CFI, Sunday Thomas, loses wife, Oyinade Folashade Thomas, to death

By Favour Nnabugwu

 

 

Wife of the Commissioner for Insurance and the Chief Executive of the The National Insurance Commission, NAICOM, Mr Olurundare Sunday Thomas, Mrs Oyinade Folashade Thomas passed on to the great beyond  today, April 12, 2024 after a brief illness.

 Naicom expressed deep sadness during the release of the death 

Mrs. Oyinade Thomas was a pillar of strength, support, and a source of inspiration to her family, friends, and colleagues. Her kind-hearted nature, compassion, and generosity touched the lives of countless individuals, making her an exceptional woman who will be dearly missed by all who had the privilege of knowing her.

Throughout her life, Mrs. Thomas demonstrated exceptional dedication and commitment to the insurance industry as she stood side by side with her husband, the Commissioner for Insurance/Chief Executive, in his mission to ensure the development and growth of the insurance sector in Nigeria. She recognized the vital role of insurance in providing financial security to individuals, businesses and communities.

The loss of Mrs Thomas will be felt by all who were fortunate enough to know her. The National Insurance Commission extends its deepest condolences to the Commissioner for Insurance/Chief Executive and his entire family during this difficult time. In this period of mourning, our hearts and prayers go out to them, offering comfort and support on behalf of the entire insurance community.

The Commission would also like to express its gratitude to the insurance industry stakeholders, friends, and well-wishers for their outpouring of sympathy and prayers. We appreciate your understanding and support as the Commissioner for Insurance/Chief Executive mourns the loss of his beloved wife.

Funeral arrangements will be communicated in due course.

Inspenonline retirement summit soars, holds April 25

By Favour Nnabugwu

 

 

More individuals, groups and organisations have continued to indicate interest to attend the maiden 2024 Inspenonline Retirement Summit, first of it’s kind, will hold on Thursday, April 25, 2024 .

According to the Promoter of the Summit, who is also Publisher of Inspenonline, Chuks Udo Okonta, prominent amongst those attending the summit are: members of Nigeria Employers Consultative Association (NECA); Nigeria Labour Congress (NLC); Trade Union Congress of Nigeria (TUC); Nigeria Union of Pensioners (NUP) and Pension Desk Officers (PDOs).

The event which will hold at Radisson Hotel include others as members of informal sector, insurance operators, pension operators, lecturers, students, workers and retirees.

Okonta submitted that the 2024 Inspenonline Retirement Summit, was designed to provide the requisite knowledge needed to aid the public to effectively plan and enter retirement life smiling and also help those in retirement rediscover themselves.

He said the theme: ‘Promoting Retirement Without Tears, Through Insurance and Pension’ will be handled by experts, who are masters in retirement affairs.

“Why would you spend thousands of naira to attend retirement seminars, while you can get the needed knowledge for free,” he enquired.

He said the event, which he christened the University of Retirement, has Faculty Leaders, such as, Chairman of event, Past President Chartered Insurance Institute of Nigeria (CIIN)/former Managing Director Sterling Assurance Limited, Fatai Lawal.

Special Guests of Honours: Commissioner for Insurance Sunday Thomas and the Director General National Pension Commission (PenCom) Mrs. Aisha Dahir-Umar

Special Guests: Past President Chartered Insurance Institute of Nigeria Sir. Muftau Oyegunle; Chairman, Nigerian Insurers Association (NIA) Olusegun Omosehin and the Chief Executive Officer, Pension Fund Operators Association of Nigeria, Agudah Oguche;

President Chartered Insurance Institute of Nigeria Edwin Igbiti; President Nigerian Council of Registered Insurance Brokers Babatunde Oguntade; Chairman, NSIA Insurance Limited, Dr. Adesegun Akin-Olugbade and the Former Managing Director Sanlam Nigeria, Val Ojumah

Keynote Speaker: Founder & Managing Director, ZER Consulting Africa, Adeolu Adewumi-Zer

