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AIICO Insurance to train NAIPE members on insurtech, IFRS, others

By Favour Nnabugwu

 

 

AIICO Insurance Plc, a prominent entity in Nigeria’s insurance industry, is set to hold its annual training for members of the Nigerian Association of Insurance and Pension Editors (NAIPE).

The annual training, which is the third in the series, serves as a forum to intimate NAIPE members on recent developments in the insurance and pension sectors as well as the financial sector.

The facilitators of the training which are drawn from the top management team of AIICO Insurance are experts with vast experience in the insurance and financial sectors of the economy.

The training will focus on InsurTech, IFRS 17, as well as Microinsurance.

The AIICO annual training for NAIPE members is a testament to the hard work and dedication of the entire AIICO team in the drive to deepen insurance penetration in the country.

Meanwhile, it will be recalled that AIICO Insurance recently bagged the “Insurance Company of the Decade” award at the 2023 Marketing Edge Brands & Advertising Excellence Awards.

Winning the title of “Insurance Company of the Decade” is a testament to the AIICO brand’s widespread recognition for excellence in the Nigerian marketplace and the company’s unwavering commitment to innovation, and customer-centricity over the past ten years.

AIICO Insurance Plc has consistently set new benchmarks in the insurance sector, demonstrating remarkable growth, resilience, and a steadfast dedication to its customers. This recognition reaffirms AIICO Insurance’s position as a leader in the industry, known for its superior products, innovative solutions, and unwavering focus on protecting and securing the future of its customers and clients.

Established in 1963, AIICO Insurance Plc has a 60-year record of providing high-quality service to its clients. As a leading composite insurer in Nigeria, AIICO offers life and general insurance, health insurance, and investment management services, helping individuals, families, and corporate customers create and protect wealth.

Patoma Admin by — September 26, 2023 in Insurance 0
WAII, IFAGE enter partnership for Masters in Actuarial Sciences

By Favour Nnabugwu

 

 

The West African Insurance Institute (WAII) an inter-state school based in Gambia, have entered into a partnership with the Inter-African Institute for Training in Insurance and Business Management, IFAGE a private Senegalese school.

The collaboration will see the launch of Africa’s first bilingual (English and French) Master’s degree in Actuarial Sciences in January 2024.

This public-private partnership will allow African students to continue their training in Dakar and sit for the international examinations of the Society of Actuaries (USA) and the Institute and Faculties of Actuaries (UK).

The official agreement between the two institutions is scheduled to be signed on 25 September 2023 at the Novotel Hotel in Dakar, Senegal.

Created in 1978, WAII brings together five English-speaking countries of the Economic Community of West African States (ECOWAS): Nigeria, Ghana, Sierra Leone, Liberia and Gambia, as well as the United Nations Conference on Trade and Development (UNCTAD).

Patoma Admin by — September 22, 2023 in Insurance 0
FANAF organises seminar on Marine in Cote D’Ivoire October 2

By Favour Nnabugwu

 

 

The Federation of African National Insurance Companies (FANAF) is organizing a training seminar on “Marine Transport Insurance: Mastering the mechanisms of underwriting, compensation and recourse for the optimal development of this class of business in your portfolios”.

The session will be held from 2 to 4 October 2023 in Abidjan, Côte d’Ivoire.

The event will be hosted by Claire Hamonic, CEO of Ascoma International (Paris), Christian Fassinou, Deputy Director and Partner of the Compagnie des Experts Maritimes group (Abidjan) and Anasse Ernest Assamoi, current Insurance Ombudsman of Côte d’Ivoire.

Patoma Admin by — September 20, 2023 in Insurance 0
Seven reasons why government need to insure her assets

By Favour Nnabugwu

 

 

 

There are seven major reason why government need to insure her assets. The reason ate as follow:

1. Risk Transfer: By insuring government assets, the government can transfer the risk of potential damages or losses to an insurance provider. This helps protect public funds and resources by reducing the financial burden that would otherwise fall on the government in the event of accidents, natural disasters, or other unforeseen incidents.

