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  •  Dr Chinyere Almona Director General Lagos Chamber of Commerce and Industry LCCI has charged insurance and pension operators to provide incentives to boost patronage of the micro insurance and micro pension Almona made the call while delivering a paper at the 7th Annual Conference of the National Association of Insurance and Pension Editors NAIPE on Friday in Lagos The theme of the conference was Onboarding MSMEs into Micro Insurance and Pension Space in Nigeria She noted that operators in the insurance and pension industries must design products that would attract the informal sector to embrace micro insurance and micro pension plan 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 encourage those in the informal sector the Nigerian Nano Micro Small and Medium and Enterprises NMSMEs operators to embrace micro insurance and micro pension plan she said According to her insurance underwriters and pension administrators must take advantage of the huge opportunities in the NMSME sector The LCCI DG mentioned opportunities in the NMSME s sector as large workforce and willing adult population expanding distribution channels favourable regulatory environment mature financial services sector and revolution in information technology and digital innovations Almona said the total number of people employed by MSMEs stood at 61 9 million representing 87 9 per cent of the total workforce in the country She added that the number of employments generated by the informal sector was 16 million while the formal sector generated 7 5 million in 2020 Almona charged operators in both sectors to invest in enabling technology to increase awareness and enlightenment on the benefits of micro insurance and micro pension The LCCI DG listed the benefits of such awareness to include safety net at retirement alignment with the current social empowerment programmes minimal old age poverty and improvement in the standard of living for the elderly among others She charged the National Insurance Commission NAICOM and the National Pension Commission PenCom to provide necessary regulatory framework that supported NMSMEs With regulatory support Nigeria is well placed to achieve meaningful micro pension coverage rapidly as well as enhance insurance penetration The ratio of insurance assets to Nigeria s Gross Domestic Product GDP has remained stagnant at 1 per cent while microinsurance is at a very early but growing phase The percentage ratio of pension assets to GDP remains low while the total pension contribution remitted by the public sector is slightly higher than that of the private sector which justifies the low penetration of pension in the private sector of the economy she said In her Keynote address the Director General National Pension Commission PenCom Mrs Aisha Dahir Umar said on boarding SMEs into the micro pension scheme was one of the contributions of the pension industry to the financial inclusion initiative of the Federal Government Dahiru Umar represented by the Head South West Office of PenCom Dr Tunde Alayande said the micro pension plan was designed for those in the informal sector including the SMEs She explained that PenCom in collaboration with the Pension Operators Association of Nigeria PenOp had come up with lots of initiatives for the SMEs for the benefit of the industry In his goodwill message Chairman Nigerian Insurers Association NIA Mr Segun Omosehin commended NAIPE for organising a conference which was not only significant to the insurance industry but to the entire finance industry NAIPE is not only projecting the image of the industry but making people to understand what we do what we represent and how it can impact our economy Omosehin said Earlier in her welcome address the Chairman of NAIPE Mrs Nkechi Naeche Esezobor said the theme of the conference was important because NMSME was the driver and engine of growth of the Nigerian economy Naeche Esezobor urged micro insurance and micro pension operators to see SMEs as assets to their growth by ensuring that they were properly captured NewsSourceCredit NAN
    LCCI DG calls for incentives to boost micro insurance, pension
     Dr Chinyere Almona Director General Lagos Chamber of Commerce and Industry LCCI has charged insurance and pension operators to provide incentives to boost patronage of the micro insurance and micro pension Almona made the call while delivering a paper at the 7th Annual Conference of the National Association of Insurance and Pension Editors NAIPE on Friday in Lagos The theme of the conference was Onboarding MSMEs into Micro Insurance and Pension Space in Nigeria She noted that operators in the insurance and pension industries must design products that would attract the informal sector to embrace micro insurance and micro pension plan 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 encourage those in the informal sector the Nigerian Nano Micro Small and Medium and Enterprises NMSMEs operators to embrace micro insurance and micro pension plan she said According to her insurance underwriters and pension administrators must take advantage of the huge opportunities in the NMSME sector The LCCI DG mentioned opportunities in the NMSME s sector as large workforce and willing adult population expanding distribution channels favourable regulatory environment mature financial services sector and revolution in information technology and digital innovations Almona said the total number of people employed by MSMEs stood at 61 9 million representing 87 9 per cent of the total workforce in the country She added that the number of employments generated by the informal sector was 16 million while the formal sector generated 7 5 million in 2020 Almona charged operators in both sectors to invest in enabling technology to increase awareness and enlightenment on the benefits of micro insurance and micro pension The LCCI DG listed the benefits of such awareness to include safety net at retirement alignment with the current social empowerment programmes minimal old age poverty and improvement in the standard of living for the elderly among others She charged the National Insurance Commission NAICOM and the National Pension Commission PenCom to provide necessary regulatory framework that supported NMSMEs With regulatory support Nigeria is well placed to achieve meaningful micro pension coverage rapidly as well as enhance insurance penetration The ratio of insurance assets to Nigeria s Gross Domestic Product GDP has remained stagnant at 1 per cent while microinsurance is at a very early but growing phase The percentage ratio of pension assets to GDP remains low while the total pension contribution remitted by the public sector is slightly higher than that of the private sector which justifies the low penetration of pension in the private sector of the economy she said In her Keynote address the Director General National Pension Commission PenCom Mrs Aisha Dahir Umar said on boarding SMEs into the micro pension scheme was one of the contributions of the pension industry to the financial inclusion initiative of the Federal Government Dahiru Umar represented by the Head South West Office of PenCom Dr Tunde Alayande said the micro pension plan was designed for those in the informal sector including the SMEs She explained that PenCom in collaboration with the Pension Operators Association of Nigeria PenOp had come up with lots of initiatives for the SMEs for the benefit of the industry In his goodwill message Chairman Nigerian Insurers Association NIA Mr Segun Omosehin commended NAIPE for organising a conference which was not only significant to the insurance industry but to the entire finance industry NAIPE is not only projecting the image of the industry but making people to understand what we do what we represent and how it can impact our economy Omosehin said Earlier in her welcome address the Chairman of NAIPE Mrs Nkechi Naeche Esezobor said the theme of the conference was important because NMSME was the driver and engine of growth of the Nigerian economy Naeche Esezobor urged micro insurance and micro pension operators to see SMEs as assets to their growth by ensuring that they were properly captured NewsSourceCredit NAN
    LCCI DG calls for incentives to boost micro insurance, pension
    Economy1 month ago

    LCCI DG calls for incentives to boost micro insurance, pension

    Dr Chinyere Almona, Director General, Lagos Chamber of Commerce and Industry (LCCI) has charged insurance and pension operators to provide incentives to boost patronage of the micro insurance and micro pension.

    Almona made the call while delivering a paper at the 7th Annual Conference of the National Association of Insurance and Pension Editors (NAIPE) on Friday in Lagos.

    The theme of the conference was: ‘Onboarding MSMEs into Micro Insurance and Pension Space in Nigeria.

    ’ She noted that operators in the insurance and pension industries must design products that would attract the informal sector to embrace micro insurance and micro pension plan.

    “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 encourage those in the informal sector, the Nigerian Nano, Micro, Small and Medium and Enterprises (NMSMEs) operators to embrace micro insurance and micro pension plan,” she said.

    According to her, insurance underwriters and pension administrators must take advantage of the huge opportunities in the NMSME sector.

    The LCCI DG mentioned opportunities in the NMSME’s sector as; large workforce and willing adult population, expanding distribution channels, favourable regulatory environment, mature financial services sector and revolution in information technology and digital innovations.

    Almona said the total number of people employed by MSMEs stood at 61.9 million, representing 87.9 per cent of the total workforce in the country.

    She added that the number of employments generated by the informal sector was 16 million while the formal sector generated 7.5 million in 2020. Almona charged operators in both sectors to invest in enabling technology to increase awareness and enlightenment on the benefits of micro insurance and micro pension.

