All Posts in "Business"

Nigerian insurance industry performs above Egypt, Tanzania & Malaysia in 2021

* As Naicom reel out five year industry perfomance

 

By Favour Nnabugwu

 

 

The National Insurance Commission, Naicom reeled out five year performance of the insurance which reveals that the Nigeria is not doing badly compare to other emerging markets in Africa

Naicom at the one day seminar for Insurance Editors theme: “The Future of the Nigerian Insurance Sector in a Shifting Landscape’ revealed that the nation’s insurance sector’s remarkable experience is even better situated when pictured relative to other jurisdictions in a similar emerging insurance markets

The sector’s five year performance, from 2017 – 2022 showed the industry did well amidst challenges.

In 2021,  the annual rate of premium growth in Nigeria stood at 19.7 percent, it was 18.5 percent for Egypt, 12 percent in Tanzania and 7.6 percent in the emerging Insurance market of Malaysia

Even in 2020, when compared, he said the Nigerian insurance industry recorded a retention ratio of about 71.6 percent higher than the advanced climes of Australia (69.4 percent) and Turkey (70.9 percent) and indeed the developing market of Egypt (58.1 percent) among others

In a paper present tagged the Facts Behind The Figures of the performance of the Nigerian Insurance Industry from 2017 through to 2022 in the recent past especially, the last five-years by Professor Umaru Baba, Assistant Director, Statistics & Research dept of the Commission, said the market as measured by the industry gross premium income (GPI) has maintained a steady growth throughout the period of 2017 to the current

Umaru said the increasing growth of 65.5 percent for the period when it grew from about N372.4b in 2017 to N616.6b in 2021, Year on Year during the period, the rate of growth was put at 14.2 percent for 2017, 14.5 percent in 2018 and, 19.2 percent 1.2 percent and 19.7 percent for 2019. 2020 and 2021 respectively

Umaru identified the major drivers during the period of 2017 – 2021 were the special risk insurance of Marine & Aviation at about one hundred and seventy (169.6 percent) per cent, Miscellaneous Insurance at 98.4 percent and Life Insurances at 71.3 percent

In 2022, he stated that the GPI stood at N223.8bn in the first quarter, which was 6% growth on YoY and, N369.2bn in the second quarter, indicating a 65 percent QoQ growth and at about 20 percent YoY

In 2022, however, he revealed that Fire Insurance stood at 32.5 percent and Life business stood at 24.5 percent recorded with highest rates at the end of first half of the year (H1) period, YoY.

“Interestingly the market recorded expansion in 2020 during the pandemic when the real GDP actually contracted (-1.9 percent) as was the case with most economies around the world

“Apparently outpacing the real economic growth which grew at just about 3.5 percent during same period

Retention Capacity within five years

“In tandem with the GPI growth, it recorded a positive trajectory in business retention from N265.5bn to N441.2bn (66.2 percent) over the period of 2017 to 2021, as expressed by the infographic (i)

The retention growth was highest for the Marine & Aviation, growing at 169.7 percent over the period while General Accident Insurance retention lagged at about 24.6 percent over the same period. This signifies growing retention capacity by Insurers as the aggregate five-year retention ratio of the industry stood at 72.1 percent as the portfolios of Motor (93.1 percent) and Life business (91.8 percent) led the market, he added.

The market has proven resilience not only with regards premium generation but the capacity to retain businesses which signifies sound financial stability and carriage capacity

Claims Settlement

Umaru said the claims is a primary factor for the quest of Insurance business and a cardinal element in its business model. Normally, Policyholders go for these services with the intent of filing for claims if/when the risk crystallises

“The Insurance market has continued to grow in gross claims reported reflective of the increasing policyholder enlightenment, market confidence from both demand and supply sides, and indeed effects of regulatory measures meant to ensure for claims settlement.

Industry Claims from 2017-2022

Baba posited that the gross claims reported a fluctuation over the period to peak at a growth proportion of 36.2 percent over the years representing N336.8bn in 2021 from N186.4bn in 2017.

