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NiMet, FUPRE parley on downscaling workshop on Seasonal Climate Prediction

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L- Prof Akpofure Rim-Rukeh, Vice Chancellor of Federal University of Petroleum Resources Effurun (FUPRE), Effurun, Delta State, and Mrs Glory Onyegbule, Director, Applied Meteorological Services, Nigerian Meteorological Agency (NiMet), at the one-day workshop held on Thursday, 25th July, 2024 held in the university on the downscaling of the 2024 Seasonal Climate Prediction (SCP) for Delta State.

 

 

By Favour Nnabugwu 

 

 

As part of the ongoing collaboration between the Nigerian Meteorological Agency (NiMet), and the Federal University of Petroleum Resources Effurun (FUPRE), Effurun, Delta State, both institutions yesterday held a workshop in the university on the downscaling of the 2024 Seasonal Climate Prediction (SCP) for Delta State.

In a keynote address, the DG/CEO of NiMet, Prof. Anosike, who was represented by the Director, Applied Meteorological Services, Mrs Glory Onyegbule, thanked the The Vice Chancellor of FUPRE, Prof Akpofure Rim-Rukeh, for accepting to host the workshop which was aimed at building resilience among smallholder farmers to increase productivity by Identifying adaptation options, best practices, and adaptation gaps for smallholder farmers.

Continuing, Prof. Anosike said; “President Bola Ahmed Tinubu has clearly outlined the government’s eight-point agenda aimed at moving the Nigerian economy forward through Food Security, Ending Poverty, and Economic Growth and Job Creation. The Nigerian Meteorological Agency (NiMet) is positioned to climate – proofing the economy by providing timely weather and climate information”.

Concluding, he said that the Nigerian Meteorological Agency (NiMet) through its collaboration with key stakeholders such as the Federal Ministry of Agriculture and Food Security, universities, development partners, NGOs, and CBOs has been providing weather and Climate information such as the Seasonal Climate Prediction (SCP), Crop Weather calendar, Dekadal Agromet bulletin, and other early warning products for smallholder farmers across the country.

Patoma Admin by — July 26, 2024 in Aviation 0
Continental Re releases financial results for 2023 as revenue hits N112.5bn 

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Group Managing Director of Continental Reinsurance Plc, Mr Lawrence Nazare

By Favour Nnabugwu
Continental Reinsurance Plc is pleased to share its financial results for the year 2023, showcasing substantial growth and strong performance across various metrics.Group Financial Performance Implementation of IFRS 17.
In 2023, Continental Re successfully implemented IFRS 17, enhancing transparency, consistency, and comparability in our financial reporting.Gross Premium Income.
“We are very pleased with our financial performance for 2023,” said Lawrence Nazare, Group CEO of Continental Reinsurance.
“The significant growth across various metrics underscores our commitment to delivering value to our clients and stakeholders.  Our successful implementation of IFRS 17, coupled with robust risk management and effective underwriting practices, has positioned us well for sustained growth”.
“We are particularly proud of our regional performance improvements, which reflect our ongoing efforts to enhance operational efficiency and profitability”.
Our reinsurance revenue increased to NGN 112.46 billion, up from NGN 86.36 billion in 2022, a 30 percent rise. This growth reflects our ability to attract and retain a growing customer base, demonstrating the trust our clients have in our services.Net Reinsurance Service Result
The net reinsurance service result (underwriting profit) reached NGN 9.14 billion in 2023, compared to NGN 4.40 billion in 2022, representing a 108 percent increase. This growth indicates our strong risk management and effective underwriting practices.Investment & Other Income Investment and other income grew to NGN 30.61 billion from NGN 5.66 billion in 2022, showing a 440% increase.
This growth highlights our successful investment strategies and diversification of income streams, with an improvement in the quality of our investment assets.Profit Before Tax. Our profit before tax for 2023 was NGN 23.51 billion, rising from NGN 7.17 billion in 2022, a 228% increase.
This improvement demonstrates our operational efficiency and strong overall performance, driven by deliberate forex management strategies and initiatives.
Regional Performance Lagos showed consistent performance with a slight improvement in the combined ratio compared to last year.
It remains a strong contributor to both underwriting results and profit before tax (PBT), highlighting operational robustness and profitability.Combined Ratio: 91.0 percent (2022: 91.8 percent) Written Premium Contribution: 31percent (2022: 30percent) Group Underwriting Result Contribution: 30 percent Group PBT Contribution: 73 percent Nairobi improved its combined ratio, reflecting better underwriting discipline.
Its contributions to the group’s underwriting results and PBT remain strong, highlighting its importance in our operations.Combined Ratio: 90.0% (2022: 92.4percent)Written Premium Contribution: 31percent  (2022: 40%)Group Underwriting Result Contribution: 34 percent Group PBT Contribution better combined ratio indicates improved risk management and operational efficiency.
 The region’s contributions to both the underwriting result and PBT reflect balanced performance.Combined Ratio: 90.2percrnt (2022: 95.1percent) Written Premium Contribution: 16percent (2022: 11percent) Group Underwriting Result Contribution: 9 percent Group PBT Contribution: 8 percent. Tunis improved its combined ratio, contributing significantly to the underwriting result. Its contributions to PBT indicate potential for further profitability enhancement.Combined Ratio: 90.2ercent (2022: 94percent) Written Premium Contribution: 12percent (2022: 13percent) Group Underwriting Result Contribution: 22 percent Group PBT Contribution: 8percent.
CIMA showed progress with a considerable reduction in the combined ratio, which is promising for future contributions. The current PBT contribution remains modest.Combined Ratio: 95.2percent (2022: 109.0%)Written Premium Contribution: 17percent (2022: 6percent) Group Underwriting Result Contribution: 5percent Group PBT Contribution: 2percent.
Continental Re is the largest private pan-African reinsurer committed to delivering exceptional services and value to our clients and stakeholders.  With a robust portfolio and a dedicated team, we strive to achieve excellence and sustainable growth
Patoma Admin by — July 26, 2024 in Insurance 0
Outsider cannot transform the sector for us but collaboration will – CIIN president

