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Sunday Thomas, Dahiru-Umar for BusinessToday confab in Lagos

By admin.
The Commissioner for Insurance,  National Insurance Commission (NAICOM), Mr. Sunday Thomas and Director-General of National Pension Commission (PenCom), Mrs Aisha Dahiru-Umar will in on April 5, 2021attendthe 6th BusinessToday conference.
The event organised by Business today, also feature two former President of Nigerian Council of Registered Insurance Brokers ( NCRIB), Chairman Prestige Insurance Brokers Limited, Dr. Prince Soyewo and  Chairman Boff Insurance Brokers Limited, Mr. Babajide Agbeja.
Special guest of Honours for this event are no  other than Chairman, NAICOM, Chief Emmanuel Jideofor Nwosu and Group Managing Director, African Alliance Insurance Plc, Mrs. Joyce Ojemudia
In a statement by the Editor-In-Chief/Chief Executive Officer, BusinessToday, Nkechi Naeche-Esezobor, said experts drawn from insurance and pension sectors would be on hand to speak on  the theme : “Prioritizing Excellent Customer Services In Insurance and Pension Businesses.”
To make the event live up to expectations, the Chairman, Nigerian Insurers Association (NIA) and Group Managing Director of Cornerstone Insurance Plc, Ganiyu Musa, will chair the event while the Chief Consultant of B. Adedipe Associates Limited, Dr. Biodun Adedipe is expected to be the Keynote Speaker. 
Similarly, President of Pension Fund Operators Association of Nigeria(PenOp), Wale Odutola; Managing Director/ CEO,  Access Pension Fund Custodian Limited,  Mrs. Idu Okwuosa- Okeahialami;  former Director General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga; among others, have confirmed their attendance at the conference.
Other groups expected at the programme are National Union of Pensioners (NUP); NURTW Ikeja branch; Keke Drivers Association, Ikeja branch;  Trade Union Congress; Nigerian Labour Congress; Drivers under the Indriver App; Students of insurance; Nigerian Port Authority; Association of Senior Staff of Banks Insurance and other Financial Institutions (ASSBIFI) etc.
Patoma Admin by — February 26, 2022 in Insurance 0
NCRIB, Institute of Archicture to tackle building collapse

By Favour Nnabugwu

 

Nigerian Council of Registered Insurance Brokers,  NCRIB and the Nigerian Institute of Archicture, NIA,meet to find an enduring way to curtail the building collapse in the country

The NCRIB president, Mr Rotimi Edu, lent his voice to the topic of disastrous building collapse in Nigeria in a lecture, titled, “Insurance for Architect and Professionals”, during the February Business Meeting of the Nigerian Institute of Architects held in Lagos.

Mr. Edu who was the guest speaker at the well-attended Business Meeng of the Institute urged all professionals in built industry to pay more a*enon to all specificatons of building construction to avoid incessant building collapse that had claimed several lives.

As a way out, Mr. Edu said that the issue of enforcement of relevant laws that would ensure that contractors were not negligent in discharging their responsibililes, including all required insurance policies, should not be held with kid-gloves.

According to him, there were many buildings across the country that were not proper and +t for human habitation, he appealed to all relevant agencies which include both the Federal and State Fire Services to act in accordance with the law and clamp down on such buildings Mr. Edu however, urged members of the Nigerian Institute of Architects to embrace insurance policies that are relevant to their profession.

He noted that members of Nigerian Institute of Architects were mandated by law to have Professional indemnity among many other types of policies that are available. Also speaking at the event, the Chairman, Nigerian Institute of Architects, Arc David Majekodunmi blamed the incessant building collapse on relevant government agencies that were not seen doing what they ought to do.

