August 2022 - Page 6 of 7 - Patoma Business Online

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ARC to fight climate change in Africa continent

By Favour Nnabugwu

The African Risk Capacity Insurance Company (ARC) plan to address the role of insurance in fighting climate change impacts on the African continent.

African Risk Capacity, from ARC member states and funding donor partners met in Malawi to discuss how parametric insurance has the potential to transform how the continent deals with climate-change-induced events such as droughts and cyclones.

ARC has made a record payout of almost $60 million in claims this year, protecting Africa’s most vulnerable against the worst impacts of extreme weather.

A significant $797,049 cheque was issued by ARC and the African Development Bank to the Government of Madagascar earlier this year as an insurance payout after delayed rains caused draught during the 2021-2022 agricultural season.

The meeting brought together key stakeholders in the ARC ecosystem to address the challenges and opportunities of working together to fight the impact of climate change

Addressing delegates, ARC Limited CEO, Lesley Ndlovu, commented on the value of ARC on the African continent.

“In the history of ARC, we have paid about US$125 million in claims and half of that was in last year’s Pool 8. We are extremely happy when we pay claims because these go towards meeting the needs of Africa’s most vulnerable people. These payouts also demonstrate the value of the insurance mechanism.”

“Further, the fact that about half of the claims paid were paid by the insurance
market means that ARC is able to take weather-related risks on the African continent and seed them into global markets such that when there’s a disaster on the African continent, part of the payment for the cost of that disaster also comes from the global reinsurance markets, again demonstrating the value of having a mechanism like ARC.”

During the session, representatives from Malawi, Mali, Madagascar and Zambia, all shared their insights on how the ARC insurance mechanism had supported their risk management programmes in the last year.

In the meeting, ARC also expanded on the intention to increase coverage in wider countries.

The overreaching goal, Ndlovu shared with delegates, was to increase the participation of African countries in its insurance programme and position ARC as Africa’s premier institution for disaster risk financing.

“Currently, we have 13 countries that participate out of 55 on the African continent. We need more to participate, and are also working very hard to bring partners into the ecosystem so we are able to overcome the two main barriers we face in the growth of insurance – the affordability of premiums and increasing capacity building so there is greater understanding of the role of insurance in disaster risk management.”

Ndlovu concluded the event by saying, “We all know that Africa is a continent that is most exposed to climate-change-related risks and with ARC we have in our hands an instrument that can play a vital role in creating the solution to protect the most vulnerable African citizens against the worst impacts of extreme weather. It really is up to us to make this initiative a success.”

by Patoma Admin — August 11, 2022 in Insurance 0

WAEC releases May/June results of 49.73% males, 50.27% females

By Favour Nnabugwu

The West African Examinations Council, WAEC has released the results of 2022 West African Senior School Certificate Examination for school candidates.as 49.73 percent of males and 50.27 percent respectively females sat for the exam.

Speaking at the media briefing on Monday, the head of Nigeria national office, WAEC, Mr. Patrick Areghan noted that a total of 89.79% of the results have been released, while 10.12 percent of the results were being processed due to various reasons.
Recall that 2022 WASSCE which from May 16 to June 23, 2022 was characterized with hitches such as insecurity that cause delay and disruption in some candidates taking the examination. others challenges non-adherence to registration period; finance and high rise in the operation of rogues.

However, the body noted how it was abled to manage these challenges, especially that of ensuring that those candidates affected in the South East and North West took the examination at a later day, with their results also released.

Part of Areghan speech read: ” A total of One Million, Six Hundred and Seven Thousand, Nine Hundred and Eighty-One (1,607,981) candidates registered for the examination from Twenty Thousand, Two Hundred and Twenty-Two (20,222) recognized secondary schools in the country. Of the number that registered for the examination, One Million, Six Hundred and “One Thousand, and Forty-Seven (1,601,047) candidates sat the examination. The examination was also administered to candidates from some schools in Benin Republic, Cote d’Ivoire and Equatorial Guinea, where the Nigerian, curriculum for Senior Secondary School is being used.

