All Posts in "Day: August 25, 2023"

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.

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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
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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
Naicom to launch Unified Master Plan for Govt Assets in October 2023

By Favour Nnabugwu 
All plans are in top gear for the National Insurance Commission (NAICOM) to launch a unified master plan for the nation’s insurance industry in October 2023
The Commissioner for Insurance, CFI, Mr. Sunday Olorundare Thomas at a two day seminar for financial journalists in Akwa Ibom, said it was part of Naicom strategic plan for sector to maximax the insurance of government assets.
the disposition of the Federal Government to insurance steaming early in the present administration is steps away from what it was and an excellent step in the right direction.
He noted that the government is firm on its new stand on insurance and is already nurturing with the Commission 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.
“Since the new government came in, I have had course to see the SGF and we are working on the guideline for the insurances of government assets and they are taking it seriously.
“Besides, His Excellency the President Bola Ahmed Tinubu, established an insurance culture in Lagos when he was Governor, and until today except one Governor that ‘didn’t pay premium all the other Governors till date have paid premiums and followed the template that he put down for insurance. He is replicating that at the Federal level.”
 “During that National conference the strategic plan that is signed to by every arm of the industry for the very first time would be launched.
“It is also important to let you know that our initiative in capacity building is also ongoing and it gladdens my heart to say that the Commission is not just leaving to the industry itself has become a partaker of the great initiative of capacity building.
“Two of our new members of staff recruited in 2020 are certified as actuarial analysts. They did this in a recorded time. These are some of the improvements we made since I came into office.”
“As a sector, we have so many plans but we are yet to accomplish all the plans.  We have done some of them yet much more are yet to be done, the CFI added
He said when he came in in 2020, the gross premium income (GPI) was about N450 billion but as at close of business in 2022, “we have about N723 billion representing over 20 percent increase”
“Several initiatives we started since 2020 some have been completed; some are ongoing. Of course it’s no longer news the today as broker you do not need to come to the Commission to get your certificate renewed, in the comfort of your room, you can sit down and upload your paper and get your certificate renewed.
“Some of the teething problems we started with have been overcome and some are being overcome, NAICOM boss said.
In the area of products development, he said the Commission has approved so many products and initiated some of those products by selling ideas to the market.
“Its been tough, but we are overcoming: we are overcoming every hardship, and I believe that with your cooperation, those things we are doing or planning to do, will get across to the public through you, Thomas added.
Patoma Admin by — August 25, 2023 in Insurance 0