“The percentage net claims paid has, owing to Improved market discipline and the approach of customer focused regulation, remained very high around the border of 70 percent, he added

He cited that In the pandemic year of 2020, despite macroeconomic challenges, about 70 percent of all reported claims were settled by Insurers within the specified period, the industry also remained profitable with loss ratios within the average range numbers, with highest in 2018 at 59.2 percent,  while lower net claims ratios, ceteris paribus, are good indicator of the desirable situation for profitability good returns on investment in Insurance business

The industry recorded a consistent expansion over the period despite market cyclicals recorded in the capital market especially, during the global COVID-19 pandemic.

“Sustained Assets growth of the industry even during economic recessions, highest in 2020 (34.6 percent) indicates the immense investment flow and, due to recapitalisation measures taken during that period

For these the industry’s total Assets, almost doubled over the five-year period of 2017 to 2021, this depicting a positive interest of investors in the market at a time associated with macroeconomic volatilities.

“In 2022 as illustrated in figure (j), it recorded an expansion to about N2.3 trillion at the end of first half (H1) which is growing at 12.0 percent Year on Year

Professor Umaru stated that based the ongoing performance, the insurance sector should be the future redeemer of the Nigerian economy given its growth rate, pattern, resilience and yet untapped potentials

Umaru noted that data has shown that, the industry sustained a higher growth rate than most other sectors of the economy and, always higher than the real GDP growth.

said for the need to sustain and improve on the current trend, the market deepening drive which is already yielding results, must be unrelenting in the sector

“Sustaining the current rapid rate of Insurance market growth and ensuring for economic growth, safety, stability, inclusion and development in Nigeria”

Patoma Admin by — November 7, 2022 in Insurance 0
Faces @ 25th NIA Chairman, Segun Omosehin’s investiture in Lagos

Investiture of the 25th Chairman of the Nigerian Insurers Association, NIA, Mr. Olusegun Ayo Omosehin at Oriental Hotel, Lagos

.CAPTIONS

L- Tope Smart, past Chairman, Nigerian Insurers Association (NIA); Ganiyu Musa, immediate past Chairman, NIA; Wole Oshin, past Chairman, NIA; Olusegun Omosehin, new Chairman, NIA; Godwin Wiggle, past Chairman; Eddie Efekoha, past Chairman, and Modupe Omosehin, wife of the NIA Chairman, during the investiture of Mr. Omosehin as the 25th Chairman of the association, in Lagos on Thursday.

L- Edwin Igbiti, CIIN President; Olorundare Sunday Thomas, Commissioner for Insurance/CEO, NAICOM; Darlington Nwokocha, Chairman, House Committee on Insurance and Actuarial Matters; Lucky Orimisan Aiyedatiwa, Deputy Governor, Ondo State; Olusegun Omosehin, Chairman, Nigerian Insurers Association (NIA), his wife, Modupe; Prof. Pat Utomi, Chairman of occasion, and others, during the investiture of Mr. Omosehin as the 25th Chairman of the association, in Lagos on Thursday.

R- Commissioner for Insurance, Mr Olorundare Sunday Thomas, Mr Pat Utomi and another guest at the investiture

Patoma Admin by — November 7, 2022 in Insurance 0
Corporate Governance: Naicom to ban unapproved person in decision-making of companies

By Favour Nnabugwu

 

 

 

The National Insurance Commission, (NAICOM) has made it clear to insurance companies operating in the country that if by any means, companies incorporate a person not approved or known to the commission in decision making of a company will be ban from operating in insurance industry ever again

The Commissioner for Insurance, CFI who made this known at a seminar organised by Naicom for Insurance Correspondents in Lagos on the theme: “The Future of the Nigerian Insurance Sector in a Shifting Landscape,” said Naicom will not for whatever reason tolerate such in the insurance industry.

He said such actions is against corporate governance

Corporate Governance is a system specifying the division of duties, rights, and responsibilities among various participants in a corporation, such as the board of directors, the various committees within the board of directors, operating managers, and shareholders.

Anybody that is not known to the Commission and is participating in a critical role in any of the insurance companies will be banned from participating in the insurance sector henceforth. We will make sure that the person does not participate in the insurance business in this country anymore,” he stated.