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The president of the Chartered Insurance Institute of Nigeria, CIIN, Mrs Yetunde Ilori and behind her is the past president of the institute, Adeyemo Adejumo

 

 

By Favour Nnabugwu

 

 

 

President/Chairman of the Council of the Chartered Insurance Institute of Nigeria, Mrs Yetunde Ilori, believed strong that collaboration of all stakeholders in the insurance industry will take the sector desired transformation.

She disclosed on Tuesday at her investiture as the 52nd president/chairman of the council of CIIN, in Lagos.l

Ilori noted that it would be shameful to the industry for an outside to come and clean the sector for practitioners whereas joining hands together will go a long way to take the sector to the desired level

“It will be a shame to have someone from outside the industry to come and fix our pieces together and give us the edifice we have always longed for”.

Ilori who delivered her acceptance Speech during her investiture in Lagos, said the industry in Nigeria has no semblance of what we have in some developed climes.

” I believe that together, we can overcome any challenges that come our way and achieve our goals. I look forward to working with all of you in making CIIN a beacon of excellence not only in the insurance industry in Nigerian but in the Global professional landscape”

“I must say this is the 3rd time in the last 2 decades that enormous amount of money is spent in charting a course to transform the industry. It is time to execute the strategy, we all (all arms) have put together, and it should not be wasted, she added.

She noted that ‘ It is not mere coincidence that I am appearing on the stage of life as part of the orchestra that will be playing for now. I love the scripture that says “a wise woman builds…..”, as a woman, I believe I am created to build and by His grace I will.

“We have an advantage of having some of the founders and leaders still standing above the ground, notable among them is the Doyen of Insurance, Olola Olabode Ogunlana, OFR. To you, Sirs and Mas, it is not time to fizzle out. You are still very relevant in the scheme of things. It is also time to give the young brains a voice, the members in diaspora will not be side-lined either.

“Let us embark on this journey together and make history by shaping the future of insurance in Nigeria.”

Patoma Admin by — July 25, 2024 in Insurance 0
Acceptance Speech of new CIIN, Yetunde Ilori at Investiture

ACCEPTANCE SPEECH OF THE 52ND PRESIDENT OF THE CHARTERED INSURANCE INSTITUTE OF NIGERIA, MRS. YETUNDE O. ILORI.

 

PROTOCOLS.

 

It  is with great joy in my heart that I offer my deepest gratitude to God for His grace upon my life and I like to affirm that it is nothing short of miracle that I am here, to accept with all sense of responsibility the esteemed position of the 52nd President of the Chartered Insurance Institute of Nigeria.

I consider it a great privilege and honour today to stand before this great audience, made up of eminent personalities that have contributed to and affected my life positively in no small way. Some have known me from the time of my birth about 63 years ago, some watched me grow into the woman that I have become now, some were childhood playmates, some came along as school mates at various levels, professional colleagues in and outside different work places, fellow labourers in the vineyard, friends, family members and others that have come from far and near. I will not fail to recognize specially the distinguished and honourable legislators, government officials I met while on different assignments. I am deeply humbled by your presence to witness this special occasion in my career growth.

