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FG to reopen Eko, Marine Bridges on Monday

Federal government has directed that Eko and Marine Bridges in Lagos would be reopened on Monday after concluding urgently needed repair works on Bridges .

The Minister of Works and Housing, Mr. Babatunde Fashola who announed this on Saturday, said the bridges are to be  reopened to traffic on Monday, October 19, 2020.

The approval for the reopening of the completed First Phase of the repairs on the Bridges by midnight on Sunday 18th of October, which was given by the Minister on Friday was sequel to the report by the Contractor handling the projects, Messrs. Buildwell Plant & Equipment Industries Limited that the repair works on the First Phase had been completed 100 percent.

Fashola who expressed the Ministry’s appreciation to Lagosians for their patience, understanding and cooperation while sections of the Bridges were closed also directed that members of the public should be informed of any restrictions to traffic while work is ongoing on the Second Phase of the project.

The Minister added that while the completed section of the Eko Bridge (Lagos Island Bound) should be reopened to traffic, work should commence immediately on the Alaka Bound side of the project.

Explaining further on the next phase of repair works on the Bridges, the Director Highways (Bridges & Designs) in the Ministry, Engr. Emmanuel Adeoye, said work was taking off without the need for either partial or complete closure of the Bridges, adding, however , that the public would be informed adequately should such a step become necessary.

The 1,350 metre Eko Bridge, built in phases between 1965 and 1975, links the Lagos Island to the Mainland. It was closed to traffic in March this year in order to replace faulty joints and bearings. But, as a result of COVID-19 lockdown, actual repair works commenced in the first week of June.

Work commenced in May on the first of the three phases in which repair works on the Marine Bridge was divided. The repairs on the Bridge, which is part of a network of complex bridges with several loops taking traffic in and out of the Apapa area of Lagos, included jacketing and skin repairs of the piers, lifting the bridge section deck in order to change the electrometric bearing, milling and placing a new wearing course of asphalt among others.

The repair works on the Eko and Marine Bridges is part of the ongoing Federal Government’s Bridge Maintenance Programme which involves the repairs and rehabilitation of over 37 bridges nationwide with a substantial number already completed while others are at different stages of completion.

 

Patoma Admin by — October 17, 2020 in News 0
African insurers, reinsurers digitalise operations

…As AIO invests10% of GWP

African insurers and reinsurers are considering various strategies of digitalising their operations as the African Insurance Organization (AIO) says it has invested 10% of its Gross Written Premium (GWP) digitization

The Regional Chief Operating Officer of Allianz Africa, Delphine Traoré who disclosed this during a webinar organized   to share feedback on digitization experiences

He believed that the digitization of operations will enhance the appeal and affordability of risk transfer products in Africa.

The main factors promoting digitization. AIO explained, are the increasing mobile phone penetration, a large number of young people, a growing middle class and compulsory insurance schemes. Although there is a strong consensus that digitization will boost insurance sales, insurers are still cautious as to when these effects will materialize.

According to the report, most African insurance executives thus take a careful approach when investing in technology, using an equivalent of up to 2% of their revenues to drive forward their digitization strategy. was moderated by Jean Baptiste Ntukamazina, General Secretary of the AIO and Delphine Traoré, President of the AIO, Regional COO, Regional Executive Board member of Allianz Africa, Dr. Corneille Karekezi, Group Managing Director and CEO of Africa Re, Henner Alms, Partner at Faber Consulting and Devesh Biltoo, CEO of Quantum Insurance were speakers at this event, numerous sharing numerous use cases.

According to Traore, “We are investing 10% of our GWP in digitization. It started well before COVID-19.”

This came on the sidelines of AIO’s launch of the African Insurance Pulse on the topic, “The Digitization of Insurance Markets in Africa”. This edition was produced by Faber Consulting on behalf of the AIO and was exclusively sponsored by Africa Re.

During this digital transformation, the internal customer was also included: An important infrastructure transformation took place.

“In less than 18 months, all our entities migrated to a new, fully digital operating system. All employees can access their files and data from any computer around the world to be well-equipped to support the customers at any time.”

Underwriting and risk management will benefit from improved access to data and analytics. At the same time, technology will help streamline the insurance value chain and enhance the efficiency of administrative processes. 

