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Insurance Archives - Inside Business Africa
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Insurance

Heirs Insurance and Heirs Life deliver on promise to help customers purchase insurance in five minutes

Heirs Insurance and Heirs Life deliver on promise to help customers purchase insurance in five minutes

Business, Corporate Stories, Insurance
Digital insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA), have confirmed that customers are now able to purchase insurance policies from their websites, www.heirsinsurance.com and www.heirslifeassurance.com, in mere minutes. The revolutionary, interactive websites—first of their kind in Nigeria—ensure that customers have access to quick insurance, completing transactions in minutes wherever they are, without any human intervention. This development signals the kick-off of the companies’ ambition to digitalise insurance and provide a viable alternative for customers to purchase products and request claims without delay, as well as learn more about insurance. Niyi Onifade, MD, Heirs Life Assurance, explained that the websites were d...
Jamoh moves to end war risk insurance on Nigeria-bound cargoes

Jamoh moves to end war risk insurance on Nigeria-bound cargoes

Economy, Insurance
The Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has expressed worry over the persisting war risk insurance on Nigerian bound cargoes, calling for its removal. This came as it has been disclosed that Nigeria’s maritime trade is threatened due to the increasing war risk insurance premium now being paid by Nigeria-bound vessels. According to Jamoh, piracy in the Nigerian waters is waning with stakeholders in the industry worried that offshore underwriting firms still insist on a very high premium to be paid by those conveying cargoes to Nigeria. War risk insurance is a type of insurance, which covers damage due to acts of war, including invasion, insurrection, rebellion and hijacking. Some policies also cover damage due to w...
NDIC tackles rising fintech-induced risks in financial sector

NDIC tackles rising fintech-induced risks in financial sector

Business, Corporate Stories, Insurance, Technology
Nigeria Deposit Insurance Corporation (NDIC) has stated that it is effectively collaborating with relevant stakeholders to manage risks arising from the growing adoption of financial technology (fintech) in the financial sector. At the 2021 retreat organised by the NDIC in Lagos, last week, Chairman of the board, Ronke Sokefun, said while banks are rapidly employing fintech to innovatively deliver financial products and services, the nature and scope of banking risk are significantly increasing with the adoption of fintech. According to her, development in fintech continues to open up new opportunities for the banking system, which creates additional risks. Represented by a member of the board of directors, Adewale Adeleke, she pointed out that risks had increased significant...
‘Insurance industry’s recapitalisation target to be driven by risk appetite’

‘Insurance industry’s recapitalisation target to be driven by risk appetite’

Business, Economy, Insurance
The new recapitalisation exercise brewing in the insurance industry is expected to triple the current capacity of underwriters across the country from the present paid-up capital of N2 billion, N3 billion, N5 billion, and N10 billion for life, general, composite insurance, and reinsurance licenses respectively, The Guardian has learnt. Already, the process to begin the new capitalization exercise has begun as the Consolidated Insurance Bill which prescribed the fresh capital has reached an advanced stage of being passed into law by the National Assembly. Findings by The Guardian revealed that a fresh capitalisation value of N8 billion; N10 billion and N18 billion has been marked into the Consolidated Insurance Bill before the National Assembly, and it is expected to take effect as s...
Underwriters settle N4 billion #EndSARS protest claims

Underwriters settle N4 billion #EndSARS protest claims

Insurance
The Nigerian Insurers Association (NIA) has said that insurance companies in the country paid N4 billion as claims arising from over 2,000 businesses affected by the #EndSARS protests. The Chairman, NIA, Ganiyu Musa, disclosed at an interactive session with journalists in Lagos that operators are still collating claims and that every genuine claim would be settled. “The number of insured businesses that were affected at the last count was about 2,000 insured losses and the industry has settled N4 billion claims out of N4.5 billion in respect of the #EndSARS protests. “Once they are documented and completed, we commit our members that the claims will be paid timely,” he said. He stressed the association was on top of the development and would continue to encourage its members t...
CBN, experts advocate collaboration on micro-insurance