It is quite apposite at this point to profoundly appreciate the founders and past leaders of our Institute for laying the solid moulding blocks on which I will, by the God grace, be building upon as President. In spite of the daunting challenges that faced the Institute, these great heroes, fuelled by selfless devotion, have bequeathed to us all an enviable institution to be proud of.

I promise not to deviate from these sound ideals as I accept the esteemed position of the 52nd President of the Chartered Insurance Institute of Nigeria. I am grateful for the trust you have placed in me to lead our Institute into a new era of growth, innovation, and excellence.I will like to quote Henry W. Longfellow that says “The heights by great women reached and kept, were not achieved by sudden flight, but they, while their companions slept, were toiling upward in the night”This is not a sudden achievement, but a journey of over 10 years, with a story behind it, having many actors that may never be known except the story is told.

I want to recognise and appreciate Barrister Moshood Akinyemi who in 2014 put a call through to me, asking that I put in my application to contest for a seat on CIIN Council. In his word he said “madam you are doing so much on the Board of the College why not join the Council”. My response was no, all I wanted was to impact knowledge and I felt College, where I represented NIA was the right place to achieve that. He explained why I must join the Council and reason prevailed, so I started the journey.

I seize this opportunity to once again appreciate all professional colleagues that voted for me to be elected in to the Council for the first time in year 2014 and subsequently to be re-elected in years 2017 and 2020 when I promised to Continuously, Conscientiously and Constructively serve to our dear Institute.I have since then been offered various platforms to live out the promise, big thank you fellow Council members for your support. Knowing that “great acts are made up of small deeds”

I seize this occasion to particularly recognize people like Mr. Eddie Efekoha who put me forth to serve in various capacities, of significant importance is chairing the Insurance Industry Consultative Committee that delivered one of the best National Insurance Conference with the then Minister of Finance in attendance.Words cannot express the depth of my gratitude at this extraordinary moment to several people that I had the privilege of working with and have been my role models. Whatever strength you have and you can see in me is the deposit you made into my life.

Worthy of mention is Mr. Wole Akinwande, who early in my work life brought the best out of me, he believed so much in me to achieve good result on any given assignment, made me part of his think tank, demanded excellence in all I did. He expected me to be an avid reader and have opinion on any issue raised.On a day like this, I cannot but celebrate the memory of my late father who, with my mum now 91years old, gave me and of course my siblings good foundation in life.

From you, Daddy, I learnt hard work, tenacity and resilience. You never said for once that I should never explore and helped to build my confidence of expression. Same for my late husband who provided unreserved and all-round support as I was rising in my chosen career. You effortlessly allow me to be myself, it was no issue to you when we sometimes had to switch roles to accommodate the demands of work.

Though I miss you every day, I have managed all you left, I hope you are proud of all I have done since you left. To my children who have been my greatest fans, cheerleaders and friends, I appreciate your understanding and outstanding support. You have been the reason why I have remained my best because you believe and never failed to tell me that I am the best mum anyone can ever wish for.

Thank you for making motherhood a fun despite my ever-crowded responsibilities across many phases.Today as I willingly, without coercion accept to be the 52nd President of the Chartered Insurance Institute of Nigeria, the 8th woman to take on the role, I know expectations are high. I am going to have to compete with myself to surpass my achievements in my previous roles especially as the Director General of NIA. I am coming on board at a time when economically it looks like the world is coming down. We must come out of economic crisis a better industry than we got in and there is real urgency to get this done.

The industry in Nigeria has no semblance of what we have in some developed climes. I must say this is the 3rd time in the last 2 decades that enormous amount of money is spent in charting a course to transform the industry. It is time to execute the strategy, we all (all arms) have put together, and it should not be wasted. It will be a shame to have someone from outside the industry to come and fix our pieces together and give us the edifice we have always longed for. It is not mere coincidence that I am appearing on the stage of life as part of the orchestra that will be playing for now. I love the scripture that says “a wise woman builds…..”, as a woman, I believe I am created to build and by His grace I will.

We have an advantage of having some of the founders and leaders still standing above the ground, notable among them is the Doyen of Insurance, Olola Olabode Ogunlana, OFR. To you, Sirs and Mas, it is not time to fizzle out. You are still very relevant in the scheme of things. It is also time to give the young brains a voice, the members in diaspora will not be side-lined either. I believe that together, we can overcome any challenges that come our way and achieve our goals.

I look forward to working with all of you in making CIIN a beacon of excellence not only in the insurance industry in Nigerian but in the Global professional landscape.To the numerous companies that made this event happen, you are appreciated beyond words, you gave the Chairman of the planning Committee reason to change the target about three times.

Reward for good work is more work, your support will still be needed throughout my tenure. I recognize my dream team that worked and drew up their perceived gaps that must be focused on in executing my agenda, work is about to start. My Chaperons, you are my fans, and I am encouraged to know you are going to be there for me throughout my tenure in office.

