All Posts in "Month: May 2023"

CISWAMZ awards CFI, Sunday Thomas, Pius Agboola for pioneering roles

CAPTION:

L- Commissioner of Insurance, The Gambia Pa Allieu Sillah, who doubles as current Chairman of WAISA and CISWAMZ, CFI Nigeria Olorundare Sunday Thomas and, the Director-General of WAMI Olorushola Olowofeso.

 

By Favour Nnabugwu

 

 

The Chief Executive Office of the National Insurance Commission, Naicom and the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Nigeria’s Oorundare Sunday Thomas awarded the College of Insurance Supervisors of West African Monetary Zone (CISWAMZ) for his pioneering role in the zone

Receiving the award at the ongoing 5th meeting of the College in Abuja, is the CFI, Mr Thomas.

The award is in recognition of Mr. Thomas’s pioneering role in the establishment and eventual take-off of the college as Chairman of the West Africa Insurance Supervisors Association (WAISA).
Also honoured is Mr. Pius Agboola, the Director Inspectorate at NAICOM who served as the pioneer Chairman of the  College.
Patoma Admin by — May 16, 2023 in Insurance 0
Global motor insurance to reach $806.40 bn in 2023

By admin

 

 

 

The global motor insurance market is expected to $806.40 billion in 2023 at a compound annual growth rate (CAGR) of 9.2 percent.

The motor insurance market is expected to grow from $738.65 billion in 2022 to $1,122.41 billion in 2027 at a CAGR of 8.6%.

Major players in the motor insurance market are Allianz SE, State Farm Insurance, AXA, Zurich Insurance, Allstate Corporation, GEICO, Ping An Insurance Company of China Ltd., HDFC ERGO, Universal Sompo General Insurance Company Limited, The Progressive Corporation, Tokio Marine Holdings Inc., Reliance General Insurance Company, Assicurazioni Generali, The People’s Insurance Company of China Ltd., MetLife Inc., Aegon NV, and The New India Assurance Co. Ltd

The major types of motor insurance are treaty reinsurance and facultative reinsurance. Treaty reinsurance refers to insurance purchased from another insurer by an insurance company and it usually includes an entire policy grouping or motor insurance package for automotive coverage. Major types of policies are liability insurance, comprehensive coverage, collision coverage, and personal injury protection. It used to protect both new and old vehicles, which includes various types of vehicles such as passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).

Technological advancements have emerged as the major trend gaining popularity in the motor insurance market. Major companies operating in the motor insurance market are incorporating technologically advanced solutions in insurance operations to strengthen their position in the market. For instance, in September 2022, XA Group, a Dubai-based technology company, launched Addenda, a digital platform powered by blockchain that will enable insurers to reconcile motor vehicle recovery receivables. In order to help Addenda manage all the important touchpoints in the automotive claims value chain by connecting insurers, brokers, repairers, and customers, the business hopes to further improve Addenda by integrating existing products into the platform.

In January 2021, The Allstate Corporation, a US-based insurance company, acquired National General Holdings Corp for an amount of $4 billion. With this acquisition, the company plans to advance its strategy of increasing personal lines insurance market share. National General Holdings Corp. is a US-based insurance company operating in the motor insurance market.
North America was the largest region in the motor insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the motor insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the motor insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The increase in the number of automobiles on the road is expected to propel the growth of the motor insurance market going forward. Automobiles such as cars, buses, and trucks, are self-propelled vehicles that use a power source for propulsion and are used to transport passengers and goods on land.

People are buying auto insurance to protect themselves from financial losses, which ultimately fuels the demand for motor insurance and is prominently attributed to the benefits offered by motor insurance, which include cost coverage for an injured person, medical coverage, lost wages, vehicle repair, and any property damaged in an accident.

For instance, according to the National Transportation Statistics 2021 report published by the US Department of Transportation, an executive department of the U.S. federal government, in 2021, 11,34,61,353 vehicles were registered in the USA. In 2020, automobiles accounted for 10,51,43,990, while 8,317,363 motorcycles were registered across the nation.

Furthermore, in November 2022, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association of motor vehicles, the UK’s car production had risen by 7.4% to 69,524 units as compared to the previous year. Therefore, the increase in the number of automobiles on the road is driving the growth of the motor insurance market.

Patoma Admin by — May 14, 2023 in Insurance 0
NECA wants to partner with Naicom on 3rd party motor insurance, group life

By Favour Nnabugwu

 

 

 

National Insurance Commission, Naicom in Abuja yesterday, received in audience the Nigeria Employers’ Consultative Association (NECA) led by its Director General (Mr. Adewale Smatt-Oyerinde on courtesy visit to Naicom.