2. Fiscal Stability: Insuring assets can contribute to fiscal stability for the government. In the event of a disaster or significant loss, insurance coverage can provide financial support for the repair, replacement, or compensation of damaged assets. This can prevent unexpected financial strains and disruptions to public services.

3. Budget Planning: Insurance premiums can be factored into the government’s annual budget planning process. This allows for predictable and manageable expenditure allocation for asset protection. By including insurance costs in the budget, the government can ensure that it is prepared for potential losses and can effectively allocate resources for risk management.

4. Enhanced Recovery and Rebuilding: Insurance coverage facilitates faster recovery and rebuilding processes for damaged or destroyed assets. The government can access financial resources from insurance claims to expedite repairs, replacements, or reconstruction efforts, enabling the restoration of public services and infrastructure in a timely manner.

5. Liability Protection: Insurance coverage can protect the government against potential legal liabilities arising from accidents or property damage caused by government-owned assets. Liability insurance can help cover the costs associated with legal claims, settlements, or judgments, reducing the financial impact on the government’s budget.

6. Investment Protection: Insuring assets encourages investment in public infrastructure and properties. Investors may be more willing to finance or participate in projects if they are confident that the assets are adequately insured. This can attract private sector participation, stimulate economic growth, and support the development of public infrastructure.

7. Public Confidence: When citizens see that the government has taken measures to protect its assets through insurance, it can enhance public confidence in the government’s ability to manage resources responsibly. This can foster trust and collaboration between the government and its constituents.

It is important for the government to assess its assets comprehensively and determine which ones should be insured based on their value, criticality, and potential risks. Working with insurance professionals and risk management experts can help the government make informed decisions regarding asset insurance and ensure that the coverage aligns with its specific needs and requirements.

Patoma Admin by — September 20, 2023 in Insurance 0
Emir of Kano persuades Nigerians to embrace insurance

By Favour Nnabugwu

 

 

 

National Insurance Commission, Naicom led by the nation’s Commissioner for Insurance, Mr Sunday Olorundare Thomas took sentisotation on insurance to Kano State

It was at the instance of the Commission’s visit to Emir ‘s palace in Kano that the Emir of Kano, Alh. Aminu Ado Bayero has urged Nigerians to embrace insurance as a way of relieving loss, especially in businesses and property loss.

Emir Ado Bayero also urged the Commission to ensure insurance obligations are adequately met by insurers and commended the leadership of the Commission for the giant strides and efforts in developing the Nigerian insurance market.

He also reiterated that insurance is no doubt an important aspect of human life as extensive research has shown that insurance is not conflicting with religious belief, especially with the coming of Takaful insurance.

He thanked the Commission for the visit and promised to support insurance deepening in the country and further assured he would consider the invitation to the National Insurance Conference and will personally attend the conference.

The Commissioner thanked the royal father for the warm reception and his acceptance to personally attend the National Insurance Conference scheduled for October 22 – 24, 2023, in Abuja.

The Commission thereafter named the Emir Aminu Ado Bayero as Royal Ambassador for Insurance in the country and commended his style of leadership since his takeover of the throne.

Patoma Admin by — September 19, 2023 in Insurance 0
Insurance, pension play key drivers role to economic growth 