I am eternally grateful to the 30-member planning committee drawn from all arms of the industry working with the indefatigable Registrar and other staff of the Institute, you are awesome. You worked tirelessly to exceed expectation; your commitment speaks volume about the greatness awaiting this our industry.

May the Lord reward your labour and dedication to ensure the success of the investiture ceremony.Thank you all, once again, for this incredible honour. Let us embark on this journey together and make history by shaping the future of insurance in Nigeria.Mrs. Yetunde O. Ilori52ND PRESIDENT/CHAIRMAN OF COUNCIL

Patoma Admin by — July 24, 2024 in Insurance 0
CFI, Olusegun Omosehin Speech at new CIIN president’s Investiture in Lagos

KEYNOTE ADDRESS BY THE COMMISSIONER FOR INSURANCE, MR. OLUSEGUN AYO OMOSEHIN, AT THE INVESTITURE CEREMONY OF THE 52ND PRESIDENT OF THE CHARTERED INSURANCE INSTITUTE OF NIGERIA (CIIN), MRS. YETUNDE ILORI, AT THE HARBOUR POINT EVENT CENTER, VICTORIA ISLAND, LAGOS STATE HELD ON 23RD JULY 2024

Protocols:

It is a great honour and privilege to stand before you today as we gather to celebrate the investiture of Mrs. Yetunde Ilori as the 52nd President of the Chartered Insurance Institute of Nigeria (CIIN). This ceremony marks a significant milestone not only in her illustrious career but also in the evolution of the Nigerian insurance industry.

I want to salute the outgoing President & Chairman of Council, Mr Edwin Igbiti and members of the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN), for their steadfast commitment towards the promotion of Insurance education and professionalism among members.Mrs. Yetunde Ilori’s journey to this prestigious position is a testament to her unwavering dedication, exceptional leadership, and profound commitment to the insurance sector.

As the immediate past Director General of the Nigerian Insurers Association (NIA), she demonstrated remarkable expertise and visionary leadership that greatly contributed to the advancement of that association and by extension our industry. Today, it’s on record that during her tenure as the DG of the NIA and with the support of the Governing Council, the NIA delivered a befitting Head Office. The 7-storey building with a mezzanine floor has become the pride of the entire insurance industry.

L- Immesiate past president of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti, the Commissioner for Insurance, Mr Olusegun Omosehin and the Immediate past Commissioner for Insurance, Mr Sunday Thomas at the investiture ceremony of the new CIIN president, Mr Yetunde Ilori today in Lagos

 

Her achievements and wealth of experience, coupled with her relentless pursuit of excellence, makes her the perfect choice at this critical time to lead the Institute to new heights, fostering a culture of continuous improvement, growth and innovation.I am optimistic and confident that under Mrs Ilori’s leadership, the Chartered Insurance Institute of Nigeria, will continue to promote professionalism, uphold ethical standards, and foster educational development within the insurance industry. Leadership in the insurance sector is more critical now than ever before as we navigate a world of significant economic challenges and great opportunities.

Hence, the insurance industry must continue to evolve and adapt to meet the changing dynamics of our society. Mrs. Ilori’s leadership will play a pivotal role in driving this transformation, ensuring that the Institute remains a beacon of excellence and a catalyst for positive change.As we celebrate this momentous occasion,

it is important to reaffirm our collective commitment to promoting a robust, resilient, strong and stable insurance industry that contributes to the economic stability and growth of Nigeria.Emerging realities and developments at the global and national levels today obviously calls for our collaborative effort to reposition the insurance profession and rebrand the industry such that our narratives can be better understood by all.

We should be mindful of the perception of the insurance profession by the public and be deliberate in putting our narratives across. On our part, the National Insurance Commission (NAICOM) is committed to aligning the insurance sector with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR and his ambitious goal of growing the Nigerian economy to $1 trillion by 2030. At NAICOM we view the institute as one of our veritable partners in the development of the much needed skilled-professionals in the course of achieving this goal.

