All Posts in "Month: October 2022"

Annuity customers pass vote of confidence on AIICO Insurance

By Favour Nnabugwu

 

 

Annuity customers of AIICO Insurance have soundly expressed satisfactory services rendered by the company, passing a vote of confidence on the company during the 2022 Customer Service Week.

This year’s event themed ‘Celebrate Service’ had some key activities which include visits to customers (older citizens) to appreciate them and presenting them with gifts. Walk-in customers too participated in the various activities and got some take away gifts.

In his newsletter to customers, the MD/CEO, Mr. Babatunde Fajemirokun, stated “This occasion gives us the opportunity to amplify our gratitude to you for your valued relationship with us. You are the sole reason we are in business and getting better at what we do. Journeying through life with you gives us the most pleasure.”

“The theme for this year is ‘Celebrate Service’. At AIICO, Customer Service is not just a department; it is a function that has all employees as stakeholders. Our fundamental purpose is to serve you and we are obsessed with meeting and exceeding your expectations. We look forward to many more years of serving you wholeheartedly. ” said Mr. Fajemirokun.

In a recent interview, some of AIICO’s annuity customers shared their experiences.

Mr Joseph Igebulem, an annuitant, gave the company a 99 percent pass mark noting that the underwriting powerhouse has met and surpassed his expectations. He said; “I am Mr Joseph Igebulem holding an annuity policy with AIICO and it has been seamlessly okay. For the past eight years, no flaws. I have even introduced them to my friends here in Lagos and Calabar. So, if I should award in terms percentages, AIICO has met 99 percent of my expectations in the sense that I get information from them when I need it. And again my payment is delivered when due. I am advising everyone and telling those on the verge of retirement now to go for AIICO because I trust it is a very good company for retirement.”

In a similar manner Mrs. Udu Veronica Ugwumba, who retired from PHCN said she bought AIICO Annuity policy since 2015 as she eulogised AIICO’s exceptional service delivery, adding that she has no hesitation recommending the company to everyone who may need its services.

“My name is Mrs Udu Veronica Ugwumba. I worked with National Electric Power Authority, now PHCN Plc. I went into AIICO annuity on the 30th November 2015. It has been a smooth ride with AIICO since I went into the policy I have never regretted it. AIICO is indeed a good insurance company. In fact, I was attracted by the name, American International Insurance Company (AIICO) because I knew it would last.”

“There is confidence in AIICO, it is reliable. I have been recommending AIICO to people, I recommended them to my daughter, I recommended AIICO to a co-worker when we were retired and so many other people. And even when I lost my mother in 2016, I had little or nothing for my own contribution, I had to run to AIICO and they helped, giving me upfront payment. Even after burying my mother, I applied for quarterly payment of my annuity, AIICO did it for me. After that I applied again for monthly payment; they started again to pay me monthly. So AIICO is a reliable insurance company.” Ugwumba said.

Mrs. Okikiade, Clara Kunbi said: “I retired 2020, December, precisely and I joined AIICO Insurance in 2022. Ever since that time they have been paying my annuity regularly. By 13th I receive alert. But the one that surprised me most was before our last festival they paid me ahead of time. So, AIICO is doing a very good job. Also they ensure that they meet their obligations to us as and when due. Keep doing the good job AIICO. Actually I have introduced some people to AIICO because of my experience with them.”

Mr. Philip Nnamdi Izundu noted: “I worked with Union Bank of Nigeria, retired and I started the policy the AIICO Annuity policy in 2013. The experience has been very good in terms of punctuality. They never failed and I can say that they are sensitive enough. They have always paid ahead of time especially during festivals. Of course, AIICO has met my expectation. And without reservation I recommend AIICO to those that want to do annuity,” said Mr Izundu.

The Management of AIICO has assured its customers, both existing and prospective, of its unwavering commitment to continue to deliver on its mission – creating the most compelling experience, offering best fit products and driving wholesome peace of mind.