Allianz Africa has initiated a digital transformation project, with its masterpiece being the ABS (Allianz Business System). ABS is a platform developed with a customer-centric approach to standardize and harmonize products, systems, and processes across the continent.

“In order to enable digitization achieve the intended goals, we must start with a fundamental aspect of simplifying before digitizing. This is to reduce the complexity of processes and products to offer our customers, a unique and optimal customer experience, wherever they are”, explained Delphine Traoré.

In the long run, speakers expect that most insurance products will be distributed digitally. They also agree on the prioritization of products addressing individual customers, followed by Enterprise products and finally, specialized solutions.

Delphine Traoré added:  “We continue our digitization journey by adding new lines of businesses and products to the ABS platform, making them more accessible to our business partners and clients. This is even more relevant now, given the ongoing health crisis that is changing our way of doing business in the insurance sector”.

This transformation will ultimately help increase insurance penetration, encourage innovation and promote financial inclusion. These are some of the key findings of this year’s edition of African Insurance Pulse.

One reason affordable-papers.net for this is the fact that they constantly try to offer customized appointment sessions for their customers, so they are easily able to understand the demands and requirements of their clientele.

Patoma Admin by — October 15, 2020 in Insurance 0
Joyce Ojemudia now African Alliance Insurance MD

African Alliance Insurance Plc has announced the appointment of Joyce Ojemudia as its Managing Director/CEO following approvals from the National Insurance Commission (NAICOM).

A statement by the firm’s Brand, Media and Communications Manager, Bankole Banjo, said Ojemudia is an astute manager of resources with over twenty years of experience in Insurance sales, Business Development, Risk Management, Claims Administration and Reinsurance. Throughout her glowing career, she has inspired various businesses and departments to profitability with her inclusive leadership style, grit and a clear sense of direction. An alumnus of the prestigious Lagos Business School (SMP 40) and the University of Lagos, Ojemudia is a Fellow of the National Institute of Marketing of Nigeria, an Associate of both the Chartered Insurance Institute of Nigeria and the Institute of Chartered Economists of Nigeria. She is the current President of Professional Insurance Ladies Association (PILA).

Other appointments made by the organisation are, Macaulay Atasie, Emerging Markets Consultant and e-commerce solutions leader; AlhajiAbatcha Bulama, proven Financial Analyst and Banker; and Dr Adiele Ekechukwu, respected researcher and Management Consultant all of whom have joined the board either as a Non-Executive or Independent Director. With over two decades’ experience across the fintech space, Atasie has offered strategy development services both to leading public and private sector organisations including regulators and is the Strategy Advisor to at least 2 states in Nigeria. A distinguished alumnus of the University of Nigeria, Nsukka, he is the current President of E-Payment Providers Association of Nigeria (EPPAN), an umbrella body of all e-Payments providers in the country.

On his part, Bulama has four decades of experience in Banking, Financial Advisory, Administrative Services and Accounting and currently sits on the boards of Ikeja Hotel PLC (Owners of Sheraton, Lagos), Tourist Company of Nigeria (Owners of Federal Palace Hotel, Lagos) and Capital Hotels PLC (Owners of Abuja Sheraton). He is an alumnus of the famous Ahmadu Bello University Zaria and holds an honorary doctorate in Management from the Commonwealth University, Belize.

Ekechukwu boasts almost four decades combined experience in consultancy and advisory, project management/training and capacity development. He was one time Head, Monitoring and Evaluation, European Union, Nigeria.Under his watch, major European Development Fund (EDF) projects in Nigeria, valued at about 300 million European Currency Unit (ECU), were completed. He is an alumnus of the University of Ibadan and the University of Manchester Institute of Science and Technology (UMIST) UK.

Commenting on the appointments, Dr Anthony Okocha, Chairman of the Board, African Alliance Insurance PLC, said, “These appointments are clear strategic indication of the direction the Board is headed. In Joyce, we have a hands-on business development expert with excellent track record in driving business growth. Her exploits in the industry as a shrewd marketer and exemplary manager of men and resources makes her fit for African Alliance at this point in our corporate life,” Okocha said. He continued, “Macaulay, Adiele and Abatcha are men of distinction with unmatched experience in their various fields. They bring a rich repertoire of corporate exploits that will surely enrich our board. We are delighted to have them on board as we look forward to a successful tenure for all of them.”

