Or Weapon For Global Evangelism:
The almightiness, holiness and marvelous deeds are declared publicly to the heathen through thanksgiving so that the whole earth shall tremble and fear Him and come to the knowledge of the true God (Psalm 75:1; 105:1; 1Chronicles 16:35; 1Samuel 22:50).

3. Divine Ideas And Strategies Are Released In The Place Of Thanksgiving:
If you want your potentials released, engage this mystery. It’s the place where divine secrets, ideas are released for the maximization of your purpose. You cannot be stranded in life when you deploy this mystery. Jesus engaged this mystery in the wilderness and the lunch of a young boy with five loaves and two fishes fed Five Thousand men, excluding women and children. At the end of it all, they had a left over of Twelve baskets of food. (Matthew 14:14-20).  This is the secret for the multiplication of your resources and the work of your hands. Dryness and emptiness are not permitted around you when you arm yourself with thanksgiving.

4. Thanksgiving Is The Key To Opening The Flood Gates Of Heaven:
A man who knows how to give thanks will secure himself a perpetual open heavens. Thanksgiving is the gateway to the supernatural and the blessings of God upon our lives, destiny, church and the nation. He will not withold nor hoard His goodness and mercies from us if we engage this mystery.

5. Thanksgiving Is The Birth Place For The Miraculous, Healing, Deliverance, Salvation and Revival:
“And at midnight Paul and Silas prayed, and sang praises unto God: the prisoners heard them. And suddenly there was a great earthquake, so that the foundations of the prison were shaken: and immediately all the doors were opened, and everyone’s band were loosed” (Acts 16:25-26).

People’s lives are changed and transformed when  the instrument of thanksgiving is deployed. God can shake things up when we offers Him thanks. As Paul and Silas sat in prison, shackled and chained, they kept thanking God and He came through for them. An earthquake shook the prison, brake the chain and their freedom was established.

As a result of the above manifestation, salvation took place for the jailer and his family by coming to accept Jesus Christ as their personal Lord and Savior, to the glory of God.

6. Thanksgiving Is Cure To Depression And Suicidal Tendencies:
The Pslamist said “Why art thou cast down, O my soul? and why art thou disquieted in me? hope thou in God: for I shall yet praise Him for the help of His countenance.  O’ my God, my soul is cast down within me: therefore will I remember thee from the land of Jordan, and of the Hermonites, from the hill Mizar” (Psalm 42:5-6).

If you have reason to thank God, depression, depreciation, degeneration, oppression and suicidal tendencies are not permitted to hang around you. Thanksgiving is an antidepressants and secret of wholeness.

Suicide remains one of the leading causes of death worldwide, according to WHO’s latest estimates, published in “SUICIDE WORLDWIDE IN 2019”.

Every year, more people die as a result of suicide than HIV, Malaria, breast cancer, War or homicide. In 2019, more than 700,000 people died by suicide, one in every 100 deaths, prompting WHO to produce new guidance to help countries improve suicide prevention and care.

It’s the bankruptcy of thanksgiving and wrong mentality that makes people want to commit suicide. Everyday you wake up, you should have a reason to thank God. Where you are currently, is not the worst place and it’s not your end. The Psalmist said “I laid me down and slept: I awaked;  for the Lord sustained me” (Psalm 3:5).

If you are in this category and you are being hunted by the spirit of suicide (spirit of death), depression, oppression and any other Pyschosomatic Disorders or Mental Disorders, I counsel you to receive Jesus Christ as your personal Lord and Savior.

Kindly pray this prayer from
your heart: Come into my life and make me a new person. Change my life and destiny today. I say “NO” to sin and I receive the grace to serve and live for you by faith. From today, I go forward and backward never. Thank you for answering me, in Jesus Name.

If you prayed this prayer, you can reach me on my email or telephone nos. for further counseling and prayers.

Email:
onojaaf@yahoo.com

Tel Nos.: +234(0)8055842594(WhatsApp) +234(0)7034893375.

GOD RICHLY BLESS YOU.

Patoma Admin by — November 4, 2021 in Lifestyle 0
31 employers pay N154.61m fine for non-remittance of pension

By Favour Nnabugwu

 

 

Thirty-one employers who failed to remit pension contributions deducted from their workers’ salaries to the appropriate Pension Fund Administrators (PFA) have been mandated to pay a total fine of N154.61 million

According to the Q2 2021 report released by the National Pension Commission (PenCom) represents part of the total N398.006 million recovered from them.

