NCRIB, CIIN forge ties on enforcement of mandatory insurance


R- President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr Rotimi Edu and the President of the Chartered Insurance Institute of Nigeria, CIIN, Dr. Muftau Oyegunle


By Favour Nnabugwu


The Nigerian Council of Registered Insurance Brokers (NCRIB) and the Chartered Insurance Institute of Nigeria (CIIN) have strengthen the ties of the two bodies to ensure the law on compulsory enforced in the country

In a  statement released by the Corporate Affairs Manager, NCRIB, Dele Ayeleso, said though, there have been strident advocacy for the enforcement of the law as enshrined in Insurance Act 2003 by National Insurance Commission (NAICOM), significant momentum is yet to be generated with the law in the Country raising concern among operators and relevant stakeholders.

Receiving the NCRIB delegations led by its President, Rotimi Edu in Lagos, President of the CIIN, Dr. Muftau Oyegunle emphasized the need for industry stakeholders of which the NCRIB is paramount, to device a more ingenious strategy that would accelerate the momentum for compulsory insurance covering Builders Liability Insurance, Employers Liability Insurance, Motor 3rd Party Liability Insurance, Employers Liability Insurance (Group Life), Occupiers Liability Insurance, Healthcare Professional Indemnity Insurance.

L-  Deputy President, Chartered Insurance Institute of Nigeria, (CIIN) Edwin Igbiti; Director General, Nigerian Insurers Institute, Mrs. Yetunde Ilori; CIIN President, Dr. Muftau Oyegunle; President, the Nigerian Council of Registered Insurance Brokers, Rotimi Edu, Vice President, NCRIB, Mrs. Ekeoma Ezeibe; and Deputy President, NCRIB, Tunde Oguntade during a courtesy visit of NCRIB to CIIN in Lagos.


The CIIN President who applauded the leadership of the NCRIB said insurance Brokers constitute a critical segment of the Institute’s membership and its place in the insurance and financial services sector cannot be underestimated.

Oyegunle promised the support of the institute for the professionalism of broking practice by collaborating with the NCRIB on the proposed examination syllabus of Insurance broking of its membership.

Speaking earlier, President of the NCRIB, Rotimi Edu said his team’s visit was also to appraise the Institute leadership with its policy thrust anchored on “Brokers’ Centrism”.

Edu utilized the visit to inform the CIIN about the forth coming 60th anniversary of the Council, for which it sought the institute support.

Insurance gross premium stood stagnant in 2021- Agusto & Co

The total gross premium income reported in the Nigerian insurance industry remains stagnant at N520 billion in 2021 when compared to the figure in 2020 which was N592.3 billion.

This is according to the 2022 Insurance Industry report by Agusto and Co, a credit rating agency and provider of industry research and knowledge in Nigeria & Sub-Saharan Africa.

The report stated that this could be tied to the negative residues of the COVID-19 pandemic and the #EndSARS protests from 2020 which the industry had to grapple with.
individuals and corporates maintaining a significant online presence. While the trend is expected to continue, the report states that insurance companies can create targeted marketing campaigns aimed at re-orientating Nigerians to embrace insurance products with more people online.

Nigeria insurance industry continued to witness rising claims after disruption in economic activities in 2020 following the lockdown and #EndSARS protest during the year

According to the Nigerian Insurers Association (NIA), insurance companies have paid out claims totalling about N9 billion to victims that suffered losses from the destruction that followed the #EndSARS protests.

In total, there were 99 claims settled on malicious damage, 8 on business interruption, 455 on burglary attack and 912 on fire and burnt sites. Similarly, the insurance companies settled 718 claims on vandalism; 93 cases on looting; 113 on theft, and 136 on loss of cash

NAICOM Issues Operational Guidelines for National Insurance Web Aggregators

By Favour Nnabugwu


National Insurance Commission, NAICOM has released the operational guidelines to serve as a working document to register, supervise and monitor web aggregators.

The Commission in the guideline said that insurance intermediary who maintain a website for providing information on products of different Insurers.

In exercise of the powers conferred by the National Insurance Commission Act 1997, the Commission hereby issues: ‘Insurance Web Aggregators Operational Guidelines – 2022’.

The following introductory notes to the guidelines indicate that: This Guidelines comes into effect on the date of release to the insurance industry and the public;

This Guidelines shall apply to all Web Aggregators and Insurers respectively carrying on insurance business in Nigeria;

This Guidelines shall be read in conjunction with other relevant Legislation, Guidelines and Circulars as determined to be applicable to the newly inclusive distribution channels approved by the Commission; and

It is the responsibility of Web Aggregators to obtain any clarification required on the applicability of this Guidelines, and any other Regulations from the Commission.

Best’s performance assessment for delegated underwriting authority enterprises- A.M Best

By Favour Nnabugwu

AM Best has released a new methodology, “Best’s Performance Assessment for Delegated Underwriting Authority Enterprises.” The methodology is effective immediately.