Mr. Majekodunmi lamented that government has not been seen implementing several recommendations of panel of enquiries raised to address the menace of building collapse.He also noted that most of the building collapses were basically negligence by professionals, clients and workers, who would have been brought to book and serve as deterrent to others if government implanted the recommendation submitted by the panel

Patoma Admin by — February 25, 2022 in Insurance 0
Faces @ Institute of Architects, NCRIB meeting

By Favour Nnabugwu

 

The Nigerian Institute of Architects and the Nigeria Council of Registered Insurance Brokers, NCRIB have agreed that the Government is doing enough in the area of implementation of laws, hence, the reason for continuous building collapse in Nigeria.
L – General Secretary, Nigeria Institute of Architect (NIA), Lagos Chapter, Arc Moniba Odunlami; Chairman, NIA, Arc. David Majekodunmi; President, Nigerian Council of Registered Insurance Brokers, Mr. Rotimi Edu and Vice Chairman, NIA, Arc Abiodun Fatuyi at the NIA February Business Meeting held in Lagos.
Patoma Admin by — February 25, 2022 in Insurance 0
Naicom, CIIN beckon on operators to roll out strategics for growth

By Favour Nnabugwu

 

The National Insurance Commission and the Chartered Insurance Institute of Nigeria have called on the industry operators to come up with  strategies that will placed the sector in it’s rightful position in the economy

The  Commission and the training institute in Lagos on Wednesday during the 2022 business outlook forum organised by the CIIN, with the theme ‘Economic policies of the government in 2022: Challenges, issues and prospects.

The Commissioner for Insurance, Mr Sunday Thomas, who spoke on the topic ‘Strategies aimed at cushioning the effects of the COVID-19 on the operations of the Nigerian insurance industry and the way forward,’ said the commission ensured increased visibility for the insurance sector.

He said NAICOM had continued to implement effective policyholder protection schemes.

“The commission reviewed current policyholders’ protection schemes and improved use of the security fund for settlement of insolvency and distress; improved enforcement of market conduct rules; and monitored degree of customer satisfaction and enhance insurance awareness by policyholders in Nigeria,” Thomas said.

He said NAICOM ensured risk-based capital approach, enhanced investment in digital capabilities and automation, standardisation of reports and capacity development programmes, among others.

The President/Chairman of Council, CIIN, Muftau Oyegunle, described the forum as an avenue where key players in the insurance industry finance subsector of the economy converged to review the business environment in the country, for the immediate past year and strategise on the way forward for the insurance industry in the New Year

Patoma Admin by — February 24, 2022 in Insurance 0
NAIPCO strengthens ties with LASPEC

The Nigeria Association of Insurance Correspondents, NAIPCO, paid a courtesy visit to Lagos State Pension Commission, LASPEC in Lagos today

 

CAPTION:

L –  Executive Director Finance and Investment, Lagos State Pension Commission, Mr. Olumuyiwa Oshin; Insurance Correspondent, News Agency of Nigeria, Mrs. Ajoke Adeyemi; Director General, Mr Babalola Obilana; Chairman, National Association of Insurance and Pension Correspondents/Publisher Inspenonline, Chuks Udo Okonta and Head, Public Affairs, Mrs. Mariam, Adetokunbo Eko at a meeting in Lagos.

From left: Executive Director Finance and Investment, Lagos State Pension Commission, Mr. Olumuyiwa Oshin; Director General, Mr Babalola Obilana; receiving a copy of NAIPCO Trumpet from Chairman, National Association of Insurance and Pension Correspondents/Publisher Inspenonline, Chuks Udo Okonta at a meeting in Lagos.

Patoma Admin by — February 24, 2022 in Pension 0
Five insurers hold 60% of the UAE market in 2021

By Favour Nnabugwu

The Emirati insurance market in the United Arab Emirates, UAE is closing the year 2021 with a 7 percent increase in its turnover.

The written premiums realized by the 29 listed insurers have gone from 24.4 billion
AED (6.6 billion USD) in 2020 to 26.1 billion AED (7.1 billion USD) a year later
 
The market is dominated by five insurance companies which account for nearly 60% of the turnover recorded by the industry in 2021. The other 24 companies share the remaining 40 percent
 
The five Insurers whose amount runs in billions are Orient Insurance with AED 5.008 (USD1.363) and taking up 19.20 percent of the share; ADNIC  has AED 4.267 (USD1.162)  representing 16.30 percent
Oman Insurance has AED 3.539 (USD0.963) equals 13.60 percent; Dubai National Insurance and Reinsurance AED1.226 (USD0.334) representing 4.70 percent and Al Ain Ahlia with AED1.206 (USD0.328) representing 4.60 percent.