The NECA team was received by the Commissioner for Insurance, Mr Sunday Olorundare Thomas desired to collaborate with Naicom sensitive the employers and workers on third party motor Insurance, group life.

According to the statement released by the Commission, “the purpose of the visit was on the need for more sensitization on the enhanced 3rd party motor insurance as well as explore areas of collaboration to sensitise employers and workers on the importance of Group Life Insurance”

 

 

Patoma Admin by — May 12, 2023 in Insurance 0
Naicom rolls out three Guidelines Sandbox, ERM forTakaful, TIOs

By Favour Nnabugwu
 
The National Insurance Commission has rolled out three guidelines to ensure that insurance operators are fully guided by the rules.
The three guidelines are Insurance Regulatory Sandbox Operational Guidelines; Market Conduct Guidelines for Takaful and Retakaful Insurance Operators and Enterprise Risk Management Framework for Takaful and Retakaful Operators in Nigeria.
In the statement released by Mr AbdulRasaaq Salami, Head Communication and Market Development, said as part of its strategic objective to drive innovation of products and services, ensure operators are professional in the conduct of their businesses in line with best practices, recently issued the following guidelines:
Salami reiterated that the Commission expects all Operators to ensure compliance with the new guidelines to the benefit of all stakeholders.
The first is the Regulatory sandbox which refers to a consciously established relaxed regulatory environment for the testing of innovative products, services, be business models, channels of distribution subject to
regulatory discretions and set parameters that have potential of improving insurance inclusiveness and service efficiency in Nigeria.
The second, Market Conduct Guidelines for Takaful and Retakaful Insurance Operators and Enterprise Risk clearly state that all Takaful Insurance Undertaking shall establish and maintain a sound Enterprise Risk Management, ERM.
Framework to support the adequacy of its solvency and comply with all
relevant Sharīah rules and principles.
“This framework shall be comprehensive in nature, dealing with all reasonably foreseeable and relevant material risks of the funds making up”
“The Takaful Undertaking, and shall be formalized through a set of policies,
consistently applied, the TIO’s approach to determining the appetite for risk, its process for managing risks and its Governance related to risk.
The third one, Takaful and Retakaful Operators in Nigeria emphasised that the Guidelines are issued in exercise of the powers conferred on the National
Insurance Commission (the Commission) and shall apply to all Takaful Insurance Institutions in Nigeria effective 1st May 2023.
“The Guidelines shall form part of the regulatory and supervisory tools for Takaful Insurance Institutions and shall be read in conjunction withother extant
provisions, notices, circulars that the Commission had issued or may issue from time to time”.
“Takaful Insurance Operators are required to formally direct their Staff, Agents and other Business Associates or Partners to comply and ensure strict compliance with these Guidelines.
“Takaful Insurance Operators shall establish internal policies and procedures to give effect to the provisions of these Guidelines and shall form part of its internal control”
Patoma Admin by — May 12, 2023 in Insurance 0
NBTE in MBMIST for accreditation on climate change science

By Favour Nnabugwu

 

 

 

The National Board for Technical Education, NBTE, is currently on a two day official visit to Muhammadu Buhari Meteorological Institute of Science and Technology MBMIST, Katsina state to begin the process that will lead to accreditation of courses  in Climate Change Science and Meteorology in the institute

Speaking on the essence of the visit, the Team Lead, Deputy Director at NBTE Kaduna office,  Dr. Jauro Kutura.D. who represented the Director, NBTE Kaduna office  Alhaji Samaila Tanko disclosed that they are here “for accreditation of two programmes, National Diploma, Meteorology and National Diploma Climate Change Science.

While commending the Rector on the aesthetics of the landscape in the institute, DrJauro observed that MBMIST has started planning towards the new mantra of the Executive Secretary of NBTE, Professor Idris Muhammad Bugaje for skills node degree by incorporating agro allied skills into the institute.

She also noted that the intention to develop curriculum for the HND programmes in Meteorology and Climate Change Science in addition to developing a curriculum for Electrometeorological Engineering technology at ND level is also a big plus for the development of the institute. She said.

Dr. Jauro explained further that NBTE and institutions are partners in progress, stressing that  in carrying out the exercise NBTE does not carry out the exercise alone “rather it involves stakeholders from academias and industries who are professionals in the related field to come and assist  us to carry out this assignment.

