Stakeholders implored to come out in words, deeds- ACAMB president

…..Wants insurance corporate affairs to meet the banks’
By Favour Nnabugwu
For insurance industry to take its pride of place in the nation’s economy, the sector’s stakeholders need to put heads together to simplify actions in words and deeds
President, Association of Communications and Marketing Professionals in Banks (ACAMB), Mr. Rasheed Bolarinwa in Ijebu-Ode, Ogun State at the 2022 Retreat oragised for Nigerian Insurance Association of Insurance & Pension Editors by the Insurance Industry Consultative Council, IICC said it is high time insurance sector let go the primitive way of doing business especially, packaging their products with the Media 
Bolarinwa  who delivered a paper on ‘Media As Catalyst For Insurance Inclusion’ wished that the Heads of Corporate Communications of insurance will meet with those of the banking sector so they can interact and share ideas about getting the best from the Media.
“I  think is high time corporate communications of the banks meet with the heads of corporate affairs of insurance. We need to meet and discuss issues about the sectors”
Bolarinwa who doubles as the Head Corporate Communications of Polaris Bank Plc said, “When all stakeholders in the risk ecosystem are deliberate, consistent and methodical in simplifying what insurance is all about in words and deed”
He said the industry is still at it low ebb in contribution to Gross Domestic Products, GDP while citing those of other country such as the United Kingdom’s insurance industry which contributes about 20 percent of the total GDP of the country. In South Africa, it contributes 17 percent of the total GDP and, in Kenya, the industry contributes 3.4 percent of the nation’s GDP.
“Sadly, after 62 years of independence, the Nigerian insurance industry is still crawling with dual problems of little knowledge of its values and acceptance by the populace mostly ignorant of the values of insurance”.
“These  are among the key hinderers of mass patronage, growth of premium generation and meaningful contributions to the Gross Domestic Product (GDP) of the economy Insurance will only take its pride of place as big a contributor to the
nation’s Gross Domestic Product (GDP) as it applicable in other jurisdictions”
One of the major source of creating awareness, he pointed out is the mass media. “The mass media are vehicles and instruments for the socio-economic
transformation and re-engineering of any society”.
For a country that is yet to develop like Nigeria, he said, the media is required and, indeed, is fundamental for the penetration of important national agendas.
“The most prominent and widely known media of mass communication in contemporary Nigeria are newspapers, magazines, radio, television, and digital communication platforms and there is the need to further strategically explore them”
According to him, “The Media is a strategic vehicle for dialogue and the acceleration of inclusive growth in any society.
“The media can continuously set agenda for the public to know more about the importance of insurance and to accept different risk-protection values inherent in modern insurance policies”
“This  moment is the most critical time for a more germane approach to how to communicate the essence of insurance to Nigeria’s huge population if we are truly concerned about achieving measurable and optimal penetration and reasonable acceptance”
“Social  media marketing is a great way for insurance companies to
unleash their digital marketing plan. A study has revealed that customers
increasingly spend more time on social media. If that is the case, social
media platforms are key for insurance policy marketers and the general
public”
“A dedicated jointly owned media vehicle should be created by all stakeholders to serve as a news agency on insurance content shared with other media houses”
“Regulatory  bodies in the Nigerian insurance industry are expected to partner the Nigerian media industry towards creating a diverse and inclusive newsroom; that has content development and coverage strategy that builds audience trust in insurance and provides for a better representation of different societies”
Welcome address by Chairman IICC, Edwin Igbiti on 2022 Retreat for NAIPE in Ogun State

WELCOME ADDRESS BY MR. EDWIN IGBITI CHAIRMAN OF THE INSURANCE INDUSTRY CONSULTATIVE COUNCIL (IICC) AT THE 2022 IICC MEDIA RETREAT, HELD AT GRAND INN AND SUITES, IJEBU-ODE, OGUN STATE, ON NOVEMBER 26, 2022

PROTOCOLS

Distinguished Members of the IICC,

Members of the National Association of Insurance and Pension Editors,Erudite Speakers Ladies and Gentlemen, It is with great pleasure I welcome you to the 2022 IICC Media Retreat for Insurance Journalists even as I convey the goodwill of the various Arms of the Insurance Industry under the umbrella of the Insurance Industry Consultative Council (IICC) to you.