Total top 5 insurers AED 15.246 (USD4.15) taking a chunk of 58.40 percent
Other insurers AED10.854 (USD 2.95 41) representing 41. 60 percent
 

The market is dominated by five insurance companies which account for nearly 60 percent of the turnover recorded by the industry in 2021. The other 24 companies share the remaining 40 percent

The net profit generated by all the listed companies reached 1.93 billion AED (525 million USD) by the end of 2021, representing a 2 percent increase over one year.

Patoma Admin by — February 24, 2022 in Insurance 0
African Risk Capacity pays $10.7m in compensation to Madagascar for Cyclone Batsirai

By Favour Nnabugwu

 

African Risk Capacity (ARC) has agreed to pay $10.7 million in compensation to help the Malagasy government and its citizens.

Created in 2012 by the African Union, ARC is a specialized agency whose mission is to help member states mitigate the effects of extreme climate events

After crossing both islands of the Indian Ocean (Reunion and Mauritius), the tropical cyclone Batsirai hit Madagascar hard on 5 February 2022. The disaster caused 121 deaths, displaced 61 500 people, destroyed 19 000 homes and 4 500 classrooms.

For the record, ARC has developed a parametric insurance product against tropical cyclones in East Africa in late 2020.

ARC’s parametric triggers are designed to be quickly assessed when any qualifying catastrophe or weather event occurs and so it’s encouraging to learn that this US $10.7 million payout will be made very rapidly, to help the Government of Madagascar in delivering much-needed relief and recovery funding to affected areas of the country.

Madagascar had previously received a $2.3 million ARC payout after its parametric drought insurance policy was triggered a few years ago.

Madagascar was the first African nation to take up the sovereign parametric cyclone insurance protection, in late 2020 and the decision has proved to be a prudent one, as the countries cyclone policy was triggered by Batsirai.

ARC’s Tropical Cyclone model identified that over 6 million people were exposed to recent tropical cyclone Batsirai when it slammed into Madagascar.

According to reports from the Malagasy Disaster Management Agency (BNGRC), some 61,500 people were displaced by cyclone Batsirai, while 121 people lost their lives, and 19,000 homes and 4,500 classrooms were damaged by the severe storm.

Cyclone Batsirai caused significant impacts to Madagascar in February 2022 and was the strongest tropical cyclone to strike the country since Cyclone Enawo in 2017.

Batsirai made landfall as a Category 3 storm on February 5th 2022, with sustained winds of 165 kilometers (105 miles) per hour and gusts up to 230 kilometers (145 miles) per hour, only two weeks after cyclone Ana brought deadly flooding to the country in late January and killed 55 people.

Patoma Admin by — February 24, 2022 in Insurance 0
Travel insurance, Covid-19 processing fees mandatory in Nigeria, 40 other countries

By Favour Nnabugwu

 

Travel insurance including Covid-19 processing fees has become mandatory in Nigeria and 40 other countries.

Travel insurance is a policy that covers the financial risks associated with traveling. It provides indemnity against minor risks such as loss of luggage, a delayed flight, and even major risks like medical emergencies and trip cancellation.

The countries are: Nigeria, Algeria, Benin, Cape Verde, Djibouti, Kenya, Mozambique, Namibia, Seychelles, Togo, Mauritius, Ukraine, Russia, Aruba, Argentina, Bahamas, Bolivia, Chile, Costa Rica, Cuba and Ecuador,

The other include Saudi Arabia, Cambodia, China, Indonesia, Jordan, Lebanon, Malaysia, Maldives, Mongolia, Nepal, Oman, Pakistan, Philippines, Singapore, Thailand, Guatemala, El Salvador, Paraguay, St. Maarten, Turks and Caicos Islands

Insurance companies around the world are packaging operation to accommodate the travel insurance including Nigeria.

