All Posts in "Month: August 2023"

Aviation Minister, Festus Keyamo visits NiMet

CAPTION

L-NThe Director- General of the igerian Meteorological Agency (NiMet), Prof Mansur Bako Matazu and the Minister of Aviation, Mr Festus Keyamo during the Minister visit to NiMet

 

 

By Favour Nnabugwu

 

 

 

Minister of Aviation & Aerospace Development, Mr. Festus Keyamo (SAN) paid a brief visit to the headquarters of the Nigerian Meteorological Agency (NiMet) today.

He was received by the Director General of the Agency, Prof Mansur Bako Matazu, who conducted him on a tour of some key facilities of the Agency.

As part of the tour, the Minister visited the Central Forecast Office (CFO), where he was briefed on how data is generated, transmitted, and translated to forecasts and other products.

The Minister also visited the Numerical Weather Prediction (NWP) Unit as well as the state -of – the -arts weather studio, where he presented an update on today’s weather.

In his remarks after the tour, the Minister, who was impressed by the size and process of operations in NiMet noted “the operations of NiMet are so massive and I am impressed by what I have seen in NiMet, I am impressed by their operations and one can only wish them well”, he said.

Patoma Admin by — August 31, 2023 in Aviation 0
NiMet obtains ISO recertification

By Favour Nnabugwu

 

 

 

The Nigerian Meteorological Agency (NiMet) has acquired the recertification of the International Standard Organization ISO 9001:2015 and the International Standard Organization ISO 29990:2010 for the provision of aeronautical meteorological services and capacity building at it’s Regional Training Centre (RTC) in Lagos and MBMIST in Katsina respectively.

The Director General /CEO of NIMet, Prof. Mansur Bako Matazu made this known to the media today.

Prof. Matazu explained ” We took the challenge as far back as 2013 and we have been maintaining this 3 year certificate and we just acquired recertification of ISO 9001:2015 for aeronautical meteorological services in the six major international airports in the country. We are working hard to extend it to 10 more airports across the country.”

On recertification for capacity training, the DG said ” We have also acquired another recertification for ISO 29990:2010 for training. Remember NiMet runs two training institutes like polytechnics, one in Lagos the RTC, which is a World Meteorological Organisation (WMO) accredited training centre and we also have the Muhammadu Buhari Meteorological Institute of Science and Technology (MBMIST), which is accredited by the National Board for Technical Education ( NBTE) as a training centre in Katsina and offers Diploma. So we have acquired ISO 29990:2010 for training on all aspects of meteorology, applied meteorology including climate change”, he explained.

NiMet is the first met service on the African continent to have acquired this certification. Presently the Agency is serving as auditor for some African countries like Malawi, and Gambia. It is of note that NiMet has also been approached by Nigerian Airspace Management Agency (NAMA), Nigerian Civil Aviation Authority (NCAA) and the Federal Ministry of Aviation and Aerospace Development to assist and guide them to acquire this certification.

According to Prof. Matazu, the implication of this recertification is like the stamp of standardization of service delivery by an international organisation and gives a guarantee on the precision and efficiency of NiMe’s products and services.

Prof Matazu revealed that his Agency is exposing it’s operations to quality management systems and even transforming to Safety Management Systems (SMS) across all it’s operations in the country. He assured that NiMet is striving to do more and is open to assist other MDAs of government to pass through this process.

Patoma Admin by — August 30, 2023 in Aviation 0
Why claims settlement can still be denied by insurance companies – Naicom

