All Posts in "Month: April 2022"

Abuja-Kaduna train attack: Kaduna Govt disburses N18m to families of death victims

By Favour Nnabugwu

 

The Kaduna State Government  has layed up plans to disburse N18 million to families of the nine persons killed by terrorists during the Abuja-Kaduna train attack.

The Executive Secretary of the Kaduna State Emergency Management Agency (KADSEMA), Muhammed Mukaddas, in a statement on Wednesday,said the sum of N2 million naira would be given to each family.

According to him,  the sum of N250,000 each will also be given to 22 persons who were severely injured.
He said “369 victims were called and offered opportunities for psychological support, 264 persons accepted the offers and were supported.”

“We secured ambulances and buses for evacuation and moved to the scene. Before arrival, the military had commenced evacuation, we therefore evacuated the dead bodies and a few severely wounded victims and one person that had escaped captivity.”

“We deposited the dead at the 44 NARH and others at St. Gerald’s hospital for treatment. We set up a crisis center which availed families of the victims to call for enquiries and also provide relevant information about their missing relatives,” he said.

Patoma Admin by — April 20, 2022 in Transportation 0
Dr. Nwariaku now the Chief of Surgery at the University of Utah, USA.

Dr. Nwariaku is the new Chief of Surgery at the University of Utah, USA.

By Abraham Ariyo, M.D.

I am pleased to announce the appointment of Dr. Ohwofiemu Nwariaku, M.D., as the New Chief of Surgery at the University of Utah, USA, effective July 1st, 2022.

I placed a phone call to congratulate “Bondi”, as we called him at University College Hospital (UCH), Ibadan when we were students. He was excited about his new appointment and we transiently celebrated on the phone, pending real ‘washing’ to follow very soon.

In 2000, when I interviewed for a cardiology faculty job at University of Texas -Southwestern Medical School (UTSW) in Dallas, a prominent Black surgeon was leaving to become Head of Surgery at the University of Utah. He was from the Caribbean. Fast forward, two decades later, our own man, who was just two years on the faculty at the time, is now stepping up to fill the top spot In Utah.

Dr. Nwariaku graduated from the University of Ibadan College of Medicine in 1987. He did his internship at Baptist Hospital in Ogbomosho where he distinguished himself. He impressed the visiting American surgeons there.

When dedication and hard work meet luck, the result is excellence. This rough diamond that was discovered in Ogbomosho ended up at UTSW in Dallas for residency in surgery. He has been in Dallas ever since, quietly working hard and silently digging for gold. Gold he found in 2022!

I ended up moving to Dallas in 2000, but not at UTSW. In fact, I didn’t know he was there.

In 2002, we were staring at each other while waiting for food at the Nigeria restaurant in Dallas. Since we both happened to be married to non-Nigerians, our occasional visits to this restaurant were marked with pent-up demand for and eagerness to taste that our motherland food.

While I was waiting for my pounded yam and goat meat, which I was salivating to receive, he was waiting for the arrival of his full meal, topped off with serious goat head ? soup.

After fulfilling our respective gastric desires and having both completed our liver rounds, we sat close to catch up with each other. We discussed old UCH memories. Another member of his ‘87 class, Edwin Ojo (late), the gastroenterologist among the three of us, was present at the feast.

Fiemu and I have remained in Dallas ever since. In 2007, I saw him at 11pm after our local ANPA meeting and he said, “Abraham, isn’t Adisa in your set?” I said, “Yes. I have been looking for him since 1988, and no one could tell me his whereabout.” He said, “Guess what? He is at my house now, but leaves for Nigeria at 6am tomorrow morning.” I immediately drove straight to Bondi’s house to meet Professor Adisa (late) at midnight. We all spent that night reminiscing about our student lives at UCH with fun memories.

That meeting finally rekindled my link with my lost old friend. At the time, Adisa and Fiemu were prominent world class surgeons doing international collaborative work and research.

In 2013, a visiting ex-Minister asked me for help regarding his wife who needed some surgical treatment, I promptly called Fiemu and the ex-Minister’s wife was taken care of. They were happy with the care they received from Fiemu.

In 2014, Fiemu called me and informed me that the Governor of Bayelsa was sending a delegation to Dallas as a fact-finding team regarding their proposed Bayelsa Medical Complex Building. I was glad to join Fiemu in showing the Governor’s delegates several hospitals that my colleagues and I had built in the Dallas metroplex.

In 2017, Fiemu contacted me to inform me that President Olusegun Obasanjo was coming to Dallas, as part of his world tour to launch his new book. It was held at SMU here in Dallas.