Paper Discussants: Managing Director Motodols Consults/former Director General, Lagos State Pension Commission, Mrs. Folashade Onanuga; Founder, Mutual Aid Specialists, Adetola Adegbayi; Managing Director Universal Insurance Plc, Benedict Ujoatuonu; Managing Director and Chief Executive Officer of Crusadersterling Pensions Limited, Rotimi Adebiyi; Managing Director Heirs Life Assurance Limited, Niyi Onifade; Managing Director Sanlam Nigeria, Tunde Mimiko; Director General, Nigeria Employers Consultative Association, Adewale Oyerinde and the National Chairman, Forum of Pension Desk Officers, Nze Peter Nze.

Okonta appreciated companies and individuals that have so far supported the event morally and financially, whilst imploring good spirited individuals and organisations to also support the initiative.

Naicom visits DTRS on third party insurance

CAPTION:
L-Commissioner For Insurance and CRO of the National Insurance Commission, Naicom, Mr Olorundare Sunday Thomas and the Director, Director, Road Transport Service, FCTA, DRTS, Dr. Bello Abdul-Lateef in Abuja yesterday. 
By Favour Nnabugwu 
National Insurance Commission, Naicom has taken insurance of third party to the office of the  Director, Road Transport Service, FCTA, DRTS.
The Commissioner for Insurance/Chief Executive Officer of the Naicom, Mr. Olorundare Sunday Thomas who was ably received by the  Director, DRTS, Dr. Bello Abdul-Lateef in Abuja on Wednesday shared some ideas and way forward.
The purpose of the visit by Naicom was to formally explore areas of collaboration with regards curbing:
1. Instances were persons circumvent the system by paying lower premium than expected and 2. The issue of “FAKE” Third (3rd) Party Motor Insurance 
The Director, DRTS, noted that a lot of individuals renewing their vehicle particulars were not getting value for the insurance premium being paid as they did not validate the insurance policies after purchase even though they might have paid N15,000; whereas the cover they were actually given cost N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.
The Director, DRTS further mentioned they are now leveraging technology to curb such issues and that 98% of its processes are now automated. In addition, he stated that individuals can commence the process of their vehicle particulars renewal from the comfort of their homes.
The Commissioner for Insurance also informed the Director, DRTS on the enhanced third-party Motor Insurance which became effective 2nd January, 2023 increasing its premium from N5,000 to N15,000 and also its benefits from N1,000,000 to N3,000,000 covers respectively for the protection of road users.
In his closing remark, the Commissioner mentioned that effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing to ensure adequate Insurance management system.
FG to support insurance brokers body, NCRIB

CAPTION:

L – Past President, The Nigerian Council of Registered Insurance Brokers, Dr. (Mrs) Bola Onigbogi; Vice President, Mrs. Funke Adenusi, mni; Executive Secretary/CEO, Mr. Tope Adaramola; Hon. Minister of Finance and Coordinating Minister of the economy, Mr Wale Edun; President,NCRIB, Prince Babatunde Oguntade and Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Jafiya during the Council’s visit to the Minister’s office in Abuja recently

 

By Favour Nnabugwu 

 

 

The Federal Government has expressed its intention to partner with strategic professional institutions towards entrenching viable economic policies that would inflate the economy and guarantee the nation’s sustainable development, promised to support the Nigerian Council of Registered Insurance Brokers (NCRIB)

The Minister of Finance and Coordinating Minister of the economy, Mr Wale Edun, made the assertion when the delegation of NCRIB paid him a courtesy visit in Abuja.

According to Edun, the current administration was giving primacy to getting the economy out of the woods through pragmatic reforms by getting hold of government revenue and monitoring effective outcomes of government policies.

The Minister disclosed that the government realised the need to collaborate with reputable professional institutions which are believed to bring value to government’s new policy direction, hence an extension of hands of fellowship to notable bodies like the Nigerian Council of Registered Insurance Brokers, especially in its economic task force team.