By Favour Nnabugwu 
For the nation’s economy to grow and develop very well, insurance and pension have a key drivers to the role according to  the Finance expert and Managing Director/ Chief Executive Officer  APT Securities and Funds Limited, Mallam Kasim Garba Kurfi,
Kurfi, who stated this while delivering the theme paper on the  “Role of Insurance and Pension Sectors In Building Sustainable Economic Growth Under The New Government,” at the 8th Annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos said insurance and pension sectors today stand as  engines for sustainable economic growth and forces to reckon  with in every economy .
Kurfi therefore called on the present administration in the country  to put in place enabling policies and laws that support the survival of the sectors for them to continue to contribute the national growth.
Kurfi, while highlighting the contributions of the two sectors to the national economy said, “There is over N2.5 trillion assets managed by the insurance institution in Nigeria as of 31st December 2022.
“While there is over N16.6 trillion assets managed by the Pension Fund Administration as at 31st December 2022, the combination of the two institutions has a total asset of over N19 trillion. The role played by the two institutions in sustaining our economic growth left no one in doubt that they are instruments for most of the economic development
“Over N726 billion in premiums paid in the year 2022 according to the National Insurance Commission, while the industry also paid over N318.1 billion in claims to its customers within the same period. This is a remarkable achievement in comparison with 3.5% growth of Gross Domestic Product (GDP).”
He said insurance institutions give security to the future of the common people and aid economic growth upon happenings or allowance of specific event or disaster.
“Insurance represent promise of the future compensation in case of specific losses or in exchange for periodic payment called premium.
“Managing risk is very important for companies dealing with money or equivalent. The insurance industry promotes National development through wealth creation or protection. It primarily hedges against risk or contingent or uncertain loss.”
On pension, he said, “The contribution of pension funds that run over N16 trillion is pronounced in all phases of life. Many sectors of the economy benefit from excess funds that look for alternative ways to invest such as FGN SUKUK, GREEN BOND, and Infrastructures Bond, among many others.”
Kurfi said Pension ensures that every worker receives his/her retirement benefit as at when due. Ensure workers save in order to cater for future liability and old age. Provide long-term finance for the real sector. Stimulate the development of the capital market.
While condemning those agencies and institutions clamouring to exit Contributory Pension Scheme (CPS), Kurfi enjoined the government at all levels to discourage such moves for the interest of the Pensioners and the nation’s economy.
He said the contribution of insurance and pension sectors towards economic development is imminent and can be seen especially in driving the nation’s financial inclusion project.
Patoma Admin by — September 19, 2023 in Insurance 0
Naicom visits Nasarawa State Gov to promote compulsory insurance

CAPTION:

L- Executive Governor of Nasarawa State, Excellency Engr. Abdullahi A. Sule and the National Commissioner for Insurance, Mr Sunday Olorundare Thomas during the visit of Naicom.

By Favour Nnabugwu

As part of the National Insurance Commission’s drive to sensitise stakeholders on the benefits of compulsory insurances (Public Buildings and Buildings Under Construction, 3rd Party Motor Insurances amongst others), the Commissioner for insurance, Mr Sunday Olorundare Thomas and a delegation from NAICOM paid a courtesy visit on the Executive Governor of Nasarawa State His Excellency Engr. Abdullahi A. Sule to intimate him and members of his executive council about the benefits of insurances.

The Commissioner for Insurance also used the opportunity to formally invite the Executive Governor of Nasarawa State to the National Insurance Conference scheduled to hold from 22-24 October, 2023.

The Executive Governor in his remarks gave a personal testimony while he was still in the private sector of how the sugar refinery where he worked as the Managing Director was razed by fire but thanks to insurance, a newer and better one was built from the claims paid by insurance company.

Patoma Admin by — September 18, 2023 in Insurance 0
Several reasons why Life insurance is important

By Favour Nnabugwu

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.

And there several reasons why it is important for one to have a life policy

Financial Protection: Life insurance provides a financial safety net for your loved ones in the event of your death. It helps replace your income and ensures that your family can maintain their standard of living, pay off debts, cover daily expenses, and achieve their long-term financial goals.

Debt Repayment: Life insurance can help cover any outstanding debts you may have, such as mortgages, loans, or credit card debt. Without life insurance, your loved ones may become financially burdened or risk losing assets to settle these debts.

Education and Future Planning: Life insurance can provide funds for your children’s education expenses, ensuring that they have the means to pursue their dreams and aspirations, even if you’re no longer there to support them financially.