At one point, I had to ask him, “Fiemu, we are now moving in the company of ex-Ministers, Governors and even President of Nigeria! What’s up with that? We are moving on up brother.” He laughed. Such a humble guy. He said, “Abraham, we just need to keep doing our good work.”

‘I am, therefore, extremely pleased to announce to you, our own Bondi, all the way from UCH, as the next chief of the Department of Surgery at the University of Utah, Professor Ohwofiemu Nwariaku.”

Patoma Admin by — April 17, 2022 in Education 0
NAICOM, FintechNGR to develop a Fintech-Insurtech adoption Roadmap

By Favour Nnabugwu

 

The National Insurance Commission, NAICOM has approved the request for FintechNGR to work with NAICOM and the ecosystem to develop a Fintech/Insurtech Adoption Roadmap for the insurance sector in Nigeria.

Recall that the Association successfully played a similar role in developing a Fintech Adoption Roadmap Policy for the Nigerian Capital Market in 2019 which has played a revolutionary role in how SEC is outstandingly regulating the sector.

The 2019 Fintech Roadmap Policy for the Capital Market has given birth to other regulations such as crowdfunding and virtual asset rules and many others that are still in the pipeline at the Commission

Patoma Admin by — April 15, 2022 in Insurance 0
Cassim Hansa, Continental Re’s Head Underwriting & Claims retires June 30

By Favour Nnabugwu

 

Seven years of manning the underwriting and claims department of Continental Reinsurance Plc, Continental Re, Mr. Cassim Hansa, Group Head of Underwriting and Claims, is retiring on 30 June 2022.

Hansa is a civil engineer with an MBA from the University of the Witwatersrand (South Africa). He has over 30 years of experience in insurance and reinsurance underwriting and claims management.

Mr. Cassim Hansa is a professional civil engineer and MBA graduate (University of Witwatersrand, Jhb.) with experience in both the Engineering and Insurance Industries; in both the USA and SA. He joined Continental Reinsurance in 2014.

He has been in the insurance industry since 1989 and now has 27 years [two years of which were spent in the USA] of reinsurance/insurance underwriting and claims handling experience.

Prior to his intra-company transfer from Munich Re to the USA, he held the position of Chief Engineer carrying responsibility for all the Engineering Insurance business south of the Sahara. In the USA (2001 to 2003), he led Munich-American Risk Partner’s Property-Engineering Insurance unit in Princeton, New Jersey.

Patoma Admin by — April 15, 2022 in Insurance 0
WAISA establishes College of Insurance Supervisors

By Favour Nnabugwu

The West Africa Supervisors Association (WAISA) has established a College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ).

The ground breaking ceremony for the establishment was happened at the concurrence of the Committee of Governors of the West African Monetary Zone at their 43th meeting on August 26, 2021.

In the statement by National Insurance Commission head, Corporate Communication and Market Development, Rasaaq Salami, it was outlined that CISWAMZ with Nigeria’s Pius Agboola, NAICOM Director, Inspectorate Directorate as the Chairman, has a mandate to greatly enhance multilateral cooperation and promotion of international standards in fostering favourable investment environments and orderly markets in the West African sub region and beyond.

Nigeria insurance regulator also stated that CISWAMZ would assist the insurance industry respond to a wide range of social and economic forces; particularly, insurance-linked financial activities that are increasingly crossing national and sectorial boundaries.

The College of Insurance Supervisors of the WAMZ emphasizes on the important role of:
*fostering closer relationship by creating an enabling  for the insurance sector to flourish most especially through collaboration and; Harmonization of regulatory standards;

 

*Increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector;
*Adds a new dynamic dimension to the economies of countries.
*Enhance solo supervision of insurance entities by the competent authorities
*Fostering a better understanding of supervisory practices and more efficient and effective supervision.
*Facilitate group — wide supervision, entailing in particular, but not limited to an assessment of the Group’s:

 

 

Others include, Financial Situation, Compliance with the rules on solvency, Risk concentration and intra-group transactions, and System of governance

The regulators are active members of African Insurance Organization (AIO) and the IAIS thus recognized the importance of these arrangements for cooperation and information sharing amongst the six insurance regulators (Gambia, Ghana, Guinea, Liberia, Nigeria, Sierra-Leone).

According to the Commission, “The efficient and timely exchange of information among supervisory bodies, both within the insurance sector and across the financial services sector within the west African sub region is critical to the effective supervision of internationally active insurers, insurance groups and financial conglomerates which is also essential in the context for the effective supervision of the financial system as a whole.”

