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Babatunde Fajemirokun

  •  Air Peace has introduced an insurance package from AIICO Insurance Plc to compensate unpleasant experiences of domestic travellers A statement by Mr Segun Olalandu Head Strategic Marketing and Communications Department AIICO on Monday in Lagos said the product was for the personal benefit of the air passengers at a premium of N1 000 per flight Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations delays baggage loss or damage and medical expenses on accident or permanent disability Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant below two years named in the travel manifest per flight This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience With the assurance that inconveniences suffered because of unforeseen flight cancellation delays missing or delayed baggage shall be compensated he said According to him the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers needs The Chief Operating Officer of Air Peace Mrs Oluwatoyin Olajide said the insurance package was introduced to address the issues around passengers experiences concerning lost or damaged luggage and more recently the pain of missed flights Olajide said these concerns are now fully addressed with an insurance product from AIICO a tier one insurance company in Nigeria we believe this solution will make these challenges a thing of the past Mr Babatunde Fajemirokun Managing Executive Officer of AIICO Insurance Plc said the insurer was delighted with the endeavour which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers Mr Olusanjo Shodimu AIICO s Chief Information Officer said the underwriter had developed and leveraged the required technology to make the process for the customer seamless All they do is make flight bookings the rest is where we link the companies and processes that deliver a product which guarantees them a worry free risk cover sold via the airline s online ticket platform Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days once a claim is reported and all documentations submitted We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product It is a real stop gap for our customers so they do not experience undue financial burdens due to their travels Olajide said NewsSourceCredit NAN
    Air Peace partners AIICO Insurance to compensate air travellers
     Air Peace has introduced an insurance package from AIICO Insurance Plc to compensate unpleasant experiences of domestic travellers A statement by Mr Segun Olalandu Head Strategic Marketing and Communications Department AIICO on Monday in Lagos said the product was for the personal benefit of the air passengers at a premium of N1 000 per flight Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations delays baggage loss or damage and medical expenses on accident or permanent disability Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant below two years named in the travel manifest per flight This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience With the assurance that inconveniences suffered because of unforeseen flight cancellation delays missing or delayed baggage shall be compensated he said According to him the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers needs The Chief Operating Officer of Air Peace Mrs Oluwatoyin Olajide said the insurance package was introduced to address the issues around passengers experiences concerning lost or damaged luggage and more recently the pain of missed flights Olajide said these concerns are now fully addressed with an insurance product from AIICO a tier one insurance company in Nigeria we believe this solution will make these challenges a thing of the past Mr Babatunde Fajemirokun Managing Executive Officer of AIICO Insurance Plc said the insurer was delighted with the endeavour which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers Mr Olusanjo Shodimu AIICO s Chief Information Officer said the underwriter had developed and leveraged the required technology to make the process for the customer seamless All they do is make flight bookings the rest is where we link the companies and processes that deliver a product which guarantees them a worry free risk cover sold via the airline s online ticket platform Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days once a claim is reported and all documentations submitted We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product It is a real stop gap for our customers so they do not experience undue financial burdens due to their travels Olajide said NewsSourceCredit NAN
    Air Peace partners AIICO Insurance to compensate air travellers
    Economy4 days ago

    Air Peace partners AIICO Insurance to compensate air travellers

    Air Peace has introduced an insurance package from AIICO Insurance Plc., to compensate unpleasant experiences of domestic travellers.

    A statement by Mr Segun Olalandu, Head, Strategic Marketing and Communications Department, AIICO, on Monday in Lagos, said the product was for the personal benefit of the air passengers at a premium of N1,000 per flight.

    Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations, delays, baggage loss or damage and medical expenses on accident or permanent disability.

    “Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant (below two years) named in the travel manifest per flight.

    “This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience.

    “With the assurance that inconveniences suffered because of unforeseen flight cancellation, delays, missing or delayed baggage shall be compensated,” he said.

    According to him, the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers’ needs.

    The Chief Operating Officer of Air Peace, Mrs Oluwatoyin Olajide, said the insurance package was introduced to address the issues around passengers’ experiences concerning lost or damaged luggage and more recently, the pain of missed flights.

    Olajide said: “these concerns are now fully addressed with an insurance product from AIICO, a tier-one insurance company in Nigeria, we believe this solution will make these challenges a thing of the past.

