All Posts in "Month: June 2022"

Mutual Benefits Assurance hammers on importance of insurance to nation’s economic development

CAPTION
L- Joseph Oladokun, General Manager/Head Technical Department; Abisola Fadairo, Snr Manager; Biyi Ashiru-Mobolaji, Executive Director Operations; Managing Director/CEO Mutual Benefits Assurance Plc, Femi Asenuga, Ellen Offor, Head Corporate Communication and Gabriel Gbadebo, Assistant General Manager during the training for NAIPCO members in Lagos
By Favour Nnabugwu
Mutual Benefit Assurance Plc has said insurance is pivotal to any economic development of a nation.
The Non-Executive Director, Mutual Benefits Assurance Plc, Ms Kadaria Ahmed at a one-day training organised by the company for the National Association of Insurance and Pension Correspondents (NAIPCO) theme:  Winning With Detail Products’ at its head office in Lagos, said insurance provides safety and security, serves as a financial first responder and as a risk mitigators.
Kadaria who spoke on ‘’The Role of Insurance in Economic Growth’’ said in ensuring financial and economic stability, insurance serves as capital protectors, instrument of social policies, capital infusers and sustainers of the supply chain.
Other roles insurance plays in ensuring economic development, mentioned by her, is to ensure infrastructure development, serves as community builders, credit facilitators as well as promote innovation.
On the part insurance has played in this country, she said insurance has impacted strongly on the nation’s economic growth in contributing to the gross domestic product (GDP) of the nation and ensuring the promotion of entrepreneurial activities.
Doubles as the Chief Executive Officer of Radio Now, Kadaria hinted that ‘’the success of an economy is tied to the availability and accessibility of insurance and its products.’’
‘’Without the guarantee of insurance, most businesses will not be able to operate, and construction projects which foster infrastructural development will not go forward, she. stated.
‘’Creativity and Innovation will be hindered as people/ businesses will not be willing to take risk, explore other areas of expansion and break from old ways of doing things,’’ she added.
She said industry report of insurance should beyond products and event but ensure people really understand the significance of insurance.
‘’Media needs to report on Insurance beyond products and industry events, but help people understand its significance not just to individuals but to society and national development.
‘’Insurance activities in the country should be encouraged through continuous sensitization of the public on the benefits of having insurance.
She said also has a lot to do to make insurance relevant. ’Reliable Policies should be formulated around risk management as this will build trust among citizens and even attract investors. The government should provide an appropriate environment that
encourages insurance business”.
Patoma Admin by — June 1, 2022 in Insurance 0
Insurance Industry Parley to promote underwriting future risks

By Favour Nnabugwu

 

 

The Chartered Insurance Institute of Nigeria’s (CIIN)has used its edition of the Insurance Industry Parley  to transit, practice and promote sustainable related risks which is the future of risks.

CIIN in collaboration with all arms of the industry and  the National Insurance Commission, Naicom also present desired to manage the global sustainable relatable risks which are environmental, social and governance (ESG) and endorsed by the regulator which they proclaimed, is crucial to attain a consolidated insurance industry effort.

Themed ‘Sustainable Insurance-Issues and Trends’, the presenter of the regulator’s perspective, the Head IT Department, National Insurance Commission (NAICOM), Mr. Abiodun Aribike, said that the insurance regulator; NAICOM is using Information Technology to drive sustainable insurance in Nigeria., and that the Commission in partnership with the Financial Sector Deeping Africa (FSD) Africa recently launched the Risk, Resilience and Regulatory Laboratory (R3Lab) in Lagos to ensure this purpose is achieved.

Aribike said that the initiative is aimed at mitigating the impact of specific challenges in the insurance regulatory environment in Nigeria and explore ways collaboration, technology and insurance supervision can build capacity and improve the regulatory effectiveness of Africa’s insurance industry. “The R3Lab offers a three-tiered approach towards building the technical capacity and skills of the regulator on innovation and sustainable insurance,” he said.

The insurance come in channel was anchored by the Head, Retail Solutions, Axa Mansard, Mrs. Rashidat Adebisi, with emphasis on the need for economy operators to start working on sustainability for the future by shifting their focus from investing in just oil revenues to gas, as gas is more sustainable. “The world is currently shifting away from oil. We need to start investing in gas which is more sustainable and greener. We need to take actions on sustainable goals as this helps the environment to be save. I urge everyone here to start and lead the sustainable goals conversations in their various companies because sustainability is key”, she charged.

Speaking on the broker’s perspective, Alhaji Saheed Egbeyemi of Hogg Robinson Nigeria Limited, noted that opportunities abound for the sector to tap into and flourish but the issues of rate cutting and unhealthy competition have to be addressed. Unhealthy acts he admitted, deflates sustainable underwriting. For the former President of the Institute of Loss Adjusters of Nigeria (ILAN), Mr. Ralph Opara, representing the loss adjusters, he said ILAN is doing a lot to ensure sustainability because the arm remains the life wire of the insurance value chain.

On her part, the Rector, College of Insurance and Financial Management (CIFM), Dr. (Mrs.)Yeside Oyetayo, said ESG risks are now a criteria to determining a company that is sustainable hence, trainings and programmes on sustainable risks need to be factored into the insurance industry academic curriculum and the industry needs to collaborate with other sectors.

The Managing Director and the chairman of the occasion, Mr. Olusegun Omosehin, urged all to embrace collaboration and innovation which he pointed to are the keys are for the industry sustainability. “Opportunities are before us as underwriters so we need to transition into green insurance so we can sustain the businesses and future of insurance in Nigeria”, he said.

The President of CIIN, Sir (Dr.) Muftau Oyegunle, earlier, said the event is a new and focused on giving back to its members and the insurance community in general. The objective he noted, “is to bring all stakeholders from the different arms of the insurance industry together, to discuss the business environment and how it affects the operations of the sector as well as charting the way forward for insurance to thrive in the country.

Optimistic that the parley would be sustained, he said the theme “is indeed very apt and strategic considering the era we are in.” He assured the attendees that the engagement and interactions of all stakeholders will be in an enlightening and forward-looking approach. He said the resource persons would identify, assess, and point to ways of managing and monitoring risks and opportunities associated with environmental, socio- economic and governance issues and how they impact the insurance industry

Patoma Admin by — June 1, 2022 in Insurance 0