Speaking earlier, the President of NCRIB, Prince Babatunde Oguntade had applauded the Ministry for effectively anchoring the economic reforms of the present administration which he stated was already putting the country on the path of sustainable recovery.

He stated that government needed to place greater emphasis on insurance as one of the economic reforms strategies, bearing in mind the endemicity of risks in every endeavour of government, coupled with the need to preserve the huge human and material resources of government against unforeseen circumstances.Oguntade specifically advocated a more stringent commitment of government to the enforcement of the laws on compulsory insurances which he noted would buoy the solvency of the industry as well as guarantee the required peace of mind of the people and inflate the economy ultimately.

While advocating the involvement of Registered Insurance Brokers in all government insurance accounts, Oguntade frowned at the practice of virement in yearly budgeted expenditure for insurances by government, noting that the accounting practice had deprived the industry of its required revenue.

The NCRIB President also made a passionate case for the removal of the National Insurance Commission (NAICOM) from the revenue generating agencies of government which led to government deducting 50 per cent front its revenue or income, a situation he said could badly affect the effective legislative oversight of the regulatory body through inadequacy of funds.

Nominations for 9th African Insurance Awards extend to April 5

By Favour Nnabugwu

 

 

Africa Reinsurance Corporation, Africa Re, has extended the submission of Nominations for the 9th edition of the African Insurance Awards (AIA) has been extended to 5 April 2024.

Africa Re through the awards intends to rewards and celebrates excellence, innovation, good corporate management and leadership in the African insurance industry.

The Awards Ceremony will take place on 3 June 2024 in Windhoek, Namibia.

Company of the Year: This prize is open to all insurance companies registered in Africa and focuses on performance in the last two years.

CEO of the Year: This special award is given to the CEO of an insurance company, who has made an outstanding contribution over the past 12 months or more, either through the advancement of his/her company or the insurance industry in Africa.

Innovation of the Year: This prize is awarded to an insurance company for the best use of technology, for launching a breakthrough product / service or a new and innovative distribution channel or method.
InsurTech Initiative of the Year:

This prize targets non-insurers that are collaborating with insurers to improve customer service delivery, product development and overall innovation in the insurance value chain. For this category, the awards will provide a platform for the winner to meet the insurance industry

Sovereign Trust staff, Akorede Johnson emerge CIIN Ambassador

By Favour Nnabugwu

 

Akorede Olaoluwa Johnson, a Youth Corp Member with Sovereign Trust Insurance Plc has emerged the winner and subsequently, becomes the Chartered Insurance Institute of Nigeria, CIIN Ambassador for the insurance industry for year 2024/2025.

The keenly-contested competition had contestants from leading insurance companies in the country and at the end of the day,

Akorede Olaoluwa Johnson, a Youth Corp Member with Sovereign Trust Insurance Plc emerged the winner and subsequently, becomes the CIIN Ambassador for the insurance industry for year 2024/2025. Akorede Johnson is a graduate of Insurance from Lagos State Polytechnic as well as having a B. Sc degree in Education from the Lagos State University.

He is a highly motivated and adaptable individual with a passion for learning and growth. Akorede is a registered and qualified teacher with the Teachers Registration Council of Nigeria.

He is also a member of the Chartered Institute of Personnel Management of Nigeria, (CIPM) and holds a Diploma Certificate of the Chartered Insurance Institute of Nigeria, CIIN.

As an undergraduate, he served in various capacities in the Student Union body in leadership positions.

As a young leader with enthusiasm for knowledge and professionalism, Akorede cut his career teeth with Sovereign Trust Insurance plc in October 2023,

when he joined the company for his mandatory one-year Youth Service as a staff in the Reinsurance unit in the Technical Division of the Underwriting Company.He is a professional photographer that loves to learn, travel and try new things.