This Retreat is organised annually by the IICC to serve as a platform to engage and recognize the contributions and the key roles the media has been playing as an instrument for awareness creation and education for insurance in Nigeria. It is also a great opportunity to feel the pulse of the public through the lens of the media.

It is against this backdrop that the IICC ensures its commitment to this annual gathering remains an ever-present feature in the calendar of the industry. This forum also serves the objective of further unifying all Arms of the Insurance Industry who have come together under one umbrella, the IICC, in order to ensure unity and single-mindedness in promoting the insurance industry agenda. It is vital to state that the IICC was formed with the purposes targeted at enhancing the profile of the industry as well as boost its significance to the nation’s economic growth. The objectives include:

1. Acting as an industry voice for national matters. 2. Acting as a platform for intra industry conflict resolution. 3. Promoting the industry’s image and growth agenda. 4. To take up and assume any other role that may serve the best interest of the insurance industry. The crucial position the media plays in the economy and society at large cannot be over emphasized.

Indeed, the media poses as a veritable authority for agenda setting, public education, sensitization and awareness creation. It is in the light of the above, that the theme for this retreat “Media as Catalyst for Insurance Inclusion”, comes to limelight. The media is a powerful catalyst for social change and equally an effective tool for insurance inclusion that the industry desires.

Hence, the need to continually carry the media along with the various initiatives and developments in the industry for good coverage and projection.At this point, I like to use this opportunity to express our profound appreciation to the media for its inestimable support over the years especially, you the insurance industry Journalists who have constantly employed your expertise and in-depth knowledge about the industry to objectively report the trends and opportunities as well as enlighten the public about the values of insurance. You will agree with me that there has been growth in the industry despite the numerous economic recessions, the effects of the COVID-19 and the #ENDSARS protests which resulted into millions of claims. The insurance industry has stood as one of the most resilient and fast expanding sectors in the nation’s economy.

As the industry witness expansion, we equally need you the media to keep promoting these achievements for the good of the common goal of the industry.We are partners and we urge you all to use your reputable platforms to consistently announce the gospel of insurance and its benefits to the public so that we can attain the desired penetration rate in Nigeria. When the industry is booming from our efforts, it will also be a common joy and gain for us all. Hence, the onus is on all of us, everyone in this room and our networks beyond it to ensure that the insurance industry attains its pride of place in the economic ecosystem. At this juncture,

I would like to extend my heartfelt appreciation to all our astute speakers who will be sharing their wealth of experience with us today. I am positive we will learn a lot from their expertise.

Thank you for honouring our invitation to this retreat and implore you to take maximum advantage of the knowledge that would be shared here for the advancement of your profession as modern-day information managers.

Thank you all for your attention and God bless.Mr. Edwin Igbiti, ACII, FIIN Chairman of Council Insurance Industry Consultative Council (IICC)

Faces @ the 2022 IICC media retreat for NAIPE in Ijebu-Ode

The Insurance Industry Consultative Council organised a two day retreat for the Nigerian Association of Insurance & Pension Editors  NAIPE  for 2022 at Grand inn Hotel, Ijebu- Ode, Ogun State.