In this methodology, AM Best introduces the Best’s Performance Assessment (Best’s PA), which provides a framework for differentiating among delegated underwriting authority enterprises (DUAEs) in the insurance industry. The Best’s PA is a forward-looking, independent and objective non-credit opinion indicative of a DUAE’s relative ability to perform services on behalf of its insurance partners.

AM Best defines DUAEs as a blanket term to capture managing general agents (MGAs), managing general underwriters, coverholders, program administrators, program underwriters, underwriting agencies, direct authorizations and appointed representatives.

AM Best believes that there are key assessment factors that are indicative of a DUAE’s relative ability to perform services on behalf of its insurance partners. The PA, as outlined in the methodology, includes an in-depth assessment of the following key components: Underwriting Capabilities, Governance and Internal Controls, Financial Condition, Organizational Talent, and Depth and Breadth of Relationships.

The PA is an aggregation of the sub-assessment assigned to each component. The methodology details the information that will be necessary for AM Best to evaluate the aforementioned key assessment components.

“AM Best believes that DUAEs are an increasingly important part of the insurance ecosystem, with a higher proportion of insurance revenue being generated through DUAEs in many global regions,” said Matthew Mosher, president and CEO of AM Best Rating Services.

“The presence and significance of DUAEs continue to rise, and their decisions could financially impact their insurance partners. Assessing DUAEs will provide transparency to the market and will inform the industry of a DUAE’s ability to perform services on behalf of its insurance partners.”

Leadway Assurance covers 51,000 corporate, individuals on health insurance

By Favour Nnabugwu


Leadway Assurance is said to cover over 51,000 clients in both corporate, and individuals on health insurance since the company ventured into arm of business

Speaking at a virtual Leadway Assurance Media training for insurance journalists in Lagos recently, the head, Medical Services, Leadway Health, Dr. Temitope Falaiye made this known while staying that on the government said 19 states are currently in the health insurance.

“The growth of the company has been exponential with over 51,000 enrollees spread across the country (inclusive of corporate, retail and NHIS,” he stressed.

Falaiye stated that Nigeria spends a relatively small proportion of national income, translating to about 4 per cent of Gross Domestic Product(GDP) on health against the agreed 15 per cent  at the 2001 Abuja Declaration.

Stressing that Out-of-pocket expenditure on health is amongst the highest in the world put at  77.23 percent of total health expenditure and the highest in Africa, he added that a voluntary National Health Insurance Scheme(NHIS) exists in Nigeria but covers less than 5 percent of the population, saying, Nigeria’s informal economy, which accounts for more than 60 per cent  of its total GDP is still largely uncovered.

“To bridge the coverage gap, several states have commenced the establishment of State Health Insurance Schemes. Presently, about 19 states are at various stages of their implementation journey. Anambra, Delta and Lagos state have particularly made significant progress in enrollment. Private Health insurance accounts for less than 3 percent of the Nigerian population,” he pointed out.

Explaining that there is no one-size-fits-all approach to achieving Universal Health Coverage(UHC) as strategies will depend on local circumstances, he said, improving Universal Health Coverage requires addressing building blocks of health systems with a proper roadmap from policy, implementation and monitoring

 Highlighting the  challenges of universal health coverage in Nigeria,he listed underfunding and skewed funding allocation in favour of secondary and tertiary care as against primary healthcare, as well as poor public financial management

Others, he listed include; ” limited political commitment to health and primary healthcare, poor policy formulation, lack of clarity on roles and responsibilities at different levels of the system, lack of measures to assess quality of care, lack of confidence in healthcare systems and human resource shortages (workforce)”

Falaiye advocated for diversification of sources of funding, increased funding for primary healthcare services through public-private partnership, even as he suggested State funded private health insurance in collaboration with private Health Management Organisations(HMOs)

Calling for better funding/incentives for health providers in rural communities, he stated that there must be fraud prevention and systems to check corruption.

Stating that improved government commitment to health especially at the state and local level is germane, he called for research based policies, formulation of a national UHC roadmap involving national, state and international partners, better collaboration between the public and private sector, among others.

Governments, he advised, should create an enabling environment to promote Corporate Social Responsibility(CSR) support towards UHC initiatives, while advocating implementation of a monitoring and evaluation framework with data from key UHC indicators.

While speaking on Leadway Health, which officially, started operation on the 1st of January, 2021, he said, the HMO is made up of highly experienced, technology savvy health insurance professionals who are driven to change the perspective of health insurance in Nigeria.

“At the onset, we analyzed the customer journey, identified pain points and deployed targeted solutions to ensure a best in class experience for both health providers and clients.

Earlier, Principal Investment & Strategy, Leadway Assurance, Joshua Ogbeifun, had charged journalists on the need to deepen insurance awareness and education through their write-ups, saying, though, insurance journalists have tried in this regards, but that they can improve on this to increase insurance adoption and penetration as well as insurance industry profitability.