By Favour Nnabugwu 
Inasmuch as the National Insurance Commission, Naicom, does take lightly to non payment of claims,  the regulatory body said there still grounds where claims can be denied.
Assistant Director, Compliant Bureau Life, Mrs Augustina Onojake Steve in her paper delivered at the just concluded Naicom seminar for financial Journalists in Uyo, Akwa Ibom said that there are grounds for repudiation or rejection of insurers to pay claims.
On the circumstances under which insurance companies can reject claims settlement include: The claim is fraudulent and cannot be substantiated with material facts; Notice is not given to the insurer at all or within a specified period or a reasonable time; The claim will violate public policy; The insurance contract is illegal; There is no insurable interest in case of life; There is a breach of utmost good faith; When the policy holder did not pay premium in line with Section 50 of Insurance Act 2003 (No premium, No cover);  and there is a breach of a fundamental term of the insurance policy.
She highlighted reasons for delays in claims settlement can be due to the following reasons: Delay in notifying and submitting the claim form to the insurance company, Losing the insurance policy document, Non-submission of necessary documents, Making a claim after the deadline has passed and lack of timely Premium Payments.
Steve who elaborately analysed insurance claims acknowledged that the rate of payment of claims by insurers had tremendously improved unlike past years when there were frequent repudiation of claims payments which of course, cast the sector in bad light.
While highlighting the need for verified claims payment, she said: “To an insured, claims payment is the end product of insurance service. Once an insured pays the premium, all he or she expects from the insurer is to be indemnified at the critical time.
“Ability to pay claims is the real test of a solvent insurance company. The quality of claims administration can make or mar an insurance company.”
She emphasised the importance of claims to the growth of insurance industry, adding that these benefits cannot be underestimated or overlooked by any serious minded insurers.
According to her, “Payment of claims drives Policy holder’s loyalty to the insurance company, boosts Policy holder’s acquisition and recurring revenue of insurance company, publicizes the company, improves trust and promotes Insurance market development.
She concluded that insurance companies should endeavor to off set claims saying “Ideally, a prudent claims settlement promotes customer contentment and allegiance. In other words, claims settlement is the activity of insurance companies that truly portrays what they are there for, because claims settlement is the reason for insurance contract.
“Lack of trust and confidence in the Nigerian insurance industry resulting from non-settlement of claims constitute one of the biggest challenges of the industry. Non settlement of claims have negatively impacted confidence in the industry”.
 Thus, insurance companies should endeavor to settle claims promptly because Claims payment in insurance contract serves as spice that attracts potential policyholders to insurance patronage.”
Patoma Admin by — August 29, 2023 in Insurance 0
97% Nigerians not insured – Naicom

By Favour Nnabugwu
Ninety seven percent of Nigerians are still uncertain about taking insurance without considering without considering the huge claims benefit thereof.
The country is estimated to be about 200 population and out of this figure only three million are with insurance which leave about 197 without insurance.
Out of the figure, only 3 million Nigerians have insurance, according to the National Insurance Commission (NAICOM).
Dr Usman Jankara, Assistant Director of Corporate Strategy and Special Duties in a paper he delivered at Naicom’s seminar for financial journalists in Akwa Ibom, titled, Insurance sector and the Nigerian Economy: Impact, Challenged and the new Frontiers
 “Concerning the number of those insured, it is put at three million. As at last year when the figure was taken, Nigeria is assumed to be 200 million.
“From 2015 till date, when you look at Gross Premium Income of the industry, we were at N282 billion in 2015, and today it is N736 billion, representing average growth of 15 per cent”
Jankara also put forward that “That is not to say the industry couldn’t have done better, but to point to the fact that things are not as bad as they were today. There has been no economy that has grown 15 per cent over a 10-year period. None of the sub-sectors have done that”.
“As of 2015, assets grew from N917 billion to N2.32 trillion in 2022, an exceptional growth of about 60 per cent.
Our insurance penetration rate, that is insurance to Gross Domestic Product (GDP) is 0.4 per cent, and the insurance density, that is, how many Nigerians are insured, is 1.5 per cent, he added
According to him, “Life insurance grew from N86 billion in 2015 to N309.1 billion in 2022. Also, non-life insurance grew from N198.3 billion in 2015 to N417.3 billion in 2022.”
Patoma Admin by — August 28, 2023 in Insurance 0
Leadway Assurance offers risk mitigation to Nigerian farmers

By Favour Nnabugwu 

 

 

 

 

Leadway Assurance, one of Nigeria’s foremost players in the insurance landscape, has offered critical risk mitigation guidance and support to Nigerian farmers over the recent anthrax outbreak that has impacted livestock nationwide.

 

Anthrax, a bacterial infection infamous for its destructive effects on livestock populations, has emerged as a significant menace to farmers’ livelihoods throughout Nigeria, after the first recorded case of the disease in Suleja, Niger State, in July 2023.

 

Demonstrating its tenacious promise to safeguard the interests of Nigerian farmers and fortifying agricultural resilience, Leadway Assurance is providing indispensable guidance and advice to mitigate the repercussions of this outbreak, with a paramount focus on ensuring the well-being of farmers, the safety of their livestock, and the nation’s food security.

 

Mr. Ayoola Fatona, Head of Agric at Leadway Assurance, emphasized the necessity of proactive measures and risk mitigation strategies in safeguarding livestock against anthrax. 

 

Mr Fatona shared pivotal recommendations aimed at minimizing the transmission risk and alleviating the adverse impact of the outbreak on the agricultural sector.

 

“In an agricultural sector already laden with multifaceted financial and environmental risk, the introduction of the anthrax infection into the bag of challenges has compounded the farmers’ woes. However, we understand that the implementation of vigilant risk mitigation strategies can significantly reduce the extent of losses facing these farmers. 

 

Foremost, the rigorous adherence to health management regimens, including tailored vaccination schedules to bolster animals’ resistance against anthrax, cannot be overstressed.