CAPTION:

L- Director-General, Nigerian Insurers Association, Mrs. Yetunde Ilori and President Chartered Insurance Institute of Nigeria, Mr. Edwin Igbiti at the IICC seminar for Nigerian Association Insurance and Pension Editors, NAIPE at Ijebu-Ode, Ogun State

L- Director-General, Chartered Insurance Institute of Nigeria, Mrs. Abimbola Tiamiyu and Executive Secretary, Nigerian Council of Registered Insurance Brokers, Tope Adaramola at the IICC seminar for Nigerian Association Insurance and Pension Editors, NAIPE at Ijebu-Ode, Ogun Stat

L,-Dr. (Mrs.) Olufunke Oyeneye, Head of
Pharmacy, Oba Ademola Hospital Abeokuta an operator and Director-General, Nigerian Insurers Association, Mrs. Yetunde Ilori

L-  Mr Davis Iyasere, Head Corporate Communication of the Nigerian Insurers Associatiin, NIA; Director-General, Chartered Insurance Institute of Nigeria, Mrs. Abimbola Tiamiyu; Mr. Rasheed Bolarinwa, Head Corporate Communications, Polaris Bank Plc, and President, Association of Communications and Marketing Professionals in Banks (ACAMB). Mr. Muda Yusuf, Former DG of Lagos Chamber of Commerce and Industry (LCCI);  President Chartered Insurance Institute of Nigeria, Mr. Edwin Igbiti;   Dr. (Mrs.) Olufunke Oyeneye, Head of Pharmacy, Oba Ademola Hospital Abeokuta; Director-General, Nigerian Insurers Association, Mrs. Yetunde Ilori and Executive Secretary, Nigerian Council of Registered Insurance Brokers, Tope Adaramola during the event

NAIPE members at the rvent

IICC tasks Media to support Insurance Industry’s growth

By Favour Nnabugwu

 

 

 

The Chairman of the Insurance Industry Consultative Council, IICC, Mr Edwin Igbiti has enjoined the Media to be part of the industry’s growth agenda to help deepen insurance penetration in the country.

Igbiti who is also the President and Chairman in Council of the Chartered Insurance Institute of Nigeria (CIIN) in Ijebu-Ode, Ogun State  during the Welcome Dinner/Gala Night of the 2022 Media Retreat with the theme “Media As Catalyst For Insurance Inclusion” organised by IICC for the member of the National Association of Insurance and Pension Editors (NAIPE).

Igbiti described the media as critical to the industry’s growth agenda while calling on the members of NAIPE to promote and project the industry’s activities in their reports for the growth of the industry and national economy.

“We recognize the importance of the media In the growth of any industry. We know we cannot achieve our growth agenda without the media”.

“The essence of this gathering is for us as an industry to bring you together to brief you on the activities of the industry and our plans for the future.

“It is, therefore, expected that as journalists, you are to tell our stories in your reports and analyses because we are in this together and we will continue to work together as partners in progress for the progress of the industry and the growth of the national economy.

“You have been trying but we need you more. You have to project this industry in the way and manner we want it to be,” Mr Igbiti appealed.

On the performance of the industry, he said although there has been an improvement in terms of numbers, but judging from the nation’s population and demographic, insurance penetration in Nigeria is still very low which he said is caused by the high level of poverty in the country.

At the event included the representatives from the various arms of the industry namely the Nigerian Insurers Association (NIA), represented by the Director General, Mrs Yetunde Ilori; Nigerian Council of Registered Insurance Brokers (NCRIB) represented by the Deputy President, Mr Tunde Oguntade; Institute of Loss Adjusters of Nigeria (ILAN), represented by its President, Mr. Dipo Olanrewaju.

Others who graced the occasion included the DG, CIIN Mrs Abimbola Tiamiyu; Executive Secretary/CEO, NCRIB, Mr Tope Adaramola; Assistant Director, Corporate Communications & Human Resources/Administration, NIA, Mr Davis Iyasere, among others.

The IICC was inaugurated in 2013 to act as the unifying voice of the insurance industry, representing it on national issues affecting the insurance industry, taking up and assuming other roles that would serve the best interest of the industry in Nigeria and providing lasting solutions to challenging issues within the insurance sector.