We shall consciously pay due attention to issues of corporate governance practice in our industry. Enough of unguided practices by some unknown persons. Anybody not known to the Commission who is playing a strategic role in any insurance company will be dealt with. We will make sure that such persons does not participate in the insurance business in this country anymore. We shall not tolerate any form of abuse of corporate governance in insurance industry,”

The Commission said its current position is clear that where such influence exists, such person unapproved privilege positions to abuse corporate governance in companies .

CFI said if in the course of Inspection of companies, the Commission discovered a person not known to the regulatory body, is involved in critical decisions made by the company, will be banned from insurance industry in Nigeria.

“

The NAICOM boss said the Commission is encouraged to believe in a new dawn in all facets of regulatory policies, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand side of the economy.”

We shall consciously pay due attention to issues of corporate governance practice in our industry. Enough of unguided practices by some unknown persons. Anybody not known to the Commission who is playing a strategic role in any insurance company will be dealt with.

“We will make sure that such persons does not participate in the insurance business in this country anymore. We shall not tolerate any form of abuse of corporate governance in insurance industry,”

Thomas stressed that the Commission is engaging stakeholders including state governments towards ensuring the domestication of the laws to ensure compliance with compulsory insurances and improve the business of insurance in their respective states.

Patoma Admin by — November 6, 2022 in Insurance 0
ThisDay Correspondent, Ebere Nwoji Wins NAICOM’s maiden award of excellence

By Favour Nnabugwu

 

 

 

The National Insurance Commission (NAICOM) has conferred on ThisDay Newspapers’ Correspondent, Mrs Ebere Nwoji, its maiden Award of Excellence in insurance sector for analysis and features writing in Nigeria.

NAICOM while announcing the award among Journalists from various print and electronic media organizations during the Commission’s annual training programme for Journalists held in Lagos, observed that Mrs Nwoji’s critical analysis of issues and trends in insurance sector remains remarkable and unparalleled.

Further, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Sunday Olorundare Thomas, noted that her feature articles have not only helped to educate the public on value and relevance of insurance also enlightened members of the public on policies, developments and challenges in the nation’s insurance sector. He also said Nwoji’s writings on insurance issues also assisted to deepen insurance penetration and kept the practitioners on their toes to embrace modifications in line with international best practices.

While applauding Mrs Nwoji for her painstaking efforts and dedication to ensure fairness and balance reporting through research as reflected in her writings, assured to institute the award as an annual event. In addition, Thomas urged all Journalists in Insurance Sector beat to emulate the exemplary disposition of the ThisDay Correspondent in educating the public on insurance matters.

Earlier, the Deputy Director .and head corporate communications and Market Development of NAICOM, Rasaaq ‘Salami, while announcing the maiden award winner, noted that through Mrs Nwoji’s consistency in well researched analytical writings, she educates the Nigerian masses on insurance by analysing sensitive and critical issues in the insurance sector .

According to him, “the Commission gives this award of excellence in insurance sector analysis and feature writing in recognition of her uncommon and extra effort in critically following and analysing developments in insurance sector.”

Mrs Nwoji received a sybolic plaque with an inscription: “Federal Republic of Nigeria. National Insurance Commission (NAICOM) with the compliment of Commissioner for Insurance” and cash award.

It would be recalled that prior to joining ThisDay, Mrs Nwoji started her Journalism career in Champion Newspapers Limited in 1997. She had also worked at the defunct Financial Standard and Daily Neswatch.

Mrs Nwoji who brings to bear her wealth of knowledge and experiences in discharge of her job, is a graduate of Mass Communication and holds Masters in Business Administration (MBA) with specialty in Marketing.

Patoma Admin by — November 5, 2022 in Insurance 0
Insurance, pension operators propelled for incentives to NMSMEs

By Favour Nnabugwu
Director General/Chief Executive Officer, Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona has advised insurance and pension operators to come with incentives to attract micro clients
Almona while delivering paper on the “Onboarding MSMEs into Micro Insurance and Pension Space in Nigeria,” at the 7th Annual Conference of the National Association of Insurance and Pension Editors (NAIPE) in Lagos, Thursday gave the advise.
“Although the Insurance and pension sectors have been doing a lot in driving the financial inclusion initiative of the Federal Government, there is need to incentivize and encourage those in the informal sector, the Nigerian Nano, Micro, Small and Medium and Enterprises NMSMEs operators to embrace micro insurance and join the micro pension plan,” Dr. Almona said.
While calling on Insurance underwriters and pension administrators to take advantage of numerous opportunities that abound in the NMSME sector, she said “NMSMEs presents huge opportunity for the micro insurance and pension industry due to the size of the workforce.”
Other opportunities include Large MSMEs employment/labour force, large willing adult population, expanding distribution channels, favourable regulatory environment, mature financial services sector and revolution in information technology and digital