    The LCCI DG listed the benefits of such awareness to include safety net at retirement, alignment with the current social empowerment programmes, minimal old-age poverty and improvement in the standard of living for the elderly, among others.

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

    “The ratio of insurance assets to Nigeria’s Gross Domestic Product (GDP) has remained stagnant at 1 per cent, while  microinsurance is at a very early but growing phase.

    “The percentage ratio of pension assets to GDP remains low, while the total pension contribution remitted by the public sector is slightly higher than that of the private sector, which justifies the low penetration of pension in the private sector of the economy, ” she said.

    In her Keynote address, the Director-General, National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, said on-boarding SMEs into the micro pension scheme was one of the contributions of the pension industry to the financial inclusion initiative of the Federal Government.

    Dahiru-Umar, represented by the Head, South West Office of PenCom, Dr Tunde Alayande, said the micro pension plan was designed for those in the informal sector, including the SMEs. She explained that PenCom, in collaboration with the Pension Operators Association of Nigeria (PenOp), had come up with lots of initiatives for the SMEs for the benefit of the industry.

    In his goodwill message, Chairman, Nigerian Insurers Association (NIA),  Mr Segun Omosehin, commended NAIPE for organising a conference which was not only significant to the insurance industry but to the entire finance industry.

    “NAIPE is not only projecting the image of the industry but making people to understand what we do, what we represent and how it can impact our economy,” Omosehin said.

    Earlier in her welcome address, the Chairman of NAIPE, Mrs Nkechi Naeche-Esezobor, said the theme of the conference was important because NMSME was the driver and engine of growth of the Nigerian economy.

    Naeche-Esezobor urged micro insurance and micro pension operators to see SMEs as assets to their growth by ensuring that they were properly captured.


    NewsSourceCredit: NAN

  •  The newly inaugurated Chairman of the Nigeria Insurers Association NIA Mr Olusegun Omosehin has pledged to expand the frontiers of insurance through partnerships and stakeholders engagement Omosehin made the promise at his investiture as the 25th chairman of NIA in Lagos on Wednesday night He said his administration would focus on key strategic areas such as market discipline market development and respect for market agreements During my tenure we will collaborate with all players to enforce market discipline among member companies As a self regulatory organisation 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 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 said According to him the association under his watch will ensure enforcement of compulsory insurance through effective collaboration with relevant agencies implement progressive market development initiatives and agreements and explore new areas of collaboration Omosehin noted that NIA would collaborate with the regulatory community particularly its primary regulator National Insurance Commission NAICOM on regulations such as Risk Based Supervision among others He said the association would work with all stakeholders to bring more into the insurance net by actively pursuing awareness campaigns and publicity project under the auspices of the Insurers Committee The NIA Chairman said the association would also explore training opportunities to build capacity in critical areas of the 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 he said Omosehin mentioned that the country was faced with security challenges and contending with the after effects of climate change such as flooding and related risks He stated that the association would learn from other markets that had the requisite experience in these areas of insurance business to improve its underwriting practices in critical areas Omosehin sought the support and cooperation of other key stakeholders including NAICOM the Nigeria Council of Registered Insurance Brokers NCRIB and the Institute of Loss Adjusters of Nigeria ILAN He the association would also partner the Chartered Insurance Institute of Nigeria CIIN Association of Registered Insurance Agents of Nigeria ARIAN among others to achieve a prosperous insurance industry Let me assure NAICOM that we shall work closely with them in all areas particularly in unpacking solutions that work 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 maximise the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations he said NewsSourceCredit NAN
    NIA chairman outlines vision to expand insurance frontiers
     The newly inaugurated Chairman of the Nigeria Insurers Association NIA Mr Olusegun Omosehin has pledged to expand the frontiers of insurance through partnerships and stakeholders engagement Omosehin made the promise at his investiture as the 25th chairman of NIA in Lagos on Wednesday night He said his administration would focus on key strategic areas such as market discipline market development and respect for market agreements During my tenure we will collaborate with all players to enforce market discipline among member companies As a self regulatory organisation 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 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 said According to him the association under his watch will ensure enforcement of compulsory insurance through effective collaboration with relevant agencies implement progressive market development initiatives and agreements and explore new areas of collaboration Omosehin noted that NIA would collaborate with the regulatory community particularly its primary regulator National Insurance Commission NAICOM on regulations such as Risk Based Supervision among others He said the association would work with all stakeholders to bring more into the insurance net by actively pursuing awareness campaigns and publicity project under the auspices of the Insurers Committee The NIA Chairman said the association would also explore training opportunities to build capacity in critical areas of the 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 he said Omosehin mentioned that the country was faced with security challenges and contending with the after effects of climate change such as flooding and related risks He stated that the association would learn from other markets that had the requisite experience in these areas of insurance business to improve its underwriting practices in critical areas Omosehin sought the support and cooperation of other key stakeholders including NAICOM the Nigeria Council of Registered Insurance Brokers NCRIB and the Institute of Loss Adjusters of Nigeria ILAN He the association would also partner the Chartered Insurance Institute of Nigeria CIIN Association of Registered Insurance Agents of Nigeria ARIAN among others to achieve a prosperous insurance industry Let me assure NAICOM that we shall work closely with them in all areas particularly in unpacking solutions that work 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 maximise the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations he said NewsSourceCredit NAN
    NIA chairman outlines vision to expand insurance frontiers
    Economy1 month ago

    NIA chairman outlines vision to expand insurance frontiers

    The newly inaugurated Chairman of the Nigeria Insurers Association (NIA), Mr Olusegun Omosehin, has pledged to expand the frontiers of insurance through partnerships and stakeholders’ engagement.

    Omosehin made the promise at his investiture as the 25th chairman of NIA in Lagos on Wednesday night.

    He said his administration would focus on key strategic areas such as market discipline, market development and respect for market agreements.

    “During my tenure, we will collaborate with all players to enforce market discipline among member companies.

    “As a self-regulatory organisation, 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 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 said.

    According to him, the association under his watch will  ensure enforcement of compulsory insurance through effective collaboration with relevant agencies, implement progressive market development initiatives and agreements and explore new areas of collaboration.

    Omosehin noted that NIA would collaborate with the regulatory community particularly its primary regulator, National Insurance Commission (NAICOM) on regulations such as Risk-Based Supervision, among others.

    He said the association would work with all stakeholders to bring more into the insurance net by actively pursuing awareness campaigns and publicity project under the auspices of the Insurers’ Committee.

    The NIA Chairman said the association would also explore training opportunities to build capacity in critical areas of the 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,” he said.

    Omosehin mentioned that the country was faced with security challenges and contending with the after-effects of climate change such as flooding and related risks.

    He stated that the association would learn from other markets that had the requisite experience in these areas of insurance business to improve its underwriting practices in critical areas.

    Omosehin sought the support and cooperation of other key stakeholders including NAICOM, the Nigeria Council of Registered Insurance Brokers (NCRIB) and the Institute of Loss Adjusters of Nigeria (ILAN).

    He the association would also partner the Chartered Insurance Institute of Nigeria (CIIN), Association of Registered Insurance Agents of Nigeria (ARIAN), among others, to achieve a prosperous insurance industry.

    “Let me assure NAICOM that we shall work closely with them in all areas, particularly in unpacking solutions that work 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 maximise the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations,” he said.


