All Posts in "Insurance"

Naicom, PenCom, NIA, PenOps, others for NAIPCO confab Nov 3.

By Favour Nnabugwu

 

 

The National Insurance Commission  (NAICOM) and the National Pension Commission ( PenCom) and other stakeholders in the insurance and pension sectors have endorsed the upcoming 2022 annual conference of National Association of Insurance and Pension Correspondents (NAIPCO) coming up on November 3, 2022

The two agencies will lead other professionals to the conference to discuss burning issues in the insurance and pension sectors.

The event which is bid to hold at Oriental Hotel, Lekki, Lagos will also be graced by experts and stakeholders from the insurance and pension sectors as well as the financial services sector such as Lagos State Pension Commission, LASPEC and Small and Medium Scale Enterprises of Nigeria, SMEDAN and others.

Others include the Nigerian Insurers Association, NIA; the Chartered Insurance Institute of Nigeria, CIIN; the Nigeria Council of Registered Insurance Brokers, NCRIB; Professional Ladies Association of Nigeria, PILA; Institute of Loss Adjusted of Nigeria, ILAN; Pension Fund Operators Associations of Nigeria, PenOps; Association of Registered Insurance Agents of Nigeria, ARIAN and College of Insurance and Finance Management, CIFM

The Conference which is the seventh edition in the series, has the theme: “On-boarding Small and Medium Scale Enterprises into Micro Insurance and Pension Space in Nigeria.”

The keynote Speaker is the Director General, Lagos Chamber of Commerce and Industry, (LCCI), Dr. Mrs. Chinyere Almona, while Eng. Cyril Ajagu, a major investor in the financial services industry as well as oil and gas will chair the epoch event.

The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas, and Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, will be Special Guests.

The Chairman, Nigerian Insurers Association (NIA), Mr. Segun Omosehin; Chairman, Pension Fund Operators Association of Nigeria (PenOp),  Olumide Oyetan; among others; have confirmed their presence at the event.

Others expected are: Nigeria Union of Pensioners; Trade Union Congress; People Living with Disabilities; Barbers, Hairdressers, Market Men and Women, Vulcanizers, etc.

The event will also feature the unveiling of NAIPCO New Name and Logo to stakeholders in both sectors of the economy.

Speaking on the conference, Chairperson of NAIPCO, Mrs Nkechi Naeche-Esezobor noted that the theme of the conference is apt as the SMEs sector has been the main driver and engine of growth of the Nigerian economy, and being the sector with the highest employers of labour needs all the support to enable it continue to contribute significantly to the economy.

Incidentally, the larger population of operators and employees in this space are left unattended to, with a lot of them not benefiting at all from the nation’s financial inclusion project, and this therefore underscores why the micro-insurance and micro-pensions players should see this group as a growth asset.

Patoma Admin by — September 5, 2022 in Insurance 0
Almond Finance for Insurance Industry Awards & Consumers’ Nite on Nov 4

By Favour Nnabugwu

 

All arrangement have been concluded for the 2nd edition of the Insurance Industry Awards & Consumers’ Nite organised by Almond Productions Limited, Producers of Almond Finance and Wealth Report on November 4, 2022.

In a statement by the Executive Committee Member, 2022 Almond Insurance Industry Awards & Consumers’ Nite, Mr. Joseph Obah, noted that following the acceptance and success of the 2018 maiden edition, Almond is set to host the 2022 Insurance Industry Awards and Consumers’ NITE tagged #The Survival Edition, the Shell Hall, Muson Centre,Onikan, Lagos.

The Almond Insurance Industry Awards and Consumers’ NITE is a Social Platform, created in 2018, aimed primarily,at demystifying the insurance industry through partnership with the entertainment industry to create leisure fun and excitement for the ever-busy insurers and players within the industry, their customers and the general public.

Given the tough task of selling insurance in Nigeria, the Awards & Consumers’ Nite provides a unique relief for practitioners, young and old, who are daily on their toes trying to meet deadlines and targets, leaving little or no room at all for relaxation outside of work.

The Chief Executive Officer, Almond Productions Limited, Faith Ughode, states that “The Almond Leisure Nite is designed to change the narrative, especially the negative impact of cumbersome schedules foisted on the industry workforce as ‘all work and no play makes Jack a dull boy”.

“We have taken it upon ourself through this platform to reenact what obtains in other climes, especially in the banking industry, to have one NITE during which players in the insurance industry can let their hair down and unwind in an atmosphere of fun and excitement with their loyal customers or clients.

Other invited members of the public who often see insurers as Collectors of Premium who don’t give anything back to those who do not suffer losses”. She further stated that “The Nite is also an avenue to bring the subject matter of insurance to public consciousness through unique advocacy involving engagement with their favorite celebrities”.