Patoma Admin by — October 10, 2022 in Insurance 0
Nigeria spends $100m in feeding 10m school children- FG

By Favour Nnabugwu

 

 

The Federal Government has spent $100 million to feeding 10 million Nigerian children under the National School Feeding Programme, as part of efforts to eliminate the scourge of child labour in the country.

The Minister of Labour and Employment, Senator Chris Ngige, stated in Abuja Friday  when he received the United States Ambassador to Nigeria, Mary Beth Leornard and officials of the Department of State who paid him a courtesy visit.

Ngige, explained that the Nigerian government introduced the school feeding programme under its social security programme, to lure children engaged in child labour, back to school.

He said the Federal government also introduced social protection programmes to fight poverty, which is the major contributory factor to the prevalence of child labour in Nigeria.

A statement by Olajide Oshundun, Head of Press and Public Relations, Federal Ministry of Labour and Employment quoted Ngige as saying, “We have introduced the National school feeding programme under our social security, to lure children back to school. As of today, we are feeding 10 million children across the country. We have spent nearly $10 million on this.

“We have also taken more schools into the areas prone to child labour and made education free in the whole country through the Universal Basic Education Act and the Child Rights Act.

“For the people with disability, we introduced Disability Peoples Commission to give them full and comprehensive aid so that they will not fell that they have any disability. If you don’t support someone with disability, it is outright poverty.”

The minister expressed the gratitude of his ministry to the US government for the recent technical assistance of the United States Department of Labour to West Africa, in the area of fighting violence and harassment at work under Convention 190 of International Labour Organisation (ILO).

“Nigeria and Liberia iare listed there and the fund is $5 million, estimated to be spent on the project. We think that it is a step in the right direction.

“Just last week we got information of another $4 million for anti-child labour activities in Nigeria. Ondo State is chosen as the pilot state for the fight against child labour in the area of cocoa farming. We think this is a good step in the right direction because over the years, from the time we visited for African Growth and Opportunities (AGOA) conference under the Department of Labour and Trade in Washington in 2017, we had made it clear that the United States Government has to take practical steps for us to follow. We cant be mouthing child labour and we leave it unattended to when we know that most of those engaged in it are those trying to make up for family needs.”

According to him, vulnerable families send their underage children to work in cocoa farms, mining sites or to engage in street hawking and petty trading, because family income is not enough, owing to underemployment or unemployment.

He explained that advocacy alone cannot reduce the scourge, as it would be difficult to retain the audience of a hungry person.

Ngige reiterated his proposal at the AGOA conference that the United States must assist Nigeria in fighting child labour, adding that his ministry needed assistance in the area of capacity building and logistics, such as vehicles, to enable officials of the Department of Occupational Safety and Inspectorate Division move into areas with high incidence of child labour and tackle the scourge from the source.

He added that the government needed assistance to train people in skill acquisition, to make the uneducated gainfully employed in plumbing, refrigeration repairs, tiling, among others.

Earlier Leornard said the United States Government was worried to see that Nigerian children were subjected to the worst forms of child labour in quarries and grannites and mining sites.

She assured that her country would continue to work with the Nigerian Government in addressing the scourge and appealed to the remaining seven states yet to domesticate the Child Rights Act to do so without further delay.

She said the US government was pleased to see a new programme in Nigeria that provides seed capital to vulnerable people to pursue programmes in areas with high prevalence of child labour.

Patoma Admin by — October 10, 2022 in Education 0
IMT 2022: Insurance, Tech experts advocate partnerships to deepen insurance penetration through Insurtech

CAPTION:

L- Client Technology Lead, Microsoft Nigeria, Wole Odeleye; Managing Director, Interswitch Systegra, Jonah Adams; Group Chief Executive Officer, Old Mutual West Africa, Samuel Ogbu; CEO, Modion Communications/Convener, Insurance Meets Tech, Odion Aleobua; Tosin Faniro-Dada, Managing Director & CEO, Endeavor Nigeria; Head of Sales, Leadway Assurance, Sola Ajayi and Chief Executive Officer, PaddyCover, Mayowa Owolabi, at the first edition of the Insurance Meets Tech (IMT 2022), an era-defining discourse for leaders in the insurance and tech sector.