Statistically, the LCCI DG said the total number of employment by MSMEs stood at 61.9 million representing 87.9% of the total labor force in the country, adding that the number of employment generated by the informal sector was 16 million while the formal sector generated 7.5 million in 2020.

On the need to step up awareness and enlightenment of the NMSMEs on the benefits of micro insurance and micro pension and application of technology Dr Almona said “investment in enlightenment campaigns and enabling technology are required.”

The benefits, according to her, include a safety net at retirement, alignment with the current social empowerment programmes, minimizes old-age poverty, Improves standard of living for the elderly

While calling on the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) to provide necessary regulatory framework that supports NMSMEs, said stated “With regulatory support, Nigeria is well placed to achieve meaningful micro-pension coverage rapidly as well as enhance insurance penetration.

Speaking on the micro insurance Industry, Dr Almona said the ratio of insurance assets to gross domestic product (GDP) has remained stagnant at 1%, noting that Microi-insurance in Nigeria is at a very early but growing phase.

On the Nigerian Micro Pension Industry, she said the percentage ratio of pension assets to GDP remains low, stating that the total pension contribution remitted by the public sector is slightly higher than that of the private sector which, according to her, further justifies the low penetration of pension in the private sector of the economy.

Also, the Head, South West Office of PenCom, Dr Tunde Alayande that the on-boarding SMEs into the Micro Pension scheme is one of the strategies in which the pension industry has been contributing to the financial inclusion initiative of the Federal Government.

He said the micro pension plan was designed for those in the informal sector including the SMEs

Dr Alayande said that PenCom In collaboration with the Pension Operators Association of Nigeria (PenOp), has come up with lots of initiatives for the SMEs for the benefit of the industry.

In his goodwill message on behalf of all members of the Nigerian Insurers Association (NIA), the Chairman , Sugun Omosehin commended NAIPE for the conference., noting that the conference the conference is not only significant to the insurance Insurance Industry but also to the entire financial services industry.

According to him, “the reason personally I am here today is that significant. NAIPE is not only projecting the image of the industry but in such a manner of making people get to understand what we do, what we represent and how he can impact our economy”

Earlier in her welcome address, the Chairman of NAIPE, Mrs Nkechi Naeche Esezobor said the theme of the conference Onboarding MSMEs into Micro Insurance and Pension Space in Nigeria,” was considered because of the importance of SMEs as driver and engine of growth of the Nigerian economy and the need to support it to continue to contribute to the growth of the economy.

She urged micro insurance and micro pension operators to see SMEs as their growth assets by ensuring that they are properly captured .
Patoma Admin by — November 5, 2022 in Insurance 0
Faces @ Naicom’s seminar for Insurance Correspondents in Lagos

National Insurance Commission, Naicom organised a seminar for Insurance Correspondents at Oriental Hotel in Lagos

CAPTION:

R- Deputy Commissioner, Technical, Abubakar Saliu, Commissioner for Insurance, Mr Olorundare Sunday Thomas, Mr Adamu Bailanti, Director, Research & Statistics and Mr Pius Aghola, Director Inspectorate

Commissioner For Insurance, Mr Olurundare Sunday Thomas delivering his KeyNote Sddress

Insurance Correspondents at the seminar

Deputy Director, Naicom’ Communication & Market Development, Mr Abdul Rasaaq Salami

Director, Supervision of Naicom, Mr Barineka Thompson

Assistant Director, Research & Statistics, Mr Umar Baba

Patoma Admin by — November 4, 2022 in Insurance 0
NIA Chairman, Olusegun Omosehin reels out 4-pronged agenda for industry

By Favour Nnabugwu

 

 

 

The 25th Chairman of the Nigerian Insurers Association (NIA), Mr Olusegun Ayo Omosehin has declare a four pronged agenda for the industry with the theme: Expanding the frontiers of Insurance through Partnerships and Stakeholders’ Engagement.