Almond Finance and Wealth Report is on Silverbird Television/DSTV Channel 252 and on BCOS Television, Ibadan and Wetin Insurance Dey Do Sef ‘Live’ on Naija FM 102.7 and Wetin Insurance Dey Do Sef Free Pidgin English Newspaper.

Patoma Admin by — September 3, 2022 in Insurance 0
AIO Reinsurers Forum holds in Lome, Togo from October 1

By Favour Nnabugwu

 

 

The 26th African Reinsurance Forum organised by the African Insurance  Organisation, AIO, is slated to hold in Lime, Togo from October 1-5, 2022 

Over 500 delegates drawn from Africa and beyond brainstormed on the theme “Sustainable growth: ‘The role of African Reinsurers in Economic Growth and Fevelopment’

In an invitation sent to patomabusunessonline.com reads,” We are pleased to inform you that the 26th African Reinsurance Forum of the African Insurance Organisation will take place from the 01st – 05th October 2022 at the Hôtel 2 Février Lomé, Togo.

The hybrid event will be hosted by the Comité des Assureurs du Togo – CAT.  We are expecting about 500 delegates participating In-person.

The AIO’s goal for setting up the Reinsurance Forum is to encourage business exchange through bilateral contacts and discussions in line with the organization’s objective: Promoting inter-African cooperation and developing a healthy insurance and reinsurance industry in Africa.

Since the inception of the Reinsurance Forum, there has been a lot of business exchange among African industry professionals but there is still much room for further improvement.

Patoma Admin by — September 2, 2022 in Insurance 0
Insurers Committee to unveil 10 year strategic plan for sector-wide

By Favour Nnabugwu

 

 

Insurers Committee said it has concluded arrangements to give the Nigerian insurance industry a 10 year strategic document that will codify the long-term aspiration of the industry.

The decision was taken during the Insurers Committee meeting which took place in Lagos today.

Briefing journalists after the meeting, the vice-Chairman, Publicity Sub-Committee, Mr. Segun Omosehin, said all the associations in the industry have been asked to nominate their members who will constitute a committee that will take charge of drafting the document.

According to him, “Today we deliberated on the need for an industry-wide strategic plan, a strategic document that will codify the long-term aspiration of the industry within a given period of ten years.

Omosehin who is also the Managing Director/Chief Executive Officer, Old Mutual Insurance PLC, said the document will be a high level document that will have in it what the industry intends to achieve, adding that work on the document will commence soon.

“The need for a strategic plan is to enable us as an industry has codified strategic initiatives that will be implemented over a given period of ten years. This will help the successive leadership that comes in so that there are no vacuum.

It helps guide the action of leadership in terms of what we want to achieve as industry. It keeps us in focus. That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a ten-year plan,” Omosehin explained.

The industry rebranding project, according to him, becomes an integral element of the document.

He said the industry’s proposed strategic document is to help each successive leader that comes in, for example, Nigerian Insurers Association (NIA), for instance, if am running for two years, there is a need for a broader industry-wide initiative that I am expected to run along with my own plan, this, he said, will help every leader to achieve an industry-wide objective.

Also speaking on the document, a member of the committee, and Head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Mr. Rasaaq Salami, said NAICOM as a regulator, will be part of the plan which, according to him, will cover the various associations in the industry.

He said different associations in the industry have been asked to nominate members that will be part of the committee that will handle the drafting of the document.

Mr. Omosehin said other decision taken at the meeting was the revise guidelines on Bancassurance.

“We received some cheery news that regulator is likely to release some new guidelines on Bancassurance. Some elements in the guidelines are being reviewed and so we are hopeful and looking forward to some revised role on the operations of Bancassurance,” he said.

Patoma Admin by — September 2, 2022 in Insurance 0
Management says N4bn unfinished building is for Naicom Academy, office accommodation, approvals granted

By Favour Nnabugwu

 

 

The Management of the National Insurance Commission, Naicom, has broken silence on the N4 billion property meant for Naicom Academy and office accommodation with relevant approval granted to Commission