    NewsSourceCredit: NAN

  •  Commissioner for Insurance Mr Sunday Thomas has charged the new leadership of the Nigeria Insurers Association NIA to deploy the principle of self regulation on claims settlement Thomas also Chief Executive Officer CEO National Insurance Commission NAICOM said this at the investiture of Mr Olusegun Omosehin as the 25th chairman of NIA on Wednesday night in Lagos He said 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 demarketing the industry Though the sector is beginning to experience improvement in terms of patronage and claims payout the perception of the industry by the public is still not what it should be This is unacceptable and it is high time we changed the narrative collectively as an industry 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 action on this task According to the commissioner the new NIA leadership must at all times ensure proper communication in engaging the commission through available bilateral windows He described the investiture of Omosehin as yet another occasion for celebration in the history of the association following a smooth leadership transition Thomas commended the outgone NIA Chairman Mr Ganiyu Musa for his amiable leadership and stability of the operations of the association his resilience commitment and passion for the development of the insurance industry 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 This singular action did succeed in significantly improving the image of the industry and has indeed given the association a facelift in the eyes of other compatriots in the Nigerian financial circle We wish Musa and his team well and in the same breath also congratulate the in coming leadership of the association led by Omosehin As you take over the mantle of leadership I pray that God grants you the grace and wisdom to lead your team to build on and surpass the achievements of your predecessors he said According to him the unprecedented strides in the various components of the industry are evidence of the enormous hard work of the great men and women manning the different arms of the insurance industry Thomas stated that the Insurance industry still had a long way to go to attain the desired position in the financial services sector He expressed optimism in the ability and capacity of the new leadership at the NIA to work with other arms of the industry to deliver on this long held aspiration The NAICOM boss noted that the commission was mindful of the challenges operators in the industry had to contend with in adapting to drastic changes designed to accelerate the development and growth of the insurance business He said the current socio political and economic environment in the country obviously called for realignment by all stakeholders to tackle inherent challenges in the insurance industry There is the need for a firm handshake with all arms to engender fruitful collaborations and cooperation for the collective interest of all On my appointment as Commissioner for Insurance I did mention that the focus of the administration is development of the insurance market and I want to believe that this cardinal objective has not changed The commission has been vigorously driving the issue of market development and enforcement of compulsory insurance these past two years and achieving some gains in the process he said According to him greater efforts have been made to partner state governments on enforcement of compulsory insurance Thomas said 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 was less than satisfactory He assured that the commission would continue to support the insurance industry and specifically the operators and players to thrive by instituting policies that would encourage equal access investment of funds and healthy competition NewsSourceCredit NAN
    NAICOM boss charges new NIA chairman on claims settlement
     Commissioner for Insurance Mr Sunday Thomas has charged the new leadership of the Nigeria Insurers Association NIA to deploy the principle of self regulation on claims settlement Thomas also Chief Executive Officer CEO National Insurance Commission NAICOM said this at the investiture of Mr Olusegun Omosehin as the 25th chairman of NIA on Wednesday night in Lagos He said 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 demarketing the industry Though the sector is beginning to experience improvement in terms of patronage and claims payout the perception of the industry by the public is still not what it should be This is unacceptable and it is high time we changed the narrative collectively as an industry 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 action on this task According to the commissioner the new NIA leadership must at all times ensure proper communication in engaging the commission through available bilateral windows He described the investiture of Omosehin as yet another occasion for celebration in the history of the association following a smooth leadership transition Thomas commended the outgone NIA Chairman Mr Ganiyu Musa for his amiable leadership and stability of the operations of the association his resilience commitment and passion for the development of the insurance industry 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 This singular action did succeed in significantly improving the image of the industry and has indeed given the association a facelift in the eyes of other compatriots in the Nigerian financial circle We wish Musa and his team well and in the same breath also congratulate the in coming leadership of the association led by Omosehin As you take over the mantle of leadership I pray that God grants you the grace and wisdom to lead your team to build on and surpass the achievements of your predecessors he said According to him the unprecedented strides in the various components of the industry are evidence of the enormous hard work of the great men and women manning the different arms of the insurance industry Thomas stated that the Insurance industry still had a long way to go to attain the desired position in the financial services sector He expressed optimism in the ability and capacity of the new leadership at the NIA to work with other arms of the industry to deliver on this long held aspiration The NAICOM boss noted that the commission was mindful of the challenges operators in the industry had to contend with in adapting to drastic changes designed to accelerate the development and growth of the insurance business He said the current socio political and economic environment in the country obviously called for realignment by all stakeholders to tackle inherent challenges in the insurance industry There is the need for a firm handshake with all arms to engender fruitful collaborations and cooperation for the collective interest of all On my appointment as Commissioner for Insurance I did mention that the focus of the administration is development of the insurance market and I want to believe that this cardinal objective has not changed The commission has been vigorously driving the issue of market development and enforcement of compulsory insurance these past two years and achieving some gains in the process he said According to him greater efforts have been made to partner state governments on enforcement of compulsory insurance Thomas said 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 was less than satisfactory He assured that the commission would continue to support the insurance industry and specifically the operators and players to thrive by instituting policies that would encourage equal access investment of funds and healthy competition NewsSourceCredit NAN
    NAICOM boss charges new NIA chairman on claims settlement
    Economy1 month ago

    NAICOM boss charges new NIA chairman on claims settlement

    Commissioner for Insurance, Mr Sunday Thomas, has charged the new leadership of the Nigeria Insurers Association (NIA) to deploy the principle of self regulation on claims settlement.

    Thomas, also Chief Executive Officer (CEO), National Insurance Commission (NAICOM), said this at the investiture of Mr Olusegun Omosehin as the 25th chairman of NIA on Wednesday night in Lagos.

    He said: “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 demarketing the industry.

    “Though the sector is beginning to experience improvement in terms of patronage and claims payout, the perception of the industry by the public is still not what it should be.

    “This is unacceptable and it is high time we changed the narrative collectively as an industry.

    “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 action on this task.

    ” According to the commissioner, the new NIA leadership must at all times, ensure proper communication in engaging the commission through available bilateral windows.

    He described the investiture of Omosehin as yet another occasion for celebration in the history of the association, following a smooth leadership transition.

    Thomas commended the outgone NIA Chairman, Mr Ganiyu Musa, for his amiable leadership and stability of the operations of the association, his resilience, commitment and passion for the development of the insurance industry.

    “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.

    “This singular action did succeed in significantly improving the image of the industry and has, indeed, given the association a facelift in the eyes of other compatriots in the Nigerian financial circle.

    “We wish Musa and his team well and in the same breath also congratulate the in-coming leadership of the association led by Omosehin.

    “As you take over the mantle of leadership, I pray that God grants you the grace and wisdom to lead your team to build on and surpass the achievements of your predecessors,” he said.

    According to him, the unprecedented strides in the various components of the industry are evidence of the enormous hard work of the great men and women manning the different arms of the insurance industry.

    Thomas stated that the Insurance industry still had a long way to go to attain the desired position in the financial services sector.

    He expressed optimism in the ability and capacity of the new leadership at the NIA to work with other arms of the industry to deliver on this long held aspiration.

    The NAICOM boss noted that the commission was mindful of the challenges operators in the industry had to contend with in adapting to drastic changes designed to accelerate the development and growth of the insurance business.

    He said the current socio-political and economic environment in the country obviously called for realignment by all stakeholders to tackle inherent challenges in the insurance industry.

    “There is the need for a firm handshake with all arms to engender fruitful collaborations and cooperation for the collective interest of all.

    “On my appointment as Commissioner for Insurance, I did mention that the focus of the administration is development of the insurance market and I want to believe that this cardinal objective has not changed.

    “The commission has been vigorously driving the issue of market development and enforcement of compulsory insurance these past two years and achieving some gains in the process,” he said.

    According to him, greater efforts have been made to partner state governments on enforcement of compulsory insurance.

    Thomas said 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 was less than satisfactory.

    He assured that the commission would continue to support the insurance industry and specifically the operators and players to thrive by instituting policies that would encourage equal access, investment of funds and healthy competition.


