All Posts in "Day: August 28, 2023"

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