 

“Furthermore, recognizing anthrax as a zoonotic infection underscores the importance of maintaining strict hygiene protocols and adopting proper procedures for the disposal of contaminated animal carcasses. Implementing safe disposal practices, such as proper burial in a 2m deep pit with 5% sodium hydroxide or incineration, is imperative to prevent the dissemination of bacteria to other animals or the environment. 

 

In addition, the imperative of preventing cross-contamination demands the conscientious utilization of separate equipment for handling healthy and afflicted animals,” Mr. Fatona underscored.

 

“To further support farmers during this challenging period, we at Leadway Assurance are offering specialized insurance coverage tailored explicitly to these agricultural risks. We strongly encourage farmers to explore the array of insurance options available, designed to mitigate livestock losses due to anthrax and unforeseen circumstances. 

 

Our aim is to offer insightful guidance and pragmatic solutions that empower farmers to shield their livestock, investments, and future,” he concluded

Patoma Admin by — August 28, 2023 in Insurance 0
Ebere Nwoji, ThisDay Correspondent wins Insurance 2023 Print Media Reporter Of The Year by Naicom

By Favour Nnabugwu 
Insurance Sector  Editor,  Ebere Nwoji of THISDAY Newspapers, has emerged top best for Print Media Reporter of the year 2023 award instituted by the National Insurance Commission (NAICOM) in 2022.
NAICOM, which is the apex regulator of insurance sector and practices in Nigeria, instituted the award to annually recognise Journalists who had distinguished themselves in terms of knowledge of the sector and bringing to bear their wealth of efficiency and understanding to not only report the sector, but also analyse trends, issues and developments in the sector, thereby contributing to promoting, creating understanding of the  sector by diverse publics and boosting appreciation of its relevance in the economy.
The award was conferred on  Ebere Nwoji as the winner this year, for the second time at the just concluded retreat for Insurance Journalists with the theme: “Improving Stakeholders Perception, 2023 and Beyond”.
While announcing Mrs Nwoji, Deputy Director/Head, Corporate Affairs & Market Development  of NAICOM, AbdulRasaq Salami, noted that having scanned through the print media: newspapers, magazines and cartoons, NAICOM found it worthy to award the 2023 Insurance Reporter to Mrs Nwoji.
In his words, “ We scanned through the print: the newspapers and magazines for the year 2023 till now. We monitored news reports, articles, cartoons and we monitored everything that has to do with insurance in newspapers and magazines and we found it worthy to award the 2023 Insurance Reporter to Mrs Ebere Nwoji.
Presenting the award to Mrs Nwoji, the Deputy Commissioner for Insurance (Technical) Mallam Abubakar Sabiu congratulated her saying, “We will like to appreciate you for your outstanding performance. Congratulations!”
Patoma Admin by — August 27, 2023 in Insurance 0
Four Journalists win Naicom Awards for excellence

Nation Insurance Commission, Naicom, initiated and Award for journalists propagation of insurance through their write-up. Ebere Nwoji won the maiden award last year and still got the best overall this year again

CAPTION:

L-Deputy Commissioner for Insurance, Mallam Abubakar Sabiu and the overall winner, Mrs Ebere Nwoji of This Day Newspapers

L- Roland Okoro of Riskshield magazine repenting the Awardee, Faith Ugwuode of Almond Finance, Best winner, Ebere Nwoji of This day Newspapers, Mrs Olatekewa Ayoade from Kiss FM  and Inspenonline publisher, Chunks Okonta

L-R; Mrs Oluwatoyin A. Charles, Director, Supervision Mr. Roland Okoro who collected the award on behalf of Faith Ugwuode of Almond Finance; Alhaji Sabiu Abubakar, Deputy Commissioner For Insurance (Technical);  Mrs Olatekewa Ayoade of Kiss FM;  ;Mr Chuks Okonta of Inspenonline;  and Alhaji Ahmad Adamu, Head Govt & Complaints and Mr Leo Akah, Director, Policy & Regulation at the National Insurance Commission (NAICOM) during the 2023 Seminar for insurance journalists in Uyo,  Akwa Ibom State.

 

 

Patoma Admin by — August 26, 2023 in Insurance 0
Insurance industry raises hope for President Tinubu to replicate insurance at federal level

