NIA Chairman, Ganiyu Musa’s Speech on achievements, projects for 2021, 2022

ADDRESS BY NIA CHAIRMAN, MR. GANIYU MUSA AT THE PRESS BRIEFING
WITH INSURANCE CORRESPONDENTS ON TUESDAY, 8 FEBRUARY 2022.

Gentlemen of the Press,Good morning once again and welcome to this maiden Press briefing for year 2022.

This is an opportunity to bring you up to speed with developments around the insurance space especially as it relates to the activities of the Association. It is also an opportunity for us to look at the economic landscape and voice our expectations in the new year.I thank you for your support to the Association especially during this period of my chairmanship; I am happy to note the very warm and cordial relationship which we do not take for granted and I want to encourage us to continue to support the Association in all its programmes and activities.Some of the initiatives being undertaken by the Association are:

1. CONSOLIDATED INSURANCE BILL 2020 & FINANCE ACT 2021

The Consolidated Insurance Bill 2020 is still receiving legislative attention in the National Assembly and the Association is on top of developments on it. We are optimistic that the Bill will be passed into law before long.We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital. The Association is engaging the National Insurance Commission with a view to determining the next steps

2.. NAICOM PORTAL

We are happy to note that our members have increased upload on NAICOM Portal. We have encouraged those who have challenges to escalate them so that a solution can be provided.

3. MARKET DEVELOPMENT

The Association will continue to complement the efforts of NAICOM in their campaign on domestication of compulsory insurances in the States It is our expectation that laws on compulsory insurance can be domesticated in other States just as Lagos State has done.

1. Beyond the efforts of the Commission, the Association has also upscaled its market development initiatives through strategic engagements with the various states. Some of them include:

A. LAGOS STATE MINISTRY OF TRANSPORT – LAGOS STATE VEHICLE INSPECTION SERVICE (VIS)

The Association is working with Lagos State government in the enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of VIS through Nigerian Insurance Industry Database (NIID) Verification Platform

.B. MINISTRY OF PHYSICAL PLANNING AND URBAN DEVELOPMENT – LAGOS STATE BUILDING CONTROL AGENCY (LASBCA)

The Association is in discussion with LASBCA with a view to using the Nigerian Insurance Industry Database (NIID) Verification Platform for enforcement,verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 (SECTION 64),and Lagos State Urban and Regional Planning and Development (Amendment)Law 2019 (Lagos State Urban and Regional Planning and Development Law,CAP U2 Lagos State Building Control Agency Regulations, 2019)

C. LAGOS STATE SAFETY COMMISSION (LSC)

The Association is collaborating with LSC, NCRIB and Courteville on the Implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance made mandatory by Law for all public buildings through Nigerian Insurance Industry Database (NIID) Verification Platform.The exercise will be launched on 28 April 2022 and Enforcement will commence in May 2022. We are building capacity of its members to enhance compliance inline with the emerging regulations.

4. NATIONAL INSURANCE CONFERENCE 2022

The Association will host this year’s IICC International Insurance Conference inAbuja from 3 – 5 July 2022.

The Deputy Chairperson of the Association, Mrs. Ebelechukwu Nwachukwu is Chairperson of the Organising Committee. We solicit the cooperation of the Press to give it the required publicity.5. UNVEILING ON NEW NIA HOUSE The New NIA House is nearing completion and Building Committee chaired by Mrs. Ebelechukwu Nwachukwu has been saddled with the responsibility of organising the unveiling of the New NIA House. We also plan to use the occasion. 2.
to mark the Association’s 50th Anniversary Celebrations. We will apprise you with details as we plan along.6. #ENDSARS RIOTS AND CLAIMS PAYMENT I am indeed happy to report that Insurance companies have paid over N11billion claims to insureds that suffered losses from the Endsars riots in 2020. The Association will continue to emphasize the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring membercompanies.During the last year, the Gross Premium Written stood at about N508billion while claims paid by member companies amounted to about N224billion which is 44%of the total industry premium.

7. NIGERIAN SHIPPERS’ COUNCIL CONTAINER INSURANCE PROJECT (PACKAGE POLICY)

Discussion is ongoing between the Association, NAICOM, Nigerian Shippers Council, Project IT Vendor-Brand One and all other stakeholders in the maritime value chain including Shippers/ Importer, Clearing Agents, Track Owners, Guild of Marine Surveyors, PRAN and Tracking Companies on provision of cover for containers. This will be a risk management substitute for container deposits being made by the importer to the shipping companies thereby eliminating capital flight from the country.