 

By admin

 

 

Stakeholders in the insurance and technology sectors have called for partnerships, collaborations, and technology adoption as expedited strategies for Nigeria’s insurance penetration at the Insurance Meets Tech (IMT) inaugural edition conference.

This landmark multi-industry discourse, convened by Modion Communications on Thursday, September 29, 2022, was headlined by over twenty industry-leading thought-leaders from the Insurance, finance, and technology sectors from across Africa, such as Microsoft Nigeria, Ecobank Nigeria, Old Mutual Group, Leadway Assurance Company Limited, AXA Mansard, Curacel, ActivEdge Technologies, MediSmarts among others. The conference also had in attendance over 300 C-Suite executives as delegates representing multiple companies.

Speaking on the role of big data and cloud computing in bolstering the operations of the Nigerian insurance sector, Ola Williams, Country Manager, Microsoft Nigeria, explained that leveraging technology increases the brand value of insurance organisations and allows insurers to free up their capital outlay to accommodate potential customers.

“Data is a source of wealth and power, and it has become a key disruptive factor that organisations leverage for competitive advantage. Cloud computing is also key to organisations’ insight acquisition for detailed reporting of different aspects of their operational efficiencies. Since insurance is the transfer of risk from one entity to another, as an insurer, data gives insight into the behaviours and preferences of individuals and as such, supports the provision of differentiated offerings to customers. Indeed, the limit to how we can use data is in our imagination”, she said.

Also speaking at the event, Olusegun Omosehin, Incoming Chairman, Nigerian Insurers Association (NIA), cited the irrefutable importance of collaborations and partnerships between the insurance and technology industries in operationalising a digital-led customer acquisition journey, thereby deepening insurance penetration in Nigeria.

“To swiftly embark on this digital expedition, we must be willing to rethink our existing processes, especially the customer acquisition journey. We must also remember that this is not necessarily a race for intra-sector prominence but an opportunity to up the ante collectively for global dominance and deepening access to insurance”, he stated in his opening address.

Speaking on the functionality of technology for driving change in the Nigerian insurance ecosystem, the Group Chief Executive Officer, Old Mutual West Africa, Samuel Ogbu, said: “Insurance exists to solve problems and create value, and this can be achieved through collaboration and partnerships. However, the problems with insurance value creation in Nigeria have evolved, and solutions provided by insurers in this regard must align with the fundamental evolution and revolution of strategies. Innovation technology has a key part to play in the evolution of insurance value creation, and the knowledge of revolutionary insurance strategies relies heavily on data analytics which is a key provision of technology”.

Sola Ajayi, Executive Head of Sales, Leadway Assurance Company Limited, also explained that the insurance industry is enthusiastic about technological innovation. He also noted that though the sector had progressively slowed in the last two years, it would experience lots of unbundling of insurance products using technology.

At the conference, the Managing Director/CEO PaddyCover, Mayowa Owolabi, highlighted the importance of regulatory enablement in achieving technological adoptions and collaborations in the insurance industry. He said, ‘The insurance industry requires sensible, timebound, future-centric regulation that creates an environment to thrive”.

In a keynote address, Kola Adeleke, Executive Director, Corporate Banking, who represented Jubril Mobolaji Lawal, the Managing Director, Ecobank Nigeria, said that “the insurance sector can take a cue from the Nigerian Banking System which has gone from its analogue age to a massive digitisation phase. Ecobank, for instance, invested greatly in tech to run a multi-geography, multi-lingual, one-bank platform across our 33 affiliates which currently serves over 1.9 million people in Nigeria”.

Similarly, the Managing Director, Interswitch Systegra, Jonah Adams, said, “organisations must strategise on efficient measures by leveraging new technologies to provide financial and insurance services to the 100 million unbanked Nigerians. One great way of doing that is by providing these services in nano sizes for the retail-driven and unbanked Nigerian population. The insurance market is ready for collaborations and scaling”.