Africa Re begins 5th YIPP from November 30, 2022 – January 15, 2023

By Favour Nnabugwu
The African Reinsurance Corporation (Africa Re) welcomes applications from suitable / qualified candidates for the 5th Cohort of the e-learning Young Insurance Professionals Programme between November 30, 2022 to January 15, 2023.
The YIPP is a free online training programme, which targets insurance/reinsurance professionals under the age of 35, working with insurance or reinsurance companies, brokerage firms, supervisory authorities or related organizations.
The programme comprises of fourteen (14) courses, which are carefully selected and well designed. These courses will build a solid foundation in insurance and reinsurance for participants, a key component for career development in the industry.
The YIPP is another milestone in the Corporate Social Responsibility initiative of Africa Re, in line with its mission of fostering the development of the insurance and reinsurance industry in Africa.
Some of the major benefits of the YIPP are that the best 10 participants will enjoy E-Certificate of Completion issued by Africa Re Group Managing Director/CEO, Dr. Corneille Karekezi
Invitation to a Capstone On-Campus or online where they will be introduced to cutting-edge managerial and leadership skills
And Sponsorship to attend one of the major insurance /reinsurance events in Africa (Africa Insurance Organisation, AIO,   The Federation of African National Insurance Companies, better known as “FANAF”   The Organisation of Eastern and Southern Africa Insurers, OESAI,  General Arab Insurance Federation  GAIF etc.).
Africa Re was established on 24th February 1976 by 36 member States of the then Organization of African Unity (OAU) and the African Development Bank (AfDB) with the mission of fostering the development of the insurance and reinsurance industry in Africa, promoting the growth of the national, regional and sub-regional underwriting and retention capacities and supporting African economic development.
Africa Re has its headquarters in Nigeria where it started operations in 1978 and in 2021 premium income of US$629.15 million for the nine months to September 2021, an increase of 7.79% over US$583.68 million reported for the same period in 2020.
The Corporation has a subsidiary company in South Africa (African Reinsurance Corporation South Africa), a Retakaful subsidiary in Cairo, a network of six regional offices (Casablanca, Morocco; Nairobi, Kenya; Abidjan, Cote d’Ivoire; Port Louis, Mauritius; Cairo, Egypt and Lagos, Nigeria) and contact offices in Addis Ababa, Ethiopia; Kampala, Uganda, and Khartoum in Sudan.
West African Insurance Companies Conference to hold in Liberia