    NewsSourceCredit: NAN

  •  Heirs Insurance Ltd HIL and Heirs Life Assurance HLA have generated a total of N14 8 billion Gross Written Premium GWP in the third quarter Mr Niyi Onifade Managing Director Heirs Life Assurance said this at a press briefing on Wednesday in Lagos Onifade said Heirs Insurance recorded a GWP of N5 8 billion in the third quarter from N3 5 billion recorded in 2021 while Heirs Life s GWP soared to N9 billion in the third quarter from N2 7 billion recorded in 2021 He explained that the performances of the two firms were impressive within the period of review as they pooled N1 550 millon profits Heirs Insurance recorded a Profit Before Tax PBT of N600 million in the third quarter while Heirs Life generated N950 million at the end of the third quarter of this year he said According to him the two firms have settled total claims of N1 611 billion to policyholders from inception on June 1 2021 to the end of the third quarter Onifade explained that Heirs Insurance paid a total of N303 million as claims in 2021 and N550 million as at the period under review He said Heirs Life also paid a total of N58 million as claims at the end of 2021 and N700 million during the review period We recognise the need to pay claims always look for reasons to pay and not reasons not to pay Consequently we made our claims settlement process simple and seamless he said The Hiers Life boss said the firms had fully integrated with the portal of the National Insurance Commission NAICOM and activated a robust digitally enabled call centre Onifade said the insurers had also done a lot in terms of insurance penetration drive within over one and half years of existence by supporting the financial inclusion drive of NAICOM and by extension the federal government On Bancassurance he noted that the underwriters having partnered with the United Bank for Africa on bancassurance planned to be in 100 branches of the bank in line with bancassurance guidelines for the industry before the end of the year The Heirs Life MD stated that the companies agency networks had also developed and that they were growing a robust relationship with insurance brokers and agents In her remark the Managing Director Heirs Insurance Dr Adaobi Nwakuche said Heirs Insurance introduced 33 new products while Heirs Life introduced 16 new products in year 2022 and had gotten approval to introduce more We are very deliberate about creating new products in the market that will differentiate us from what others are doing We want to change the narrative by doing what will delight our clients by providing products that are easy to understand and very affordable she said On the ravaging flood Nwakuche said the undwriting companies management teams had begun engagements on how to mitigate risks that may arise from the menace Heirs Insurance is a subsidiary of Heirs Holdings a pan African investment group with presence in 23 African countries and four continents NewsSourceCredit NAN
    Heirs insurance firms record N14.8bn premium in Q3
     Heirs Insurance Ltd HIL and Heirs Life Assurance HLA have generated a total of N14 8 billion Gross Written Premium GWP in the third quarter Mr Niyi Onifade Managing Director Heirs Life Assurance said this at a press briefing on Wednesday in Lagos Onifade said Heirs Insurance recorded a GWP of N5 8 billion in the third quarter from N3 5 billion recorded in 2021 while Heirs Life s GWP soared to N9 billion in the third quarter from N2 7 billion recorded in 2021 He explained that the performances of the two firms were impressive within the period of review as they pooled N1 550 millon profits Heirs Insurance recorded a Profit Before Tax PBT of N600 million in the third quarter while Heirs Life generated N950 million at the end of the third quarter of this year he said According to him the two firms have settled total claims of N1 611 billion to policyholders from inception on June 1 2021 to the end of the third quarter Onifade explained that Heirs Insurance paid a total of N303 million as claims in 2021 and N550 million as at the period under review He said Heirs Life also paid a total of N58 million as claims at the end of 2021 and N700 million during the review period We recognise the need to pay claims always look for reasons to pay and not reasons not to pay Consequently we made our claims settlement process simple and seamless he said The Hiers Life boss said the firms had fully integrated with the portal of the National Insurance Commission NAICOM and activated a robust digitally enabled call centre Onifade said the insurers had also done a lot in terms of insurance penetration drive within over one and half years of existence by supporting the financial inclusion drive of NAICOM and by extension the federal government On Bancassurance he noted that the underwriters having partnered with the United Bank for Africa on bancassurance planned to be in 100 branches of the bank in line with bancassurance guidelines for the industry before the end of the year The Heirs Life MD stated that the companies agency networks had also developed and that they were growing a robust relationship with insurance brokers and agents In her remark the Managing Director Heirs Insurance Dr Adaobi Nwakuche said Heirs Insurance introduced 33 new products while Heirs Life introduced 16 new products in year 2022 and had gotten approval to introduce more We are very deliberate about creating new products in the market that will differentiate us from what others are doing We want to change the narrative by doing what will delight our clients by providing products that are easy to understand and very affordable she said On the ravaging flood Nwakuche said the undwriting companies management teams had begun engagements on how to mitigate risks that may arise from the menace Heirs Insurance is a subsidiary of Heirs Holdings a pan African investment group with presence in 23 African countries and four continents NewsSourceCredit NAN
    Heirs insurance firms record N14.8bn premium in Q3
    Economy1 month ago

    Heirs insurance firms record N14.8bn premium in Q3

    Heirs Insurance Ltd. (HIL) and Heirs Life Assurance (HLA) have generated a total of N14.8 billion Gross Written Premium (GWP) in the third quarter.

    Mr Niyi Onifade, Managing Director, Heirs Life Assurance, said this at a press briefing on Wednesday in Lagos.

    Onifade said Heirs Insurance recorded a GWP of N5.8 billion in the third quarter from N3.5 billion recorded in 2021, while Heirs Life’s GWP soared to N9 billion in the third quarter from N2.7 billion recorded in 2021. He explained that the performances of the two firms were impressive within the period of review as they pooled N1.550 millon profits.

    “Heirs Insurance recorded a Profit Before Tax (PBT) of N600 million in the third quarter, while Heirs Life generated N950 million at the end of the third quarter of this year,” he said.

    According to him, the two firms have settled total claims of N1.611 billion to policyholders from inception on June 1, 2021 to the end of the third quarter.

    Onifade explained that Heirs Insurance paid a total of N303 million as claims in 2021 and N550 million as at the period under review.

    He said Heirs Life also paid a total of N58 million as claims at the end of 2021 and N700 million during the review period.

    “We recognise the need to pay claims, always look for reasons to pay and not reasons not to pay.

    Consequently we made our claims settlement process simple and seamless,” he said.

    The Hiers Life boss said the firms had fully integrated with the portal of the National Insurance Commission (NAICOM) and activated a robust digitally enabled call centre.

    Onifade said the insurers had also done a lot in terms of insurance penetration drive within over one and half years of existence by supporting the financial inclusion drive of NAICOM and by extension the federal government.

    On Bancassurance, he noted that the underwriters having partnered with the United Bank for Africa on bancassurance, planned to be in 100 branches of the bank in line with bancassurance guidelines for the industry before the end of the year.

    The Heirs Life MD stated that the companies’ agency networks had also developed, and that they were growing a robust relationship with insurance brokers and agents.

    In her remark, the Managing Director, Heirs Insurance, Dr Adaobi Nwakuche, said Heirs Insurance introduced 33 new products, while Heirs Life introduced 16 new products in year 2022 and had gotten approval to introduce more.

    “We are very deliberate about creating new products in the market that will differentiate us from what others are doing.

    “We want to change the narrative by doing what will delight our clients by providing products that are easy to understand and very affordable,” she said.

    On the ravaging flood, Nwakuche said the undwriting companies’ management teams had begun engagements on how to mitigate risks that may arise from the menace.

    Heirs Insurance is a subsidiary of Heirs Holdings, a pan-African investment group, with presence in 23 African countries and four continents.