It is therefore imperative to reiterate our continuous support to the institute in the discharge of its responsibilities and look forward to exploring additional mechanisms of enhancing the existing relationship with the Institute and in facilitating improved perception, transparency and public confidence in the insurance industry.Once again, I congratulate Mrs Yetunde Ilori as the 52nd President of the CIIN and the entire insurance community. I pray that your tenure will be marked by significant achievements and that your leadership will leave an indelible mark on the institute and the industry at large

Your Excellencies, distinguished Ladies and gentlemen, please join me in celebrating this well-respected veteran and a distinguished insurance professional as she embarks on this new chapter.Together, we can build a brighter and more prosperous future for the Nigerian insurance sector.Thank you for your attention.Olusegun Ayo OmosehinCommissioner for Insurance/CE

Patoma Admin by — July 23, 2024 in Insurance 0
NiMet, Ogun State Government sign pact to build weather station at airport

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Left -: Prof. Charles Anosike, Director General and Chief Executive Officer of Nigerian Meteorological Agency (NiMet) and Engr. Gbenga Dairo, Ogun state Commissioner for Transportation, at NiMet Headquarters, Abuja, during the MoU signing on Monday, 22nd July, 2024, for the building of a weather station at Ogun State Cargo Airport.

 

 

By Favour Nnabugwu 

 

 

The Nigerian Meteorological Agency (NiMet) has signed a memorandum of understanding (MoU) with the Ogun state government to build a weather station at the cargo airport in Sagamu.

Signing the memorandum of understanding (MoU) on Monday, the Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), Prof. Charles Anosike said that the partnership with Ogun state government is in line with International Civil Aviation Organization (ICAO) protocols which states that member states must establish and maintain meteorological services provided by national meteorological offices.

“His Excellency, Prince Adedapo Abiodun, MFR, is serious about the strategic relationship with NiMet. He personally called as this MOU signing was going on. I want to assure him and the people of Ogun state of our full support.

NiMet approaches every project with professionalism because aeronautical meteorology contributes to the guarantee of safety standards, economy and efficiency of flights as stipulated by the International Civil Aviation Organization (ICAO), and the World Meteorological Organization (WMO)”, Prof. Anosike said.

The Ogun state Commissioner for Transportation, Engr. Gbenga Dairo, signed on behalf of the state and was accompanied by Alhaji I.O. Saka, Permanent Secretary in the Bureau of Cabinet and Special Services, Ogun state government. He praised the DG/CEO of NiMet Prof. Anosike and the NiMet team for the professional way the process leading to the MoU signing was handled.

Barr. Shola Gabriel, Director of Legal Services, NiMet, witnessed the MoU signing.

 

 

Patoma Admin by — July 22, 2024 in Aviation 0
Sovereign Trust Insurance gets Strategic, Impactful Investor Award from TEXEM

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L-: Segun Bankole, DGM/Head, Corporate Communications & Investor Relations, Sovereign Trust Insurance Plc, Olaotan Soyinka, MD/CEO and Jumoke Dada, associate Project Director, (TEXEM) during the presentation of the Recognition Award Plaque to the Underwriting Firm for being a Strategic and Impactful Investor in Human Capital Development at the Corporate Head Office in Lagos.

 

By Favour Nnabugwu

 

 

Sovereign Trust Insurance Plc has been honoured with a Recognition Award for being a Strategic & Impactful Investor in Human Capital Development.

TEXEM, a UK-based Human Development and Training organization awarded a crystal plaque to the organization.

The award was presented today to the underwriting firm at the Company’s corporate office in Victoria Island, Lagos.

“Sovereign Trust Insurance Plc is honoured for being a Strategic & Impactful Investor in Human Capital Development.

“It simply implies that Sovereign Trust Insurance Plc sees its staff as a veritable and significant asset to the organization in delivering service excellence to all its customers home and abroad.

“Training and Skills development continues to form the fulcrum of the organization’s HR Department,” Segun Bankole, DGM/Head, Corporate Communications & Investor Relations, said in a statement.

Patoma Admin by — July 22, 2024 in Insurance 0
We are top among the best in Bond, Guaranty Insurance In Nigeria – Universal Insurance MD