CAPTION:
L- William Coker, CEO, WAICA; Ethel V. Knuckles, CEO, Insurance Company of Africa; Cllr and Saye D. Gbalazeh, CEO, Activa Insurance Liberia
By Favour Nnabugwu
Over 140 delegates from five  anglophone countries in West Africa are expected  to attend this year’s Annual Educational Conference of the West African Insurance Companies Association (WAICA) in Monrovia.
The Anglophone countries in West Africa are Nigeria, Gambia, Sierra Leone, Ghana and part of Cameroon including Liberia
The theme of his year’s Annual Educational Conference is “Managing Transitions and Succession Plans in Corporate Governance: The Theory and Practice in the West African Insurance Industry.
The Annual Educational Conference, the second of two WAICA Annual events, will be held from November 27-29, 2022 at the EJS Ministerial Complex in Congo Town,
The Annual General Meeting and Annual Educational Conference of WAICA has not been held in Liberia since the outbreak of the deadly Ebola Virus in 2014.
Mr. Saye D. Gbalazeh, the President of Liberia Insurance Association (LIA) said the WAICA’s Annual Educational Conference will  bring together Insurance Actors from the five English-speaking countries of West Africa — Nigeria, Ghana, The Gambia, Sierra Leone, and Liberia.
Selected authoritative scholars are expected to provide their professional perspectives and that the attending delegates and a team of panelists will debate the content of the presentations to develop a conference resolution.
 Mr.Gbalazeh who was the immediate past President of WAICA, that the delegates woukd include Insurance executives, marketing executives, media executives, and global reinsurance companies representatives.
“The WAICA Annual Educational Conference allows the host country and participants to find practical solutions to some of its challenges and acquire knowledge on evolving trends in the industry,” the Liberian insurance executive said.
“These include global best practices and critical reform initiatives undertaken to improve the regulatory environment and make the sector reach its fullest potential.”
William B. Coker, the Secretary-General and Chief  Executive Officer (CEO) of WAICA, said they are looking forward to a good time in the country and to support the Insurance industry in Liberia.
According to him, “WAICA intends to lobby for the industry with one voice in unity in order to develop it on a country-by-country basis.
He also said there is a harmonized program to have a unified system to provide an opportunity where Insurance companies can work across borders with limited restrictions.
It can be recalled that WAICA continued its Annual General Conference during the COVID-19 pandemic, when Gbalazeh of Liberia presided.
In May 2022,  George Y. Mensah of Ghana Reinsurance Company assumed the Presidency when that country hosted the WAICA General Assembly.
At that time, Al-Haji Dr. Mahamadu Bawumia, Vice-President of Ghana, was the Keynote Speaker and outlined the significant role the insurance industry continues to play in the intra-cultural and economic development in Ghana.
The West African Insurance Companies Association was founded on May 4, 1973 with the aim to promote cooperation in every respect amongst all the insurers and reinsurers operating in the West African sub-region.
The General Assembly and Executive Committee of WAICA comprises the President, Vice-President, 5 representatives from Nigeria, 3 representatives from Ghana, 2 representatives each from the Gambia, Sierra Leone and Liberia, and an Immediate Past President. It runs a Secretariat, headed by a Secretary General.
AGCS set to boost Alternative Risk Transfer team

By Favour Nnabugwu

 

 

Allianz Global Corporate & Specialty (AGCS) is set to raise the capabilities and resources of its  Alternative Risk Transfer (ART) line to growing customer interest in tailored solutions that complement traditional Property & Casualty products.

ART as an option for insurable risks and other business concerns

With a realigned risk appetite and underwriting strategy, ART will target growth opportunities in two major areas: first, captive solutions including captive fronting, and second in the area of structured solutions, which are multi-year, multi-line coverages, including parametric coverage.

Dedicated investments include growing the current 90-strong ART team by 20 new positions to strengthen ART delivery across all areas from modeling and underwriting to legal expertise and claims.

“With its strong expertise and special offering, our ART team can support businesses in the current environment of enormous uncertainty.

Many of our clients seek bespoke solutions for an increasing array of risk scenarios from traditional to non-traditional such as supply chain or sustainability-related risks,”  says Shanil Williams, Chief Underwriting Officer Corporate of AGCS.

“With our ART line of business, we have a strong track record and market share in alternative risk transfer and aim to further grow our capabilities and footprint in this sophisticated segment.

From our perspective, alternative and traditional risk transfer are very much complementary and we aim to realize the most suitable solution for each customer with one or the other or a combination of both.”

Multi-disciplinary deal teams

AGCS saw a strong new business production from the ART line of business in 2021 which contributed about 5% to the companies’ global net premium volume; now the corporate insurance carrier is investing in new resources needed to support profitable portfolio growth and will provide more capacity in the ART segment to harvest market opportunities.

The underwriting process and governance structure is essential to the success of ART: At its center are multi-disciplinary deal teams with specialized underwriters and global functions – such as modelers, actuaries, accountants and legal specialists – working closely together when designing a customized ART solution for a company.

“Our cross-functional deal teams leverage diverse skills, and together we are looking at risks from a fundamentally different perspective”, says Grant Maxwell, Global Head of ART, AGCS.

A new road to risk for North American trucking firms

A core offering today, Structured Solutions are a future growth area for AGCS’s ART team. These are essentially multi-year and multi-line coverages with the insured retaining an element of the risk.