    ” Mr Babatunde Fajemirokun, Managing Executive Officer of AIICO Insurance Plc, said the insurer was delighted with the endeavour, which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers.

    Mr Olusanjo Shodimu, AIICO’s Chief Information Officer, said the underwriter had developed and leveraged the required technology to make the process for the customer seamless.

    “All they do is make flight bookings; the rest is where we link the companies and processes that deliver a product which guarantees them a worry-free risk cover sold via the airline’s online ticket platform.

    “Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days, once a claim is reported and all documentations submitted.

    “We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product.

    “It is a real stop-gap for our customers, so they do not experience undue financial burdens due to their travels,” Olajide said.


    NewsSourceCredit: NAN

  •  AIICO Insurance Plc declared in Lagos on Saturday that it recorded a Gross Written Premium GWP of N45 5 billion in the first half of 2022 The company s unaudited report showed that the GWP increased by 21 4 per cent compared with the N37 481billion recorded in the corresponding period of 2021 The insurance firm said it earned Gross Premium income of N40 573 billion which indicated a 17 9 per cent increase from the N34 435 billion earned in the corresponding period of 2021 GWP grew by 21 4 per cent year on year to N45 5 billion in the half of 2022 compared to N37 5 billion recorded in the comparative period of 2021 This was due to a year on year increase of 39 4 per cent in General Insurance to N15 5 billion compared to N11 1 billion recorded in the first half of 2021 Life Insurance premiums increased by 14 2 per cent year on year to N29 6 billion compared to N25 9 billion recorded in the corresponding period of 2021 Underwriting income from our Health Maintenance Organisations increased by 31 4 per cent year on year to N599 9 million compared to N456 4 million recorded in the comparative period under review it stated According to the underwriter its operating income in Asset Management declined by 9 5 per cent year on year to N697 6million compared to N770 5 million recorded in the corresponding period of 2021 AIICO stated that its profit before income tax from continuing operations increased by 146 9 per cent year on year to N2 2 billion in first half of 2022 compared to N908 6 million recorded in the first half of 2021 It added that its profit before income taxes across the group and its subsidiaries increased year on year contributing to the reported increases for the period According to the underwriting firm this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021 AIICO also completed the sale of its stake in AIICO Pensions recording a profit from discontinued operations of N2 9 billion As a result profit for the interim period rose by 51 4 per cent to N4 9 billion in the first half of 2022 from N3 3 billion recorded in the first half of 2021 it also stated Commenting on the result Mr Babatunde Fajemirokun Managing Director and Chief Executive Officer AIICO Insurance said the half year result was a testament to the resilience of its business model and focus He said the company s unaudited results represented the firm s performances for the interim period ended June 30 2022 Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods trusting that the company would be there when they need it AIICO Insurance Plc has been in operation in Nigeria for some 50 years NewsSourceCredit NAN
    AIICO Insurance records N45.5bn gross premium in first half of 2022
     AIICO Insurance Plc declared in Lagos on Saturday that it recorded a Gross Written Premium GWP of N45 5 billion in the first half of 2022 The company s unaudited report showed that the GWP increased by 21 4 per cent compared with the N37 481billion recorded in the corresponding period of 2021 The insurance firm said it earned Gross Premium income of N40 573 billion which indicated a 17 9 per cent increase from the N34 435 billion earned in the corresponding period of 2021 GWP grew by 21 4 per cent year on year to N45 5 billion in the half of 2022 compared to N37 5 billion recorded in the comparative period of 2021 This was due to a year on year increase of 39 4 per cent in General Insurance to N15 5 billion compared to N11 1 billion recorded in the first half of 2021 Life Insurance premiums increased by 14 2 per cent year on year to N29 6 billion compared to N25 9 billion recorded in the corresponding period of 2021 Underwriting income from our Health Maintenance Organisations increased by 31 4 per cent year on year to N599 9 million compared to N456 4 million recorded in the comparative period under review it stated According to the underwriter its operating income in Asset Management declined by 9 5 per cent year on year to N697 6million compared to N770 5 million recorded in the corresponding period of 2021 AIICO stated that its profit before income tax from continuing operations increased by 146 9 per cent year on year to N2 2 billion in first half of 2022 compared to N908 6 million recorded in the first half of 2021 It added that its profit before income taxes across the group and its subsidiaries increased year on year contributing to the reported increases for the period According to the underwriting firm this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021 AIICO also completed the sale of its stake in AIICO Pensions recording a profit from discontinued operations of N2 9 billion As a result profit for the interim period rose by 51 4 per cent to N4 9 billion in the first half of 2022 from N3 3 billion recorded in the first half of 2021 it also stated Commenting on the result Mr Babatunde Fajemirokun Managing Director and Chief Executive Officer AIICO Insurance said the half year result was a testament to the resilience of its business model and focus He said the company s unaudited results represented the firm s performances for the interim period ended June 30 2022 Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods trusting that the company would be there when they need it AIICO Insurance Plc has been in operation in Nigeria for some 50 years NewsSourceCredit NAN
    AIICO Insurance records N45.5bn gross premium in first half of 2022
    Economy2 months ago