The Chief Executive Officer / Co-founder, Curacel, Henry Mascot, said during the plenary that “Insurance is a complex financial service to sell, and its digitisation is a surefire way to simplify its consumption and accessibility by consumers. A groundswell regulatory approach must also be employed to ensure that people are legally bound to get insured. As we have seen in the legal requirement of motor insurance, health insurance, and building insurance, amongst others, must also be constitutionally protected for widespread adoption amongst Nigerians”.

Chief Executive Officer, ActivEdge Technologies, George Agu, advocates that the much-touted innovation be done in consonance with the regulatory environment. “We must pay close attention to what regulation permits and innovate accordingly to create value for consumers. The banking sector has been immensely bolstered by technology. Insurance organisations have not come to appreciate or prioritise the value of technology in the insurance space, and this situation must be addressed”, he said.

Chief Digital Officer, AXA Mansard, Bayo Adesanya, opined that the sector takes advantage of the impressive mobile phone revolution in the country for rapid growth. “Telephony and mobile technology are tools we have employed for a wide reach of insurance awareness, education, and accessibility. This is key to tackling the abysmal rate of insurance penetration in Nigeria”.

The Chief Executive Officer, MediSmarts Ltd, Obinna Osuji, agrees. “Social and religious constraints contribute largely to the low rate of health insurance penetration, and we attempted to tackle that with digitisation. The growth of mobile telephony and internet accessibility has also been largely important.”

Odion Aleobua, the Chief Executive Officer, Modion Communications and Convener, Insurance Meets Tech 2022, cited the huge potential of the Nigerian industry and the capabilities of technology in catalysing its adoption and penetration rate. He also highlighted the timeliness of the IMT 2022 conference as a continental kick-off of collaborative insurance and tech discourses.

Sponsored by foremost insurance and tech majors – Curacel, ActivEdge Technologies, Leadway Assurance Company Limited, Old Mutual and MediSmarts, this ground-breaking conference converged numerous industry leaders for a prolific discourse on the immense potential of collaboratively exploring Insurtech for continental dominance whilst changing the narrative of insurance apathy in Africa.

Patoma Admin by — October 10, 2022 in Insurance 0
Insurance industry total asset rise by 11.9% in Q2 2022

By Favour Nnabugwu

 

 

 

Insurance industry total asset grew by 11.9 percent in the second quarter of 2022 to a  a whopping N2.3 trillion, the National Insurance Commission (NAICOM) had revealed

NAICOM stated this in publication entitled: Bulletin of the Insurance Market Performance : Synopsis of the Insurance Market Second Quarter, 2022, adding that the sector recorded an increased rate of growth at 11.9 per cent, quarter on quarter with a total asset of about N2.3 trillion.

The total assets rose by 11.9 per cent, translating to over N200 billion from second quarter of 2021

The industry’s financial position revealed a total of N1.2 trillion in assets of Non-Life business while the Life business stood at about N1.1trillion, translating to N2.3 trillion cumulatively.

The market data reveals that the industry grew 20.1 per cent higher than the national real Gross Domestic Product (GDP) of 3.5 per cent during the same period, NAICOM submitted.

The insurance industry market recorded N369.2 billion gross premium during the period, indicating a 20.1 per cent growth rate compared to the same period of the previous year and an impressive 65 per cent quarter on quarter.

The continued steady growth from the first quarter of the year, it stressed, correlated with the current performance of the period under review, adding that, the market could be adjudged as sound and stable whilst, the stance of the market deepening remains optimistic

Similarly, insurance companies incurred N174.8 billion gross claims, paid to policyholders who suffered insurance risks in the quarter.

According to the regulatory report, “the growth of the gross claims reported was (0.2percent) during the quarter compared to the corresponding period of 2021. The industry Statistics for gross claims in Q2 of 2022 stood at N174.8 billion, representing 47.3 percent per cent of all premiums generated during the period.”

This development, NAICOM said, reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission, adding that, the net claims paid, on the other hand, stood at about N148.2billion, signifying an 84.8 percent of all gross claims reported during the period.