The Commission in a Statement released today by the Head of Corporate Communications & Market Development, Mr. AbdulRasaq Salami, said the clarification become necessary to clear any doubt in the minds of the public with respect to the process followed by the Commission in its efforts at acquiring the property..
Naicom said the news making rounds in the media did not give a though picture of the fact well, stating that the management of the Commission through the Honourable Minister of Finance, Budget and National Planning presented to the Federal Executive Council presided over by His Excellency, President Muhammadu Buhari, GCFR an Unfinished property for approval to be acquired as NAICOM Academy and office accommodation following the approval by the immediate past Governing Board of the Commission.
According to the Management, “The building is to serve the dual purpose of housing the newly established NAICOM Academy which is an initiative of the present leadership of the Commission to address knowledge gap in the insurance sector regulation and supervision not only in Nigeria but across Africa and beyond and also serve as the new head office of the Commission”.
Naicom, however, did not deny the fact the property is an uncompleted building but said it has all approval and knowledge of the former board of the Commission.
“All documents relating to the property clearly state that the property was in an
unfinished state”
“The  Commission had prior the FEC approval, obtained a “No Objection” from the Bureau of Public Procurement (BPP) following the valuation of the property by the Federal Ministry of Works and Housing”
“Adequate  due diligence was conducted on the property for acquisition and all relevant approvals were secured by the Commission”
The provisions for the building, according to Naicom, was made in the 2022 approved annual budget of the Commission for the purpose of acquiring the building for the Commission.
The Commission said it is the desire of the government to ensure that the insurance industry is well structured across the Geo political zones and Africa.
” In order to address the problem of low insurance penetration, entrench the culture of insurance in every part of the country and enhance the effectiveness of its surveillance in all the geopolitical zones of the country, the expansion of the Commission’s infrastructural facilities is inevitable thus the Commission requires a befitting Office accommodation to curtail any future office space crises”.
Patoma Admin by — September 1, 2022 in Insurance 0
Faces @ NCRIB Members Evening in Lagos

The Nigerian Council of Registered Insurance Brokers, NCRIB, held it monthly Members Evening with Leadway Assurance as the insurer hosted by the brokers.

CAPTIONS:

L – President, Chartered Insurance Institute of Nigeria, Mr. Edwin Igbiti; Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe; Deputy President, NCRIB, Mr. Tunde Oguntade; President, Mr. Rotimi Edu, mni; Police Public Relation Officer, Lagos State, SP Ben Hudeyin; Executive Secretary/CEO, Mr. Tope Adaramola and Pioneer Executive Secretary, Dr. Remi Alo at the August Members’ Evening held in Lagos recently. 

L – Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe; Deputy President, NCRIB, Mr. Tunde Oguntade; President, Mr. Rotimi Edu, mni; Police Public Relation Officer, Lagos State, SP Ben Hudeyin and Executive Secretary/CEO, Mr. Tope Adaramola at the August Members’ Evening held in Lagos recently. 
Patoma Admin by — August 31, 2022 in Insurance 0
Prudential Africa leads Nigeria’s insurance industry with highest number of MDRT qualifiers

By Favour Nnabugwu

Prudential Africa has emerged the highest number of Million Dollar Round Table (MDRT) members in Africa with the largest number of qualifiers coming from Nigeria.
Prudential continues to invest in its sales distribution to provide quality service and meet the evolving needs of customers.
MDRT is the global Premier Association of Financial Professionals. MDRT members lead the global financial services profession in professional knowledge, ethical conduct, and client service.
Members are recognized as setting the international standard of excellence in the financial services field, meeting unique client needs in the evolving landscape of modern personal finance while adhering to a strict code of ethics.
Distributed by APO Group on behalf of Prudential Africa.
Chief Operating Officer, Prudential Africa, Nick Holder said that the company continues to focus on investing in its distribution channels to support the health and protection needs of its customers.
“We continue to equip our agency force and financial service consultants with digital capabilities to connect and engage with customers, as well as provide personalised advice.
“Our multi-channel and integrated distribution strategy is able to adapt to evolving customer needs and local market conditions, and positions us well to capture growth opportunities” said Mr Holder.
Prudential Africa today announced that 222 of its sales representatives across seven of its markets in Africa have qualified for the Million Dollar Round Table (MDRT) in the first half of 2022
Prudential Africa has 11,000 agents and a bancassurance network of over 600 bank branches across its eight markets comprising of Nigeria, Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo, Uganda and Zambia.
With over 1 million customers, Prudential Africa works with over 11,000 agents and six exclusive bank partnerships, with access to over 600 branches, to bring value-added insurance solutions to its customers
222 MDRT qualifiers in the first six months of 2022 compared to 39 from the same period last year, marking an increase of almost six times.
This is in comparison to 39 qualifiers from the same period last year, up 469 percent. Sales representatives comprises agents and financial service consultants.

These results reflect the strong performance of Prudential in Africa where Annual premium equivalent, APE sales grew 17 per cent year-on-year as announced by the Group in its 2022 half year financial results. Six of its eight markets recorded double digit growth in APE sales

Prudential plc provides life and health insurance and asset management in Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion.
Patoma Admin by — August 31, 2022 in Insurance 0
CHI pays insurance Journalists claims from Group Personal Accident Insurance