Omoshein, at his investiture ceremony in Lagos yesterday said he will focus on four (4) key strategic areas:Market Discipline, Market Development & Respect for Market Agreements

We shall ensure adherence to high ethical standards for our market which has been the pillars upon which the association was formed.

“Specifically, the NIA under my chairmanship will work with other stakeholders to: Ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies Implement progressive market development initiatives and agreements Explore new areas of business collaboration to expand the market Collaborate with the regulatory community particularly our primary regulator,”

The new chairman said “we will collaborate with all players to enforce market discipline among member companies. As a Self-Regulatory Organization (SRO), the Association works through the peer pressure to promote best practice among operators.

“We will work very hard as leaders of the Association to build trust and lead by example, so that some of the issues relating to soft market practices and general indiscipline in the market are promptly dealt with.

“We shall ensure adherence to high ethical standards for our market which has been the pillars upon which the association was formed.”

He explained that NIA under his leadership will work with other stakeholders to:ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies, implement progressive market development initiatives and agreements, explore new areas of business collaboration to expand the market and collaborate with the regulatory community particularly our primary regulator, NAICOM, on market impacting regulations such as Risk-Based Supervision, among others.

He said the he will upgrade the digital capabilities of the NIA Secretariat to meet and respond to the growing demands of our public, adding that these should culminate in product and process innovation that meets our customers’ multi-dimensional needs.

“We must bear in mind that the world has evolved and so has our country. The ways and means of our economy, business environment, social fabric, norms, and communication. Whilst this provides massive opportunities for us, it also means that risk profiles have evolved. If we are to serve it adequately, we must evolve along – in our thinking, in our approach and in our intent.”

He however called for the maximum support and cooperation of other key industry stakeholders including the industry regulator, the National Insurance Commission (NAICOM), the Nigeria Council of Registered Insurance Brokers (NCRIB); institute of Nigeria (CIIN), Association of Registered Insurance Agents of Nigeria (ARIAN), and others, in achieving our goal of a prosperous insurance industry.

He assured that his administration will work closely with NAICOM in all areas, particularly in unpacking solutions that works for a developing market like Nigeria and in ensuring compliance with all extant regulations that will promote the growth and development of our industry.

He promised to work closely with other stakeholders including the government to maximize the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations. “We invite other trade groups to join hands with the NIA for us to have a coordinated approach to resolving issues.”

“We shall encourage members to deploy innovation to increase acceptability, accessibility, availability, adequacy and affordability of insurance products and services. Because only then can we fulfil our promise of protecting the lives and dreams of our customers.”

Patoma Admin by — November 4, 2022 in Insurance 0
NIA new Chairman, Olusegun Omosehin’s tenure theme: Expanding the frontiers of Insurance through Partnerships, Stakeholders’ Engagement

INAUGURAL SPEECH BY THE CHAIRMAN OF THE NIGERIAN INSURERS’ ASSOCIATION (NIA) – MR. OLUSEGUN OMOSEHIN AT THE INVESTITURE CEREMONY IN HIS HONOUR ON THURSDAY 3RD OF NOVEMBER 2022, AT THE GRAND BALL ROOM, LAGOS ORIENTAL HOTEL, VICTORIA ISLAND, LAGOS

Protocols,

 

Distinguished ladies and gentlemen, I am very happy to see you all seated here today despite your very busy schedules.

It is indeed a great honour and further confirmation of your love for me, the insurance industry, and our dear Association for which I will remain ever grateful.First, let me take this opportunity to appreciate my colleagues in the Governing Council and all CEOs of member companies for the confidence reposed in me as expressed in my election as the 25th Chairman of our noble Association. It is a rare privilege and a great honour to lead the Association particularly at this time in our history as a nation, and I do not take it for granted.

The Nigerian Insurers Association has come a long way and the modest achievements recorded over the past five decades have been made possible by the solid foundation laid by our founding fathers which has been sustained by successive leadership of the Association as well as the unflinching support and commitment of member-companies. Currently the country is caught between the impact of a myriad of global issues ranging from supply chain disruptions, post-covid adjustments, talent and work-place evolution, and climate change; to local issues such as socio-political and economic downturn, escalating security challenges, inflationary pressures, volatile foreign exchange rates, and impact of catastrophic events (a good example is the current wave of floods across some parts of the country) amongst others.