The Life Insurance business recorded a near perfect point of about ninety (88.90 percent) per cent claims settlement as against the reported claims while non-life segment stood at about seventy-seven (76.8 percent) per cent,” it pointed out.

Patoma Admin by — October 10, 2022 in Insurance 0
NNPCL total assets rise to N16.27trn

By Favour Nnabugwu
Nigerian National Petroleum Company Limited, NNPCL, total assets grew from N15.86 trillion in 2020 to N16.27 trillion in 2022
The company’s profit after tax of N674 billion for the 2021 financial year, a growth of 134.8 percent compared to N287 billion declared in 2020 while total liabilities fell by 8.3 percent to N13.46 in 2021 from N14.68 trillion in 2020.
NNPCL’s shareholders fund grew to N2.81 trillion representing 144 percent from the previous year.
Before turning profitable in 2020, NNPC had recorded losses of N803 billion in 2018 and N1.7 billion in 2019.
Speaking to newsmen in Abuja, NNPCL Group CEO, Mele Kyari said the growth in profit was driven by its upstream operation and its businesses in gas and power.
Kyari explained that the “performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and product theft among other”.
He noted that despite “our challenging operating environment, we strongly believe that NNPC has the potential to sustainable deliver better value to its esteemed share holders”.
On what will happen to the profit, he declared: “Dividend is always governed by the dividend policy of every company. In this case, the shareholders is the country that includes 200 million Nigerians represented by the Ministry of Petroleum Incorporated and the Ministry of Finance Incorporated in the case of NNPC Limited but for the Corporation.
The Federation will decide what to do with this and currently there is a huge data between the obligations of the NNPCL and that of the Corporation. We are sorting this out and it will be the decision of the shareholders to decide to either retain part of it or all of it”.
On oil theft and vandalism, Mr. Kyari disclosed that all major oil trunk lines have been shut down due to the activities of oil thieves and pipeline vandals.
“Today our production is around 1.23 million barrels per day. We have a proven production capacity of 2.49mbpd. But since Covid abated and the acts of vandals returned, we saw this gradual decline in our production of to the point of the 1.2mbpd.
“That means we can easily produce 2.49mbpd but we can do it because of acts of vandals. Now it doesn’t mean that the difference between 2.49m and 1.23m is stolen. As we speak, all our major trunk lines are shutdown, which means we are not flowing crude oil in these lines. We could do it and it doesn’t mean crude is stolen. When the lines are running, you can lose substantial part of that volume up to 200,000 barrels.
“In actual losses today, our budget level plan is to produce at 1.8mbpd and if you are doing 1.23m it means you are losing the difference between 1.23m and 1.8m which is around 600,000 barrels per day. This is an opportunity lost, not stolen”, he added.
Patoma Admin by — October 4, 2022 in Oil & Gas 0
World Bank lowers Nigeria’s 2023 economic growth forecast to 3.2%

By Favour Nnabugwu

 

 

The World Bank has lowered its economic growth forecast for Nigeria in 2023 to 3.2 per cent from 3.3 per cent

The bank attributed the down grade to low global growth, the war in Ukraine and including declining demand from China for commodities produced in Africa.

Citing similar conditions, the World Bank also projected that the Sub Saharan African region will recorded a lower economic growth of to 3.3 per cent in 2022 from 4.1 per cent recorded in 2021.

Consequently, the World Bank called on the governments in the Sub Saharan African region to urgently implement measures to restore macro-economic stability and protect the poor in a context of slow growth, high inflation

The forecasts were contained in the October edition of the World Bank’s Africa’s Pulse, a biannual analysis of the near-term regional macroeconomic outlook, economic growth in Sub-Saharan Africa (SSA).

Highlighting the growth factors for Nigeria’s economy, the World Bank said: “The Nigerian economy is projected to slow in 2023, down to 3.2 percent (from 3.3 percent) and persist at this level the following year. Growth will be supported mainly by the rebound in private consumption prompted mostly by accommodative monetary policy as inflationary pressures subside.