Insurance industry total assets hit N2.67trn ***As capitalization closes @ N851bn in 2023

By Favour Nnabugwu 
The nation’s insurance industry’s total assets N2.7b trillion at the end of Q4, according to the National Insurance Commission (NAICOM)’s  “Nigerian Insurance Market performance at a Glance – Q4.
At the pace of the growth for the fourth quarter, insurance industry capitalisation stood at N851 billion at the close of 2023.
In the report release by the Deputy Director of Communications and Market Development, Mr AbdulRasaaq Salami revealed that “Statistics also shows that
the market recorded total assets of about N2.67trillion and capitalization of N851billion in 2023″
The Insurance industry of Nigeria has sustained its progressive trend of positive market performance at the close of 2023 fourth quarter, recording a milestone growth to close at N1.003trillion, representing about 27 per cent growth compared to the
N790billion recorded in 2022.
The Non-Life business accounted for 61.3 per cent of all premiums written during the year while the Life segment contributed 38.7 per cent, valued at N388.1billion. The market also recorded a retention of about 87.7 per cent for the Life business, just about 54 per cent for Non-Life while the aggregate market average retention stood at 66.7 per cent during the same period. 
Major growth drivers in the non-life segment of the market were Oil & Gas and Fire Insurances, contributing 27.3 percent and 24.1percent respectively. In a direct reflection to the ongoing regulatory measures regarding claims settlement, the Life business recorded about 95 per cent of net claims to the total recorded claims during the year while the market average stood at about 71.4 per cent of the N536.5billion gross claims reported at the close of fourth quarter, 2023. 
“In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continue to decline, posting a 1.6 per cent as outstanding of all the premiums generated in the market during the period.
Universal Insurance, Insurfeel Initiative donate covers worth N68.85m to 27 UNILAG Students

CAPTION:

L – Head Retail Universal Insurance Plc, Tony Okafor; Sub Dean, Faculty of Management Sciences, University of Lagos, Dr samson Ogege; Managing Director Universal Insurance Plc, Benedict Ujoatuonu; President, Faculty of Management Sciences Toriola Isaac; Head Corporate Affairs, Nigerian Council of Registered Insurance Brokers, Dele Ayeleso and Promoter Insurfeel Initiative, Chuks Udo Okonta at the event.

 

 

By Favour Nnabugwu

 

 

Universal Insurance Plc in partnership with Insurfeel Initiative have donated insurance coverage worth N68.85 million to 27 students of the University of Lagos (UNILAG).

The donation, which took place in UNILAG Campus, Akoka, Lagos yesterday, was a drive to assist the students mitigate risks and also deepen Insurance penetration by allowing Nigerians feel the benefits of insurance.

With the donation, each benefiting student and their caregiver are entitled to N2.5 million coverage, which breakdown shows, medical expenses for student, N150,000; permanent disability benefit for student, N500,000; death benefit for student, N500,000; permanent disability for parent, N700,000; death benefit for parent, N700,000.

Beneficiaries with their insurance certificates at the event.

Speaking at the event, the Managing Director/CEO, Universal Insurance Plc, Mr. Ben Ujoatuonu, said his company was elated to have keyed into Insurfeel Initiative to donate insurance covers to uninsured Nigerians in a bid to bring them into the insurance scheme.

He stated that covers donated are meant for executive members of different departments that make up the Faculty of Management Sciences in the institution.

Stating that the policies provide covers for the duration of one year in which the beneficiary is a member of the exco, he added that, the free cover expired after one year when each policyholder exit his or her position.

Responding, the Dean of the Faculty of Management Sciences, University of Lagos, Prof. Sulaimon Abdul-Hameed, who was represented at the event by the Sub Dean, Dr. Samson Ogege, applauded the kind gesture of Universal Insurance Plc and Insurfeel Initiative, stating that, the novel initiative was first of its kind in the University and that it would not only educate the students who are the beneficiaries about insurance, but also attract them to insurance profession thereby brewing the future human capital for insurance industry.

He disclosed that, in the past, brilliant students had to drop out of school because their sponsors died or are disabled, whilst expressing delight that, with this Insurance policy, the beneficiaries can finish their education with ease no matter what happens to their parents or caregivers.