“Of the total number of One Million, Six Hundred and One Thousand, and Forty- Seven (1,601,047) candidates that sat the examination, Seven Hundred and Ninety Six Thousand, Two Hundred and Seventeen (796,217) were males while Eight Hundred and Four Thousand, Eight Hundred and Thirty (804,830) were females, representing 49.73% and 50.27%, respectively.

“Out of the total number of candidates that sat the examination in Nigeria, One Million, Four Hundred and Thirty-Seven Thousand, Six Hundred and Twenty Nine (1,437,629) candidates, representing 89.79% have their results fully processed and released while One Hundred and Sixty Three Thousand, Four Hundred and Eighteen (163,418) candidates, representing 10.21% have a few of their subjects still being processed due to some issues being resolved. Efforts are, however, being made to speedily complete the processing to enable all the affected candidates get their results fully processed and released within the next one week.” The WAEC boss noted.

On the increase in malpractice, Mr. Areghan explained that: ” The results of Three Hundred and Sixty Five Thousand, Five Hundred and Sixty Four (365,564) candidates, representing 22.83% of the total number of candidates that sat the examination, are being withheld in connection with various reported cases of examination malpractice. This is (11.74%) higher than the 10.9% recorded in the WASSCE for School Candidates, 2021. Reasons for this are not far-fetched. Candidates are no longer ready to learn. Preparations for examinations are poor.

“There is over-reliance on the so-called ‘Expo’, which is actually non-existent. Candidates simply got frustrated when they got into the examination hall and discovered that all they had celebrated was fake. This has pitiably led to some of them failing the examination, which if they had relied on themselves and studied hard, would have passed like many others.

“The Council will continue to sanction all cases of examination malpractice. Schools, supervisors, teachers and candidates perpetrating this evil are not helping the educational system. It is the Child whose future is being destroyed. Parents must stop funding ‘expo’ for their children; it does not help. Those who indulge in posting items on designated platforms are nothing but destiny destroyers. Beneficiaries of such ‘help’ will never go unpunished as they will never have their results. All hands must be on deck to sanitize the system.” He advised.

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by Patoma Admin — August 8, 2022 in Education 0

Public sector employers’ Pencom contribution in 2021 declined by 8.9% – PenCom

By Favour Nnabugwu

Public sector employers in federal, state and local governments contributed N492.43 billion as pension in 2021 as shown in the National Pension Commission (PenCom) 2021 annual report

The figure represented an 8.29 per cent decline (year-on-year) when compared with the N536.97 billion recorded in 2020.

The Director-General of PenCom, Aisha Dahiru-Umar, admitted in the report that COVID-19 restrictions slowed down operations of the commission in the year under review.

PenCom said despite that, it paid N326.32 billion as retirement benefits.

The payments comprised retirement benefits and a 25 per cent payout due to temporary loss of job.

The commission noted that pension contributions credited into the Retirement Savings Accounts (RSAs) of public sector employees from inception grew from N3.43 billion on December 31, 2020, to N3.93 billion by December 31, 2021.

It added that the cumulative pension contribution received from the private sector from inception to December 31, 2021 rose from N3.27 billion recorded in 2020 to N3.66 billion.

The pension contribution credited into the RSAs of private sector employees also increased slightly by 4.61 per cent from N371.12 billion in 2020 to N388.23 billion by December, 31, 2021.

Total pension contributions remitted into the RSAs of employees, however, dropped to N880.66 billion at the end of 2021, representing a 3 per cent decline compared to the N908.09 billion recorded during the corresponding period in 2020.

“The total pension contributions remitted into the RSAs of employees in both the public and private sectors in 2021 decreased slightly from N908.09 billion recorded in 2020 to N880.66 billion as of December, 31, 2021.

“This indicated a 3.02 per cent decline over the reporting period,” the report stated

by Patoma Admin — August 6, 2022 in Pension 0

AIICO Insurance grows GWP by 21.4% in H1 2022

By Favour Nnabugwu

AIICO Insurance Plc, foremost and most resilient insurance services provider has announced a gross written premium (GWP) of N45.5billion in the H1 2022, up by 21.4per cent compared with N37.481billion recorded within the same of in 2021.