The outcome of all these is escalating risks: risk to our individual lives, businesses, and our future as an industry. Closely following that is the state of geo-political rivalries across the globe – Russia/ Ukraine war and its far-reaching implication on the global supply chain, energy prices, as well as people thousands of miles away; and socio-political issues – the case of the Headscarf death in Iran.On the economic front, inflation is a global situation currently plaguing both developed and developing countries, the US has seen two consecutive quarters of economic contraction and the volatility facing most countries due to the strengthening of US dollar and other factors remain troubling.

However, in the midst all these are new opportunities, both globally and locally, open to us in infrastructure, healthcare, technology, agriculture, mining, power, education, and human capital management all with the potential to disrupt the trajectory of our lives and businesses forever. We should therefore take advantage of these opportunities, which has never been available at this scale and magnitude in decades, to redefine and reposition ourselves as a partner for the prosperity of our country. A few weeks ago, during my acceptance speech at the Annual General Meeting in August where I was elected Chairman, I stated that as an industry, we have an opportunity to re-appraise the state of our industry and chart a new course for it.

Moving intently from our brand image towards our brand identity. To strengthen it and to position ourselves to contribute more impactfully towards the cultural and socio-economic development of our nation. As Insurers, together with our other counterparts in the financial services sector, we must be the catalyst that serve as the guard-rails protecting the delivery of the future of Nigeria by supporting the innovative process in this new and changing world to deliver our prosperity. We have the tools.

The dreams of innovators, of parents for their children, of aspiring businessmen seeking to change their world around them cannot continue to be truncated permanently by forces both known and/or unknown. Our role remains clearly defined and yet to be fully occupied. By embracing the new and emerging world and the associated challenges, steer the ship of growth and innovation quickly to provide the buffer required for the economy to thrive, not impeding it by clinging on to the past.

Please remember that the change we seek must start with us as an industry. Resolving the current challenges will require thinking different and extraneous to what created these current challenges in the first place. Our ability to self-regulate and be bold and courageous in enforcing our market conducts is vital if we must take our rightful place amongst the pillars of economic growth and development in Nigeria. We must understand the importance of protecting our collective dreams and aspirations and positioning ourselves appropriately to earn the trust of our nation. A lot of work has been done in this regard by successive leadership of the Association leading to national recognition for our industry, but much more is still required to be done.

This will be trust earned through our demonstration of capacity, competence, integrity, and conscientiousness. In the light of the foregoing, I have chosen the theme of my tenure as: Expanding the frontiers of Insurance through Partnerships and Stakeholders’ Engagement.Under this broad theme, we shall focus on the following four (4) key strategic areas:Market Discipline, Market Development & Respect for Market AgreementsDuring my tenure, we will collaborate with all players to enforce market discipline among member companies.

As a Self-Regulatory Organization (SRO), the Association works through the peer pressure to promote best practice among operators. We will work very hard as leaders of the Association to build trust and lead by example, so that some of the issues relating to soft market practices and general indiscipline in the market are promptly dealt with. We shall ensure adherence to high ethical standards for our market which has been the pillars upon which the association was formed.

Specifically, the NIA under my chairmanship will work with other stakeholders to:Ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies Implement progressive market development initiatives and agreements Explore new areas of business collaboration to expand the market Collaborate with the regulatory community particularly our primary regulator, NAICOM, on market impacting regulations such as Risk-Based Supervision, among others Insurance Awareness & Partnership with the Media. There is no doubt that we are convinced that insurance awareness level is still very low among the populace. I will work with all stakeholders to increase the awareness campaigns so that we can have more people in the insurance net. To this end, we will actively pursue the insurance awareness and publicity project under the auspices of the Insurers’ Committee.

