All Posts in "Insurance"

Insurance, pension play key drivers role to economic growth 

By Favour Nnabugwu 
For the nation’s economy to grow and develop very well, insurance and pension have a key drivers to the role according to  the Finance expert and Managing Director/ Chief Executive Officer  APT Securities and Funds Limited, Mallam Kasim Garba Kurfi,
Kurfi, who stated this while delivering the theme paper on the  “Role of Insurance and Pension Sectors In Building Sustainable Economic Growth Under The New Government,” at the 8th Annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos said insurance and pension sectors today stand as  engines for sustainable economic growth and forces to reckon  with in every economy .
Kurfi therefore called on the present administration in the country  to put in place enabling policies and laws that support the survival of the sectors for them to continue to contribute the national growth.
Kurfi, while highlighting the contributions of the two sectors to the national economy said, “There is over N2.5 trillion assets managed by the insurance institution in Nigeria as of 31st December 2022.
“While there is over N16.6 trillion assets managed by the Pension Fund Administration as at 31st December 2022, the combination of the two institutions has a total asset of over N19 trillion. The role played by the two institutions in sustaining our economic growth left no one in doubt that they are instruments for most of the economic development
“Over N726 billion in premiums paid in the year 2022 according to the National Insurance Commission, while the industry also paid over N318.1 billion in claims to its customers within the same period. This is a remarkable achievement in comparison with 3.5% growth of Gross Domestic Product (GDP).”
He said insurance institutions give security to the future of the common people and aid economic growth upon happenings or allowance of specific event or disaster.
“Insurance represent promise of the future compensation in case of specific losses or in exchange for periodic payment called premium.
“Managing risk is very important for companies dealing with money or equivalent. The insurance industry promotes National development through wealth creation or protection. It primarily hedges against risk or contingent or uncertain loss.”
On pension, he said, “The contribution of pension funds that run over N16 trillion is pronounced in all phases of life. Many sectors of the economy benefit from excess funds that look for alternative ways to invest such as FGN SUKUK, GREEN BOND, and Infrastructures Bond, among many others.”
Kurfi said Pension ensures that every worker receives his/her retirement benefit as at when due. Ensure workers save in order to cater for future liability and old age. Provide long-term finance for the real sector. Stimulate the development of the capital market.
While condemning those agencies and institutions clamouring to exit Contributory Pension Scheme (CPS), Kurfi enjoined the government at all levels to discourage such moves for the interest of the Pensioners and the nation’s economy.
He said the contribution of insurance and pension sectors towards economic development is imminent and can be seen especially in driving the nation’s financial inclusion project.
Patoma Admin by — September 19, 2023 in Insurance 0
Insurance, Pension Operators seek Govt support on Business-Friendly Regulation