Funeral and Final Expenses: Life insurance can cover the high costs associated with funerals, burials, and other final expenses. It provides immediate funds to cover these expenses, relieving the financial burden on your family during an already difficult time.

Business Continuity: If you’re a business owner, life insurance can help ensure the continuity of your business in the event of your death. It can provide funds for business expenses, covering debts, paying salaries, or facilitating a smooth transition of ownership.

Estate Planning and Inheritance: Life insurance can be an effective tool for estate planning, allowing you to leave behind an inheritance for your loved ones. The proceeds from a life insurance policy can be used to provide an equal distribution of assets and minimize estate taxes.

Peace of Mind: Having life insurance gives you peace of mind, knowing that your loved ones will be financially supported and protected, even if you’re no longer there. It alleviates worries about their financial well-being and ensures they can maintain their quality of life.

Health and Age Considerations: Obtaining life insurance at a younger, healthier age is generally more affordable. By securing life insurance early on, you can take advantage of lower premiums and potentially lock in coverage even if your health deteriorates later in life.

It’s important to assess your individual financial situation and consider factors such as your income, dependents, debts, and long-term goals when determining the type and amount of life insurance coverage you need.

Consulting with a financial advisor or insurance professional can help you make informed decisions to ensure your loved ones are protected financially.

Patoma Admin by — September 13, 2023 in Insurance 0
Pensioners seek better approach to benefits payment

CAPTION
L- Mr. Edwin Igbiti, President, Chartered Insurance Instruction of Nigeria CIIN, presenting appreciation plaque to Mrs. Yetunde Ilori, while Nkechi Naeche-Esezobor, Chairperson NAIPE watched with admiration at NAIPE’s 8th annual national conference in Lagos
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By Favour Nnabugwu
As the Federal Government tackles all areas in the polity to ensure a healthy economy for the country, the leadership of pensioners under the aegis of Nigerian Union of Pensioners Contributory Pension Scheme (NUPCPS) has said the most urgent thing for the government is to improve on the welfare of pensioners and workers.
Giving the advice at the 8th Annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), with the theme: “Role of Insurance and Pension In Building Sustainable Economic Growth Under The New Government,” in Lagos, the Secretary of the Union, Comrade Bisan Olufemi John, said the pension arrangement by the government was still far from being favourable to retirees.
He said there was no way the government can successfully tackle the economy without adequately satisfying the yearnings of both pensioners and those currently in service.
According to him, “the Federal Government has been struggling with getting the economy to work, but one thing that is clear is that the people are the ones that will contribute mainly to make such a reality.
“The government must first think of the workers, improve their welfare so they can then contribute their quota adequately to the economy. It should be the people before the economy.
“Government should think of how to build the operators of the economy and also improve the life of pensioners.”
While recalling the failure of government to pay Group Life Insurance claims to next of kin of deceased civil servants, he also lamented the perceived conflicts in annuity for pensioner under failed insurance companies.
He further called on the government to provide better opportunities for pensioners to be happy, saying that retirees’ welfarism should not just end at the level of being paid their stipends.
Ms. Prisca Soares, former Secretary General, African Insurance Organization (AIO), presenting appreciation plaque to Mallam Kasim Garba Kurfi, the Keynote Speaker while Nkechi Naeche-Esezobor, Chairperson NAIPE watched with admiration at NAIPE’s 8th annual national conference in Lagos 
Speaking in the same vein, another retiree, also a member of NUPCPS, Comrade Olagbayo Johnson. O., said it was unfortunate that the current Contributory Pension Scheme (CPS) appeared to be failing.
Giving a background to the reason behind the scheme, he said it was the failure of the Defined Benefit Scheme, which is government funded, that compelled the Federal Government to visit Chile to do a check on how the contributory scheme worked.
He, however, lamented that since Nigeria started the scheme in 2004, it had shown little or no difference from the old scheme apart from the fact that employees and employers now contribute towards the pool of funds.
He pointed out that it was the more reason some individuals and institutions were agitating to pull out of the scheme.
According to him, “imagine, National Assembly workers, those are the people who made the law, they are agitating to pull out of the scheme. The military has long left and even the police are on the verge of pulling out.
“Why is this one different from that of Chile? Their own that we copied from is still working.”
On her part, the Chairman, Nigeria Labour Congress (NLC), Lagos Chapter, Comrade Funmi Sessi, lamented that Nigerian pensioners were still far from having the deserved rest, adding that there was need for them to earn their benefits, rest and enjoy the fruit of their labour.
She condemned the poor approach by Pension Fund Administrators (PFAs) to paying benefits to pensioners.
She also specifically condemned the difficult process in accessing benefits by relatives of deceased worker, stressing that the request for a letter of administration and other documents should be made easier.
Also speaking as one of the participants at the event, the Local Chapter Chairman, Nigeria Association for the Blind, Ifako Ijaiye Chapter, Anuoluwa Yinka Isaac, aka Fine Boy, said it was disturbing that Nigerian pension and insurance system does not have special products for the physically challenged in the society.
He observed that those in that category were left out in so many arrangements in the country, stressing that on so many occasions they would have to work out arrangements to live in the society that is almost hostile and unresponsive to the plight.
Patoma Admin by — September 11, 2023 in Pension 0
Gbenga Ilori now Executive Director of AIICO Insurance