Patoma Admin by — October 15, 2020 in Insurance 0
NCRIB to rebuild devasted structures from Covid-19

The Nigerian Council of Registered Insurance Brokers (NCRIB) has planned its 2020 National Insurance Brokers Conference and Exhibition on how to rebuild devastated structures and institutions, following covid-19 pardamic and it’s after effect.
The conference is bring in insurance and broking experts from across the globe and would be preceded by the Annual General Meeting of the council in line with adherence to government directives on social distancing which be a combination of both physical and virtual meeting.
President of the Council, Dr. (Mrs.) Bola Onigbogi who addressed journalists in Lagos said the NCRIB is ready for the next level in the brokerage business.
She said, “The acceptance of White to deliver the theme paper gives international colouration to the conference as delegates would be benefiting from BIBA’s experience, particularly, its systematic way of building institutions.”
Onigbogi added that the choice of White who was appointed the Chief Executive Officer of BIBA in 2013 was based on his pedigree and achievement as the CEO of the largest Insurance Broking regulatory body in the world.
According to her, “it is expected that after the conference, delegates are to be stimulated to get involved in systematic rebuilding of institutions that might have been destroyed by the advent of COVID-19”.
The NCRIB President also noted that the choice of ‘Dissecting CAMA 2020’ as the sub-theme for the conference was based on the need for the council’s members and delegates to understand the nitty-gritty of the new law promulgated by the Federal Government to regulate the business environment.
 “The approval of the new CAMA 2020 demonstrates the government’s commitment to improving the ease of doing business in Nigeria. I believe that the various reforms of the new act will simplify regulatory processes, improve the operating business environment and re-energize the private sector which is the growth engine of Nigeria.”
Patoma Admin by — October 15, 2020 in Insurance 0
Universal Insurance settled N1.2 bn claims…As policyholders applaud

By Favour Nnabugwu

Universal Insurance Plc Policyholders has received applaud from policyholders as the company settled claims of N1.2billion.

A breakdown of the claims paid shows that the company paid N147.8 billion claims to its policyholders who suffered insured risks in its 2015 financial year, paid N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018, while it settled N338.2 million claims in 2019 financial year end, bringing the total claims to N1.2 billion on nine classes of insurance.

Within the period of five years, the company paid N182.3 million claims on Bond, as it paid N11.4 million in 2016, N13.3 million in 2017, N5.9 million in 2018 and N151.7 million in 2019.

Similarly, it settled Engineering claims worth N178.1 million; fire claims to the tune of N412.1 million; general accident claims gulping N299.8 million, while aviation claims amounted to N10 million even as Marine insurance claims was N43.9 million.

Marine Hull insurance attracted N5.6 million claims with motor insurance attracting N156.8 million claims.

Some claimants that have enjoyed the the firm’s prompt claims response, are; NTA-Star TV Network Limited which got N135.6 million and TVC Atlantic Vacation group, which received N105 million as  claims between 2016 and 2020 under the Corporate clients, Akinwekomi Collins Dele received N5.8 million claims even as Pastor Robert Udeagha got settled to the tune of N2.6 million under the Individual Client.

The Chairman, Manny Insurance Brokers Limited, Kayode Okunoren, disclosed that Universal Insurance Plc. has a rich heritage of professional practice in Nigeria, believing that, this heritage is being sustained.

“It is the belief of Management that the desire of Universal to forge collaborative relationship with brokers through the Nigerian Council has f Registered Insurance Brokers(NCRIB) platform will be achieved,” he stressed.

He stated that the insurer has etched its name amongst the most brokers’– friendly companies operating today in the Nigerian market.

Similarly, owing to the company’s pedigree on claims settlement, Actors Guild of Nigeria (AGN) a body also known as Nollywood industry, chose Universal Insurance to provide it with Group Personal Accident Insurance policy.

The group has about 150, 000 members spread across the country in its register and as such seems the largest professional interest group in Africa..

Speaking on the scheme, Don Pedro Obaseki, Former Chairman, Lagos State Chapter of the AGN expressed his delight for the scheme, saying, for the first time in the history of AGN, the Actors now have insurance protection, noting that it is a wonderful experience and something the group have been looking forward to.