CAPTION
L-R: Keynote Speaker and Managing Director, APT Securities and Funds Limited, Mallam Kasim Garba Kurfi; Director General, Nigerian Insurers Association (NIA), Mrs Yetunde Ilori, Mr Larry Ademeso, Managing Director, Custodian Life Assurance Limited, representative of Mr. Wole Oshin, Group Managing Director, Custodian Group, Chairman of the occasion; Mrs. Nkechi Naeche-Esezobor, Chairperson, NAIPE: at the 8th NAIPE Annual national Conference in Lagos on Thursday.
By Favour Nnabugwu
Operators in the nation’s financial service sector have advocated the need for Insurance and Pension operators to adopt a more creative and innovative ways in their business approach as they seek federal government support for business-friendly regulations
The practitioners wants insurance and pension operators on creative product development and service delivery to grow the sectors.
They gave their submissions at the 8th annual national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), with the theme: “Role of Insurance and Pension In Building Sustainable Economic Growth Under The New Government,” held in Lagos on Thursday.
The experts emphasized the need for operators to embrace continued manpower development and technology adoption, which is a panacea for driving growth in modern-day businesses.
They also urged government at all levels to provide an enabling environment, supported by relevant regulation that is business-friendly and growth-driven.
In his contribution at a panel session, the Managing Director/Chief Executive Officer, Scib Insurance Broker, Mr. Shola Tinubu harped on the need for government to adopt creative policies and regulations that are business-friendly and growth-driven for the insurance and Pension sectors.
L- Mr. Edwin Igbiti, President, Chattered Insurance Institute of Nigeria (CIIN); Ms Prisca Soares, former Secretary General, African Insurance Organization (AIO) and Mr. Shola Tinubu, Managing Director, Scib Insurance Brokers at the NAIPE conference
Tinubu advised the regulators to give operators a free hand to choose their own ways of raising capital.
He said  “On the insurance side, capital had been driven by statutory requirements.
“We are talking about the regulator mandating the players to get certain quantum of capital without creating ground for that capital.
“Meaning that companies have to strive for capital just to stay in business and what has happened in the various rounds that we had was that there was no creative idea for channeling the capital.
L- President, West African Insurance Companies Association (WAICA) and GMD, CHI; Mrs Abimbola Tiamiyu, DG, CIIN; Mrs. Abimbola Sulaiman, ED, Investment, ARM Pensions, representative of Mr Wale Odutola, MD, ARM pension, Mr Wale Okunrinboye, Chief Investment, Access Pensions, representative of Mr Dave Oduano, MD, Access Pensions, and Mr. Akinbola Akintola, Head, Research Department, representative of Mr Oguche Agudah, CEO, Pension Fund Operators Association of Nigeria (PenOp) at the 8th NAIPE Conference in Lagos 
According to him, “if any company decides on its own to go to the capital market to raise capital, such a company will channel the capital effectively for the growth of the business.
Tinubu noted that the industry need a situation where operators will initiate capital level and use it to follow up investment ideas.
The managing director stated that there is a need for investment managers who can digest investment ideas and see the kind of things they need.
He explained that operators do not need capital for the sake of raising it, but for investment opportunities that will yield higher returns.
In his view, the Managing Director, ARM Pension, Mr. Wale Odutola, represented by Mrs. Abimbola Suleiman, ED, Investment, ARM Pension, said every household has a need for basic insurance and a basic pension plan.
Odutola noted that insurance and pension have gone a long way in improving the lives of people.
He explained that government alone cannot engender sustainable economic growth, as such, insurance and pension should be encouraged among the rural dwellers to better their lots.
“When insurance handles the risks for businesses and the Contributory Pension Scheme (CPS) takes care of Pension liabilities from the balance sheet of the companies, this will go a long way to ensure productivity and growth in the nation’s finance sector.
“There are currently nine million people in the CPS net and this is abysmally low when compared to the nation’s population.
“Hence, there is need to get all state governments involved and the participation of the informal sector in CPS,”he said.
According to Odutola, deepening the scope of participation requires innovations and creativity from operators in both the insurance and pension sectors.
Ms. Prisca Soares, former Secretary General of the African Insurance Organisation (AIO) said that, lack of skilled manpower, especially in the area of dearth of Actuaries, is presently challenging the insurance industry.
Soares said that the industry need to take a deliberate attempt to develop its manpower and solve this major challenge, with regard to financial reporting.
She explained that investment in technology needed for actuaries, had been a challenge over the years, but has now become more critical.
“When you do risk base capital you need actuaries to get it right. The insurance industry needs conscious efforts to address this because it is critical to their business,” she said.
Also, Mr. Oguche Aguda, Chief Executive Officer of the Pension Operator Association of Nigeria (PenOp) represented by Mr. Akinbola Akintola,Head of Research Department at PenOp, said, the insurance and pension sectors are facing the same challenge of public confidence.
Oguche charged operators in both sectors to work on their images, adding that if there is no confidence, there is no growth and without growth of the two sectors, the country’s economy cannot grow.
The Group Managing Director, Consolidated Hallmark Insurance(CHI), Mr. Eddie Efekoha represented by Tunde Daramola, ED, Finance at CHI, harped on the need to enforce compulsory insurances and pension, as the era of non-payment of claims have gone.
Efekoha urged operators in both industries to be honest with their businesses, gain the trust of consumers and also bridge their expectation gaps.
Patoma Admin by — September 8, 2023 in Insurance 0
Insurance, pension chieftains, Keynote Speaker ready for annual Conference Sept 7