“Private consumption expenditure is forecast to decrease this year and grow next year. This performance will likely continue in 2024. On the production side, growth in 2023 will be supported by industry (with growth of 5.1 percent) with the mega-refinery project.”

On its growth forecast for the Sub Saharan African region, the World Bank said: “Economic growth in Sub-Saharan Africa (SSA) is set to decelerate from 4.1% in 2021 to 3.3% in 2022, a downward revision of 0.3 percentage points since April’s Pulse forecast, mainly as a result of a slowdown in global growth, including flagging demand from China for commodities produced in Africa.

On the factors undermining economic growth in SSA, the World Bank said: “The war in Ukraine is exacerbating already high inflation and weighing on economic activity by depressing both business investments and household consumption. As of July 2022, 29 of 33 countries in SSA with available information had inflation rates over 5% while 17 countries had double-digit inflation.

“Elevated food prices are causing hardships with severe consequences in one of the world’s most food-insecure regions. Hunger has sharply increased in SSA in recent years driven by economic shocks, violence and conflict, and extreme weather. More than one in five people in Africa suffer from hunger and an estimated 140 million people faced acute food insecurity in 2022, up from 120 million people in 2021, according to the Global Report on Food Crises 2022 Mid-Year Update.

“The interconnected crises come at a time when the fiscal space required to mount effective government responses is all but gone. In many countries, public savings have been depleted by earlier programs to counter the economic fallout of the COVID-19 pandemic, though resource-rich countries in some cases have benefited from high commodity prices and managed to improve their balance sheet.”

“Debt is projected to stay elevated at 58.6% of GDP in 2022 in SSA. African governments spent 16.5% of their revenues servicing external debt in 2021, up from less than 5% in 2010. Eight out of 38 IDA-eligible countries in the region are in debt distress, and 14 are at high risk of joining them.

At the same time, high commercial borrowing costs make it difficult for countries to borrow on national and international markets, while tightening global financial conditions are weakening currencies and increasing African countries’ external borrowing costs.”

Stressing the need for governments to improve the efficiency of existing resources and to optimize taxes in response to the above challenges, the World Bank added that, “In the agriculture and food sector, for example, governments have the opportunity to protect human capital and climate-proof food production by re-orienting their public spending away from poorly targeted subsidies toward nutrition-sensitive social protection programs, irrigation works, and research and development known to have high returns.

“For example, one dollar invested in agricultural research yields, on average, benefits equivalent to $10, while gains from investments in irrigation are also potentially high in SSA. Such reprioritization maintains the level of spending in a critical sector, while raising productivity, building resilience to climate change, and achieving food security for all.

Creating a better environment for agribusiness and facilitating intra-regional food trade could also increase long-term food security in a region that is highly dependent on food imports.”

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Patoma Admin by — October 4, 2022 in Banking & Finance 0
Sub-Saharan Africa Reinsurance market spur by GDP growth, int’l investment – A M.Best

By Favour Nnabugwu
Reinsurance market in the sub-Saharan Africa’s has been spurred for over a decade by steady growth in gross domestic product, and international investment, according to a new report from AM Best.
The Best’s Market Segment Report, “Sub-Saharan Africa Reinsurance: Fresh Challenges for Reinsurers as Performance Improves,” notes that while a focus on local African risks has underpinned profitable underwriting results, there is a degree of concentration toward some of the largest markets on the continent.
Barriers to entry remain high in many African reinsurance markets and include protectionist local regulations and the presence of state-owned reinsurance companies or specialised state-sponsored pools.
The limited competition from global reinsurers is due to a multitude of factors, including the expansive geography of the continent, the small size of national reinsurance markets and the significant cultural and fiscal policy differences between countries.
For additional reports, including AM Best’s annual ranking of the Top 50 global reinsurance groups and in-depth looks at the insurance-linked securities, Lloyd’s, life reinsurance and regional reinsurance markets, please visit Best’s Research.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.
Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
Patoma Admin by — October 3, 2022 in Insurance 0
Ghanaian insurance market’s gross premium rise by 19% in 2021

By Favour Nnabugwu

 

 

Ghanaian insurance market’s gross premium  increased by 19 percent in 2021, according to provisional data released by the National Insurance Commission (NIC).