By Favour Nnabugwu
The Managing Director/Chief Executive Officer of one of the oldest insurance companies in Nigeria, Universal Insurance Plc, Dr. Benedict Ujoatuonu, said his Company is one of the leading underwriters of Bond and Guaranee Insurance in Nigeria.
Bond insurance protects bondholders from default by the issuer by guaranteeing repayment of principal and sometimes interest. Issuers of bonds that purchase this type of insurance can receive a higher credit rating on those bonds as a result, making them more attractive to some investors
 Guarantee insurance on the other hand,  is used as security for the performance of a piece of work, which has been agreed upon in a contract. It is also used as security for advance payments or payments on account for services agreed upon in a contract.
He made the revelation at the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) held at Insurers House, Victoria Island, Lagos recently.
While highlighting some of the things that make Universal Insurance Plc thick, Dr. Ujoatuonu listed Bond and Guarantee Insurance, Local Travelers Insurance and Keke PASS Insurance as flagship products, technology adoption, and digitisation of its retail operations from end to end, amongst others.
According to him, Universal Insurance is one of the Companies in this market that is known and has expertise in Bond and Guarantee Insurance. We are one of the few Companies that profitably underwrite Bonds and Guaranty.
Other people, even our reinsurance people, usually ask ‘how are you doing it? The reason is simply. It was a deliberate thought-out strategy from the beginning.
“I was a thoroughbred underwriter that has a focus on Bond and Guarantee Insurance. When I saw that a lot of Insurance Companies were running away from that business, we sat down, as a company, to look at what we could do to make this class of business profitable, we did it and it has been working for us.
“So one of the things you see is that when the new administration was inaugurated and government contracts started coming out, the simplest business that was coming out from there was Bond and Guarantee Insurance and we took advantage of it and it is giving us the required value,” he added.
On the flagship of the Company’s retail products, and how technology is driving its retail segment, he said “We have local travellers insurance and Keke PASS Insurance where we are having collaborations with some groups and that is also driving other areas.
“The dynamic of our retail operations is digitaisation, nothing more. We have a whole lot of Web Aggregators who are taking advantage of our products and we are using their platforms.
“What we do is that as long as you are an Application Programming Interface (API) technology-driven technology company, we do ‘hand-shake,’ from their aggregation points, you can buy our products and do everything and it ends up directly in our Enterprise Resource Planning (ERP) without human intervention. So our operations are digitally organised that is the strategy we are using for our retail.
“As of today, we are already discussing with a technology company on how to deploy Artificial Intelligence (AI) for our operations. We had presentations and everything ready for deploying AI from the beginning to the end both in assessment, in adjustment, in settlement, in everything concerning our business.
“We are digitally savvy in everything we do, without it we cannot drive our retail segment, Dr. Ujoatuonu said.
Speaking on the impact of the adoption of International Financial Reporting Standards (IFRS 17) on insurance operations, he said the process has been challenging, adding that operators are doing everything possible to adapt to it.
“The processes leading to full adoption of the model has been challenging to all of us in the industry. It has affected our operations and reporting. But that is the system that has come to stay,” he said.
On the business environment, the MD said “The cost of running the business now is about 150 per cent higher than what it used to be and there is nothing anybody can do.”
Patoma Admin by — July 22, 2024 in Insurance 0
Naicom, Lagos Fire Service partner on enforce of mandatory insurance

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L- Mr. Sesan Ogundeko (Permanent Secretary, Lagos State Ministry of Special Duties & Intergovernmental Affiars), Mr. Ekerete Ola Gam-Ikon (Dep. Commissioner for Insurance), Margaret Adeseye (Director, Lagos State Fire & Rescue Service) and Dr. Talmis Usman (Director, Legal, Enforcement & Market Development)

 

By Favour Nnabugwu

 

National Insurance Commission, Naicom, and the Lagos State Fire Service held a strategic meeting yesterday in Abuja to improve collaboration and partnership in the ongoing effort to strengthen the enforcement of Public Building Insurance in Lagos State.

The Naicom and the Lagos Fire Service have resolved to start the enforcement of compulsory Public Building Liability Insurance in earnest across the country.
Commissioner for Insurance, Mr Olusegun Omosehin duly represented by the Deputy Commissioner for Insurance, Mr. Ekerete Ola Gam-Ikon was part of the resolution at the end of a meeting between both agencies at the NAICOM Lagos office on Tuesday
Section 65 of the Insurance Act of 2003 requires the owner or occupier of every public building to be insured against liability for loss or damage to property or death or bodily injury caused by collapse, fire, earthquake, storm or flood.
The Act defines a public building as one to which members of the public have access for educational, recreational, medical and commercial purposes. The penalty for non-compliance is a maximum fine of N100,000 or one-year imprisonment or both.

 

Patoma Admin by — July 18, 2024 in Insurance 0
Edwin Igbiti Valedictory Service Speech to mark end of 51st president of CIIN

VALEDICTORY SPEECH OF MR. EDWIN F. IGBITI, THE 51ST PRESIDENT/ CHAIRMAN OF COUNCIL OF THE CHARTERED INSURANCE INSTITUTE OF NIGERIA HELD AT THE INSURERS HOUSE, 42, SAKA TINUBU STREET, VICTORIA ISLAND, LAGOS STATE ON JULY 17, 2024PROTOCOLSOn Friday, July 15, 2022,

I became the 51st President and Chairman of the Council of our dear Institute; the Chartered Insurance Institute of Nigeria. I give glory to God Almighty for His mercies.

I thank Him for being there with me all through my journey in life and for me to successfully run a two-year tenure as President of the Institute. Let me acknowledge here today like Apostle Paul that I have run a good race and I have fought a good fight, and at the end, I count it all joy. I cannot thank Him enough for His priceless blessings.