Salami noted that CISWAMZ queues behind the African Continental Free Trade Agreement (AfCFTA) to achieve a single market for goods and services, deepen the economic integration and prosperity on the continent as well as boosting Africa’s trading position in the global market by strengthening Africa’s common voice and and policy space in global trade negotiations.

Patoma Admin by — April 14, 2022 in Insurance 0
Global catastrophe & weather insured losses hit $14bn in Q1 2022: Aon

By admin

 

 

Insurance and reinsurance industry losses from global natural catastrophes and severe weather are estimated to be around $14 billion for the first-quarter of 2022, making it the sixth Q1 in a row where insured losses have exceeded $10 billion.

This is according to Impact Forecasting, the catastrophe modelling and meteorology unit of insurance and reinsurance broking giant Aon.

Aon’s unit puts the economic loss from the same global catastrophe and weather activity at $31 billion, suggesting an insurance protection gap of roughly $17 billion, with some 55% of insured losses from the first-quarter of the year going uncovered.

These remain preliminary figures, with the totals likely to rise as the full costs of certain recent events are still to be fully-quantified.

The first-quarter of 2022 saw an active period of natural hazard activity occurring across the globe, including Western and Central Europe (with Windstorms Dudley/Ylenia, Eunice/Zeynep, and Franklin/Antonia), Australia ( with the East Coast Floods), Japan (with the March 16th Earthquake), and the United States (with a series of Severe Convective Storm outbreaks and tornadoes).

The February windstorm series in Europe is estimated to have caused an insurance and reinsurance market loss of US $4.3 billion by Aon’s team.

The Japan earthquake in March is expected to drive more than US $2 billion of industry losses and the latest we have on that is that local insurers are together reporting around 220,000 claims inquiries from policyholders.

While the Australian floods are estimated at US $1.82 billion, but that is based on claims figures that are already outdated and the latest figure from the Insurance Council of Australia (ICA) already implies closer to US $1.9 billion (a figure our sources expect could rise quite significantly with recent flood damage also factored in).

The US severe convective storms and tornadoes will drive multi-billion dollar insured losses as well, with it still being very early to estimate those events.

Typically, the first-quarter of the year is the quietest catastrophe quarter of the year, but this is the sixth in a row to contribute more than $10 billion of insured losses to the annual total and it looks likely this will rise above $15 billion once all claims are assessed and counted.

Aon cautioned, “It is important to remind that these totals are expected to be upwardly revised, perhaps considerably, in the coming weeks and months. This type of loss development is standard and expected in the aftermath of larger scale events.”

The continued effects of La Niña across the central and eastern Pacific Ocean has heavily influenced global weather in the first-quarter of 2022, including record-setting rainfall along Australia’s East Coast, ongoing severe drought conditions in parts of Africa, South America, and the western United States, plus an earlier start to the severe and convective weather season in the United States.

As we typically see in every quarter these days, so-called secondary perils contributed again.

In recent years, Aon noted that, “The growing impactful nature of “secondary perils” such as winter weather, flooding, and severe convective storm have accounted for a significant portion of the overall quarterly economic cost.”

Adding that, “This reinforces the question as to whether the term “secondary peril” has become obsolete because the losses associated with these perils are impacting more populated communities with increasing intensity and resulting in higher loss costs.”

Asia-Pacific (APAC) experienced the highest percentage of Q1 economic losses ($15+ billion), with Europe ($7 billion) and the United States ($6 billion) behind.

But with many impactful events occurring in March, especially in the United States from severe weather and the ongoing Australian flood situation that month, it’s expected these totals will rise and with them the insured totals

Patoma Admin by — April 14, 2022 in Insurance 0
Pure Love (1 CORINTHA 13: 1 -13) by Pastor Favour Onoja

By Pastor Favour Onoja

 

 

PURE LOVE. (1 CORINTHA. 13:1-13).

Pure Love is God’s kind of love; the agape /unconditional love. It means to want nothing and it does not expect anything.  It is natural, a gracious kind of love that does not make demands.

Gods’ love is pure without adulteration. It is not based on condition. He doesn’t measure His love, yet His love is constant.  As humans, of course we are not God, but can learn that Divine love from Him as believers. Gods’ nature is equally love and selfless.

At the same time, Pure love can be said to be that deep feeling within a person’s mind that fosters compassion, kindness and giving.

ATTRIBUTES OF PURE LOVE:

1. A Love That Is Genuine, Authentic And Real, Without Any Hidden Agenda: You cannot fake but can practically see it. It is also appealing, reflective, lasting and satisfying.

