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Top ten Life, Non- life insurance companies contributed 60.2%, 60.8% to Gross Premium

By Favour Nnabugwu
Top ten Life and Non-life insurance companies control over 60  percent of the total market gross premium income of N369.2 billion for half quarter 2022.
The gross premium indicates a 20.1 per cent growth rate compared to the same period of the previous year and an impressive 65.0 per cent, quarter on quarter.
The top ten companies whose names were not mentioned for obvious reasons, to protect the market, contributed a large chunk of the total gross premium for the sector.
The National Insurance Commission, Naicom Statistics Bullentin released by Head of Corporate Communication & Market Development, Mr AbdulRasaaq Salami to the Media recently said the companies are doing greatly.
“Life business is controlled by the top ten (10) players in the market compared to about sixty (60.2 percent) per cent in the prior period YoY.”
“The top ten (10) underwriters in the NonLife section of the industry contributed about sixty one (60.8 percent) per cent of the gross premiums income sustaining a similar scenario in the corresponding prior period”.
This occasion demonstrates a fairly distributed market control and a less concentration risk in the market.
Naicom also looked at the least ten insurance in life and Non-life.
“However, less than one per cent was the contribution of the least ten (10) players in both Life (0.13 percent) and Non-Life (1.23 percent) segments of the market.
Though the market is yet to fully recover from covid-19 episode, among others, Naicom concluded, “Even so, following the historical pattern of the industry, the analysis of the market has not only improved in the current period but maintained a fairly balanced concentration especially in the Non-Life section of the industry”
Patoma Admin by — October 15, 2022 in Insurance 0
Security, floods top brokers discussions in Abuja

CAPTION:

L- President of the Nigerian Council of Registered Insurance Brokers, Mr Rotimi Edu and the Chief Executive Officerr of National Insurance Commission/ Commissioner For Insurance, Mr Sunday Olorundare Thomas at the 2022 insurance brokers conference & Exhibition in Abuja Thursday

 

By Favour Nnabugwu

The security challenge and the rampaging floods in the country have been the focus of the conference of the brokers in Abuja.
Insurance brokers are also more concerned about the rise in floods which rendered many homeless and lots of property destroyed
The 2022 Insurance Brokers Conference  & Exhibition of the Nigeria Council of Registered Insurance Brokers, NCRIB, was parked full with eminent personalities who specialise in security of the nation put heads together on how best insurance industry could come to help ameliorate the challenges there in.
President of the NCRIB, Mr Rotimi Edu said the theme of the conference, Insurance in the Face of National Security” could not be more apt than now, considering the challenging security situation in the world and the country today.
Edu said insurance and security are not something that can be separated. “Needless to state that insurance and national  security affect each other.  There is no way risks exposure which insurance exists to succuor would not be rife in an environment challenged by insecurity”
“There  are exposures of lives and properties in a period of social commotion and general insecurity, necessitating the need for the public to have a perfect understanding of their roles towards better acceptance of insurance at a time like this”
“t I is an irony that just as we speak, the country’s exposure to activities of criminal elements such as Boko Haram and Bandits have been a continuous threat to our collective peace”
The country has not yet clam down on security challenge before floods ravage some part on the country, NCRIB President noted, “Also, from the news we have been inundated with in the last few days there had been flooding of some parts of the country, leading to destructions of properties, lives and farms and as such posing grave challenges to food security that would have ripple effects on the future of the country.”
In all of that, he said the federal government is trying hard to calm the situations, adding that more need to be done. “While  great kudos should be given to the federal government for its combative roles against all forms of insecurity in the country, more still needs to be done with the cooperation of such strategic stakeholders like our Council and the insurance industry to vitiate this malaise.
“We must all realise that sustainable progress could only be accomplished in an environment of peace and tranquility, and as a result, no shade of conversation should be spared in finding solutions to this problem”
Patoma Admin by — October 15, 2022 in Insurance 0
PenCom to start online verification, enrolment from October 17

By Favour Nnabugwu

 

 

The National Pension Commission (PenCom) will flag off the 2023 online verification and enrolment exercise for retirees/prospective retirees of Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs) from 17 October to December 31, 2022.