I also want to express my sincere gratitude to my beautiful wife, and my immediate family for their understanding and support during my tenure. I appreciate and thank you all.My heartfelt appreciation also goes to the Immediate Past Commissioner for Insurance, Mr. Olorundare Sunday Thomas for his unquantifiable and unrelenting support all through my tenure.

He made the journey worth the sail. Other heartfelt appreciations are expressed to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, the Institute’s Governing Council members, Chairmen/Members of the various Committees of Council and their members, all industry giants and Managing Directors/CEOs, for supporting and assisting me in executing the Institute’s programmes during my two-year tenure as President. I

also appreciate the Registrar/CEO, Mrs. Abimbola Tiamiyu, and the entire Secretariat Staff for their efforts and commitments and for the support from all quarters to ensure that I fulfil the mandate of my Presidency. My heartfelt condolences to our members that transited to glory in the last two years, may their souls rest in peace.

The theme of my Presidency was “BUILDING A SUSTAINABLE LEGACY”. A theme that was borne out of the need to maintain a continuity plan to build on and sustain the works of Past Presidents of the Institute. This guaranteed that even in the face of global uncertainties, the Institute continued to meet the needs and aspirations of its members and also sustained a stronger strength of professionalism and ethical standards in the Insurance Industry.

The sustainable legacy cuts across revamping the digital operations of the Institute, which was successfully executed.Against this backdrop, we were able to unlock the potential of this approach by focusing on a three-point agenda:Digital Reinforcement of Institute’s Operations.
Completion of the e-library project.Commencement of e-examinations.

Active presence and use of all available social media platforms. Insurance Awareness for all – Grassroot, Youths and Insuring Public.Positive upscaling of the CIIN Quiz for Secondary Schools to the limelight.Distribution of insurance textbooks to secondary schools and effective coordination of the train-the-trainer programme for insurance secondary school teachers and launching of Broking and Loss Adjusting Course Books.Deeping and consolidating youth empowerment and mentorship initiatives.Infrastructural and Personal Development.Renovating the CIIN Secretariat to acceptable standards.Getting necessary approvals and clearance from the Lagos State Government to resume the construction of the Victoria Island Project.Significantly increasing the building fund. Conferences held to train professionals. Digital Reinforcement of the Institute’s OperationThe Year 2020, the COVID pandemic caused a major disruption in the business and work environment, this disruption reinforced the need to digitally upgrade the Institute’s technology to be at par with the growing innovations.

I am happy to say that the Institute under my tenure was able to upscale its membership portal; the Insure suite where we launched e-membership Card. Also, the activities of the Institute have been digitalised to encourage hybrid working and enhancement of its service delivery. These accomplishments have tremendously ensured members’ satisfaction as transactions have greatly improved.

In addition to these, the e-library project is still ongoing even as the process of conducting the Institute’s Examination online was suspended in order to ensure that the integrity of the examinations is not compromised whenever it eventually kicks. Also, we now have platforms for our members in diaspora where the gap between diaspora members and the Institute is bridged with first-hand information from the Institute.

The Institute’s social media platforms are now traffic spaces for members as highlights of all Institute activities are posted on the Institute’s social media platforms for members to access.Insurance Awareness for all – grassroots, Youths and Insuring Public. The central of our activities at the Institute was targeted at boosting insurance awareness among the populace. To this end, under my tenure, the Institute judiciously utilised all its platforms, social and educational to create insurance awareness as well as its many benefits as a profession and as a service.

The Institute’s noteworthy programmes which include the Insurance Professionals’ Forum, Secondary School Quiz Competition, Nite of Talents, Family Picnic, the Fitness Walk, Ramadan Tafsir, Bootcamp, Christmas Carol, Elders’ Forum amongst others functioned as a viable medium to encourage insurance as a lifestyle.

The experiential value of these events continued to provide top-of-mind awareness to insurance stakeholders and the general public. This was also achieved at the international level, where we held the international executive programme in Frankfurt, Germany. ‘The ‘Nite of Talents’ objective was to promote insurance awareness, intellectual prowess and gender equality among the younger generation.

The second and third editions of the event, to the Glory of God were great successes as vibrant contestants from various insurance companies competed and the best woman and man; Mrs. Faidat Aderonke Coker from Linkage Assurance Plc and Mr. Akorede Olaoluwa Johnson from Sovereign Trust Insurance Plc won the two editions respectively and were made the Institute’s Ambassadors for years Year 2023/2024 and 2024/2025 respectively. I strongly urge stakeholders of the industry to passionately support this programme and encourage the vibrant insurers to continue to participate.