By Favour Nnabugwu
A good number of Insurance Journalists covered under the group accident insurance policy sponsored by Consolidated Hallmark Insurance (CHI) Plc in it’s Corporate Social Responsibility, CRS, have so far been paid claims including the most recent one that ram under a trailer after being hit from behind.
As a responsible corporate citizen, CHI put in place for Insurance Journalists in the country, Group Personal Accident Insurance cover worth N24 million Sum Assured and the cover is being provided by the insurance company.
This gesture, according to the company, is part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their duties are adequately protected.
Speaking on the development, the group managing director/CEO, CHI, Mr. Eddie Efekoha said that the gesture was to show the kind of values and respect his insurance firm has for journalism.
According to him, “Journalism is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.
The Journalists who are members of the National Association of Insurance and Pension Correspondents (NAIPCO) have been enjoying the feat from the insurance company over the years.
The company had promptly paid accident claims of a member who had an accident in February this year, while the second one took place in July.
The recent payment was for a member who had an accident when the car he was driving was hit by another vehicle from behind and pushed him under the trailer in front of him.
The fourth person was paid few years ago after a she had an accident while traveling with executive members of Nigeria Union of Journalists
However, covered under the group personal accident cover issued to NAIPCO, CHI stepped in to pay the hospital bills of the member while the victim has been discharged from the hospital and he is now in good health.
On her part, Chairperson, National Association of Insurance and Pension Correspondents (NAIPCO), Mrs. Nkechi Naeche-Esezobor, thanked the insurance firm on the claims paid, stating that, this is a testimony that insurance works and that insurers are actually paying genuine claims.
Patoma Admin by — August 30, 2022 in Insurance 0
CIIN strategises with NAIPCO for successful tenure, industry growth

By admin

 

The President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) Mr. Edwin Igbiti, has called on members of the National Association of Insurance and Pension Correspondents (NAIPCO) to partner with him in his administration as the 51st President of CIIN to take the Institute and insurance industry to the next level.

The CIIN President made the call yesterday when the newly elected officers of the Association paid him a courtesy visit at the Institute’s Secretariat in Lagos

CIIN President, who commended the Association for their support for the Institute and the insurance industry at large thus far, said “I will like to seek your partnership for a successful administration and also reiterate the Institute’s commitment and support to the Association.

“Permit me to equally seize this opportunity to once again congratulate the newly elected Executive Members of the Association. This is new dispensation for you all and we hope to see you record huge success through your leadership and reportage of the insurance industry. Kindly be assured of the Institute support throughout your administration.

“I, specially appreciate you all for the massive coverage you gave my investiture ceremony. This hugely attributed to the success of my Investiture as the 51st President of the Chartered Insurance Institute of Nigeria; I am deeply grateful for the huge support and partnership,” Mr. Igbiti said.

The CIIN President in seeking support and partnership of members of NAIPCO drew their attention to the theme of his administration “Building  Sustainable Legacy,” which he said focuses on three points agenda of Digital Reinforcement of Institute’s Operations; Insurance Awareness for all – Grassroot, Youths and Insuring Public and Infrastructural Development.

Igbiti said the choice of the theme was borne out of the need for continuity, to sustain and build on the works of Past Presidents of the Institute, adding that this will guarantee that despite current global uncertainties, the Institute will continue to meet the needs and aspirations of its members.

While responding to the CIIN President’s speech, NAIPCO Chairperson, Mrs. Nkechi Naeche Esezobor, congratulated CIIN President on his election and inauguration as the 51 President of the Institute.

Mrs. Naeche-Esezobor who pledged NAIPCO’s continued support to CIIN especially in the coverage of the Institute’s activities called on the CIIN President to see to the welfare of NAIPCO members to inspire them to do more for the Institute and the insurance industry generally.

NAIPCO Chairperson also told the CIIN to review its media and publicity strategies to accommodate more journalists for the coverage of the Institute’s activities as this will give the Institute more mileage especially in their awareness drive to deepen insurance penetration in the country.

Patoma Admin by — August 27, 2022 in Insurance 0
NAIPCO executives visit CIIN president, Edwin Igbiti in Lagos

Chartered Insurance Institute of Nigeria, CIIN, hosted members of the executive of the National Insurance & Pension Correspondents, NAIPCO in the institute head office in Lagos today

CAPTIONS

L – President of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti; presenting a gift to the Chairperson of the National Association of Insurance and Pension Correspondents (NAIPCO), Mrs Nkechi Naeche-Esezobor during a courtesy visit by NAIPCO Executive Members to CIIN at its Institute in Lagos.

L – Loveth Azodo, member; Chuks Okonta, Immediate past Chairman; Joke Adeyemi, Treasurer; Ngozi Onyeakusi, Vice Chairperson; Edwin Igbiti, President, CIIN; Nkechi Naeche-Esezobor, Chairperson; Matthew Otoijagha, Financial Secretary; Rosemary Iwunze, General Secretary; Edet Udor, Assistant General Secretary, during a courtesy visit by NAIPCO Executive Members to CIIN at the Institute in Lagos.

Patoma Admin by — August 26, 2022 in Insurance 0