PenCom in a statement pointed out that those eligible are employees of federal government treasury-funded MDAs scheduled to retire in 2023 and, those who missed the enrolled exercises in previous years.

The concerned Prior are required to visit their PFAs to undergo the data recapture exercise which entails providing their Retirement Savings Account (RSA) registration details, Personal Identification Number (PIN) and their National Identity Number (NIN).

However, those who had undergone the data recapture exercise earlier are not required to repeat it.

There are two options of enrolment, first the self-assisted, they are required to visit PenCom’s website (www.pencom.com.ng) and upload their employment details as well as scanned copies of required documents before proceeding to their respective PFAs for physical verification and enrol.

The second, pension desk officer/PFA-assisted, were those who were unable to complete the online registration for any reason are expected to approach their respective MDAs or visit their PFAs for assistance.

Patoma Admin by — October 13, 2022 in Pension 0
Naicom directs brokers to move closer to govt on security risk

CAPTION:
L- President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr Rotimi Edu, Commissioner for Insurance, Mr Sunday Olorundare Thomas and Head Corporate Communication & Market Development, Mr AbdulRasaaq Salami at the opening ceremony of the 2022 Insurance Brokers Conference &Exhibition..
By Favour Nnabugwu
National Insurance Commission, Naicom, has directed insurance brokers to move closer to the federal government on security risks which are not covered within the usual risk premium calculation
Commissioner for Insurance, CFI, Mr Sunday Olorundare Thomas who spoke at the NCRIB 2022 National Insurance Brokers Conference & Exhibition in Abuja, said it is important to get closer to the government so as to deliberate on how best the security risk can incorporated in the insurance business.
Thomas who was at the event with the Deputy Commissioner for Insurance, Technical, Mr Abubakar Saliu and the image maker of the Commission, Mr AbdulRasaaq Salami, said, In insurance business, there risk of emergence and for this, we need to move more closer to government on security risk which are not within risk premium calculation”
The CFI said, “The  insurance sector is becoming more vulnerable. We talk about cyber risk. We need to take the sector to greater heights in terns of technology and we must be upgrading ourselves”
Corroborating the CFI, President of the NCRIB,  Mr Rotimi Edu said the theme for the Conference could not be more apt than now, considering the challenging security situation in the world and the country today.
Edu without mincing words said that insurance and security cannot be divided because one affects the other.
“Needless to state that insurance and national  security affect each other.  There is no way risks exposure which insurance exists to succuor would not be rife in an environment challenged by insecurity.”
“There  are exposures of  lives and properties in a period of social commotion and general insecurity, necessitating the need for the public to have a perfect understanding of their roles towards better acceptance of insurance at a time like this”
 “It  is an irony that just as we speak, the country’s exposure to activities of criminal elements such as Boko Haram and Bandits have been a continuous threat to our collective peace”

On the 60th anniversary celebration, the NCRIB President noted that the brokers body have had series of events before the conference.

“We’ve had the unveiling of our Anniversary Brand Logo, the Maiden Lawn Tennis Tournament and the Awareness Walk. Also, the Diamond Colloquium held in Lagos themed  “60 Years of Insurance Broking: Redefining the Practice and the Practitioners” for which we had the Chairman of Heirs Holdings, Mr Tony Elumelu was grand and well reported. Of equal note was the public presentation of the Anniversary Book and Compendium of Registered Insurance Brokers entitled “Connecting the Past to the future, Redefining the Future” at the Colloquium”
“The  book is impelling reference for all members and the public due to its rich content. I admonish all to get their copies. Happily, in furtherance of the celebrations, we are here for the National Insurance Conference and Exhibitions of the Council themed “Insurance in the Face of National Security”.
“The theme for the Conference could not be more apt than now, considering the challenging security situation in the world and the country today. Needless to state that insurance and national  security affect each other.
Patoma Admin by — October 13, 2022 in Insurance 0
Speech of NCRIB President, Rotimi Edu @2022 Insurance Brokers Conference & Exhibition in Abuja

SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR ROTIMI EDU, mni, AT THE OPENING CEREMONY OF THE 2022 NATIONAL INSURANCE CONFERENCE HELD ON THURSDAY, OCTOBER 13, 2022 AT THE SHEHU MUSA YAR’ADUA CENTRE, ABUJA.