The company’s unaudited results represent the firm’s performances for the interim period ended 30 June 2022 I which it’s group grossed N45.5bn year-on-year (y-o-y) in the first half of the year from N37 bn or 21.6per cent within the period under review.

This was due to a y-o-y increase of 39.4per cent in General Insurance to ₦15.5 bn (H1 2021: ₦11.1 bn). Life Insurance premiums increased by 14.2per cent y-o-y to ₦29.6 bn (H1 2021: ₦25.9 bn) and underwriting income from our Health Maintenance Organization (HMO) increased by 31.4per cent y-o-y to ₦599.9 m (H1 2021: ₦456.4 m)

AIICO Insurance also earned gross premium income of N40.573bn or 17.8per cent from N34.435bn or 17.9per cent from respectively.

Conversely, net premium income which refers to gross premium income less applicable reinsurance expense stood at N34 bn for the company or 16.7per cent compared with the group’s N33.671bn and equally 16.7per cent growth.

The operating income in Asset Management however declined by 9.5per cent y-o-y to ₦697.6m (H1 2021: ₦770.5 m). Profit before income tax from continuing operations increased by 146.9per cent y-o-y to ₦2.2 bn in H1 2022 from N908.6m in H1 2021.

Profit before income taxes across the company and its subsidiaries increased y-o-y contributing to the reported increase for the period. The company said this was due to improved top line and investment performance for the period compared to H1 2021.

AIICO also completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of ₦2.9 bn. As a result, profit for the interim period rose by 51.4per cent to ₦4.9 bn in H1 2022 from the H1 2021 -₦3.3 bn.

Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “Our half year results are a testament to the resilience of our business model, our focus on AIICO Insurance Plc.”

“Creating products that our customers need to navigate uncertain periods in their lives and the trust that our customers have that we will be there when they need us. Every insurance policy we sell is a contract with our customers and a promise that we take very seriously.

“For us at AIICO Insurance, all our efforts are geared towards ensuring that our customers can believe us when we say that we are here for the long haul, come rain or shine,” said Mr Fajemirokun.

by Patoma Admin — August 6, 2022 in Insurance 0

CIIN president, Edwin Igbiti visits NAICOM to strengthen ties

The President of the Chartered Insurance Institute of Nigeria, CIIN, Edwin Igbiti led a delegation on a courtesy call to National Insurance Commission, NAICOM in Abuja.

CAPTIONS:

President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti; Commissioner For Insurance, Mr Sunday Olorundare Thomas and Alhaji Bala Zakariya’u, top member of the CIIN during the visit to NAICOM

L- President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti and Commissioner For Insurance, Mr Sunday Olorundare Thomas

L- Deputy Commissioner for Insurance, Alhaji Sabiu Abubaka, President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti and Commissioner For Insurance, Mr Sunday Olorundare Thomas, Firectpr-General of Chartered Insurance and Financial Management, CIFM, Mrs Abimbola Tiamiyu; Alhaji Bala Zakariya”u and a delegate during the vist

by Patoma Admin — August 5, 2022 in Insurance 0

NEPZA boss charges Ondo Chambers to develop special agro-allied district

By Favour Nnabugwu

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA),
Prof. Adesoji Adesugba, has advised the Ondo Chambers of Commerce Industry Mines and Agriculture (ONDOCIMA) to actively partner with Ondo State to establish a special agro-allied district for the production and processing of agricultural produce for export for economic growth of the state

Adesugba gave the advice while playing host to the new executive of the chambers in Abuja on Thursday.

The NEPZA boss, himself a pioneer member of that branch of the association, said that chamber movement was aimed at galvanising sound economic development, adding that ONDOCIMA was set up to make indelible and positive economic impact in the state.

“The chambers must without further delay constitute itself as an active development partner of the state by making itself an economic spring board in the state.

“This can happen speedily if a special agro-allied district for backward linkages in the production and processing of agricultural produce can be established.

“The new executive must begin to contemplate on securing large expanse of land in the state to establish this project as the enclave help to provide jobs and variety of businesses for members and residents of the state.