The programme indeed showcased the intellectual capabilities of the next generation of insurance practitioners in the industry.In furtherance to these, other programmes like the Boot Camp, Mentoring Programme and Secondary School Quiz Competitions were up and in motion to ensure that the young generation is trained, mentored and educated on insurance. As of today, the Institute has about thirty (30) voluntary Mentors who guide and shape the career path of young insurance practitioners in the industry.

The Secondary School Quiz Competition was held in Lagos, Ogun and Benin respectively. Insurance Textbooks were donated to secondary school students. In the last two years, thousands of copies of the books have been distributed to various geopolitical zones of the country either through the Ministry of Education or directly to schools.

Under my watch, the Institute published three editions of the Institute Journal with insurance-related topics on insurance sustainability. The Institute also constantly upgrades the libraries of Insurance Departments in Tertiary Institutions offering insurance as a course with journals and other relevant books.

Also, the Institute supported all accredited institutions and tertiary institutions that offer insurance as a course of study in Nigeria a with journals, this was extended to all international centers such as Seria Leone, Banjul, Cameroon and Gambia as journals were consistently sent to them for the use of student members and professionals. Plans are ongoing to replicate this gesture in other tertiary institutions offering insurance across the country and in more African countries.It was a rare privilege for me to have chaired the book launch ceremony of the book titled “When Life Happens” written by Chima Nwachukwu.

A book which focuses on bank and insurance fictional series.The Institute also partnered with Messrs. Adepegba & Co to compile and publish a compendium of Courts Judgement on Insurance and related Cases in Nigeria Courts- Aide Memoirs for Members (Volume 1), which is aimed to become reference materials for insurance law in Nigeria. Recently, the Institute’s Disciplinary Committee Rules for Engagement document was approved and signed as part of the Institute Charter by the Honorable Attorney General of the Federation and Minister of Justice, Justice Lateef Fagbemi, SAN on the 6th day of May, 2024. Consequently, the Disciplinary Committee was duly inaugurated on Wednesday, July 3, 2024 and has commenced full proceedings.

Members are encouraged to familiarise themselves with these draft rules, copies of which are available at the Secretariat for a token sum of money. Infrastructural DevelopmentI am delighted to state that I was able to upscale the efforts of my predecessors in ensuring that the Institute’s infrastructural standards are maintained and the College of Insurance and Financial Management building was completed to global standards. In the same vein, the development at the Institute’s Victoria Island property is still in process as it is a top priority for the Institute.

The Building Committee under my leadership worked tirelessly to ensure we resumed construction work at the site once enough funds were garnered through fundraising activities of the Institute. We have already engaged the services of professionals such as a Quantity Surveyor and Construction Engineer to support this plan, all necessary documentation has been signed with the Lagos State government to return to the site. Infrastructural development is not limited to building, human infrastructure is the bedrock of the Secretariat as the insurance foremost Institute is a membership-based organisation.

It is against this backdrop the Institute in the last two years established, strengthened and visited strategic stakeholders in government and some of the foremost traditional institutions in the country as part of its insurance awareness, advocacy and collaboration objectives. Among the prominent individuals and traditional institutions visited to promote the gospel of insurance were the Edo State Commission for Finance, Mr. Joseph Eboigbe, the Benin Traditional Council of Chiefs, and the Alake of Egbaland in Abeokuta, His Royal Highness Adedotun Aremu Gbadebo III.It is pertinent to state that traditional institutions have a critical role to play in insurance penetration, especially at the grassroots level.

Therefore, it is vital to solicit their support and participation in the Institute’s programmes and activities. We organised several conferences and trainings to develop the skills of professional in delivering quality services to their clients as this is believed to aid insurance penetration. Conferences such as Insurance Professional Forum, Business Outlook, Professional Examinations, Education Seminar, Insurance Industry Parley, amongst others. To wrap this up, Associates and Fellows were inducted into the Professional body under my watch in the Years 2022 and 2023. The Institute continued to partner with the College of Insurance and Financial Management and the Lagos Business School in training our members and insurance practitioners.

CONCLUSION

As I round off my speech and proceed from being President to joining the esteemed league of Past Presidents of our great Institute, I would like to pledge and assure you of my continuous commitment to the Institute to the best of my ability.Once again, I like to express my appreciation to you all for the opportunity I had to drive the course of the Institute for the last two years and I pray for God’s continued guidance in all our endeavours.

Truly, the experiences of my Presidency will remain memorable as I will cherish and relish them for the rest of my life and I thank you all for being part of it. Thank you once again for your support all through my tenure. God bless you all.Mr. Edwin Friday Igbiti, FIINPresident/Chairman of Council Chartered Insurance Institute of Nigeria

Patoma Admin by — July 18, 2024 in Insurance 0