The Hon. Minister of FinanceThe Commissioner for Insurance Past Presidents of our Council Governing Board members Our Guest Speakers and Discussants Gentlemen of the Media Ladies and Gentlemen It is with great pleasure that I welcome you all to the 2022 National Insurance Conference of our Council, holding here at the Musa Yar’Adua Centre, Abuja.It is quite auspicious that this Conference is coming up as part of the events lined up to celebrate the Diamond Anniversary of our Council.

Great tributes should be given to all our founders and Living Legends for their unselfish devotion to the sustenance of the Council through thick and thin. From the little and unknown Association of a few professionals shortly after Nigeria’s independence, the Council has grown to the front row of reputable professional bodies in Nigeria, bearing eloquent testimonies to the diligence and determination of our founding fathers and leaders. Suffice to note that there had been chains of events which had been held to make the anniversary memorable.

We’ve had the unveiling of our Anniversary Brand Logo, the Maiden Lawn Tennis Tournament and the Awareness Walk. Also, the Diamond Colloquium held in Lagos themed “60 Years of Insurance Broking: Redefining the Practice and the Practitioners” for which we had the Chairman of Heirs Holdings, Mr Tony Elumelu was grand and well reported. Of equal note was the public presentation of the Anniversary Book and Compendium of Registered Insurance Brokers entitled “Connecting the Past to the future, Redefining the Future” at the Colloquium. The book is impelling reference for all members and the public due to its rich content.

I admonish all to get their copies. Happily, in furtherance of the celebrations, we are here for the National Insurance Conference and Exhibitions of the Council themed “Insurance in the Face of National Security”. The theme for the Conference could not be more apt than now, considering the challenging security situation in the world and the country today. Needless to state that insurance and national security affect each other. There is no way risks exposure which insurance exists to succuor would not be rife in an environment challenged by insecurity.

There are exposures of lives and properties in a period of social commotion and general insecurity, necessitating the need for the public to have a perfect understanding of their roles towards better acceptance of insurance at a time like this. It is an irony that just as we speak, the country’s exposure to activities of criminal elements such as Boko Haram and Bandits have been a continuous threat to our collective peace.

Also, from the news we have been inundated with in the last few days there had been flooding of some parts of the country, leading to destructions of properties, lives and farms and as such posing grave challenges to food security that would have ripple effects on the future of the country. While great kudos should be given to the federal government for its combative roles against all forms of insecurity in the country, more still needs to be done with the cooperation of such strategic stakeholders like our Council and the insurance industry to vitiate this malaise.

We must all realise that sustainable progress could only be accomplished in an environment of peace and tranquility, and as a result, no shade of conversation should be spared in finding solutions to this problem.I am most delighted that the Events Organising Committee (EOC) under its erudite Chairman and Vice President, Mrs. Ekeoma Ezeibe have thought it fit to come up with this theme and also sourced for highly resourceful speakers to professionally handle the subject matter. The Guest Speaker, Retired Air Commodore Dr Stephen Jeff Zanni exemplifies a perfect blend of the two epithets of Security and Insurance, having served gloriously in the Nigerian Army as a strategist and also holds a PhD in Insurance Law.

Without a doubt, we are sure of having a balanced view of the subject matter to the delight of all. Happily, too, we have an array of erudite Discussants in the persons of Rtd General Chris Olukolade, a one-time ebullient Spokesman of the Nigerian Army; Mr. David Akubo, a frontline Insurance Broker and Mallam Abass Idriss, DG of FCT Emergency Management Authority. A combination of the rich thoughts of these erudite gentlemen will make the session quite rewarding. In order to continually drive in the need for innovation through technology for the benefit of enhancement of knowledge of our members, focus was devoted to the sub theme “Driving Business Through Technology”.

The lecture would be delivered by Brett Carazzo of the University of Technology Sydney. It is hoped that delegates would take advantage of the knowledge exchange to better their businesses and adapt to the change that is starring us all in our processes. I cannot end my speech without giving due appreciation to all members for your support and encouragement for the success of this leadership team and our Council. You have all shown perfect understanding and support for the Brokers-Centrism thrust of this administration.