We invite all stakeholders in the insurance industry to join us in this journey as we seek to entrench insurance culture and expand the dragnet in line with the central theme.We shall be deliberate in forging a stronger partnership with the Media to significantly improve the image of the insurance industry in Nigeria and ultimately increase insurance awareness.Human Capacity Building In other to serve the market better and respond to the dynamics of a changing world, we will explore training opportunities to build capacity in critical areas of insurance business. We need to invest in human capital across the industry, embrace talent that would be beneficial to our core objective. We need to grow our talent pool from within and embrace openness in our industry. We shall partner in building actuarial capacity for the overall benefit of the market

.Today, we are faced with security challenges such as kidnapping, banditry and outright terrorism. We are also contending with the after-effects of climate change such as flooding and related risks. We will take learnings from other markets that have the requisite experience in these areas of insurance business to improve our underwriting practices in these critical areas. Leverage Technology, Digital & InnovationThe time has come for the industry to be deliberate in our investment in technology and innovation.

Specifically, we shallSeek to leverage all the advantages that technology would provide in our quest to improve accessibility, affordability, adequacy, awareness and the availability of the right insurance products and services to the right customer. Embrace openness and willingness to collaborate with intra and extra-industry stakeholders (including Fintechs, Insuretechs, etc.) to drive customer centric models for penetrating the market. Upgrade the digital capabilities of the NIA Secretariat to meet and respond to the growing demands of our publicAll these should culminate in Product and Process Innovation that meets our customers’ multi-dimensional needs. We must bear in mind that the world has evolved and so has our country. The ways and means of our economy, business environment, social fabric, norms, and communication. Whilst this provides massive opportunities for us, it also means that risk profiles have evolved. If we are to serve it adequately, we must evolve along – in our thinking, in our approach and in our intent.

I want to acknowledge that we will need the maximum support and cooperation of other key industry stakeholders including the industry regulator, the National Insurance Commission (NAICOM), the Nigeria Council of Registered Insurance Brokers (NCRIB); the Institute of Loss Adjusters of Nigeria (ILAN), the Chartered Insurance Institute of Nigeria (CIIN), Association of Registered Insurance Agents of Nigeria (ARIAN), and others, in achieving our goal of a prosperous insurance industry.Let me assure our regulator, NAICOM, that we shall work closely with them in all areas, particularly in unpacking solutions that works for a developing market like Nigeria and in ensuring compliance with all extant regulations that will promote the growth and development of our industry. I promise to work closely with other stakeholders including the government to maximize the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations. We invite other trade groups to join hands with the NIA for us to have a coordinated approach to resolving issues. We shall encourage members to deploy innovation to increase acceptability, accessibility, availability, adequacy and affordability of insurance products and services. Because only then can we fulfil our promise of protecting the lives and dreams of our customers.

Once again, I wish to recognise the efforts of all the past chairmen for their commitment to the ideals of our Association. In this regard, let me acknowledge the excellent work done by my predecessor, Mr Ganiyu Musa, particularly for delivering a modern and befitting Secretariat building which is a pride to the entire insurance industry. I assure you that the flag shall continue to fly higher under the new administration. My tenure would build on your achievements and focus more on areas requiring improvements.Let me also use this opportunity to appreciate and recognize our partners in the media for their support and commitment to the Association and the insurance industry at large.

I am proposing a more engaging partnership which we must agree all the elements in the coming days.It is therefore with a deep sense of responsibility, humility, and total commitment to the ideals of our association that I accept to serve together with my colleagues in the Governing Council. I am truly humbled by this opportunity to contribute my quota in the service of the Association. Let me at this juncture specially appreciate the support and encouragement received from Old Mutual Group thus far. The journey will be long and demanding but I am confident of the success and celebration that will follow. I want to also acknowledge the massive support from my wife, children and entire family. I will continue to ask for more.