By Favour Nnabugwu

 

 

AIICO Insurance Plc has notified the Nigerian Exchange Limited (NGX) and the investing public of the appointment of Mr. Gbenga Ilori as an Executive Director of the Company. The approval of the National Insurance Commission (NAICOM) has been obtained for his appointment.

“We wish to notify the Nigerian Exchange Limited (NGX), our esteemed shareholders, and the investing public of the appointment of Mr. Gbenga Ilori as an Executive Director of AIICO Insurance Plc (‘the Company’). The approval of the National Insurance Commission (NAICOM) has been obtained for his appointment.

Gbenga is a seasoned professional with over 20 years of progressive work experience in areas that cut across Sales, Marketing, Operations, Customer Service, Strategy, and General Management. He is a certified insurance practitioner with high financial acumen matched by a success-driven personality. He is self-directed, highly principled, and a collaborative leader. He is a bold and disruptive leader, who is always ready to challenge the status quo for better results.

He joined AIICO Insurance Plc in November 2010 as the Group Head of Retail, to drive the retail businesses of both Life and General operations. This he did successfully, overseeing a major re-organization of the agency network for the distribution of all retail products within AIICO.

He led his team to establish the annuity desk in AIICO and trained their agency network on annuity opportunities in the Pension Reform Act. He was later appointed the Special Assistant to the Group Managing Director in April 2012. He and his team pioneered the Microinsurance Business in AIICO in 2014.

Gbenga left AIICO in 2020 to join Coronation Life Assurance Limited in 2020 as the Executive Director – Technical. During his period at Coronation, he oversaw the agency distribution channel, supported the bancassurance initiative of the ecosystem, oversaw product development, technical operations, and the execution of the marketing strategy in the company. Gbenga Ilori rejoined AIICO in 2022 to lead the Retail Business function and Agency Operations.

Gbenga holds a B.SC (Hons) in Actuarial Science from the University of Lagos and a master’s degree in business administration with a specialization in Marketing from the Federal University of Technology Akure.

He is an associate of the Chartered Insurance Institute of Nigeria (ACIIN) and has attended several courses in Microinsurance, Customer Experience, Brand Management, Strategic Marketing, Product Development, Business Strategy, Relationship Management, Risk management, and Finance, both locally and abroad. He is an alumnus of the prestigious Lagos Business School, where he took a 9-month course in Senior Management. He is also a member of the Technical Committee of the Chartered Insurance Institute of Nigeria (CIIN). Gbenga has attended several capacity building training courses both within and outside the country.

Patoma Admin by — September 10, 2023 in Insurance 0