Since the onslaught of the novel COVID-19 virus that started in the Wuhan region of China, the world has had to adjust to the new global realities.

Economies have shrunk, markets have depleted, and global travel has decreased significantly. In the same vein, governments and cities around the world have adapted themselves to survive with the new realities of today.

One of the ways that governments have tried to adapt to the new normal and to protect their countries and cities is by requiring a COVID-19 test for foreign nationals who want to visit their jurisdiction.

Some people make the mistake of assuming that COVID-19 tests are only necessary for people that are already showing symptoms, but there are a plethora of other reasons you may need COVID-19 tests. Here are some of the top reasons people take a COVID-19 test.

Another reason you might need a COVID-19 test is if you are travelling to another country. Most countries around the world require a COVID-19 test for all foreign nationals that are entering their country.

As a result, most airports will require you to present a COVID-19 test result when you land or even before you embark on the plane. Different countries have different COVID-19 regulations, so make sure that you check the regulations of the country that you are visiting.

Patoma Admin by — February 23, 2022 in Insurance 0
Naicom points ways for insurance industry to get over with Covid-19

By Favour Nnabugwu

The National Insurance Commission has mapped out strategic patterns in which  insurance industry will cushions the effects of Covid-19 and get it behind the sector.

Commissioner for Insurance, CFI, Mr Sunday Thomas in his paper on “Strategies Aimed at Cushioning the Effects of the Covid-19 on the Operations of the Nigerian Insurance Industry and the way Forward,” at the 2022 Business Outlook organised by the Chartered Insurance Institute of Nigeria in Lagos today.

Thomas said the pandemic opened a lot of doors that ordinarily, the industry would not think was possible.

The CFI said that the insurance industry has become more visible since the pandemic, earning the commendation of President Mohammadu Buhari for supporting the efforts to contain the Covid-19 but needed to do more in its role in reducing vulnerabilities in all risks.

The dependence on the digital capacity he stated, has nurtured quickly the need to reinforce cyber protections to tame increased exposure of companies remotely working to cyber risks and also, the need for issuance of ICT standards for the industry.

Besides, he said the Commission has a stake in the stability of the industry and has not lost focus of this leading to some policies and programmes wearing relaxed tags. This seen seen in the extension of the recapitalisation exercise, transition to risk based supervisory regime, postponement of IFRS 17 commencement date, and regulatory forbearance.

He noted that the Commission is not oblivious of its responsibility to strengthen regulatory oversight and risk management and also implement effective policyholder protection schemes which involves improved enforcement of market conduct rules and also monitor degree of customer satisfaction and enhance insurance education.

He also put forward that the regulatory body has scaled up its project e-Regulation and has moved up more steps market development with the current collaborative model international and local stakeholders.

The CFI mentioned ten points which if we’ll implemented can move the sector forward;  risk based capital approach, and on this the Commission and the Nigerian Insurers Association are set for joint accomplishment. Other endorsements are, standardisation of reports, enhanced investment in digital capabilities and automation, entrenched effective asset liability management, and capacity development programmes- actuarial, competency framework and having in place reinforced recovery and resolution plan.

Other he mentioned include: the use of modelling for risk assessment and stress testing, context specific products such as loss of job insurance products, cyber insurance policy by trustees of customers data he said, has become more compelling and also stricken for regional integration is the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ).

Patoma Admin by — February 23, 2022 in Insurance 0
Pictures @ CIIN Business Outlook in Lagos

CAPTION:

L – Commissioner for Insurance Sunday Thomas; President, Chartered Insurance Institute of Nigeria, Sir (Dr.) Muftau Oyegunle and Deputy President, Edwin Igbiti at the CIIN Business Outlook in Lagos today

Commissioner for Insurance/CEO, National Insurance Commission, Naicom, Mr Sunday Olirundare Thomas while delivery his paper

 

President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr Rotimi Edu at the CIIN event.

 

Patoma Admin by — February 23, 2022 in Insurance 0