Premiums grew in 2021 on the back of the digitisation drive by NIC from a total of GHS4.2bn ($401m) in 2020.

Whereas non-life insurers retained 70.0% of premiums, life insurers retained 89.0%, reported Ghanaian Times quoting the NIC. The relatively lower retention ratio for non-life insurers, the NIC pointed out, continues to reflect the nature of risks underwritten and the high gross premiums relative to the capital ratio in the industry.

On the other hand, the high retention ratio among life insurers can be generally attributed to compliance with the NIC’s reinsurance guidelines, and specifically to the demand for savings-linked insurance products and the long-term nature of their actuarial liabilities.

Return on equity improved significantly in the life insurance sector due to investment income that compensated for the poor underwriting results in the sector. In contrast, the non-life sector witnessed a slump despite improved underwriting and investment returns.

The fall in return on equity was partly due to the implementation of new Minimum Capital Requirements, which pumped up the equity base of most non-life insurers.

Insurers are expected to build on the recapitalisation exercise to institute efficient and effective cost measures to improve underwriting results in the near to medium term.

In the medium to long term, it is expected that improved capitalisation will lead to a higher retention ratio in the non-life sector while encouraging the underwriting of pure risk insurance products in the life sector.

The total capital base of the insurance industry grew by 33.0% to GHS3.88bn at the end of 2021, from GHS2.91bn 12 months previously.

This improved the Capital Adequacy Ratio (CAR) in both the life and non-life sectors of the insurance industry. At the end of 2021, the industry average CAR improved to 456.0% and 524.0% in the Non-Life and Life sectors, respectively.

The NIC, as of 31 December 2021, had approved GHS278m of overseas reinsurance premium transfers.

Patoma Admin by — October 3, 2022 in Insurance 0
Nigeria@62: Until Nigerians turn to God else… — Adeboye

By Favour Nnabugwu

 

 

The General Overseer of the Redeemed Christian Church of God, RCCG, Pastor Enoch Adejare Adeboye, said the security situation of the country has worsened, saying people should not be deceived

Speaking at the headquarters of the church in Lagos during the First Sunday and Independent Day sermon, Adeboye said that while growing up, it was very difficult for people to go close to where the king resided, but things have changed as kidnappers can now go to the palace and kidnap the king.

“A whole nation can be in a storm. If a governor cannot go to his farm and feel safe, despite the security guards, He has to thank God that he returned safely, despite the body guard. For that matter, a governor. When we talk about security, the governor should be secure. When a governor alters such a statement, then you know the situation we are in. ”

“As young as I am, I remember a time when the king was coming. Unless you are one of the very special people, you have to move out of the way. But things are different now. Kidnappers can go to the palace and kidnap the king. Don’t let anybody deceive you; we are in a war. ”

He said that the atrocities in the land may continue until people turn back to God and pray for God’s reign over the land.

Speaking on the topic of ‘Perfect Peace in the Land,’ Adeboye stated that Almighty God can do what security officers cannot.

“He said in His word that if my people who are called by my name will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from heaven and I will forgive their sin and heal their land.”

He tasked Nigerians to pray for the leaders for the land to experience peace. “It is easier to blame our leaders, but there are certain things we need to do as good citizens because for every mistake they make, it is the people that will suffer it.

“We need to keep praying for our leaders. The hearts of kings and rulers are in the hand of God. We need to pray to God to touch their hearts so that we can enjoy. It doesn’t matter how much they are selling bread, there will always be bread in Aso Rock, and irrespective of the epileptic power supply, Aso Rock will always have light.

“Why we are not enjoying is because we refuse to do our duty. If you say the wicked are ruling, why not pray that God should touch their hearts? We need to pray that God should lead our leaders right.”

He prayed for every family passing through difficulties, that God would speak perfect peace into such a family.