He urged other corporate bodies to partner with Insurfeel Initiative to donate insurance cover as part of their respective Corporate Social Responsibility (CSR).

The Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB) Mr. Tope Adaramola, who was represented by the Head, Corporate Affairs NCRIB, Dele Ayeleso, said the idea of donating Insurance policies to the uninsured was borne out of the need to take the gospel of insurance to the nooks and crannies of the Nigerian society, adding that gradually, the initiative, which is now gaining unimaginable crescendo, has attained a reputation of bridging the gap between the Insurance Industry, which was once misunderstood by the public and the Insuring publics.

“And I think, this is one of the most laudable ideas and initiatives that the Industry should embrace and give its full support if it must grow as expected,” he submitted.

Adaramola submitted that over the years, we have heard about brilliant, but indigent students who could not successfully complete their academics simply because of poor financial backings, stressing that the primary aim of the initiative is to guarantee the continuity of students academic pursuits, even in the event of being financial incapacitated. It is on that note that I like to congratulate the beneficiaries here today, he posited.

“The onus is now on you to squarely face your academic pursuit and ensure that you graduate in flying colours. Before I finally yield the stage for the next speaker, may I urge you all to see Insurance as a very important aspect of our being.

“May I state unequivocally that Insurance contributes immensely to the economic growth of any nation by mobilizing domestic savings into providing financial stability. The catalytic effect of insurance on the economy cannot be understated as it provides financial support and decreases the risks that come with doing business and living. It provides a cover against any sudden loss. Insurance coverage provides a feeling of assurance and peace of mind to the policyholders as it gives payment certainty in the event of loss,” he said.

Speaking about insurance broking, where he operates, Adaramola submitted that an insurance broker is a professional who acts as an intermediary between a consumer and an insurance company, helping the former find a policy that best suits his/her needs. “In a nutshell, insurance brokers play a dual responsibility, representing both the consumers and insurance companies, therefore insurance consumer need not pay a dime for the service a broker renders.

This goes to say it is cost effective to use a broker. When you engage a broker, you can rely on his/her expertise and their ability to offer an extensive range of policy options,” he added.

He appreciated the Managing Director/CEO, Universal Insurance Plc, for partnering with the promoter of the initiative.

He expressed sincere appreciation, to the Promoter of the Initiative, Mr. Chuks Udo Okonta, who he said has continued to sustain the ideology of promoting insurance through various laudable initiatives. “Permit me to emphatically note that Mr. Okonta, has remained a true and thorough industry’s trail blazer.

The Nigerian Insurance industry is indeed blessed to have him as part of them. I am most delighted to note that his contribution to the growth of insurance is formidable,” Adaramola said.

Earlier, the Promoter of Insurfeel Initiative, Mr. Chuks Udo Okonta , had disclosed that, the initiative tagged as Suya Strategy, whereby you taste the insurance coverage before procuring it, is the best mode of deepening insurance penetration, education and sensitisation while increasing insurance industry bottom-line in the process.

He appreciated the management of University of Lagos, especially the Faculty of Management Sciences for providing the the opportunity to donate the policies to the students.

Okonta also thanked the management of Universal Insurance Plc, for believing in the Initiative.

He said Insurfeel Initiative’s target is to donate one million insurance covers to the uninsured before the end of year 2025, whilst imploring on individuals; corporate organisations, associations, government entities; group amongst others to partner Insurfeel Initiative to help mitigate risks before the uninsured.

Okonta reiterated the statement, that it is cheaper to donate insurance cover than contribute money when the unexpected happens.

Similarly, the Vice President of the Association of Management Sciences students, Bada Solomon, who spoke on behalf of the benefiting students gave kudos to the initiator of the initiative, expressing their joy for having such a coverage that would curb school dropout in the country at large.

He urged Insurfeel Initiative to extend the kind gesture to other higher institutions across the country.