8. NEXIM BANK EXPORT INSURANCE PROJECT

The Association with the help of her team of actuaries is presently discussingwith NEXIM Bank, MNK Re Limited (Broker at LLOYD’S), PRAN, and the Guildof Marine Surveyors view to developing cover for Export Credit GuaranteeInsurance and Political Risks

Insurance companies settle 44% of premium income as claims in 2020 – NIA

CAPTION
L- Mr. Lanre Ojuola, Director of Operations, Nigerian Insurers Association (NIA); Mr. Ganiyu Musa, Chairman, NIA, and Mrs. Yetunde Ilori, Director-General of the association, during the body’s Chairman press briefing in Lagos on Tuesday.

By Favour Nnabugwu

The Nigerian Insurers Association (NIA) said the country’s insurance industry paid 44 percent of the sector’s gross premium income of N508billion in the year 2020
The Chairman of the Association who doubles as the Group Managing Director of Cornerstone Insurance Plc, Mr. Ganiyu Musa, disclosed this at media briefing to highlight the industry achievements in 2020 and expectation to 2022.
Musa emphasised that the Association will continue to emphasize the need for insurance companies to pay all  genuine   insurance   claims   and   will   not   hesitate   to   sanction   erring   member companies.
“During the last year, the Gross Premium Written stood at about N508billion while claims paid by member companies amounted to about N224billion which is 44 percent of the total industry premium”
On #Endsars he said the Industry paid over N11billion in claims to customers who suffered losses during the public protests against police brutality in October last year.
The NIA Chairman revealed that the claims payment is still counting because there are still unsettled pending claims, adding that the industry claims payment might get to the tune of N20bilion.
It will be recall that insurance companies settled claims on 718 cases of vandalisation; 93 cases of looting; 113 cases of theft; and 136 cases of loss of cash.
While it was also revealed that 99 claims were settled on malicious damage; eight on business interruptions; 455 on burglary attacks; and 912 on fire and burnt sites.
He said that the Association had encourage it’s members to upload their details into Naicom portal, “We  are happy  to   note  that  our  members  have  increased upload on  NAICOM Portal. We have encouraged those who have challenges to escalate them so that a solution can be provided”
CHI settles accident claims to NAIPCO member

By Favour Nnabugwu

 

Consolidated  Hallmark Insurance (CHI) Plc has paid accident claims to a member of the National Association of Insurance and Pension Correspondents(NAIPCO), who was involved in an accident last year.

The said member was crossing the road when a motorcycle riding against traffic hit her from behind which led to her being hospitalised.

The insurance firm, had, in October, renewed the Group Personal Accident Insurance cover worth N24 million Sum Assured given for free to insurance journalists in the country.

However, covered under the free group personal  accident cover issued to NAIPCO, CHI stepped in to pay the hospital bills of the member while the victim  has been discharged from the hospital and she now in good health.

This gesture, according to the company, is part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected.

Reacting to this development, the group managing director/CEO, CHI, Mr. Eddie Efekoha, said, this gesture is to show the kind of values and respect his insurance firm has for journalism, believing, journalists, who are the shaper of the society, and by extension, the insurance industry, must be protected.

Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.

Applauding the initiative, NaIPCO chairman, Mr. Chuks Udo Okonta,  thanked the insurance firm on the claims it paid, stating that, this is a testimony that insurance works and that insurers are actually paying genuine claims.

He applauded the insurer for its prompt response to the claim request, pointing out that, the company was cooperative through out the claim processing.

Okonta also noted that similar claim was paid to a member who was involved in an accident in the past.

The Group Personal Accident Insurance covers death, permanent disability and medical expenses.

The policy, now in its 10th years, has been running since 2012, and is renewed annually by the company. The cover, was renewed on the 1st of October, 2021 and it is due to expire on 30th of September, 2022.

The policy cover all members of the National Association of Insurance and Pension Correspondents(NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.

Custodian Investment grows revenue by 14% in 2021

By Favour Nnabugwu

 

Custodian Investment Plc, a diversified non-bank financial institution, has reported that its gross revenue increased by 14 percent to N85.5 billion in 2021 despite operating in a challenging environment.

The company, which disclosed this in its unaudited result for the year ended 31st December 2021, added that after adjusting for non-recurring one-time gain from prior year’s result, profits from continuing ordinary operations recorded 18 percent growth.

The result also showed that the Custodian Group’s shareholders’ fund grew by 14 percent from N47.6 billion to N54.3 billion after paying dividends totalling N3.24 billion or 55k per share during the year.

Speaking on the result, the company’s Group Managing Director, Mr. Wole Oshin, said the result can be attributed to the resilience of the Group, the diversity of its product offerings, commitment of its staff and the unwavering support of its Board of Directors.

Oshin expressed optimism for a brighter future for the Custodian Group, which has investments in life and non-life insurance, pension fund administration, trusteeship and real estate businesses.

He expects the incremental contribution that will flow in from the Group’s real estate business segment, which is being restructured, to boost the fortunes of the company.

While recognising their contribution, Oshin appreciated the steadfastness of its clients, agents, brokers and all other stakeholders in the insurance, pension, and investment value-chain to the Custodian Group.