I am sure that whatever the situation we would continue to surmount with cohesion and unity of purpose. As Insurance Brokers, I cannot forget to underscore the desire of the Council to see us all play more ethically and professionally as the most critical segment of the insurance value chain. We would continue to distinguish our service and Council as the “League of Reputable Insurance Brokers in Nigeria”.

Part of this we are already poised to accomplish with the introduction of a professional membership seal for individual and corporate members, just as it is the practice by other solid professional institutions. With your cooperation we shall accomplish our vision. Once again, I welcome you all to this Conference and wish you all a rewarding experience.Thank you.

Patoma Admin by — October 13, 2022 in Insurance 0
PenOp says PenCom Guideline on mortgage will create massive jobs

By Favour Nnabugwu

 

 

 

The Pension Fund Operators Association of Nigeria (PenOp) has commended the National Pension Commission (PenCom) for the release gog guideline on mortgage would creat massive jobs

PenOp in a statement on Tuesday said the guideline jobs in the construction value chain for artisans and others

it will be recalled that the guidelines released by PenCom allows pensioners to use their Retirement Savings Account (RSA) as equity contribution for obtaining residential mortgages.

“We believe it will create massive jobs for artisans and blue color workers involved in the construction value chain and also further open up wealth management and financial planning industry”

“RSA holders will now begin to plan towards a target RSA balance because they have a goal of owning a home.

Though the provision, PenOp said had been part of the amendments that occurred when the Pension Reform act was amended in 2014.

“We are aware that the process of actualizing this portion of the act has gone through a number of iterations and stakeholder engagement and we are happy that it has finally been released”.

“Whilst we realize that there might be some initial teething problems, we the pension operators are excited and are primmed to partner with the commission, RSA holders and other stakeholders to ensure that this policy actualizes the reason for why it was set up”.

It added that the home ownership ratio and first-time home buyer statistics in Nigeria is very low and we believe that this policy will help to improve this and also provide increased benefits to RSA holders in the immediate.

This policy is very catalytic in nature and has the potential to spur growth in other sectors of the economy, It should boost the mortgage finance and home loan sector, in addition to having a positive effect on the construction value chain and building materials sector.

“We also believe that voluntary contributions will increase because people can use the contingent portion of their voluntary contributions as part of the equity contribution for residential mortgages. In addition, more companies will now take their contributions more seriously as will staffs of these companies.

“For those who do not have an RSA account and are working in the formal sector, we urge them to commence the process in conjunction with their employers.

“For those in self-employment, we also encourage them to take advantage of the Micro Pension Plan (MPP). Regarding the MPP, we are also happy that the policy extends to this is extended to self-employed individuals and those in the informal sector.

“We believe this will help to grow the Micro Pension business and ensure that millions of Nigerians in the informal sector will have the opportunity to enjoy structured pensions when they retire and also benefit from the gains of the pension reform.

“Overall, we believe this policy is net positive for the pension industry and the economy as a whole.”

It noted that the effects are catalytic and will help to galvanize various sector of the economy, while adding that the pension industry over the years has played a significant role in the local debt and equity market, financing National and Sub National projects and debt programs and financed transformational companies and projects.

The industry according to the Association is primmed to do more and we believe that this new policy is another milestone in the positive effect of the pension industry on the economy and also another example of the collaborative nature of the pension regulator that leads to gains for the wider economy

Patoma Admin by — October 10, 2022 in Pension 0
Annuity customers pass vote of confidence on AIICO Insurance

By Favour Nnabugwu

 

 

Annuity customers of AIICO Insurance have soundly expressed satisfactory services rendered by the company, passing a vote of confidence on the company during the 2022 Customer Service Week.

This year’s event themed ‘Celebrate Service’ had some key activities which include visits to customers (older citizens) to appreciate them and presenting them with gifts. Walk-in customers too participated in the various activities and got some take away gifts.