A.M.Best affirms B+ to Axa Mansard Insurance

By Favour Nnabugwu

 

 

 

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of AXA Mansard Insurance Plc (AXA Mansard) (Nigeria). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect AXA Mansard’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect rating enhancement, in the form of lift, from AXA Mansard’s ultimate parent, AXA S.A. (France).

AXA Mansard’s balance sheet strength is underpinned by risk-adjusted capitalisation, which is expected to remain at least at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). Capital consumption is primarily driven by asset risk, which incorporates the company’s substantial real estate investments.

With its business concentrated domestically, AXA Mansard is exposed to the very high levels of economic, political and financial system risks in Nigeria. The balance sheet strength assessment also considers AXA Mansard’s high reinsurance dependence on large energy and property risks; however, this is partially mitigated by a reinsurance panel of excellent credit quality.

AXA Mansard has a track record of robust, albeit volatile, non-life underwriting performance, demonstrated by a five-year (2018-2022) weighted average combined ratio of 97.4%. For the year-ended 2023, AXA Mansard reported solid unaudited results, evidenced by a return on equity (ROE) of 36.2%, comparing favourably against the five-year weighted average ROE of 10.3%.

The improvement was driven by substantial foreign exchange gains relating to AXA Mansard’s U.S. dollar denominated investments amid the sharp devaluation of the Nigerian naira during 2023. Prospective performance is expected to be supported by actions taken to improve the profitability of the health portfolio, as well as positive contributions from the company’s life book.

AXA Mansard is a composite insurer, writing a diverse book of business that is concentrated in Nigeria. The company has a solid foothold in its domestic market where it ranks among the largest non-life companies and enjoys a leading market position in the health segment. With good long-term growth prospects, AXA Mansard is expected to further strengthen its competitive position over the coming year

CFI, Sunday Thomas appointed into NCDMB as Governing Council member

By Favour Nnabugwu
Nigeria’ s Commissioner for Insurance, and the Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Sunday Olorundare Thomas has been appointed as a Governing Council member of the Nigerian Content Development and Monitoring Board (NCDMB)
Dr Alim Abubakre, British-Nigerian founder of TEXEM UK, a consulting firm in the United Kingdom, says the appointment of Olorundare Thomas to the Nigerian Content Development and Monitoring Board (NCDMB) Governing Council is strategic and exemplary.
Abubakre stated the appointment is also unique in the dynamic landscape of Nigeria’s oil and gas industry, where each appointment resonates with significance.
He said the inauguration of the 4th Governing Council of the no marks a pivotal moment in the industry’s trajectory.
Spearheaded by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, this council is entrusted with the crucial mandate of fostering indigenous human and infrastructural capacities within the oil and gas sector.
“Mr Thomas’s inclusion underscores his exceptional leadership acumen and unwavering commitment to advancing Nigeria’s economic interests.
“Drawing from his extensive experience and remarkable achievements, Mr. Thomas stands poised to make invaluable contributions to the NCDMB Governing Council.
“His exemplary stewardship at NAICOM, coupled with his visionary approach towards driving transformative initiatives, exemplifies the calibre of leadership essential for steering the NCDMB towards greater heights of success,” Abubakre said.
He said that Thomas’s multifaceted contributions extend beyond the realm of insurance.
“His pioneering role in establishing and eventually taking off the College of Insurance Supervisors of West African Monetary Zone (CISWAMZ) is a testament to his visionary leadership and proactive engagement in regional initiatives.
“Recognised for his outstanding contributions, Mr. Thomas continues to exemplify excellence and innovation within the regulatory landscape.
“Moreover, Mr Thomas’s strategic foresight is exemplified by the inauguration of a 10-year transformation roadmap for the insurance industry,” Abubakre added.
He said the ambitious endeavour, spanning from 2024 to 2033, underscores Thomas’s unwavering dedication to fostering sustainable growth and development within the insurance sector.
Abubakre said that Thomas exemplifies the transformative impact of continuous learning and professional development as an alumnus of TEXEM, having participated in the company’s executive development programme titled “Risk Management and Effective Leadership.
-NAN