They protect a company from being over-exposed to multiple catastrophic events or unforeseen high attritional losses, but usually also incorporate a significant profit share agreement or ‘swing’ metrics which align the interest of insured and insurer and reward good claims performance.

“A good example illustrating the power of these solutions is a structured cover we’ve developed for the North American commercial auto market”, Maxwell explains. “US trucking firms were struggling with strong premium increases from a market that was changing rapidly, leading to unsustainable auto liability programs.

We combined various excess placements with structured multi-year features linked to the actual loss performance. This allowed firms who were confident in their loss performance to share in the benefits and be able to purchase higher liability limits.”

ART can also provide parametric cover which is not indemnity-based but where coverage and claims payment are triggered by any measurable index, for example climate or weather indexes. In addition, AGCS’ ART team can also help transfer risk into the capital markets through catastrophe bonds or other forms of insurance-linked securities.

Supporting the growing number of captives

Another strategic focus of the ART line of business are captive solutions with a strong focus on captive fronting. The well-established AGCS Captive Solutions team, led by Brian McNamara, has been integrated into the AGCS’ Multinational  business to serve multinational companies with their own in-house insurer with a broad range of solutions powered by the strong global network of Allianz Group in more than 200 countries and territories.

On top of captive fronting (issuing local policies in numerous countries around the globe, managing premium payments and handling claims on behalf of the captive) AGCS also provides a wide range of ‘unbundled’ standalone solutions for captives such as reinsurance, stop-loss mechanisms to protect the captive retention, or supporting a captive with additional structured solutions for specific risks.

Brian McNamara, AGCS’ Head of Captive Solutions based in Bermuda says: “In the past two years many organizations turned to captives by establishing new in-house insurance programs or expanding existing ones by adding new lines of coverage such as cyber or even third-party risk from customers or suppliers.

We can help captive parents get the most out of their captive and maximizing the benefits of self-insurance leveraging our captive expertise in combination with our wider alternative risk transfer capabilities.”

“Many organizations are currently reviewing their options and decide to retain more risk in various ways.

Our ART tools and mechanisms can be used to reduce balance sheet volatility both for traditional insurable risk such as cyber or Director’s and Officer’s liability, but also to deal with other strategically important business concerns, which are not traditionally insurable.

We have strong expertise and capabilities across all these areas and are committed to provide more services and capacity to our existing and new clients”, explains Maxwell.

While ART is not always suitable for all clients and every risk scenario, companies with an advanced risk management strategy can likely benefit and should explore this alternative way of managing risks.”

Nigeria’s GDP growth slows to 2.25% in Q3’ 22 – NBS

By Favour Nnabugwu

 

 

Nigeria’s Gross Domestic Product, GDP, dropped by 1.78 percent to 2.25 percent in the third quarter of 2022 (Q3’22) from 3.54 percent in recorded Q2’22.

The National Bureau of Statistics, NBS, made this known in its Nigerian GDP report for Q3’22

NBS cited the base effects of the recession and the challenging economic conditions that have impeded productive activities as cause for the reduction in growth.

According to NBS, “Real growth of the oil sector also fell by 10.91 basis points to -22.67 percent QoQ in Q3’22 from -11.77 percent in Q2’22”

This trend reflected in the sector’s contribution to GDP which fell by 0.67 percentage point to 5.66 percent in Q3’22 from 6.33 percent in Q2’22.

Similarly, growth in the oil sector decreased by 0.50 percentage points to 4.27 percent from 3.7 percent in Q3’22.

NBS said: “Nigeria’s GDP grew by 2.25 percent (year-on-year) in real terms in the third quarter of 2022. This growth rate declined from 4.03 percent in the third quarter of 2021.

“The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities

The Q3’22 growth rate decreased by 1.78 percent points from the 4.03 percent growth rate recorded in Q3’21 and decreased by 1.29 percent points relative to 3.54 percent in Q2’22.