So the team is here to assist the adequacy of academic matters, physical and human resources available for the programmes and in the process they would offer their contributions, suggestions and advice for the betterment of the programmes”. She said.

In concluding she solicited for the maximum cooperation from the entire management and staff of the institute to enable her team carry out their assignment successfully and promptly.

In his remarks the Rector of the institute Professor Effiom Oku while welcoming them on behalf of the Chairman of the Governing board and council members, emphasized the importance of the exercise to the institute.

” The accreditation exercise is very important to us. Just like the Team leader has said, the acceptance of our certificate especially as we are about to push out our pioneers, that is why this accreditation is very important to us”. He said and assured the team of maximum cooperation.

As patt of the visit Prof. Oku made a power point presentation on the history of the institute.

The accreditation by NBTE is a systematic review of educatiional programmes to ensure that acceptable standards of education, infrastructure and quality is being maintained.

Patoma Admin by — May 12, 2023 in Aviation 0
Economic challenges in Africa weigh reinsurers down- A.M.Best Report

 

By admin

 

The deteriorating risk environment in many African countries is weighing on (re)insurers, despite their efforts to mitigate the impact of macroeconomic challenges, according to a new special report from AM Best.

AM Best-rated (re)insurers operating in Africa typically hold robust capital buffers, underpinned by generally low underwriting leverage and relatively conservative investment portfolios by asset class. However, the declining creditworthiness of many African debt issuers has led to increased asset risk and will test the resilience of the continent’s (re)insurers’ balance sheets.

In its new Best’s Special Report, “Economic Challenges Exacerbate Risks Faced by (Re)Insurers in Africa,” AM Best notes (re)insurance companies operating in Africa and other emerging markets are typically exposed to heightened levels of economic, political and financial system risks. In recent years, these risks have been exacerbated by external shocks, such as the COVID-19 pandemic.

Soaring commodity prices, as a result of supply-chain disruptions and price shocks related to the Russia-Ukraine conflict, have resulted in increased inflation and financial instability across Africa, particularly for those markets reliant on the import of fuel and other commodities.

Softer demand conditions may hamper growth and reduce government revenue, adding to the list of existing challenges faced by many African economies.

Patoma Admin by — May 11, 2023 in Insurance 0
NiMet alerts on thunderstorm in FCT, Tabara, Gombe, Borno, other states

 By Favour Nnabugwu
 
The Nigerian Meteorological Agency NiMet has alerted the public on a possible heavy rainfall activities in the coming days in some states in the northern part of the country.
According to a release issued today,
“Thunderstorm cells are currently  observed over the northern parts of the country including Borno, Taraba, Gombe, Bauchi and Kano. These are expected to propagate westward to give squally thunderstorm to some cities.”
it reads. The statement further revealed that the current thunderstorm cells are expected to propagate easterly to give thunderstorms accompanied with squall to cities in Plateau, FCT, Nasarawa, Jigawa, Adamama, Yobe, Borno, Bauchi, Gombe, Kaduna, Kano and Katsina states in the next 2-6 hours.
For areas where thunderstorms are expected, strong winds are likely to precede the rains and as such, trees, electric poles, unsecured objects and weak buildings may be felled, so the public is advised to be cautious and stay in-door especially during heavy rainfall to avoid being struck by lightning.
The statement  advised all Airline operators to avail themselves of weather reports periodically from NiMet for effective planning in their operations.
 It also notes that moderate to heavy rainfall could lead to flash flood, hence the public is advised to take necessary
caution.
Disaster risk managers, agencies and individuals should be proactive, to avert loss of lives and property during the rainy season.
The Central Forecast Office (CFO) in NiMet will continue to monitor the weather and provide updates when necessary.
Patoma Admin by — May 11, 2023 in Aviation 0
NAICOM receives ISAN on courtesy visit in Abuja

CAPTION

R- The Commissioner For Insurance,/ Chief Executive of the National Insurance Commission, Naicom, Mr Sunday Olorundare Thomas and the National Co-ordinator Moses Igbrude on courtesy visit to Naicom in Abuja today

 

By Favour Nnabugwu

 

 

The National Insurance Commission,  Naicom reviewed in audience, the members of the Independent Shareholders Association of Nigeria, ISAN led by its National Co-ordinator Moses Igbrude

The team was received by the CFI and some members of management. The two bodies had fruitful discussions around deepening regulatory compliance, collaboration towards the development of mutual trust and as well, deepening corporate governance and transparency in the Nigerian insurance sector.