    AIICO Insurance records N45.5bn gross premium in first half of 2022

    AIICO Insurance Plc. declared in Lagos on Saturday that it recorded a Gross Written Premium (GWP) of N45.5 billion in the first half of 2022. The company’s unaudited report showed that the GWP increased by 21.4 per cent compared with the N37.481billion recorded in the corresponding period of 2021. The insurance firm said it earned Gross Premium income of N40.573 billion which indicated a 17.9 per cent increase from the N34.435 billion earned in the corresponding period of 2021. “GWP grew by 21.4 per cent year-on-year to N45.5 billion in the half of 2022 compared to N37.5 billion recorded in the comparative period of 2021. “This was due to a year-on-year increase of 39.4 per cent in General Insurance to N15.5 billion compared to N11.1 billion recorded in the first half of 2021. “Life Insurance premiums increased by 14.2 per cent year-on-year to N29.6 billion compared to N25.9 billion recorded in the corresponding period of 2021. “Underwriting income from our Health Maintenance Organisations increased by 31.4 per cent year-on-year to N599.9 million compared to N456.4 million recorded in the comparative period under review,’’ it stated.

    According to the underwriter, its operating income in Asset Management declined by 9.5 per cent year-on-year to N697.6million compared to N770.5 million recorded in the corresponding period of 2021. AIICO stated that its profit before income tax from continuing operations increased by 146.9 per cent year-on-year to N2.2 billion in first half of 2022 compared to N908.6 million recorded in the first half of 2021. It added that its profit before income taxes across the group and its subsidiaries increased year-on-year contributing to the reported increases for the period.

    According to the underwriting firm, this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021. “AIICO also completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion.

    “As a result, profit for the interim period rose by 51.4 per cent to N4.9 billion in the first half of 2022 from N3.3 billion recorded in the first half of 2021,’’ it also stated.

    Commenting on the result, Mr Babatunde Fajemirokun, Managing Director and Chief Executive Officer, AIICO Insurance said the half year result was a testament to the resilience of its business model and focus.

    He said the company’s unaudited results represented the firm’s performances for the interim period ended June 30 2022. Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods, trusting that the company would be there when they need it.

    AIICO Insurance Plc. has been in operation in Nigeria for some 50 years.