In his newsletter to customers, the MD/CEO, Mr. Babatunde Fajemirokun, stated “This occasion gives us the opportunity to amplify our gratitude to you for your valued relationship with us. You are the sole reason we are in business and getting better at what we do. Journeying through life with you gives us the most pleasure.”

“The theme for this year is ‘Celebrate Service’. At AIICO, Customer Service is not just a department; it is a function that has all employees as stakeholders. Our fundamental purpose is to serve you and we are obsessed with meeting and exceeding your expectations. We look forward to many more years of serving you wholeheartedly. ” said Mr. Fajemirokun.

In a recent interview, some of AIICO’s annuity customers shared their experiences.

Mr Joseph Igebulem, an annuitant, gave the company a 99 percent pass mark noting that the underwriting powerhouse has met and surpassed his expectations. He said; “I am Mr Joseph Igebulem holding an annuity policy with AIICO and it has been seamlessly okay. For the past eight years, no flaws. I have even introduced them to my friends here in Lagos and Calabar. So, if I should award in terms percentages, AIICO has met 99 percent of my expectations in the sense that I get information from them when I need it. And again my payment is delivered when due. I am advising everyone and telling those on the verge of retirement now to go for AIICO because I trust it is a very good company for retirement.”

In a similar manner Mrs. Udu Veronica Ugwumba, who retired from PHCN said she bought AIICO Annuity policy since 2015 as she eulogised AIICO’s exceptional service delivery, adding that she has no hesitation recommending the company to everyone who may need its services.

“My name is Mrs Udu Veronica Ugwumba. I worked with National Electric Power Authority, now PHCN Plc. I went into AIICO annuity on the 30th November 2015. It has been a smooth ride with AIICO since I went into the policy I have never regretted it. AIICO is indeed a good insurance company. In fact, I was attracted by the name, American International Insurance Company (AIICO) because I knew it would last.”

“There is confidence in AIICO, it is reliable. I have been recommending AIICO to people, I recommended them to my daughter, I recommended AIICO to a co-worker when we were retired and so many other people. And even when I lost my mother in 2016, I had little or nothing for my own contribution, I had to run to AIICO and they helped, giving me upfront payment. Even after burying my mother, I applied for quarterly payment of my annuity, AIICO did it for me. After that I applied again for monthly payment; they started again to pay me monthly. So AIICO is a reliable insurance company.” Ugwumba said.

Mrs. Okikiade, Clara Kunbi said: “I retired 2020, December, precisely and I joined AIICO Insurance in 2022. Ever since that time they have been paying my annuity regularly. By 13th I receive alert. But the one that surprised me most was before our last festival they paid me ahead of time. So, AIICO is doing a very good job. Also they ensure that they meet their obligations to us as and when due. Keep doing the good job AIICO. Actually I have introduced some people to AIICO because of my experience with them.”

Mr. Philip Nnamdi Izundu noted: “I worked with Union Bank of Nigeria, retired and I started the policy the AIICO Annuity policy in 2013. The experience has been very good in terms of punctuality. They never failed and I can say that they are sensitive enough. They have always paid ahead of time especially during festivals. Of course, AIICO has met my expectation. And without reservation I recommend AIICO to those that want to do annuity,” said Mr Izundu.

The Management of AIICO has assured its customers, both existing and prospective, of its unwavering commitment to continue to deliver on its mission – creating the most compelling experience, offering best fit products and driving wholesome peace of mind.

Patoma Admin by — October 10, 2022 in Insurance 0
IMT 2022: Insurance, Tech experts advocate partnerships to deepen insurance penetration through Insurtech

CAPTION:

L- Client Technology Lead, Microsoft Nigeria, Wole Odeleye; Managing Director, Interswitch Systegra, Jonah Adams; Group Chief Executive Officer, Old Mutual West Africa, Samuel Ogbu; CEO, Modion Communications/Convener, Insurance Meets Tech, Odion Aleobua; Tosin Faniro-Dada, Managing Director & CEO, Endeavor Nigeria; Head of Sales, Leadway Assurance, Sola Ajayi and Chief Executive Officer, PaddyCover, Mayowa Owolabi, at the first edition of the Insurance Meets Tech (IMT 2022), an era-defining discourse for leaders in the insurance and tech sector.