Patoma Admin by — October 2, 2022 in Religion 0
Monthly focus for October, 2022 by Pastor Favour Onoja

MONTHLY FOCUS FOR OCTOBER, 2022

 

Pastor Favour Onoja

“And he said unto me, son of man, stand upon thy feet, and I will speak unto thee.
And the Spirit entered into me when he spake unto me, and set me upon my feet, that I heard him that spake unto me” (Ezekiel 2:1-2).

Welcome to the Month of October, 2022, the last Quarter of the year.

Our Focus for the Month is “THE POWER OF THE SPIRIT”

In this Month, the Power of God shall erupt in your life; it shall translate to strange manifestations of His acts; and shall bring major and mega transformation in your lives, in Jesus Name, Amen.

The Spirit of God is the conveyor and transmitter of His Power. It is the channel or platform through which the Power of God is demonstrated to our generation and dying World that is full of decadence and degeneration.

It is the avenue through which revival fire shall spread over the nations to tackle and terminate the covering cast that has spread over the whole earth (Isaiah 25:7).

We need more of this Power in these days of turmoil, uncertainty, perplexity, insecurity and unrest in the nations of the earth.

Jesus saw the need and importance of this Power, so He told the disciples to tarry (wait) in Jerusalem until they were endued with the Power (Luke 24:49) – The Power of the Holy Spirit.

He told them that their relevance, influence and impact on the earth is dependent on this Power. The disciples hearken to His instructions and they tarried for One Hundred and Twenty (120) Days in the Upper Room until the Power was released in Acts 1:8.

The disciples wrought signs and wonders when this Power was released. They turned the World upside down, held spell bound territories and Kings. They conquered territories for the Lord when the Power was released. It got to the point where the shadow of Peter healed the sick (Acts 5:15); handkerchiefs and aprons aprons from the body of Paul healed diseases and evil spirits departed out of people’s lives (Acts 19:11-12).

WHAT HAPPENS WHEN THE SPIRIT ENTERS INTO YOU?

1. You are established, set up to manifest God’s purpose on earth (Ezekiel 2:2);

2. You are Restored;

3. You are Delivered (Luke 4:18);

4. Supernatural strength comes. Weakness and indefatigability dies;

5. It sponsors courage, fearlessness; and kills cowardice and intimidation;

6. It turns a weakling into a Lion. It impacts lionic unction;

7. It sponsors exploits (Daniel 11:32);

8. It destroys the yoke of darkness (Isaiah 10:27);

9. It brings a change of status (1Samuel 10:6);

10. It sponsors the manifestations of the gifts of the Spirit (1Samuel 10:6);

11. It sponsors supernatural speed – divine acceleration (1Kings 18:46);

12. It sponsors Supernatural Favour (1Samuel 10:3-4);

13. It sponsors Impartation and Amplification (Luke 3:21-22);

14. It sponsors Supernatural Supplies (1Samuel 10:4);

15. It sponsors Glory;

16. It sponsors Freedom (Luke 4:18);

17. It is key to Excellence and Prominence;

18. It terminates Delay and Barrenness;

19. It makes you a Wonder to your generation;

20. It is key to Wisdom and Expertise (Exodus 35:30-35);

21. You become a Witness Bearer for the Gospel;

22. It is key to Deliverances from Death and Destruction (Psalm 105:14-15);

23. It is key to Open Heavens (Ezekiel 1:1);

24. It is key to preference and acceptability (Daniel 6:3);

25. It is the secret to Inventions and Ideas (Job 32:8);

26. It is the secret to Amplification of your Voice (Matthew 17:5); and

27. It’s the Secret to the Blessing

PROPHESIES:

I decree and declare that in this Tenth Month of the year 2022, you shall manifest the glory of God, in Jesus Name, Amen

I decree and declare that by the Anointing of the Spirit of God, you are preserved throughout this Month, in Jesus Name, Amen! (Isaiah 4:5-6)

I decree and declare that the Power of the Holy Spirit shall usher you into greatness and cause you to be a witness for the Gospel, in Jesus Name, Amen

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Patoma Admin by — October 2, 2022 in Religion 0