A total of N243.396 million representing the principal contributions was also recovered from the defaulters.

The report also disclosed that 19 other defaulting employers had been recommended for appropriate legal action.

While the defaulters were penalised over the infractions, the commission received 10,700 applications from private sector organisations for Pension Clearance Certificates (PCCs) to further qualify them for Federal Governent contracts.

According to the report, “out of this number, PCCs were issued to 10,417 organisations, while 283 applications were in the approval process as at June 30, 2021.

“The records showed that 10,417 organisations had remitted a total sum of N38.371 billion into the Retirement Savings Accounts of their employees totaling 127,483.

On refund of pension contributions to military personnel and employees of state security agencies, the report noted that during the quarter under review, the commission granted approval for the refund of N6.708 million to 57 personnel of the military and other security agencies, who were exempted from the Contributory Pension Scheme (CPS).

An update on the Nigeria Social Insurance Trust Fund (NSITF) also revealed that the commission received applications for transfer of NSITF contributions on behalf of 332 NSITF contributors.

“Approval was granted to transfer N17.026 million to the Retirement Savings Accounts (RSAs) of 298 members. “On a similar note, the commission approved monthly pensions in the sum of N62.327 to 3,629 NSITF pensioners,” the report noted.

 

Patoma Admin by — November 2, 2021 in Pension 0
NIPC tracks $8.99bn investment announcements in Q3 2021

By Favour Nnabugwu

 

The Nigerian Investment Promotion Commission (NIPC) said it tracked $8.99 billion as investment announcements in the third quarter of 2021 (Q3 ’21), with Lagos State accounting for 81 percent at $7.29 billion during the period.

NIPC reported this on its website yesterday, adding that the investment announcements in Q3 ’21 was 130 percent higher than the value of $3.95 billion recorded in the corresponding period in 2020 (Q3 ’20). It added that the total investment announcements so far tracked this year (January to September) stands at $19.10 billion.

The Commission further noted that a total of 33 projects were tracked across 8 States during the period. NIPC stated: “The month of August was the most active during the quarter, accounting for 64 percent of the total announcements.

“The top 10 announcements accounted for 96 percent of the volume tracked. Compared to Q3 2020, there is a marked improvement in the level of confidence in the investing community post COVID-19.

“In the period covered by the report, Lagos State received the largest share of the announcements with 20 projects accounting for 81 percent ($7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity.

“Rivers State recorded $300 million worth of announcements in manufacturing and transportation, and Oyo State had $231 million announced in electricity and trade (e-commerce).

“The four States accounted for 87 percent of the total investments.”

On a sectoral basis, NIPC reported that the sectors with the most investment announcements tracked were manufacturing (42percent), electricity, gas, steam and air conditioning supply (25percent), information and communications (23percent) and transportation (7percent).

The Commission added that domestic investors were the most active during the period accounting for 47 percent of the announcements, followed by announcements from South Korea (22percent), South Africa (16percent), and the Kingdom of Spain (6percent).

NIPC noted that its report is based only on the news articles tracked from July to September 2021, adding that “it may not contain exhaustive information on all investment announcements in Nigeria during the period”.

The Commission however noted that the report, nevertheless, gives a sense of investors’ interest in the Nigerian economy.
NIPC further stated that it did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.

Patoma Admin by — November 2, 2021 in Industry, Trade & Investment 0
NCRIB applauds Naicom IT infrastructure for insurance industry

By admin

The Nigerian Council of Registered Insurance Brokers, NCRIB, has given kudos to the Information Technology infrastructure in place at the National Insurance Commission (NAICOM) to regulate the insurance industry.

The President of the Council, Mr Rotimi Edu gave the commendation during his visit to the Commission’s headquarters in Abuja, recently.

According to the NCRIB President, “The quality of the IT infrastructure would not only ease the Commission’s oversight functions, but has also underscored the preparedness of the Commission to put the industry on the part of sustainable growth and operational progress.”

Mr Edu noted that the NCRIB under his leadership would continue to collaborate with the Commission to achieve its intended vision for the industry.

It will be recalled that the Commission had written to all operators that all their returns and regulatory remissions to the Commission would be fully online.

Patoma Admin by — November 1, 2021 in Insurance 0