 

By admin

 

 

Stakeholders in the insurance and technology sectors have called for partnerships, collaborations, and technology adoption as expedited strategies for Nigeria’s insurance penetration at the Insurance Meets Tech (IMT) inaugural edition conference.

This landmark multi-industry discourse, convened by Modion Communications on Thursday, September 29, 2022, was headlined by over twenty industry-leading thought-leaders from the Insurance, finance, and technology sectors from across Africa, such as Microsoft Nigeria, Ecobank Nigeria, Old Mutual Group, Leadway Assurance Company Limited, AXA Mansard, Curacel, ActivEdge Technologies, MediSmarts among others. The conference also had in attendance over 300 C-Suite executives as delegates representing multiple companies.

Speaking on the role of big data and cloud computing in bolstering the operations of the Nigerian insurance sector, Ola Williams, Country Manager, Microsoft Nigeria, explained that leveraging technology increases the brand value of insurance organisations and allows insurers to free up their capital outlay to accommodate potential customers.

“Data is a source of wealth and power, and it has become a key disruptive factor that organisations leverage for competitive advantage. Cloud computing is also key to organisations’ insight acquisition for detailed reporting of different aspects of their operational efficiencies. Since insurance is the transfer of risk from one entity to another, as an insurer, data gives insight into the behaviours and preferences of individuals and as such, supports the provision of differentiated offerings to customers. Indeed, the limit to how we can use data is in our imagination”, she said.

Also speaking at the event, Olusegun Omosehin, Incoming Chairman, Nigerian Insurers Association (NIA), cited the irrefutable importance of collaborations and partnerships between the insurance and technology industries in operationalising a digital-led customer acquisition journey, thereby deepening insurance penetration in Nigeria.

“To swiftly embark on this digital expedition, we must be willing to rethink our existing processes, especially the customer acquisition journey. We must also remember that this is not necessarily a race for intra-sector prominence but an opportunity to up the ante collectively for global dominance and deepening access to insurance”, he stated in his opening address.

Speaking on the functionality of technology for driving change in the Nigerian insurance ecosystem, the Group Chief Executive Officer, Old Mutual West Africa, Samuel Ogbu, said: “Insurance exists to solve problems and create value, and this can be achieved through collaboration and partnerships. However, the problems with insurance value creation in Nigeria have evolved, and solutions provided by insurers in this regard must align with the fundamental evolution and revolution of strategies. Innovation technology has a key part to play in the evolution of insurance value creation, and the knowledge of revolutionary insurance strategies relies heavily on data analytics which is a key provision of technology”.

Sola Ajayi, Executive Head of Sales, Leadway Assurance Company Limited, also explained that the insurance industry is enthusiastic about technological innovation. He also noted that though the sector had progressively slowed in the last two years, it would experience lots of unbundling of insurance products using technology.

At the conference, the Managing Director/CEO PaddyCover, Mayowa Owolabi, highlighted the importance of regulatory enablement in achieving technological adoptions and collaborations in the insurance industry. He said, ‘The insurance industry requires sensible, timebound, future-centric regulation that creates an environment to thrive”.

In a keynote address, Kola Adeleke, Executive Director, Corporate Banking, who represented Jubril Mobolaji Lawal, the Managing Director, Ecobank Nigeria, said that “the insurance sector can take a cue from the Nigerian Banking System which has gone from its analogue age to a massive digitisation phase. Ecobank, for instance, invested greatly in tech to run a multi-geography, multi-lingual, one-bank platform across our 33 affiliates which currently serves over 1.9 million people in Nigeria”.

Similarly, the Managing Director, Interswitch Systegra, Jonah Adams, said, “organisations must strategise on efficient measures by leveraging new technologies to provide financial and insurance services to the 100 million unbanked Nigerians. One great way of doing that is by providing these services in nano sizes for the retail-driven and unbanked Nigerian population. The insurance market is ready for collaborations and scaling”.