“It’s commendable and forward-looking and this is going to further leapfrog the industry and Actors Guild into another level in the sense that if you have the history of our members, you find out that Nollywood members always have health-related issues. So this will go a long way to trying to checkmate that and also create other health awareness amongst our members”, Obaseki, Founder/CEO, ACC Broadcast Multimedia Ltd said.

Its sterling performances cou­pled with innovative product de­sign and development recently earned the company the ‘Best Innovative Insurance Company of the Year 2019’ at the Champion Newspapers’ award held in Lagos.

Presenting the award to the company, Mr Feyi Smith, a for­mer Managing Director, Champi­on Newspapers Limited, who ex­pressed delight over the choice of the insurance firm for the award category, said that he has been following up with the progress the company has made in recent times positing that the award was a honour well deserved.

Receiving the award on behalf of the company, Ogbuefi Paulinus Offorzor, the Executive Director (Technical), Universal Insurance Plc, said: “I must say that this award has presented to the entire Universal Insurance family, a greater chal­lenge to continue to put smile on the faces of our esteemed cus­tomers and I can assure you that Universal Insurance will become a mega company in the post recapi­talisation insurance industry.”

Speaking on this development, the managing director, Universal Insurance PLC, Mr. Ben Ujoatuonu, noted that the company is presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders, adding that the insurer is liquid enough to carry out its civic responsibilities.

“We have a competitive edge in claims settlement through investment in state of the art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle,” the CEO said.

He noted  that the firm is liquid to underwrite big insurance businesses in insurance sector of the financial industry, saying, the company is eyeing the retail market and will soon unveil some retail insurance products to deepen insurance penetration.

Moreover, he said, the company has also imbibed the culture of training and retraining of its workforce as it believes in the human capital development, motivation and empowerment to drive policies and create values.

Universal Insurance, according to him, has equally deployed its personnel effectively to ensure that good hands are always on deck to drive the company’s growth policy to the optimum, a policy that has repositioned the firm on an enviable pedestal among its competitors in the marketplace, adding that, his insurer is now in a vantage position to provide valuable advisory services on clients’ portfolios

“Universal Insurance serves commercial, institutional and individual customers through an extensive general insurance network, also providing financial services and risk management services nation-wide. The company’s leadership is as a result of its underwriting skills, innovative insurance solutions, financial strength, superior service and prompt claims settlement,” he pointed out.

Patoma Admin by — October 15, 2020 in Insurance 0
NCRIB, NAIPCO tighten knot on market development

L- Financial Secretary, the National Association of Insurance and Pension Correspondents(NAIPCO), Mr. Mathew Otoijagha; General Secretary, NAIPCO, Mr. Zaka Khaliq; Honourary Treasurer, the Nigerian Council of Registered Insurance Brokers(NCRIB), Mr. Wale Oshodi; PRO, NAIPCO, Mrs. Amaka Obiefuna; Vice President, NCRIB,  Mr. Tunde Oguntade; the President, NCRIB, Mrs. Bola Onigbogi; the Chairman, NAIPCO, Mr. Chuks Okonta; Vice Chairman, NAIPCO, Ms. Ngozi Onyeakusi; Assistant Executive Secretary(AGS), NCRIB, Mr. Tope Adaramola and the Executive Secretary, NCRIB, Mr. Fatai Adegbenro; at a courtesy visit of the executives of NAIPCO to the executives of NCRIB at NCRIB Secretariat in Yaba, Lagos yesterday.

Patoma Admin by — October 14, 2020 in Industry, Trade & Investment 0
Nigerians in informal sector charged to enrol in micro pension scheme