    NewsSourceCredit: NAN

  •  The National Insurance Commission NAICOM has sympathised with flood victims across the country A statement by the Commission in Abuja on Saturday assured all insured policyholders against such occurrences of their prompt claims settlement by their insurance companies The Commission expressed its commitment toward ensuring that insurance companies settled claims of the victims as soon as possible The News Agency of Nigeria recalls that flood had affected some states of the country destroying lives and propertys NewsSourceCredit NAN
    NAICOM sympathises with flood victims, assures policyholders of prompt claims settlement
     The National Insurance Commission NAICOM has sympathised with flood victims across the country A statement by the Commission in Abuja on Saturday assured all insured policyholders against such occurrences of their prompt claims settlement by their insurance companies The Commission expressed its commitment toward ensuring that insurance companies settled claims of the victims as soon as possible The News Agency of Nigeria recalls that flood had affected some states of the country destroying lives and propertys NewsSourceCredit NAN
    NAICOM sympathises with flood victims, assures policyholders of prompt claims settlement
    Economy1 month ago

    NAICOM sympathises with flood victims, assures policyholders of prompt claims settlement

    The National Insurance Commission (NAICOM), has sympathised with flood victims across the country.

    A statement by the Commission in Abuja on Saturday, assured all insured policyholders against such occurrences of their prompt claims settlement by their insurance companies.

    The Commission expressed its commitment toward ensuring that insurance companies settled claims of the victims as soon as possible.

    The News Agency of Nigeria recalls that flood had affected some states of the country destroying lives and propertys.


    NewsSourceCredit: NAN

  •  The Insurance Industry has recorded 0 2 per cent growth in gross claims compared to the corresponding year totalling N174 8 billion in the second quarter of 2022 A performance bulletin released by the National Insurance Commission NAICOM in Abuja on Tuesday said the figure represented 47 3 per cent of all premiums generated during the period NAICOM said that the net claims paid stood at about N148 2 billion which represented 84 8 per cent of all gross claims reported during the period The Commission said the performance reflected the professional under writing capacity of the industry as driven by its intensified regulatory activities NAICOM said the life insurance business recorded 88 90 per cent claims settlement as against the reported claims while non life segment stood at 76 8 per cent The Commission said that motor insurance retained its lead posting a claims settlement ratio of 92 per cent It said that the oil and gas recorded 85 7 per cent of claims settlement ratio an increase of 43 points compared to its position of 42 8 per cent recorded in the corresponding period of 2021 The Commission said miscellaneous insurance also posted 61 9 per cent higher than 44 per cent paid claims ratio compared to the corresponding period of 2021 NAICOM said that General Accident paid claims of 75 per cent fire 76 2 per cent while Aviation amp Marine posted 61 9 per cent The Commission said the sector recorded an increased growth rate of 12 per cent NewsSourceCredit NAN
    Insurance industry records claims of N174.8 bn, pays N148.2 bn in Q2 
     The Insurance Industry has recorded 0 2 per cent growth in gross claims compared to the corresponding year totalling N174 8 billion in the second quarter of 2022 A performance bulletin released by the National Insurance Commission NAICOM in Abuja on Tuesday said the figure represented 47 3 per cent of all premiums generated during the period NAICOM said that the net claims paid stood at about N148 2 billion which represented 84 8 per cent of all gross claims reported during the period The Commission said the performance reflected the professional under writing capacity of the industry as driven by its intensified regulatory activities NAICOM said the life insurance business recorded 88 90 per cent claims settlement as against the reported claims while non life segment stood at 76 8 per cent The Commission said that motor insurance retained its lead posting a claims settlement ratio of 92 per cent It said that the oil and gas recorded 85 7 per cent of claims settlement ratio an increase of 43 points compared to its position of 42 8 per cent recorded in the corresponding period of 2021 The Commission said miscellaneous insurance also posted 61 9 per cent higher than 44 per cent paid claims ratio compared to the corresponding period of 2021 NAICOM said that General Accident paid claims of 75 per cent fire 76 2 per cent while Aviation amp Marine posted 61 9 per cent The Commission said the sector recorded an increased growth rate of 12 per cent NewsSourceCredit NAN
    Insurance industry records claims of N174.8 bn, pays N148.2 bn in Q2 
    Economy2 months ago

    Insurance industry records claims of N174.8 bn, pays N148.2 bn in Q2 

    The Insurance Industry has recorded 0.2 per cent growth in  gross claims compared to the corresponding year totalling N174.8 billion in the second quarter of 2022.A performance bulletin released by the National Insurance Commission (NAICOM) in Abuja on Tuesday, said the figure represented 47.3 per cent of all premiums generated during the period.

    NAICOM said that the net claims paid stood at about N148.2 billion which represented 84.8 per cent of all gross claims reported during the period.

    The Commission said the performance reflected the professional under-writing capacity of the industry as driven by its intensified regulatory activities.

    NAICOM said the life insurance business recorded 88.90 per cent claims settlement as against the reported claims while non-life segment stood at 76.8 per cent.

    The Commission said that motor insurance retained its lead, posting a claims settlement ratio of 92 per cent.

    It said that the oil and gas recorded 85. 7 per cent of claims settlement ratio, an increase of 43 points compared to its position of 42.8 per cent recorded in the corresponding period of2021.The Commission said miscellaneous insurance also posted 61.9 per cent, higher than 44 per cent paid claims ratio, compared to the corresponding period of 2021.NAICOM said that General Accident paid claims of 75 per cent; fire 76.2 per cent while Aviation & Marine posted 61.9 per cent.

    The Commission said the sector recorded an increased growth rate of 12 per cent.


    NewsSourceCredit: NAN

  •  Nigeria s insurance industry s total assets grew to about N2 3 trillion in the second quarter of 2022 indicating an increased growth rate of 11 9 per cent over the first quarter The National Insurance Commission NAICOM made this known on Friday in Lagos in a bulletin on Insurance Market Performance made available by Mr Rasaaq Salami its spokesman It stated that the industry s financial position indicated a total of N1 2 trillion in assets in Non Life Insurance while the Life Insurance stood at about N1 1trillion It stated also that the insured made gross claims of N174 8 billion in the second quarter of the year representing 47 3 per cent of premiums collected during the period It noted that gross claims made in the second quarter of the year indicated a 0 2 per cent growth compared to the corresponding period of 2021 The market report indicated that net claims paid were N148 2billion signifying an 84 8 per cent of claims made during the period This reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission the bulletin stated It added that insurance business recorded a near perfect point of 88 9 per cent claims settlement in Life Insurance as against 76 8 per cent in non life segment which stood at 76 8 per cent It stated also that motor insurance retained its lead posting a claims settlement ratio of 92 per cent Progress was more noticeable in the oil and gas sector with 85 7 per cent of claims settlement ratio an increase of some 43 points compared to its position of 42 8 per cent recorded in the corresponding period of 2021 General Accident claims recorded 75 per cent Fire claims recorded 76 2 per cent while Aviation and Marine claims recorded 61 9 per cent it stated The bulletin added that a sustained market development and growing confidence in the industry would eventually improve the negative peculiarities and challenges of the market NewsSourceCredit NAN
    Insurance industry’s assets hit N2.3trn in second quarter of 2022
     Nigeria s insurance industry s total assets grew to about N2 3 trillion in the second quarter of 2022 indicating an increased growth rate of 11 9 per cent over the first quarter The National Insurance Commission NAICOM made this known on Friday in Lagos in a bulletin on Insurance Market Performance made available by Mr Rasaaq Salami its spokesman It stated that the industry s financial position indicated a total of N1 2 trillion in assets in Non Life Insurance while the Life Insurance stood at about N1 1trillion It stated also that the insured made gross claims of N174 8 billion in the second quarter of the year representing 47 3 per cent of premiums collected during the period It noted that gross claims made in the second quarter of the year indicated a 0 2 per cent growth compared to the corresponding period of 2021 The market report indicated that net claims paid were N148 2billion signifying an 84 8 per cent of claims made during the period This reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission the bulletin stated It added that insurance business recorded a near perfect point of 88 9 per cent claims settlement in Life Insurance as against 76 8 per cent in non life segment which stood at 76 8 per cent It stated also that motor insurance retained its lead posting a claims settlement ratio of 92 per cent Progress was more noticeable in the oil and gas sector with 85 7 per cent of claims settlement ratio an increase of some 43 points compared to its position of 42 8 per cent recorded in the corresponding period of 2021 General Accident claims recorded 75 per cent Fire claims recorded 76 2 per cent while Aviation and Marine claims recorded 61 9 per cent it stated The bulletin added that a sustained market development and growing confidence in the industry would eventually improve the negative peculiarities and challenges of the market NewsSourceCredit NAN
    Insurance industry’s assets hit N2.3trn in second quarter of 2022
    Economy2 months ago

    Insurance industry’s assets hit N2.3trn in second quarter of 2022

    Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter of 2022, indicating an increased growth rate of 11.9 per cent over the first quarter.