However, QoQ, real GDP grew at 9.68 percent in Q3’22, reflecting a higher economic activity in Q3’22 than the preceding quarter.

“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

“The nation in the third quarter of 2022 recorded an average daily oil production of 1.20 million barrels per day (mbpd), lower than the daily average production of 1.57mbpd recorded in the same quarter of 2021 by 0.37mbpd and lower than the second quarter of 2022 production volume of 1.43 mbpd by 0.24mbpd. (Figure 2).

“The real growth of the oil sector was –22.67 percent (year-on-year) in Q3 2022 indicating a decrease of 11.94 percent points relative to the rate recorded in the corresponding quarter of 2021. Growth also decreased by 10.91 percent points when compared to Q2’22 which was –11.77 percent. Quarter-on-Quarter, the oil sector recorded a growth rate of -1.80 percent in Q3 2022.

The Oil sector contributed 5.66% to the total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49 percent and 6.33 percent respectively.

“The non-oil sector grew by 4.27 percent in real terms during the reference quarter (Q3’22). This rate was lower by 1.18 percent points compared to the rate recorded in the same quarter of 2021 and 0.50 percent points lower than the second quarter of 2022.

“This sector was driven in Q3’22 mainly by Information and Communication (Telecommunication); Trade; Transportation (Road Transport); Financial and Insurance (Financial Institutions); Agriculture (Crop Production) and Real Estate, accounting for positive GDP growth.

In real terms, the non-Oil sector contributed 94.34 percent to the nation’s GDP in the third quarter of 2022, higher than the share recorded in the third quarter of 2021 which was 92.51 percent and higher than Q2’22 recorded as 93.67 percent.”

NCRIB broadens horizon, members inducted into TATIC

CAPTION:

L – Vice President of Turkiye African Trade and Investment Council (TATIC), Mr. Abiodun Odukoya; President of TATIC, Mohammed Ali Cankatar; President of The Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Rotimi Edu, President of Insurance Association of Turkiye, Atilla Benli; Past President NCRIB, Dr. (Mrs.) Bola Onigbogi at the induction of NCRIB delegation as members of TACTIC in Istanbul, Turkiye, recently

 

 

By Favour Nnabugwu

 

 

Members of the Nigerian Council of Registered Insurance Brokers (NCRIB) have been inducted into the Turkiye & Africa Trade and Investment Council (TATIC) in instanbul, Turkey

The Chairman of the Council, Muhammed Ali Cankatar noted that TATIC is a professional organization that promotes trade relations and investments between Turkiye and countries of the African continent,

Cankatar noted that it is the world’s fastest growing business network, from which the NCRIB would extract significant value for its members.

He noted that the admission of the Council’s delegates as pioneer, members in Nigeria would give the inductees the required leverage to take advantage of the fast growing Turkish Trade and Investment market.
Cankatar opined that “Africa is becoming an actor that plays significant roles in the international system and that the shared historical experience of Turkiye and the continent, has made the need for strategic partnership between TATIC and viable professional institutions and groups like the NCRIB a compelling necessity.
Speaking at the induction and business parley between the delegation of the NCRIB, led by the Council’s President, Mr. Rotimi Edu, and select members of TATIC, said insurance broking, being a global profession must continually see beyond local confines, to fully maximize the potentials of operators through profitable synergies, for their required technical and professional skills.
Edu promised to give the required footing to TATIC in Nigeria by rallying more of its members to join the group, as well as facilitate the required collaboration between it and other progressive trade associations in the country.
In a goodwill virtual message at the event, the Commissioner of Insurance, Mr. Sunday Thomas applauded the NCRIB under the leadership of Mr Rotimi Edu for introducing international dimensions to the desire of the Commission to accelerate insurance growth and penetration in Nigerian and abroad.
In the course of the trip, the delegation of NCRIB also visited the Insurance Association of Turkiye, an umbrella body for Insurance, Reinsurance and Pension companies in Turkiye where they were received by the Association’s President, Atilla Benli.
Benli noted that the insurance market in Turkiye has some similarities with that of Nigeria with motor insurance being the highest insurance policy purchased. He stated that the Covid 19 pandemic eventuated a surge on life insurance policies and that retail business was also looking northwards.
NAICOM tasks operators on insuring all levels of risks as world population peaks @ 8bn 