 
By Favour Nnabugwu
Nigerians in the informal sector have been urged to enrol into the Micro-Pension Scheme of National Pension Commission, PenCom to guarantee a fulfilled retired life
He assured that the current Micro Pension scheme of PENCOM under the leadership of Hajiya Aisha Umar is well structured to deliver valuable benefits to citizens in the informal sector.
Comrade Adams Otakwu, chairperson of  Conference of Civil Society of Nigeria while addressing journalists in Abuja on Wednesday, urge youths, artisans, small and medium scale  urged them to take advantage of the scheme to save for the raining day.
“We commend the effective and robust regulation of the Nigerian pension industry in the last four years, as well as the uncommon drive by the National Pension Commission under Aisha Umar and the PENCOM management team to boost micro pension in Nigeria.
“We note the commitment of the current management of PENCOM to reinvigorate micro-pension education at the grassroots across Nigeria, that will have exponential impact on micro economic growth in the country
“We note further that over 60 per cent of citizens in the informal sector who are unawares or ill-informed on the micro-pension are currently being targeted for enlightenment by the Micro Pension Scheme of PENCOM.”
He noted that a good number of players in the  informal sector are willing to enroll in the Micro-Pension Scheme, adding, “we see a visible determination by the National Pension Commission under her current management to scale up sensitization on the benefits, essence and impact of Micro-Pension as remedy for old age miseries.”
Otakwu expressed the readiness of civil society organizations to scale up awareness on the importance of enrolling in the scheme.
“We call on Nigerian youths, artisans, small and medium scale entrepreneurs, and members of the informal sector to enrol en-mass in the Micro-Pension Scheme of PENCOM in order to ensure befitting retirement and old age lives.
“Beyond the ongoing prospect and success of the Micro-Pension Scheme by PENCOM under Aisha Umar and her management team, we have seen growth in pension assets, timely payment of retirement benefits and rapid enhancement of social safety net stimulated through the pension industry,” he said.
Patoma Admin by — October 14, 2020 in News 0
Hong Kong insurance premium increase by 10% in 2019

The Hong Kong insurance industry has announced a gross premiums of HK$566.9bn for 2019, representing 10.2 percent according to the latest insurance business statistics released by the Insurance Authority of Hong Kong.

The figures are based on audited returns and actuarial information submitted by individual insurers.

The authority said that in 2019, total gross premiums of general business totalled HK$55.4bn, an increase of 4.4%. Net premiums of general business increased by 8.6% to HK$37.7bn. Underwriting profit rose from HK$583m in 2018 to HK$869m in 2019. Gross claims incurred by authorised insurers related to the recent social events were HK$1.3bn. Net claims were HK$411m.

In terms of classes of general insurance business, property damage business recorded total gross premiums of HK$10.3bn for 2019, an increase of 13.7%, benefiting from additional demands and hardening of rates on account of losses inflicted by super-typhoons in the past two years, said the authority. Accident and health business registered gross premiums of HK$18.3bn for 2019, an increase of 7.2%.

The Authority said that the improved overall performance for 2019was driven by direct property damage business, which saw underwriting profit expand from HK$199m in 2018 to HK$823m in 2019. It said this was offset in part by losses for direct motor vehicle business, which increased from HK$441m to HK$514m. Losses for direct employees’ compensation business also increased for 2019, from HK$150m to HK$260m in the same period, due to adverse claims experience.

Patoma Admin by — October 13, 2020 in Others 0
IGP dissolves FSARS nation wide

The Inspector-General of Police, Mohammed Adamu, has announced the disbandment of the Federal Special Anti-Robbery Squad of the Nigeria Police Force nation wide

He said the operatives will be redeployed to other police formations and commands.

Adamu announced this in a live broadcast on Sunday afternoon.

The announcement came after days of online and offline protests against the brutality and extra-judicial killings by SARS operatives nationwide.

At the briefing, the IGP said, “The Federal Special Anti-Robbery Squad of the Nigeria Police Force otherwise known as SARS is hereby dissolved in all the 36 State Police Commands and the Federal Capital Territory.”

The briefing was immediately followed by a statement signed by Force Public Relations Officer, DCP Frank Mba. The statement titled, ‘IGP Dissolves The Special Anti-Robbery Squad (SARS)’, partly read, “The IGP, while noting that the dissolution of SARS is in response to the yearnings of the Nigerian people, observes that by this dissolution, all officers and men of the now-defunct Special Anti-robbery Squad are being redeployed with immediate efeffect.

The IGP notes that the Force is not oblivious of the ever-present need to incombat armed robbery, kidnapping and other violent crimes in the country which was before now the core mandate of the erstwhile Squad.”

Patoma Admin by — October 12, 2020 in Metro 0