    The National Insurance Commission (NAICOM) made this known on Friday in Lagos in a bulletin on Insurance Market Performance made available by Mr Rasaaq Salami, its spokesman.

    It stated that the industry’s financial position indicated a total of N1.2 trillion in assets in Non-Life Insurance while the Life Insurance stood at about N1.1trillion.

    It stated also that the insured made gross claims of N174.8 billion in the second quarter of the year, representing 47.3 per cent of premiums collected during the period.

    It noted that gross claims made in the second quarter of the year indicated a 0.2 per cent growth compared to the corresponding period of 2021. The market report indicated that net claims paid were N148.2billion, signifying an 84.8 per cent of claims made during the period.

    “This reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission,’’ the bulletin stated.

    It added that insurance business recorded a near perfect point of 88.9 per cent claims settlement in Life Insurance as against 76.8 per cent in non-life segment which stood at 76.8 per cent.

    It stated also that motor insurance retained its lead, posting a claims settlement ratio of 92 per cent.

    “Progress was more noticeable in the oil and gas sector with 85.7 per cent of claims settlement ratio, an increase of some 43 points compared to its position of 42.8 per cent recorded in the corresponding period of 2021. “General Accident claims recorded 75 per cent, Fire claims recorded 76.2 per cent, while Aviation and Marine claims recorded 61.9 per cent,’’ it stated.

    The bulletin added that a sustained market development and growing confidence in the industry would eventually improve the negative peculiarities and challenges of the market.


    NewsSourceCredit: NAN

  •  As Nigerians celebrate the country s 62nd independence stakeholders say the insurance industry has fared well while suggesting measures to reposition it Mrs Adeola Adewunmi Zer Chief Executive Officer Allianz Nigeria Insurance Ltd said the insurance industry had a long history that spanned over 100 years and had contributed considerably to the growth of the economy However Adewumi Zer said insurers must not rest on their oars but do a lot more especially in the area of insurance education for people to understand what insurance was all about and trust the underwriters According to her insurers must improve financial literacy by creating awareness on insurance at a young age from basic schools to build the next generation of wealth for the country There are so many educated people who are uneducated when it comes to insurance and managing their financial lives she said The Allianz CEO charged the National Insurance Commission NAICOM to encourage more foreign investors and partnership with local underwriting firms to enable the industry thrive better To Mr Sola Ajayi Executive Head of Sales Leadway Assurance the insurance industry in Nigeria is a pre independent industry whose operators have contributed immensely to the sector and the economy at large Ajayi stated that the expectations of insurers was for the economy to improve so that citizens can afford more assets and insure them also He expressed optimism that the insurance industry would grow as the economy continued to grow The Leadway Assurance sales head lauded the current Commissioner For Insurance CFI Mr Sunday Thomas for bridging the gap between the regulator and operators adding that this had engendered growth within the industry Ajayi noted that the operators however expected deeper level of engagement and interaction between the regulator and stakeholders The CFI has done a great job of bridging the gap between the operators and regulator through his support but there is still more ground to cover he said According to him operators must invest more in human capital marketing product innovation and experimentation which will enable them to understand their current customers the more and how to serve them better Ajayi said We must collectively improve our service delivery as a bad experience with one underwriter is a bad experience with all Operators must understand this and carry the responsibility with a sense of collectivity Mr Moses Igbrude immediate past Publicity Secretary Independent Shareholders Association of Nigeria explained that the insurance industry had fared well although it might be lagging behind compared to other sectors of the economy Igbrude said there was no doubt that the industry had improved over the years compared to when awareness was abysmally low When you compare between independence in 1960 when the awareness was not even there at all and now one would admit that there has been a lot of improvement new products new companies and consolidation he said According to him insurers must do more in deepening micro insurance for financial inclusion deeper penetration and sustaining the future of the industry On halting the recapitalisation of the industry he noted that insurance like every other industry should be recapitalised but the exercise must be driven by the stakeholders There is need for the industry to expand through recapitalisation for more business transactions and risk taking and no one is against this Unfortunately present circumstances in the business space after the COVID 19 which include inflation low capital income pose a challenge to raise such funds he said Igbrude called for more insurance education to break cultural and religious barriers against insurance and adoption of advanced technology to enable the industry contribute significantly to the county s Gross Domestic Product GDP He also charged the government at all levels to provide a more suitable environment for insurance to thrive by enforcing compulsory insurance especially on health building motor insurance amongst others NewsSourceCredit NAN
    Nigeria@62: Insurance on right track, but needs repositioning – Stakeholders
     As Nigerians celebrate the country s 62nd independence stakeholders say the insurance industry has fared well while suggesting measures to reposition it Mrs Adeola Adewunmi Zer Chief Executive Officer Allianz Nigeria Insurance Ltd said the insurance industry had a long history that spanned over 100 years and had contributed considerably to the growth of the economy However Adewumi Zer said insurers must not rest on their oars but do a lot more especially in the area of insurance education for people to understand what insurance was all about and trust the underwriters According to her insurers must improve financial literacy by creating awareness on insurance at a young age from basic schools to build the next generation of wealth for the country There are so many educated people who are uneducated when it comes to insurance and managing their financial lives she said The Allianz CEO charged the National Insurance Commission NAICOM to encourage more foreign investors and partnership with local underwriting firms to enable the industry thrive better To Mr Sola Ajayi Executive Head of Sales Leadway Assurance the insurance industry in Nigeria is a pre independent industry whose operators have contributed immensely to the sector and the economy at large Ajayi stated that the expectations of insurers was for the economy to improve so that citizens can afford more assets and insure them also He expressed optimism that the insurance industry would grow as the economy continued to grow The Leadway Assurance sales head lauded the current Commissioner For Insurance CFI Mr Sunday Thomas for bridging the gap between the regulator and operators adding that this had engendered growth within the industry Ajayi noted that the operators however expected deeper level of engagement and interaction between the regulator and stakeholders The CFI has done a great job of bridging the gap between the operators and regulator through his support but there is still more ground to cover he said According to him operators must invest more in human capital marketing product innovation and experimentation which will enable them to understand their current customers the more and how to serve them better Ajayi said We must collectively improve our service delivery as a bad experience with one underwriter is a bad experience with all Operators must understand this and carry the responsibility with a sense of collectivity Mr Moses Igbrude immediate past Publicity Secretary Independent Shareholders Association of Nigeria explained that the insurance industry had fared well although it might be lagging behind compared to other sectors of the economy Igbrude said there was no doubt that the industry had improved over the years compared to when awareness was abysmally low When you compare between independence in 1960 when the awareness was not even there at all and now one would admit that there has been a lot of improvement new products new companies and consolidation he said According to him insurers must do more in deepening micro insurance for financial inclusion deeper penetration and sustaining the future of the industry On halting the recapitalisation of the industry he noted that insurance like every other industry should be recapitalised but the exercise must be driven by the stakeholders There is need for the industry to expand through recapitalisation for more business transactions and risk taking and no one is against this Unfortunately present circumstances in the business space after the COVID 19 which include inflation low capital income pose a challenge to raise such funds he said Igbrude called for more insurance education to break cultural and religious barriers against insurance and adoption of advanced technology to enable the industry contribute significantly to the county s Gross Domestic Product GDP He also charged the government at all levels to provide a more suitable environment for insurance to thrive by enforcing compulsory insurance especially on health building motor insurance amongst others NewsSourceCredit NAN
    Nigeria@62: Insurance on right track, but needs repositioning – Stakeholders
    Economy2 months ago

    Nigeria@62: Insurance on right track, but needs repositioning – Stakeholders

    As Nigerians celebrate the country’s 62nd independence, stakeholders say the insurance industry has fared well, while suggesting measures to reposition it.