By Favour Nnabugwu
 
The National Insurance Commission (NAICOM) says  insurance companies in Nigeria have a lot to gain from the increase in world’s population now peaking at 8 billion .
“The world we live in is full of uncertainties and risks. Individuals, families, businesses, properties and assets are exposed to different types and levels of risks and all will be insured if insurers truly get it right, ” said NAICOM’s Deputy Director, Communication and Market Development, Mr. AbdulRasaaq Salami.
Fielding questions from patomabusinessonline.com ,  on what opportunities the increase in world’s population holds for the local insurance players,  he said that
the insurance sector has a lot to gain from it especially, the life insurance companies.
His words : ” The increase in population is a blessing to the insurance industry;  it’s a huge potential to enable insurance growth but the players particularly, life operators must be ready to take advantage and harness the enormous benefits.”
He said that it’s expected that a serious operator desirous of taking advantage of the increasing population would study and analyse the population to identify the demographics.
 He added, “Having done this, you will now be able to determine which of the segments suits your company and then channel your energy accordingly.”
Salami acknowledged that there are products in the market that best suit variety of the population yet beyond having the products, he noted that the operators still need to get closer to the customers.
“several life insurance products including annuity, are currently available in the Nigerian market for consumers. As good as these products look, I think the industry should go beyond this and perhaps get personal with consumers to understand their specific need, ” he said.
He added that apart from protecting individuals and businesses from many kinds of potential risks, the Insurance sector contributes significantly to the general economic growth of the nation by providing stability to the functioning of businesses and
and generating long-term financial resources for the industrial projects.
“Understanding  and identifying the specific needs of the prospective consumers would mean developing specific products tailored towards meeting the identified needs.
“This approach makes marketing of the products easier and thus, guarantees higher patronage which in the long run will impact the growth of not just individual companies but the entire industry.”
Meanwhile, the UN reported that globally, the population increased from 1billion in 1804 to 2 billion in 1927; increase to 3 billion in 1959, to 4 billion in 1974 to 5 billion in 1987 increase further to 6 billion in 1998 to 7 billion in 2011 and has now reached 8billion on November 15, 2022.
The world population is expected to move to 8.5billion in 2030, 9.7billon in 2050 and 10.4billion in 2100.
Of the world population, China has the world’s largest population (1.426 billion), but India (1.417 billion) is expected to claim this title next year. The next five most populous nations:- the United States, 332,073,000; Indonesia, 274,312,000; Pakistan, 232,665,000; Nigeria, 213,560,000 and Brazil, 214,421,000 together have fewer people than India or China.
These include risk of losses of life, health, assets, property, etc. While it is not always possible to prevent unwanted events from occurring, financial world has developed products that protect individuals and businesses against such losses by compensating them with financial resources. Insurance is a financial product that reduces or eliminates the cost of loss or effect of loss caused by different types of risks.
Globally, life expectancy reached 72.8 years in 2019, up almost nine years since 1990. Further reductions in mortality are projected to result in an average longevity of around 77.2 years globally in 2050. In 2020, the global population growth rate fell under 1% per year for the first time since 1950.
Life expectancy at birth for women in 2019 exceeded that for men by 5.4 years globally, with female and male life expectancies of 73.8 and 68.4, respectively. “A female survival advantage is observed in all regions and countries, ranging from 7 years in Latin America and the Caribbean to 2.9 years in Australia and New Zealand,” notes the UN report.