    NewsSourceCredit: NAN

  •  The managing Executive Officer CEO AIICO Insurance Plc Mr Babatunde Fajemirokun said the company was committed to providing a robust annuity service to drive the growth of the insurance industry in the country Fajemirokun said this at an annual training for journalists covering the insurance sector with the theme Understanding Annuity Business on Friday in Lagos Fajemirokun represented by the Head Strategic Marketing and Communications AIICO Mr Segun Olalandu said the underwriter was doing everything possible to deepen the annuity business and take advantage of opportunities inherent in it He said AIICO had strategically repositioned its annuity department for effectiveness and growth The managing director described the annuity business as a game changer for everybody but noted that a lot still needed to be done to deepen the business in Nigeria We are not there yet in terms of annuity but step by step we will get there Our partnership with you as journalists especially in respect of today s training on annuity is an indication of our commitment to the growth of this business I thank our media partners for your support and charge you to make good use of the training to enrich your knowledge on annuity and share your experiences so that when you are reporting on the subject matter you will be able to tell the stories accurately he said In his lecture Senior Manager Business Development AIICO Insurance Mr Victor Owotorose noted that annuity was very important and beneficial to clients and growth of the insurance industry According to Owotorose annuity is insurance contract that promises to pay regular income immediately or in the future He said a deferred annuity had an accumulation phase followed by a disbursement annuitisation phase while an immediate annuity converted a lump sum into cash flows from day one He explained that annuity could be bought with either a lump sum or series of payments contributed over time Annuities come in three main varieties fixed variable and indexed each with its own level of risk and payout potential The income received from an annuity is typically taxed at regular income tax rates which are usually lower unlike when calculated with long term capital gains rates he said He noted that the goal of an annuity was to provide a steady stream of income typically during retirement NAN
    We’re committed to annuity business – AIICO Insurance
     The managing Executive Officer CEO AIICO Insurance Plc Mr Babatunde Fajemirokun said the company was committed to providing a robust annuity service to drive the growth of the insurance industry in the country Fajemirokun said this at an annual training for journalists covering the insurance sector with the theme Understanding Annuity Business on Friday in Lagos Fajemirokun represented by the Head Strategic Marketing and Communications AIICO Mr Segun Olalandu said the underwriter was doing everything possible to deepen the annuity business and take advantage of opportunities inherent in it He said AIICO had strategically repositioned its annuity department for effectiveness and growth The managing director described the annuity business as a game changer for everybody but noted that a lot still needed to be done to deepen the business in Nigeria We are not there yet in terms of annuity but step by step we will get there Our partnership with you as journalists especially in respect of today s training on annuity is an indication of our commitment to the growth of this business I thank our media partners for your support and charge you to make good use of the training to enrich your knowledge on annuity and share your experiences so that when you are reporting on the subject matter you will be able to tell the stories accurately he said In his lecture Senior Manager Business Development AIICO Insurance Mr Victor Owotorose noted that annuity was very important and beneficial to clients and growth of the insurance industry According to Owotorose annuity is insurance contract that promises to pay regular income immediately or in the future He said a deferred annuity had an accumulation phase followed by a disbursement annuitisation phase while an immediate annuity converted a lump sum into cash flows from day one He explained that annuity could be bought with either a lump sum or series of payments contributed over time Annuities come in three main varieties fixed variable and indexed each with its own level of risk and payout potential The income received from an annuity is typically taxed at regular income tax rates which are usually lower unlike when calculated with long term capital gains rates he said He noted that the goal of an annuity was to provide a steady stream of income typically during retirement NAN
    We’re committed to annuity business – AIICO Insurance
    Economy4 months ago

    We’re committed to annuity business – AIICO Insurance

    The managing Executive Officer (CEO), AIICO Insurance Plc, Mr Babatunde Fajemirokun, said the company was committed to providing a robust annuity service to drive the growth of the insurance industry in the country.

    Fajemirokun said this at an annual training for journalists covering the insurance sector with the theme: ‘Understanding Annuity Business,’ on Friday in Lagos.

    Fajemirokun, represented by the Head, Strategic Marketing and Communications, AIICO,  Mr Segun Olalandu, said the underwriter was doing everything possible to deepen the annuity business and take advantage of opportunities inherent in it.

    He said AIICO had strategically repositioned its annuity department for effectiveness and growth.

    The managing director described the annuity business as a game changer for everybody, but noted that a lot still needed to be done to deepen the business in Nigeria.

    “We are not there yet in terms of annuity, but step by step, we will get there.

    “Our partnership with you as journalists, especially in respect of today’s training on annuity is an indication of our commitment to the growth of this business.

    “I thank our media partners for your support and charge you to make good use of the training to enrich your knowledge on annuity and share your experiences so that when you are reporting on the subject matter, you will be able to tell the stories accurately,” he said.

    In his lecture, Senior Manager, Business Development, AIICO Insurance, Mr Victor Owotorose, noted that annuity was very important and beneficial to clients and growth of the insurance industry.

    According to Owotorose, annuity is insurance contract that promises to pay regular income immediately or in the future.

    He said a deferred annuity had an accumulation phase, followed by a disbursement (annuitisation) phase; while an immediate annuity converted a lump sum into cash flows from day one.

    He explained that annuity could be bought with either a lump sum or series of payments contributed over time.

    “Annuities come in three main varieties – fixed, variable and indexed – each with its own level of risk and payout potential.

    “The income received from an annuity is typically taxed at regular income tax rates, which are usually lower unlike when calculated with long-term capital gains rates,” he said.

    He noted that the goal of an annuity was to provide a steady stream of income, typically during retirement.

    (NAN)