The Chief Executive Officer / Co-founder, Curacel, Henry Mascot, said during the plenary that “Insurance is a complex financial service to sell, and its digitisation is a surefire way to simplify its consumption and accessibility by consumers. A groundswell regulatory approach must also be employed to ensure that people are legally bound to get insured. As we have seen in the legal requirement of motor insurance, health insurance, and building insurance, amongst others, must also be constitutionally protected for widespread adoption amongst Nigerians”.

Chief Executive Officer, ActivEdge Technologies, George Agu, advocates that the much-touted innovation be done in consonance with the regulatory environment. “We must pay close attention to what regulation permits and innovate accordingly to create value for consumers. The banking sector has been immensely bolstered by technology. Insurance organisations have not come to appreciate or prioritise the value of technology in the insurance space, and this situation must be addressed”, he said.

Chief Digital Officer, AXA Mansard, Bayo Adesanya, opined that the sector takes advantage of the impressive mobile phone revolution in the country for rapid growth. “Telephony and mobile technology are tools we have employed for a wide reach of insurance awareness, education, and accessibility. This is key to tackling the abysmal rate of insurance penetration in Nigeria”.

The Chief Executive Officer, MediSmarts Ltd, Obinna Osuji, agrees. “Social and religious constraints contribute largely to the low rate of health insurance penetration, and we attempted to tackle that with digitisation. The growth of mobile telephony and internet accessibility has also been largely important.”

Odion Aleobua, the Chief Executive Officer, Modion Communications and Convener, Insurance Meets Tech 2022, cited the huge potential of the Nigerian industry and the capabilities of technology in catalysing its adoption and penetration rate. He also highlighted the timeliness of the IMT 2022 conference as a continental kick-off of collaborative insurance and tech discourses.

Sponsored by foremost insurance and tech majors – Curacel, ActivEdge Technologies, Leadway Assurance Company Limited, Old Mutual and MediSmarts, this ground-breaking conference converged numerous industry leaders for a prolific discourse on the immense potential of collaboratively exploring Insurtech for continental dominance whilst changing the narrative of insurance apathy in Africa.

Patoma Admin by — October 10, 2022 in Insurance 0
Insurance industry total asset rise by 11.9% in Q2 2022

By Favour Nnabugwu

 

 

 

Insurance industry total asset grew by 11.9 percent in the second quarter of 2022 to a  a whopping N2.3 trillion, the National Insurance Commission (NAICOM) had revealed

NAICOM stated this in publication entitled: Bulletin of the Insurance Market Performance : Synopsis of the Insurance Market Second Quarter, 2022, adding that the sector recorded an increased rate of growth at 11.9 per cent, quarter on quarter with a total asset of about N2.3 trillion.

The total assets rose by 11.9 per cent, translating to over N200 billion from second quarter of 2021

The industry’s financial position revealed a total of N1.2 trillion in assets of Non-Life business while the Life business stood at about N1.1trillion, translating to N2.3 trillion cumulatively.

The market data reveals that the industry grew 20.1 per cent higher than the national real Gross Domestic Product (GDP) of 3.5 per cent during the same period, NAICOM submitted.

The insurance industry market recorded N369.2 billion gross premium during the period, indicating a 20.1 per cent growth rate compared to the same period of the previous year and an impressive 65 per cent quarter on quarter.

The continued steady growth from the first quarter of the year, it stressed, correlated with the current performance of the period under review, adding that, the market could be adjudged as sound and stable whilst, the stance of the market deepening remains optimistic

Similarly, insurance companies incurred N174.8 billion gross claims, paid to policyholders who suffered insurance risks in the quarter.

According to the regulatory report, “the growth of the gross claims reported was (0.2percent) during the quarter compared to the corresponding period of 2021. The industry Statistics for gross claims in Q2 of 2022 stood at N174.8 billion, representing 47.3 percent per cent of all premiums generated during the period.”

This development, NAICOM said, reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission, adding that, the net claims paid, on the other hand, stood at about N148.2billion, signifying an 84.8 percent of all gross claims reported during the period.

The Life Insurance business recorded a near perfect point of about ninety (88.90 percent) per cent claims settlement as against the reported claims while non-life segment stood at about seventy-seven (76.8 percent) per cent,” it pointed out.

Patoma Admin by — October 10, 2022 in Insurance 0