By Favour Nnabugwu 
All arrangements have been concluded and sealed for the 8th annual conference of theNigerian Association of Insurance and Pension Editors (NAIPE) with the theme “Role of Insurance and Pension Sectors In Building Sustainable Economic Growth Under The New Government.” on September 7, 2023
The Keynote Speaker for the conference is named Mallam Kasim Garba Kurfi, Managing Director/CEO of APT Securities and Funds Limited.
They equally unveiled the names of prominent thought-leaders and astute professionals in the Insurance and Pension industries who will serve as lead panelists at the conference to discuss the theme of the conference.
The panelists include Mr Eddie Efekoha, President of West African Insurance Companies Association (WAICA)/Group Managing Director, Consolidated Hallmark Insurance (CHI); Olumide Oyetan, President of Pension Fund Operators Association of Nigeria, (PenOp); Mr Shola Tinubu, Managing Director/CEO of Scib Insurance Brokers and Ms Prisca Gbemisola Soares, former Secretary General African Insurance Organisation (AIO).
Other are Mr Samuel Banji Abolarin, Managing Director/CEO, NLPC; Dave Oduanu, Managing Director/CEO, Access Pension and Mr Wale Odutola, Managing Director/CEO, ARM Pension.
The conference committee noted that the Keynote Speaker, Mallam Garba Kurfi, is a highly skilled capital market professional operator with decades of experience, a Council Member of Nigeria Stock Exchange and Fellow, Institute of Chartered Accountants of Nigeria (ICAN), adding that the most iconic personalities in the insurance and pension industries, with vast experiences and knowledge were selected as panelists of the conference to discuss the theme.
Commenting, Mrs Nkechi Naeche-Esezobor, Chairperson, NAIPE, expressed confidence that the Keynote Speaker and the selected panelists were knowledgeable enough to discuss the theme of the conference.
Esezobor stated that the Special Guests of Honour for the Conference is the Commissioner For Insurance, Mr Sunday Olorundare Thomas and Director-General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar.
She said the conference would be chaired by Eminent Investor in the financial services market, A Chartered Insurer and Actuary,  Mr Wole Oshin, who is the Founder and Group Managing Director of Custodian Group.
NAIPE Chairperson said that the panelists, having received the Association’s inivitation letter, had in separate responses acknowledged their long-standing relationship with NAIPE and their readiness to always partner, support and identify with the Association in whatever ways possible.
“These crop of panelists are one of the best hands in the insurance and pension industries.
“We are happy to associate with them and also confident that they would deliver a top-notch session at the conference,” she said.
She said the theme of the conference was carefully chosen following the emergence of a new government in the country and the need to set an agenda for the new leadership.
Speakers according to Esezobor were carefully selected by the committee to do justice to the theme of the conference, towards changing the landscape of both industries to further deepen the penetration and contribution of both sectors to the economy.
Not less than 500 stakeholders from the insurance and pension sectors as well as the financial services sector such as Lagos State Pension Commission (LASPEC); Chartered Insurance Institute of Nigeria (CIIN); Nigerian Insurers Association (NIA); Nigerian Council for Registered Insurance Brokers (NCRIB); Professional Insurance Ladies Association  (PILA); Institute of Loss Adjusters of Nigeria (ILAN); Pension Funds Operators Association of Nigeria (PenOp); Association for Registered Insurance Agents of Nigeria (ARIAN); College of Insurance and Financial Management (CIFM) and Small and Medium Enterprise Development Association of Nigeria (SMEDAN) etc.
Others expected at the epoch conference are Nigeria Union of Pensioners; Trade Union Congress; People Living with Disabilities; Barbers, Hairdressers, Market Men and Women, Vulcanizers, etc.
Patoma Admin by — August 7, 2023 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
Insurance, Pension journalist, Sola Alabadan beat death again by whiskers

By Favour Nnabugwu

 

 

The Insurance Editor of NewsPage Media, Sola Alabadan, escaped death by whiskers at the weekend while travelling from Lagos to Ekiti State, as a Toyota Sienna vehicle with Registration number GGE970GB, suddenly hit his car from the back and pushed him under the trailer in front of him.

The whole windsreen of his vehicle was shattered, while the bonnet and the bumper were damaged completely.

Immediately the accident happened, he said he thought the end has come as he could not see anything for some seconds.

Although he was not injured physically, he said the tiny broken glass splashed on his body, and he expressed fears that some of the broken glasses had not been deposited in his body.

In view of the fact that the driver of the car accepted it was his fault, he said he asked him if the vehicle has the minimum third party insurance cover required by the law and the driver said yes.

To confirm the genuiness of the insurance certificate, he said he had to visit the website of the Nigerian
Insurance Industry Database (NIID) and it shows the vehicle was insured. The insurance certificate was issued on December 17, 2021 and it will expire on December 16, 2022.

 

Sola had once before the car accident escaped the whim of death on May 30, 2015, in the real sense of the word.

I had travelled to Tunisia and came back on May 30, 2015. Before our plane touched down around 6am in Lagos on that fateful day, a car was already waiting for me at the airport and I was chauffeured back home. So, I didn’t stress myself.

We got home before 7am, knocked on the door and my family welcomed me as if I had travelled for years. So, I just handed over my bag to them to ransack it and pick anything they want therefrom.

Thereafter, I told them I needed to sleep.
After sleeping for about two hours, my wife came back from the salon and I woke up to open the door for her. She came in and I went to the toilet to ease my self. There and then, I was standing up urinating, but that was the last thing I knew.

People will say it was an heart attack or cardiac arrest, but I was long gone, as I didn’t know what was happening around me again.

Few minutes later, I was told that I collapsed but because I used my head to hit a plastic bowl in the toilet, the sound from the crash drew the attention of my wife to the room. On getting to the room, however, she met me lifeless and I didn’t know what was happening around me again.

So, she started pleading blood of Jesus as she struggled to lift me up the ground.
Few minutes later, the ever faithful God revived me and I came back to life.

When I came back to the world, my wife was already crying. She asked me what had happened to me, I said nothing happened. She told me I collapsed and had been pleading blood of Jesus over me since, before God eventually revived me. I insisted nothing happened to me. It was then she told me to look at the broken bowl and the soapy water on my body

Therefore, she suggested we should go to the hospital for medical check up and to satisfy her, I agreed and we went to the hospital. After samples were taken and series of tests were conducted, the doctor didn’t see any problem.

Patoma Admin by — August 14, 2022 in Insurance 0