It is situation where you value each other, despite your differences. The man is respected as a man and the woman is respected as a woman. You listen to each other’s opinion, and when there is a difference, you both agree to work it out and remain happy in your relationship.

2. A Love That Is Not Self Seeking: That is, it is not a “me, me, me,” or a “I, I, I,” thing alone. This kind of love is not egocentric in nature but a love that makes allowances for others and consider other people’s feeling first before taking decision.

It is the love that synergies, i.e. where two people work together as partners. You think, decide and act not only for yourself, but for your relationship to succeed. You treat each other as two people united as one in heart, mind and soul (Amos 3:3; Psalm 133:1-3).

3. A Love That Is Born Out Of Trust: This is devoid of fear and manipulation. You hold each other in high regards and trust; and you don’t lie to each other. Truth and trust is the bedrock of such relationship.

Honesty is always practiced and it has already become a habit in your union. You and your partner enjoy it, as it helps both of you get rid of jealousy and insecurities.

You don’t have any reason to doubt your partner because you do not only trust each other, but you see each other as one.

4. A Lasting Love: This is an unconditional love, not based on circumstances. For example, you don’t say,  if this relationship does not work out, we will part ways, just like it is applicable in some modern countries today. People go into contractual love, just to get papers to work and earn a living. After few years, they divorce and thereafter, go marry whom they truly love. This kind of love is already built on lies. The Bible said “If the foundation be destroyed, what can the righteous do” (Psalm 11:3).

But in this kind of Lasting Love, you rather work on it and keep building on it together. This can be likened to the laying of blocks in a new building. You keep laying it systematically, you don’t get tired until you see the beauty of your building. The Bible said “The path of the just is like the shining light that shines brighter and brighter unto a perfect day” (Proverbs 4:18).

Challenges in a relationship usually tries people’s patience. But in the case of a Lasting Love, those crisis makes both you stronger and be able to tolerate each other.

5. Love That Is Sacrificial In Nature: It’s the love that gives it’s time and commitments; lays down its lives for each other; and a love that says ‘make for me first’.

You are ready to give up your comfort zone, important possessions, self centered ambitions, and even your own happiness to make your partner happy and your relationship healthy.

6. The Love That Gives: Kindness is overflowing from your heart effortlessly towards each other. Hurting your partner never crosses your mind.

You are kind, generous, compassionate enough to always make sure that the other person is happy. It gives affection and demonstrates generosity towards each other.

7. Love Thst Is Humble: You can easily swallow your pride. You don’t need fame, attention or recognition to satisfy yourself. You can be happy living a peaceful and modest life with your loved ones. You don’t need to put up a show.

8. Love That Is Kind: You always want what is good for your partner. Kindness and good will always flow effortlessly from your heart towards each other.

9. Love That Is Faith Based: Your hope and trust are not just false beliefs; you believe God for the future.

You trust each other and you hope for the future because you both work hard to gain confidence that your hope and faith will not be in vain.

You build your trust and confidence in the Word of God (Hebrews 11:1; 12:2). You pray and study the Word of God together.

You share your burdens and you are willing to help in other people’s difficulties even though you may have problems of your own. You are willing to sacrifice to ensure the other person is happy. You are willing to go the extra mile.

Beloved, if you have not received Jesus into your life, could you kindly pray this prayer with me 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 e-mail or telephone nos for further counseling and prayers.

E-mail: onojaaf@yahoo.com

Tel: +234(0)7034893375
+234(0)8055842594

Patoma Admin by — April 8, 2022 in Lifestyle 0
Buhari approves NAICOM interim board chairman, members

By Favour Nnabugwu

 

President Muhammadu Buhari has approved the composition of part-time Chairman board members of the board of the National Insurance Commission (NAICOM).

This appointment is based on the fact that the incumbent board of the commission was constituted for a four-year term with effect from March 8, 2018, and their tenure will expire on March 7, 2022.

Those appointed are Dr Abubakar Sani (chairman), Barrister Robert Ohuoba (member), Mrs Ijeoma Chinenye Ekeocha (member), and Alhaji Muazu Barau (member).

Based on the terms of appointment of the chairman and members of the board of the commission as stipulated in Section 3(1) of the NAICOM Act 1997, they are expected to hold office for a period of four years
Dr Sani holds a Master’s Degree in Business Administration and a Bachelor’s Degree in Actuarial Science, both from Ahmadu Bello University (ABU), as well as Honorary Doctorate Degree in Management. He has vast experience in the insurance industry.