Similarly, at the event, Mr. Gbolahan Oluyemi of the Leadway Capital & Trusts Ltd, while making presentation on Understanding Wills and Trusteeship, advised Nigerians on Estate planning which is the preparation and planning to manage an individual’s asset base after their demise or incapacitation.

According to him, “There are different modes of Estate Planning and they include, Trust, Inter vivos gifts and Wills.A Trusts is an arrangement whereby a person transfers an asset to a person (Trustee) to hold in trust for the benefit of a third party (Beneficiary). A Will is a legal document by which an adult expresses how he/she wants his/her assets/property to be distributed after his/her death.”

Explaining the importance of will writing, he said, this ensures that your assets will be distributed according to your wishes, offers protection for your beneficiaries, excuses the need for Letters of Administration, contains an inventory of assets and reduces fraud in the succession process as well as Ease access to the Retirement Savings.

Casava secures $4m pre-seed funding to provide micro-insurance for Nigerians

By Favour Nnabugwui


Nigeria’s first 100 percent digital insurance company, casava, has secured $4 million in pre-seed funding to provide affordable and accessible insurance products for millions of Nigerians.

Starting with income protection and health insurance, the insurtech startup is leveraging artificial intelligence and behavioural science to deliver game-changing claims and benefits products.The new funds will support customer acquisition and growth, as well as further development of the product and the technology stack.

The funding round, the largest pre-seed round for an African insurtech to date, was led by Target Global with participation from Entrée Capital, Oliver Jung, Tom Blomfield (Founder of Monzo) and Ed Robinson and Brandon Krieg (Founders of Stash). African founders such as Uche Pedro (Founder of BellaNaija), Babs Ogundeyi and Musty Mustapha (Founders of Kuda), Shola Akinlade (Co-founder of Paystack), Olugbenga “GB” Agboola (Co-founder of Flutterwave), Honey Ogundeyi (Founder of Edukoya), Opeyemi Awoyemi (Co-founder of Jobberman) and others also participated in the round.

Casava is led by Bode Pedro, a veteran entrepreneur that has built many successful companies, including Veda Technology, one of Nigeria’s premiere computer hardware manufacturers. Segun Makinde, former VP at JPMorgan Chase and former Portfolio Manager for Nigeria at MEST Africa is the company’s Chief Operating Officer. The startup launched in April 2021 and already has more than 66,000 customers, with $16 million in insurance coverage.

Casava is Nigeria’s first licensed microinsurance underwriter, creating insurance products that make it easier for income earners across the country to protect themselves against life’s unforeseen events, including job loss and health emergencies.

According to the National Bureau of Statistics, around 20% of workers in Nigeria lost their jobs as a result of COVID-19. With unemployment insurance unavailable in Nigeria, these workers are largely left to their own devices to make ends meet between jobs.

With Casava Income Protection, subscribers can insure their income with an easy-to-use subscription that starts from as little as $1 a month, and get paid monthly for 6 months if they lose their job, fall sick or become disabled. Subscribers can also add on Casava Health, which enables access to more than 1,000 doctors on telemedicine and 900 hospitals across Nigeria.

Consumers can subscribe to Casava’s insurance products directly via the website, mobile app or WhatsApp. It will also be working with fintech and digital partners to embed insurance products into their offerings, accessing over 500,000 financial service agents to reach customers across the country. Casava will empower these agents to offer insurance and earn commissions from the customers from their customers on a recurring basis.

“Our mission is to provide affordable insurance for Nigerians and other Africans and we are happy to have raised these funds from an exciting group of investors, “ says Bode Pedro, Founder and CEO of Casava, “With less than 1% of the country insured, Nigeria (and Africa) is an untapped insurance market. We want to address the barriers that hinder adoption and add value to consumers across the country.”

Commenting on the funding, Dr. Ricardo Schäfer, a partner at Target Global said, “Bode and the team have recognised a great opportunity to address a longstanding problem for many Nigerians and Africans and we are excited to support their mission to make insurance more accessible. One of the first of their kind in the region, Casava has the potential to transform the lives and livelihood of millions of people.”

“The Casava team has developed a unique and disruptive product that we believe has the potential to transform Africa’s insurance market,” adds Avi Eyal, General Partner at Entrée Capital. “We are confident in the Casava team that they have what it takes to be leaders in this field.”

About Casava

Casava is Nigeria’s 1st 100% digital insurance company and the fastest growing insurtech startup in Africa. We are making insurance affordable for income earners and protecting against key life uncertainties.

We are digitally rebuilding insurance from the ground up with our unique business model and an emphasis on great customer experiences to make it more data driven, accessible and socially impactful. By leveraging technology, behavioural science and empathy, we will provide insurance with a great user experience, amazing value and instant benefits. To that end, we have built a vertically integrated company with a wholly-owned microinsurance carrier in Nigeria and a full technology stack to power it.