“Ondo State is blessed with arable land, suitable for all-year-round- farming. The association can also reserve a substantial portion of the proposed district for the production of cocoa which the state has comparative advantage on,’’ Adesugba said.

He explained that the pioneers of the state branch of the association had hatched the plans of having such a special agric site and other businesses as well, adding that a number of extraneously factors had made these dreams unrealisable.

“The chambers can only record good successes if it is less dependent on government. The leadership must activate interest and expertise of the members in order to achieve the set goals,’’ Adesugba said.

In a statement issued by Head, Communication of NEPZA, Mr Matthew Odeh, the Chief Executive noted that the association could become more potent and resulted-oriented if it regularly underwent projects’ assessment visitations to other sister associations, adding that members would use such tours for business knowledge acquisition and investment promotion exchanges.

Adesugba, therefore, said that NEPZA was prepared to partner the association in developing world class business templates that could make it become investment forerunner in the state.

The NEPZA boss explained also that the existence of the Akoko Chambers of Commerce, an adjunct of ONDOCIMA, which he assisted in establishing was a testament of years of strive to ensure that must local communities in the state were linked to the Organised Private Sector (OPS).

NEPZA MD and the ONDOCIMA executive during the visit in Lagos

Hon. Olugbenga Araoyinbo, President, ONDOCIMA, expressed delight on the warmth reception extended to him and his entourage by the NEPZA chief executive, adding that the visit was indeed an eye opener.

Araoyinbo said that Adesugba had continually proven that his appointment by President Muhammadu Buhari to led the movement of industrializing the country through the Free Trade Zone scheme was not a travesty.

He, however, explained that the new executive of the association had opened a new chapter in the administration of the chamber movement in state, adding that the association was prepared to join forces with the government in growing the economy.

“We are indeed grateful for the suggestion that the association establishes an agro-allied district where our members and investors can be involved in mechanized farming and processing of farm produce for local use and export.

“The association will in this light collaborate with NEPZA, our national body, the state government and investors to ensure that this plan is brought to fruition,’’ Araoyinbo said.

Mrs Modupe Olakunle, the immediate past President of the association, Dr Funmilola Williams, President, Akoko Chambers and Hon. Adeboro Onibalusi, PRO, ONDOCIMA were the video other officials on the entourage of the ONDOCIMA president.

by Patoma Admin — August 5, 2022 in Industry, Trade & Investment 0

Coronation Insurance rakes N8.6 bn premium income in 2021

CAPTION

The Managing Director of Coronation Insurance, Mr. Olamide Olajolo

By Favour Nnabugwu

Coronation Insurance has announced a gross premium income of N8.6 billion in the financial year ended December 31, 2021 compared to the N12.3 billion the company raked in the same period of 2020.

The underwriter witnessed the hike in prices of things generally and economic condition of the country which dwindled businesses even insurance was not left out

The company also posted a profit after tax at N689.6 million at the end of the year in 2021 far below N1.7billion it gained the previous year

The Chairman of underwriting firm, Mutiu Sunmonu, said this in a statement sent to the Nigerian Stock Exchange and Shareholders on the Group’s Audited Financial Results for the Year 2021.

He noted that the Net Underwriting Income was N9.66 billion, adding that N7.31 billion was paid as claims.

Sunmonu submitted that the firm also recorded a total underwriting profit of N1.25 billion, while the investment income stood at N1.51 billion.

He said the firm’s total assets stood at N39.80 billion, adding that a share capital of N11.99 billion; share premium of N4.61 billion; contingency reserves, N3.66 billion; other reserves, N1.75 billion and total equity, N21.59 billion were recorded in the year.

Though the gross written premium was valued at N14.14 billion in 2021 from N16.2billion generated in the same period of 2020

With reinsurance expenses valued at N3.8 billion, Net premium income stood at N5.3 billion in 2021 from N9.9billion recorded in 2020 while fees and commission income at N642 million in 2021 from N3.9 billion in 2020 drove the net underwriting income to N4.7 billion during the period from N3.9billion billion the year before.