Member of the management of Naicom and ISAN in a group photograph

Patoma Admin by — May 10, 2023 in Insurance 0
Eddie Efekoha now WAICA 40th President

By Favour Nnabugwu

 

 

 

The Group Managing Director, Consolidated Hallmark Insurance Plc, Mr. Eddie Efekoha has become the 40th President of West African Insurance Companies Association (WAICA).

Efekoha was elevated to the position at the Closing Dinner of the West African Insurance Companies Association (WAICA) 50th Anniversary and Conference 2023, in Lagos.

Efekoha is a Fellow of the Nigerian and United Kingdom Institutes; Group Managing Director, Consolidated Hallmark; 49th President & Chairman of the Governing Council of Chartered Insurance Institute of Nigeria, CIIN, between 2018-2020 and 22nd Chairman of the Past President of Nigerian Insurers Association (NIA) from 2016-2018.

He is the Chairman of Hallmark HMO. He holds a Bachelor’s degree in Insurance and a Masters degree in Business Administration both from the University of Lagos. Eddie has worked in reputable organizations including Hogg Robinson Nigeria, and Glanvill Enthoven & Co (Nig.) as Executive Director (Technical), Fountain Insurance Brokers Ltd as its pioneer Managing Director/Chief Executive.

He was the Vice Chairman/CEO of Consolidated Risk Insurers Plc before his current appointment as Managing Director/CEO of the holding company, Consolidated Hallmark Insurance Plc. A Fellow of the Institute of Directors (IOD) and both the Chartered Insurance Institutes of London and Nigeria,

Eddie has attended several local and international courses in both Insurance and Management. He is an alumnus of them Lagos and Harvard Business Schools, Deputy President of the Chartered Insurance Institute of Nigeria, Chairman of the Governing Board of the College of Insurance and Financial Management, and the 22nd chairman of the Nigeria Insurers Association (NIA)

Patoma Admin by — May 10, 2023 in Insurance 0
NIS explains why passport booklets are scarce

By Favour Nnabugwu
Nigerian Immigration Service (NIS) has attributed the dearth International passport booklet to unavailablity of foreign exchange from the Central Bank of Nigeria (CBN) to aid production abroad.
The NIS and Irris Smart Technology Ltd were before an ad hoc Committee of the House of Representatives investigating the proposed domestication and processing of Nigerian international passport in Abuja on Tuesday.
Speaking at the public hearing, the  Comptroller-General of the service, Mr Idris Jere said the Service does not have access to the forex it generated.
He lamented the absence of a producing factory in Nigeria, saying that the production of the passport booklets was done abroad.
 “Foreign exchange regulation policy of the government and CBN’s refusal to grant access to forex for importation of the passport booklet.
“We generate forex from sale of passport but we do not have access to buy the same booklet and that is a challenge for NIS.
“The factors responsible for scarcity of passport include the inability to setup passport producing factory in Nigeria as its production is done abroad.
“The major seven component used for producing passports are sold in international market and the assemblage and production are done in Malaysia.
“This makes the production process solely dependent on forex and the scarcity of forex due to the fall in Naira value is of major concern”.
In their own presentation, the foreign contractors handling the passport production, Irris Smart Technology Ltd while advancing the same reason however accused the Nigerian Security Printing and Minting (NSPM) and the Central Bank of Nigeria (CBN) of sabotaging their efforts at getting foreign exchange.
The managing Director of the Company, Yinka Fisher who appeared before the committee said “Today we have a system where we have a central processing centre with a strong inventory control mechanism.
Last year, we delivered a record number of booklets to NIS which was about 1.9 million booklets. This year, for the first four months, we have delivered nearly 800, 000 booklets. We are on course for another record supply this year.
“Immigration gave mint the opportunity to print the first set of booklets. When they were delivered, it was sub standard in 2004. The government discarded them and decided to have an international tender for the production and embedding of chips.
Continuing he said, “Five companies were invited. Three foreign companies, mint and ourselves to submit bids were analyzed, mint company were found to be incompetent and most expensive. The iris bid was found to be technically competent and competitive.
“Since mint lost that initial bid they have been trying to scuttle the project. In the past, we would ask our bankers to bid for forex on our behalf to open LCs for us. CBN and mint decided they would tell our bankers to stop selling forex to us so that we cannot open LC, so we cannot deliver booklets.
,”We would be in breach of our agreement. They instituted that and for a while, we were at a loss because banks did not sell us forex and we could into open LCs. That was what gave rise to the first scarcity of booklets in Nigeria. It was not our inability to deliver but the sabotage by the CBN and the mint.”
Patoma Admin by — May 9, 2023 in Technology 0