Ohuoba is a legal practitioner with more than 20 years of experience, while Mrs Ekeocha holds a Masters’s Degree in Business Administration (Project Management) with strong private sector experience

Patoma Admin by — April 6, 2022 in Insurance 0
1% contribution is insurance premium, not IGR- NSITF tells NASS. * Faults NASS on remittance of N3.8bn

By Favour Nnabugwu
1% contribution is insurance premium, not IGR- NSITF tells NASS
* Faults NASS on remittance of N3.8bn
The Nigeria Social Insurance Trust Fund (NSITF)  has made it clear to the House of Representatives Adhoc Committee  on Unclaimed Funds that the 1% contribution to the Trust Fund is insurance premium and Internally Generated Revenue, IGR.
NSITF faulted the House that Fund owes the Federal Government in respect of non-remittance of Operating Surplus Funds between 2013-2020.
The agency explained  that being  a social security agency which is  currently majorly funded from contributions of private sector employers to procure cover on behalf of their employees can not be described as revenue.
The General Manager, Corporate Affairs.Ijeoma Okoronkwo, in a statement in Abuja, said,  “The amount standing to the credit of the Employers Compensation Fund Account, does not fall under the Operating Surplus , intended by the Section 22 of the Fiscal Responsibility Act.
“NSITF is a Non Treasury Funded Parastatal and the 1% contribution can be likened to Insurance premium and not IGR.”
Okoronkwo said the balance in the Fund account  is meant to be invested in line with section 32(e) of the Employee Compensation Act 2010, in order to fulfill its obligations of payment of death claim, Medical compensation and rehabilitation expenses as they occur; and not meant to be remitted to the Consolidated Revenue  Fund of the Federation.
The fund thanked the National Assembly committee members for understanding in this regards, the statement added.
Patoma Admin by — April 6, 2022 in Insurance 0
AIO set for 48th conference, 50th anniversary in Kenya – Kajwang

By Favour Nnabugwu
African Insurance Organisation is now set and ready to host the 48th AIO Conference and Annual General Assembly which will take place from 25th to 30th June 2022 in Nairobi, Kenya along the celebration if the 50 anniversary of the AIO.
President of the Local Organising Committee, Dr. Ben Kajwang said the theme for this year’s conference is, ‘Insurance and Climate Change: Harnessing the Opportunities for Growth in Africa’
Kajwang stated that the theme speak to the continent, adding the this year conference will more exciting to member countries and other stakeholders.
“The 48th Annual Conference is going to be rewarding and exciting.  We invite you to come and experience warm Kenyan hospitality, indulge in our delicacies, get immersed in our rich cultural heritage and above all, experience our wildlife right next to the Conference venue”
He went further to say that the Conference papers will delve deeper into the African perspective of this global issue while focusing on Agriculture insurance, use of data for solutions and the power of consumer education. “It is our hope that delegates will find the information from the presentations relevant and valuable in their day-to-day business operations”
“We  are therefore, happy and prepared to host you both in person and virtually. We have put in place adequate measures to ensure your safety”
For the AIO anniversary, he said the first day of the Conference, Monday. 27th June 2022 has been set aside to mark the Golden Jubilee under the theme ‘AIO at 50: A call for African Insurance Renaissance.’
On the theme chosen for this year’s conference, the President of the Local Organising Committee affirmed that insurance industry has a critical role to play in helping companies and nations manage, measure and reduce the impact of climate change.
 According to him, “We therefore, cannot continue with business as usual in the face of increasing frequency and scale of risks caused by climate change, we must adjust our business models to better support Environmental, Social and Governance (ESG) issues”
“The  last two years have taught us to be agile and responsive to our environment. What was termed as the ‘new-normal’ has been assimilated into our previous way of life and this makes us more flexible”.
Kajwang who touched on the pandemic that ravaged the world said,”  Thankfully, we are witnessing lower infection rates and a weaker COVID-19 virus, increased vaccination numbers and easing of travel restrictions”
On climate change, he noticeable agreed that the world has changed, “in some cases for the better but for our environment and climate, it is taking a turn for the worse. The effects of climate change have resulted in more frequent natural disasters including floods, droughts, forest fires, melting glaciers and mountain snow caps”
Regrettably, he mentioned, “Africa  has made negligible contribution to the effects of climate change yet, according to the World Meteorological Department, four out of 10 of the worst climate disasters in 2021, occurred in Africa”
Patoma Admin by — April 6, 2022 in Insurance 0