The company paid N5.5billion as claims in 2021, a little below N5 6 billion paid in 2020 while the outstanding claims was N4.4 billion and claims expenses recoverable was N2.9 million in 2021 from N3 bilion in 2020. These reflected a net claims expenses at N1.4billion in the same year compared to previous year, the value for the same purpose amounted to N3 billion.

The claims paid in the year 2021 was put at N5.5 billion, a slight decrease from N5.6 billion in the previous year. However, this was more pronounced on other operating expenses which was valued at N1.4 billion against the N1.1 billion utilized for the same purpose last year as well as on underwriting expenses which were valued at N4.7billion against N3.9 billion the previous year.

by Patoma Admin — August 5, 2022 in Insurance 0

International Energy Insurance acquired 100% by Norrenberger Advisory

By Favour Nnabugwu

International Energy Insurance Plc (IEI) has been taken over by Norrenberger Advisory Partners Limited (NAPL) after it acquired 100 percent stake in IEI following the approval of the National Insurance Commission (NAICOM) .

The acquisition will enable Norrenberger to expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria.

The Commissioner for Insurance, Mr Sunday Thomas welcomed the new owners and expressed his satisfaction with their interest in the Nigeria insurance industry despite the challenges faced by practitioners in the industry.

The CFI advised the incoming board of the company on the need for training of staff and directors. He also emphasized that the director should be patient to understand the culture, nature as well as principles and practice of insurance because of the peculiarity of the insurance business. He assured the board of the commission’s unparalleled support and cooperation.

The outgoing chairman of the interim board, Ahmed, OON, while handing over to the provisional board of directors emphasized the need for transparency and encouraged the spirit of oneness amongst all stakeholders of the company including its management and staff. He also emphasized the importance of culturalization for the sensitivity of the insurance business.

The chairman of the provisional board, Buka Goni Aji, OON, CFR stated the board’s mission to significantly contribute to the transformation and growth of the insurance industry by leveraging technology and top-notch human capital. He further reassure the regulator of Norrenberger’s cooperation and commitment to strict compliance with laid down regulations while focusing on the growth of the company.

The provisional Board Chairman expressed his gratitude to the outgoing interim board for laying a solid foundation to enable the provisional board to thrive and make its contributions to the development of the insurance industry in Nigeria

by Patoma Admin — August 4, 2022 in Insurance 0

NAICOM plans to strengthen industry, to enforce compulsory insurance across nation

By Favour Nnabugwu

The National Insurance Commission (NAICOM) has mapped out plans to strengthen the insurance industry and enforce compulsory insurance across the country.

The Board of Directors of NAICOM led by its Chairman, Dr Abubakar Sani, was at the Office of the Secretary to the Government of the Federation (OSGF), in Abuja, today to secure the support of the SGF, Mr. Boss Mustapha.

The purpose of the visit to OSGF,by NAICOM, Dr Sani stated was to discuss plans towards strengthening the industry.

Dr. Maurice Mbaeri who represented the SGF said that compulsory insurance was critical for the growth of the nation’s economy.

He urged the commission to take a firm stance on payment of claims by insurance companies, as a means of developing the needed confidence among members of the public.

“Enforcement of compulsory insurance for the public and private sectors is good. It’s an area covered by your mandate. Government will help in this regard. The unseriousness of citizens towards insurance often springs from awful personal experiences.

“People lost interest in taking up policies because of lack of being indemnified. In some instances, insurance companies hide under funny circumstances to deny the insured their dues. Please look into this area to ensure people embrace insurance policies.

“The onus is on you, send a draft copy of that letter on compulsory insurance and let the SGF know how to issue service wide circular for MDAs’ compliance. Send us the circular capturing all what you want and once it meets the expectation of the government, we will issue it. We will do all that is necessary to ensure the board and management meet their mandates.”

The Perm Sec. charged the board and management to keep to their roles to avoid conflicts, which he said was common across Departments and Agencies.

In his remarks, the Commissioner For Insurance, Mr Sunday Thomas explained that the operational licences of two insurance companies were revoked due to poor claims payment.

He promised not to compromise the sanctity of claims payment and that any insurance company that failed in that regard would be sanctioned.

by Patoma Admin — August 4, 2022 in Insurance 0