    Mrs Adeola Adewunmi-Zer, Chief Executive Officer, Allianz Nigeria Insurance Ltd., said the insurance industry had a long history that spanned over 100 years and had contributed considerably to the growth of the economy.

    However, Adewumi-Zer said insurers must not rest on their oars but do a lot more, especially in the area of insurance education for people to understand what insurance was all about and trust the underwriters.

    According to her, insurers must improve financial literacy by creating awareness on insurance at a young age from basic schools to build the next generation of wealth for the country.

    “There are so many educated people who are uneducated when it comes to insurance and managing their financial lives,” she said.

    The Allianz CEO charged the National Insurance Commission (NAICOM) to encourage more foreign investors and partnership with local underwriting firms to enable the industry thrive better.

    To Mr Sola Ajayi, Executive Head of Sales, Leadway Assurance, the insurance industry in Nigeria is a pre-independent industry whose operators have contributed immensely to the sector and the economy at large.

    Ajayi stated that the expectations of insurers was for the economy to improve, so that citizens can afford more assets and insure them also.

    He expressed optimism that the insurance industry would grow as the economy continued to grow.

    The Leadway Assurance sales head lauded the current Commissioner For Insurance (CFI), Mr Sunday Thomas, for bridging the gap between the regulator and operators, adding that this had engendered growth within the industry.

    Ajayi noted that the operators, however, expected deeper level of engagement and interaction between the regulator and stakeholders.

    “The CFI has done a great job of bridging the gap between the operators and regulator through his support but there is still more ground to cover, ” he said.

    According to him, operators must invest more in human capital, marketing, product innovation and experimentation, which will enable them to understand their current customers the more and how to serve them better.

    Ajayi said: “We must collectively improve our service delivery, as a bad experience with one underwriter is a bad experience with all.

    “Operators must understand this and carry the responsibility with a sense of collectivity.

    ” Mr Moses Igbrude, immediate past Publicity Secretary, Independent Shareholders Association of Nigeria, explained that the insurance industry had fared well, although it might be lagging behind compared to other sectors of the economy.

    Igbrude said there was no doubt that the industry had improved over the years compared to when awareness was abysmally low.

    “When you compare between independence in 1960 when the awareness was not even there at all and now, one would admit that there has been a lot of improvement, new products, new companies and consolidation,” he said.

    According to him, insurers must do more in deepening micro insurance for financial inclusion, deeper penetration and sustaining the future of the industry.

    On halting the recapitalisation of the industry, he noted that insurance like every other industry should be recapitalised, but the exercise must be driven by the stakeholders.

    “There is need for the industry to expand through recapitalisation for more business transactions and risk taking, and no one is against this.

    “Unfortunately, present circumstances in the business space after the COVID-19, which include inflation, low capital income pose a challenge to raise such funds,” he said.

    Igbrude called for more insurance education to break cultural and religious barriers against insurance and adoption of advanced technology to enable the industry contribute significantly to the county’s Gross Domestic Product (GDP).

    He also charged the government at all levels to provide a more suitable environment for insurance to thrive by enforcing compulsory insurance, especially on health, building, motor insurance, amongst others. 


    NewsSourceCredit: NAN

  •  An Information and Communication Technology ICT centre jointly built and equipped by the National Insurance Commission NAICOM and Kaduna State University KASU was inaugurated at the school s campus on Thursday The centre provided by the duo through 50 per cent equity funding each has four lecture halls of 120 seat capacity each Head of NAICOM s Kaduna Zonal Office Alhaji Ahmed Abubakar who represented the National Commissioner for Insurance Mr Thomas Sunday said the project was part of NAICOM s corporate social responsibility He added that the support was also part of a Memorandum of Understanding signed with the university to promote the development of education in the state and in the country NAICOM is charged with the responsibility of ensuring the effective administration supervision regulation and control of insurance business in Nigeria It is also mandated to protect insurance policy holders beneficiaries and third parties to insurance contracts The commission is also contributing to educational programmes for the development of the country he said In his remarks acting vice chancellor of the university Prof Abdullahi Ashafa commended NAICOM for the support and expressed optimism of a stronger partnership between KASU and the Commission Ashafa said that the facility which would increase access to ICT facilities in the university would be put to good use particularly in the area of training and conduct of computer based examinations The management of the university is looking forward to more collaboration with NAICOM in increasing the frontiers of knowledge in the area of ICT and other skills areas that would solve societal problems he said Ashafa added that the university was working toward introducing a post graduate programme in insurance to deepen collaboration with the Commission NewsSourceCredit NAN
    Kaduna State varsity gets ICT centre jointly provided by NAICOM
     An Information and Communication Technology ICT centre jointly built and equipped by the National Insurance Commission NAICOM and Kaduna State University KASU was inaugurated at the school s campus on Thursday The centre provided by the duo through 50 per cent equity funding each has four lecture halls of 120 seat capacity each Head of NAICOM s Kaduna Zonal Office Alhaji Ahmed Abubakar who represented the National Commissioner for Insurance Mr Thomas Sunday said the project was part of NAICOM s corporate social responsibility He added that the support was also part of a Memorandum of Understanding signed with the university to promote the development of education in the state and in the country NAICOM is charged with the responsibility of ensuring the effective administration supervision regulation and control of insurance business in Nigeria It is also mandated to protect insurance policy holders beneficiaries and third parties to insurance contracts The commission is also contributing to educational programmes for the development of the country he said In his remarks acting vice chancellor of the university Prof Abdullahi Ashafa commended NAICOM for the support and expressed optimism of a stronger partnership between KASU and the Commission Ashafa said that the facility which would increase access to ICT facilities in the university would be put to good use particularly in the area of training and conduct of computer based examinations The management of the university is looking forward to more collaboration with NAICOM in increasing the frontiers of knowledge in the area of ICT and other skills areas that would solve societal problems he said Ashafa added that the university was working toward introducing a post graduate programme in insurance to deepen collaboration with the Commission NewsSourceCredit NAN
    Kaduna State varsity gets ICT centre jointly provided by NAICOM
    General news3 months ago

    Kaduna State varsity gets ICT centre jointly provided by NAICOM

    An Information and Communication Technology (ICT) centre jointly built and equipped by the National Insurance Commission (NAICOM) and Kaduna State University (KASU) was inaugurated at the school’s campus on Thursday.

    The centre, provided by the duo through 50 per cent equity funding each, has four lecture halls of 120-seat capacity each.

    Head of NAICOM’s Kaduna Zonal Office, Alhaji Ahmed Abubakar, who represented the National Commissioner for Insurance, Mr Thomas Sunday, said the project was part of NAICOM’s corporate social responsibility.

    He added that the support was also part of a Memorandum of Understanding signed with the university to promote the development of education in the state and in the country.

    “NAICOM is charged with the responsibility of ensuring the effective administration, supervision, regulation, and control of insurance business in Nigeria.

    “It is also mandated to protect insurance policy holders, beneficiaries and third parties to insurance contracts.

    “The commission is also contributing to educational programmes for the development of the country,’’ he said.

    In his remarks, acting vice-chancellor of the university, Prof. Abdullahi Ashafa, commended NAICOM for the support and expressed optimism of a stronger partnership between KASU and the Commission.

    Ashafa said that the facility, which would increase access to ICT facilities in the university, would be put to good use, particularly in the area of training and conduct of computer-based examinations.