By Favour Nnabugwu 
Insurance industry is hopeful that President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu will replicate insurance at the federal level just as he did in Lagos.
The Commissioner for insurance and Chief Executive Officer, National Insurance  Commission (NAICOM),  Mr Olorundare Sunday Thomas, was optimistic that insurance industry in Nigeria would perform much better under his administration.
Thomas at a two-day seminar for financial journalists in Uyo, Akwa Ibom State, said the President is somebody who is interested in the growth of insurance industry.
So he is replicating that at the Federal level. He is somebody who is interested in insurance industry, and of course, we are going to latch on that. Over the last three years we got a lot of encouragement from the government. If you tabulated what have come from government in terms of premium payment it has been on the upward swing. This shows that a lot has changed.
“You know the current President, His Excellency, Bola Ahmed Tinubu, established insurance culture in Lagos State when he was a governor, and up till today except one regime that did not pay premium during his tenure all the governors in Lagos State have followed this precedence.
“Since the new government came in, I have had course to see the Secretary to the Government of the Federation (SGF) and we are working on the guideline for the insurances of government assets and they are taking it seriously.
He affirmed that the disposition of the Federal Government to insurance is steps away from what it was and an excellent step in the right direction.
Thomas noted that the government is firm on its new stand on insurance and is already working with the Commission on a strategic guideline that will serve as a blueprint for government new front on insurance purchase that would be religiously followed by government Agencies and Departments.
Patoma Admin by — August 25, 2023 in Insurance 0
Photo News at Naicom’s seminar for Journalists in Akwa Ibom

National Insurance Commission, Naicom organised a two seminar for financial journalists in Akwa Ibom.

CAPTION:h

The Deputy Commissioner for Insurance, Technical, Mr Sabiu Abubakar and the Director, Policy & Regulation, Mr Leo Akah at Naicom’s seminar for journalists in Akwa Ibom

L- Deputy Commissioner for Insurance, Technical, Mallam Sabiu Abubakar and Mrs Oluwatoyin A. Steve, Director, Supervision

L- Deputy Director, Corporate Communication & Market Development, Mr. AbdulRasaaq Salami and Dr Usman Jankara, Head, Corporate Strategy and Special Duties Department

L- Mrs Augustina Onojake Steve, a Senior Manager; Mr Ibrahim Ngoski of Information, Technology & Communication and  Mr Mohammed Ibrahim Saleh, Head Budget & Treasury of Naicom

L- Alhaji Ahmad Adamu, Head Govt & Complaints and Mr Leo Akah, Director, Policy & Regulation

L- Dr Usman Jankara, Head, Corporate Strategy and Special Duties Department and Mr Martins Azu Ike of News Africa Magazine

Some of the journalists at the ocassion

Patoma Admin by — August 25, 2023 in Insurance 0
Naicom slams on reduction of motor insurance rate, non-payment of claims

CAPTION:
L-National Insurance Commission, Naicom’s Deputy Commissioner for Insurance, Technical, Mallam Sabiu Abubakar and Director, Supervision, Mrs Oluwatoyin A. Charles during the Naicom seminar for financial journalists in Akwa Ibom today
, 
By Favour Nnabugwu

Insurance company that tried to jeopardise the efforts of the National Insurance Commission, Naicom, by reducing the motor insurance premium rate for whatever means will incur the wrath of the regulatory body.

Naicom revealed that insurance companies had to pay motor insurance claims by eating into their profit when it was still at N5,000 and had to increase the rate to N15,000 after 28 years of it being at N5,000.
The nation’s Commissioner for Insurance, CFI, Mr Olorundare Sunday Thomas at a dinner for financial journalists in Akwa Ibom, said that Naicom would be grossed if any insurance company try reduce the rate by any means possible.
” We made effort to see that insurance companies do not pay claim from the profit to claimants hence we increased the motor insurance rate after so long a time and a company will now reduce the premium just like that. Naicom will not take that from any company”
Claims payment from the rate include private vehicles that were paying N5,000 premium for N1 million Third Party Property Damage (TPPD) limit, are now to pay N15,000 premium for N3 million, while owner good vehicles are to pay N20 million premium for N5 million, and staff busses are to pay N20,000 premium for N3 million.
Other areas Naicom did frantically kick against is the issue of not paying claims, and this, he said the commission would not endure.
There would be consequences” for those companies who ignore the clear cut standing rule
“Claims! we have done a lot, and we are still doing a lot to ask insurance companies be alert to their responsibilities. Recently, we’ve just issued letters to insurance companies to begin to advertise asking those who have claims to come up with their documents to enable them conclude documentation and effect payment. We have written and asked them and given them time frame in which to get this done.
He said claims have been hanging because a lot of them have issues with non documentation and getting this done “will enable companies effect payment.”
“For companies that are not paying claims that have been fully documented of course there will be consequences,” and this according to the Commission includes name and shame and it does not stop there the claims would still be paid
He had to call companies to meet their claims obligation and pay outstanding claims and it was done within 72 hours, he added that it is not something that he did like to do.
“But I don’t enjoy doing such things, it shouldn’t be like that. Companies should willingly go ahead and settle their claims.”
“There so many claims that are being settled and nobody is talking about that. “But we (Commission) are doing so much in the area of asking companies to settle claims.”
Patoma Admin by — August 25, 2023 in Insurance 0