To my friends, colleagues and fellow golfers, you are highly appreciated.I cannot end this speech without thanking the Investiture Planning Committee led by my good friend and brother, Mr. Kunle Ahmed. Other members include Mrs. Bola Odukale, my able deputy, Mrs. Folashade Joseph, Messrs. Babatunde Fajemirokun, Austin Ebose, Edeki Isujeh, Bode Opadokun, Ademola Abidogun, Dr. Adaobi Nwakuche and Mrs. Mary Adeyanju. I also acknowledge the support of the Director General of NIA and the Secretariat staff. I will not fail to acknowledge the support of my colleagues – Alero Ladipo and Rachel Owolabi who served selflessly in the Investiture Committee. Thank you all for organizing this highly successful investiture ceremony within the limited time available. As we embark on this journey,

I ask for your support, encouragement, and prayers. Together we shall take the insurance industry to greater heights!Thank you all and God ble

Patoma Admin by — November 4, 2022 in Insurance 0
Naicom tasks new NIA Chairman on industry claims settlement, improve communication btwn sector, regulator

CAPTION:
L- Commissioner For Insurance, Mr Sunday Olirundare Thomas and the new chairman of the Nigerian Insurers Association, NIA, Mr. Olusegun Ayo Omosehin
By Favour Nnabugwu
 
The Chief Executive Officer of the National Insurance Commission, Naicom and the Commissioner for Insurance, Mr Sunday Olurundare Thomas has challenged the 25th Chairman of the Nigerian Insurers Association, NIA, Mr. Olusegun Omosehin to take industry of settlement of claim
Thomas who at the ok investiture ceremony of Omosehin tasked him among other issues of non-settlement of claims de-market the sector
“I want to also challenge the new leadership on the vexed issues of settlement of claims. I urge the new leadership to deploy the principle of self regulation to take a critical look into this and other similar issues 
that are capable of de-marketing the industry”
Inability or actions of some operators’ refusal to settle claims for whatever reasons, the commission said, is unacceptable, “This is unacceptable and it is high time we changed the narrative collectively as an industry”
 Naicom thanked the past, new chairman of NIA and the entire industry operators for their unflinching support to him and Naicom but he said he wished that the communication behind the Commission and operators will improve further more.
“I want to equally advise the new leadership to at all times ensure proper communication in engaging the Commission through whatever bilateral windows available”
“We must all see this business as an interest that we must all protect and I again challenge the new leadership of the NIA to take on this task”
I challenge the new leadership to cooperate with the Commission in ensuring compliance and development of IT infrastructure for the operators.
“To  actualize our core mandate as an industry, we must facilitate improved perception of the insurance industry, as public confidence in our industry depends among other things on how promptly and fairly we deliver on our promises and obligations to our customers and stakeholders”
He spoke on NAICOM Portal which was officially commissioned by the Minister of Finance, Budget and National Planning Mrs. Dr. Zainab Shamsuna Ahmed few months ago and it is up and running by added to that a number of circulars and directives have been issued by the Commission on compliance with the requirements and update of information needed from operators.
.
He pointed out his target to increase the market development of insurance had not change even the promotion of the compulsory insurances which affirmed has gained a lot of improvement
“Greater efforts have been made to partner state governments on enforcement of compulsory insurances and insurances of their assets. The Commission had embarked on this drive to till the ground while  expecting the operators to take over and engage the markets but the response from the industry is less than satisfactory”
On the investiture of Mr. Olusegun Omosehin as the 25th Chairman of the
Association, he said, is yet another occasion for celebration in the history of the Nigerian Insurers Association (NIA),
“The unprecedented strides in the various components of our beloved industry are evidence of the enormous hard work of the great men and  women of different calibre and pedigree manning the different arms of 
the insurance industry”
Without mincing words, the Commissioner for Insurance commended the leadership style of the outgoing Chairman of the NIA Mr. Ganiyu Musa for his amiable leadership and stability of the operations of the Association, his resilience, commitment, and strong passion for the development of the insurance industry.
Mentioning some of Musa’s feats, he added, “We must also not forget his active role in ensuring the completion and eventual commissioning of the new Head Office of the NIA during his tenure.agenda-setting by challenging him and his team with some areas of thought.
Thomas said that operators are not unmindful of the challenges operators in the industry have had to contend with in adapting to drastic changes that are designed to accelerate development and growth of insurance business.
“The current dynamic socio-political and economic environment in the country obviously calls for realignment by all stakeholders to tackle these inherent challenges. There is the need for a firm handshake with all arms to engender fruitful collaborations and cooperation for the collective interest of all”.
The Commission, he assured,  will continue to support the insurance industry and specifically the operators/players to thrive by instituting policies that encourage equal access, investment of funds and healthy competition.
Patoma Admin by — November 3, 2022 in Insurance 0