    “The management of the university is looking forward to more collaboration with NAICOM in increasing the frontiers of knowledge in the area of ICT and other skills areas that would solve societal problems,’’ he said.

    Ashafa added that the university was working toward introducing a post-graduate programme in insurance to deepen collaboration with the Commission.


    NewsSourceCredit: NAN

  •  Heirs Insurance Limited HIL and Heirs Life Assurance HLA on Wednesday said they have began a partnership with the United Bank for Africa UBA titled Bancassurance Mrs Adaobi Nwakuche Managing Director Heirs Insurance made the announcement in a statement issued in Lagos According to the statement the partnership will permit the distribution of affordable and dependable insurance products at all UBA branches in Nigeria We are pleased to partner with a trusted and innovative bank such as the UBA and this partnership will offer millions of people nationwide the financial security that is so needed We are committed to our transformative path of improving the lives of Nigerians while ensuring that insurance is made accessible to all she said The new bancassurance partnership according to her will underlines the mission of the insurance firms in improving lives and transforming Africa while democratising access to financial services Mr Niyi Onifade the Managing Director Heirs Life Assurance said the bancassurance partnership was one of the key ways the insurer was fulfilling its promise of accessibility to insurance The new bancassurance partnership with UBA reaffirms our shared digital first approach and innovation culture which inspire us to provide the utmost value to our customers We appreciate our regulator the National Insurance Commission NAICOM and of course the Central Bank of Nigeria CBN for granting us the necessary approval and placing their confidence in us he said According to him the bancassurance partnership offers customers of all three entities an expanded distribution network and the ability to seamlessly transact banking and insurance needs in a single location Onifade said Heirs Insurance and Heirs Life have demonstrated their unique approach to insurance and customer experience that emphasises simplicity and accessibility propelled by their innovative digital insurance processes The Group Managing Director UBA Mr Oliver Alawuba said the partnership with Heirs Insurance and Heirs Life Assurance would significantly expand the bank s branches and advance commitment to drive financial inclusion Our customers and those of Heirs insurance families will enjoy a bouquet of innovative and affordable products through the rich distribution channels provided by UBA Alawuba said The News Agency of Nigeria reports that bancassurance regulated by CBN and NAICOM allows banks to offer insurance products or benefits to the bank s customers through partnership with insurance companies Operating in 20 African countries the United Kingdom United States of America France and the United Arab Emirates UBA provides retail commercial and institutional banking services leading financial inclusion and implementing cutting edge technology on the continent Heirs insurance and Heirs Life are the insurance subsidiaries of Heirs Holdings a pan African investment group with a portfolio spread across 24 African countries and four continents The firms are committed to providing simple quick reliable and accessible service while offering life and general insurance plans that addresses the needs of individuals and organisations NewsSourceCredit NAN
    Hiers Insurance, Life Assurance partner UBA on ‘bancassurance’
     Heirs Insurance Limited HIL and Heirs Life Assurance HLA on Wednesday said they have began a partnership with the United Bank for Africa UBA titled Bancassurance Mrs Adaobi Nwakuche Managing Director Heirs Insurance made the announcement in a statement issued in Lagos According to the statement the partnership will permit the distribution of affordable and dependable insurance products at all UBA branches in Nigeria We are pleased to partner with a trusted and innovative bank such as the UBA and this partnership will offer millions of people nationwide the financial security that is so needed We are committed to our transformative path of improving the lives of Nigerians while ensuring that insurance is made accessible to all she said The new bancassurance partnership according to her will underlines the mission of the insurance firms in improving lives and transforming Africa while democratising access to financial services Mr Niyi Onifade the Managing Director Heirs Life Assurance said the bancassurance partnership was one of the key ways the insurer was fulfilling its promise of accessibility to insurance The new bancassurance partnership with UBA reaffirms our shared digital first approach and innovation culture which inspire us to provide the utmost value to our customers We appreciate our regulator the National Insurance Commission NAICOM and of course the Central Bank of Nigeria CBN for granting us the necessary approval and placing their confidence in us he said According to him the bancassurance partnership offers customers of all three entities an expanded distribution network and the ability to seamlessly transact banking and insurance needs in a single location Onifade said Heirs Insurance and Heirs Life have demonstrated their unique approach to insurance and customer experience that emphasises simplicity and accessibility propelled by their innovative digital insurance processes The Group Managing Director UBA Mr Oliver Alawuba said the partnership with Heirs Insurance and Heirs Life Assurance would significantly expand the bank s branches and advance commitment to drive financial inclusion Our customers and those of Heirs insurance families will enjoy a bouquet of innovative and affordable products through the rich distribution channels provided by UBA Alawuba said The News Agency of Nigeria reports that bancassurance regulated by CBN and NAICOM allows banks to offer insurance products or benefits to the bank s customers through partnership with insurance companies Operating in 20 African countries the United Kingdom United States of America France and the United Arab Emirates UBA provides retail commercial and institutional banking services leading financial inclusion and implementing cutting edge technology on the continent Heirs insurance and Heirs Life are the insurance subsidiaries of Heirs Holdings a pan African investment group with a portfolio spread across 24 African countries and four continents The firms are committed to providing simple quick reliable and accessible service while offering life and general insurance plans that addresses the needs of individuals and organisations NewsSourceCredit NAN
    Hiers Insurance, Life Assurance partner UBA on ‘bancassurance’
    Economy3 months ago

    Hiers Insurance, Life Assurance partner UBA on ‘bancassurance’

    Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) on Wednesday said they have began a partnership with the United Bank for Africa (UBA) titled ‘Bancassurance’Mrs Adaobi Nwakuche, Managing Director, Heirs Insurance made the announcement in a statement issued in Lagos.

    According to the statement, the partnership will permit the distribution of affordable and dependable insurance products at all UBA  branches in Nigeria.

    “We are pleased to partner with a trusted and innovative bank such as the UBA and this partnership will offer millions of people nationwide the financial security that is so needed.

    “We are committed to our transformative path of improving the lives of Nigerians, while ensuring that insurance is made accessible to all, “she said.

    The new bancassurance partnership, according to her, will underlines the mission of the insurance firms in improving lives and transforming Africa, while democratising access to financial services.

    Mr Niyi Onifade, the Managing Director, Heirs Life Assurance said the bancassurance partnership was one of the key ways the insurer was fulfilling its promise of accessibility to insurance.

    “The new bancassurance partnership with UBA reaffirms our shared digital-first approach and innovation culture which inspire us to provide the utmost value to our customers.

    “We appreciate our regulator, the National Insurance Commission (NAICOM) and of course the Central Bank of Nigeria (CBN)for granting us the necessary approval and placing their confidence in us,” he said.

    According to him, the bancassurance partnership offers customers of all three entities an expanded distribution network and the ability to seamlessly transact banking and insurance needs in a single location.

    Onifade said Heirs Insurance and Heirs Life have demonstrated their unique approach to insurance and customer experience that emphasises simplicity and accessibility, propelled by their innovative digital insurance processes.

    The Group Managing Director, UBA, Mr Oliver Alawuba, said the partnership with Heirs Insurance and Heirs Life Assurance would significantly expand the bank’s branches and advance commitment to drive financial inclusion.

    “Our customers and those of Heirs’ insurance families will enjoy a bouquet of innovative and affordable products, through the rich distribution channels provided by UBA,” Alawuba said.

    The News Agency of Nigeria reports that bancassurance, regulated by CBN and NAICOM, allows banks to offer insurance products or benefits to the bank’s customers through partnership with insurance companies.

    Operating in 20 African countries, the United Kingdom, United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology on the continent.

    Heirs insurance and Heirs Life are the insurance subsidiaries of Heirs Holdings, a pan-African investment group, with a portfolio spread across 24 African countries and four continents.

    The firms are committed to providing simple, quick, reliable, and accessible service while offering life and general insurance plans that addresses the needs of individuals and organisations.


    NewsSourceCredit: NAN

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