CBN, experts advocate collaboration on micro-insurance

Insurance
The Central Bank of Nigeria (CBN) and financial sector experts have called for stronger collaboration among microfinance banks (MFBs) to promote the growth of micro-insurance as a tool for deepening financial inclusion. Making this call in Lagos at the 6th annual symposium of the Nigerian Microfinance Platform (NMP) organised by the Microfinance Learning and Development Centre (MLDC) on ‘Expanding The Frontiers of Financial Inclusion: the Micro-insurance Option’, the experts noted that MFBs are instrumental to the expansion of micro-insurance services among the populace. Addressing participants at the symposium, Deputy Governor, Financial Sector Surveillance, CBN, Aisha Ahmad, said there was the need for a collective strategy to re-emphasize the importance of micro-insurance as ...
Experts task insurers on adopting digital channels

Experts task insurers on adopting digital channels

Insurance
Experts in the insurance industry have advised underwriting companies to adopt digital channels to remain relevant to the emerging business environment. This, the Principal Investment and Strategy Officer, Leadway Assurance Limited, Akinyemi Alebiosu, said would make the companies adaptive to the changing business world. While speaking on ‘Insurance for the future’ at a virtual training organised by the firm in Lagos for journalists, Akinyemi said the future of the underwriting business would be driven by data. According to him, if companies have proper data, they can predict loss incidents and properly price them. Alebiosu said: “Data is the new oil and underwriting business in the future is going to be driven by data and analytics.” He stressed that the industry is gettin...
Insurer pays N501million claims in Q1

Insurer pays N501million claims in Q1

Insurance
Great Nigeria Insurance Plc has disclosed its commitment to honouring genuine claims as and when due, as its quarterly total claims pay was N501.6 million. Speaking to The Guardian, the Head of Corporate Communications and Brand Manager (GNI), Oyinkansola Sobande, said claim obligations have increased, which he attributed to the economic downturn. According to her, “every insured wants to claim at every given opportunity, which has impacted the claim figures since the occurrence of the pandemic.” The summary of the claims paid in the first quarter of 2021 shows that group life had the highest figure of N422 million while the general insurance business totaled N79m. While commenting on the intent of the organization as regards claims settlement, the Managing Director/Chief Exec...
African Trade Insurance Agency (ATI)’s Transparency Tool Records ESCOM’s Impressive Payment Record to Malawi’s only Operational IPP

African Trade Insurance Agency (ATI)’s Transparency Tool Records ESCOM’s Impressive Payment Record to Malawi’s only Operational IPP

Insurance
ESCOM, Malawi’s national power utility, made timely payments to the Ruo-Ndiza Hydroelectric power plant for 22,578 MWh of electricity supplied to the utility throughout 2020; The payments have been collected and recorded by the Transparency Tool, a joint initiative of ATI (ATI-aca.org) and KfW; This is the first report being published by the Transparency Tool since its launch in 2019. The Transparency Tool, an online platform that collects and provides information on the payments of national power utilities to Independent Power Producers (IPPs) across sub-Saharan Africa, has recorded an impressive payment trend in Electricity Supply Corporation of Malawi Limited (ESCOM). The utility’s payments were to the Ruo-Ndiza hydroelectric power project, the country’s sole operational renewable e...
Underwriter drives acceptance with regional operation

Underwriter drives acceptance with regional operation

Insurance
Mutual Benefits Assurance Plc has established a South-West Region Franchise Operation in Ibadan, Oyo State to boost insurance adoption and market penetration. The Managing Director, Femi Asenuga, said it is part of the efforts to develop the insurance business and create value. According to Asenuga, the gesture is to drive marketing of its products and create ambassadors in the region. He stressed that in developed economies insurance firms owned banks but regretted that this was not the situation in Nigeria. The Group Managing Director, Odua Group, Adewale Raji, who also spoke on operation unveiling advised stakeholders to be committed and show integrity in doing business. “The Odua investment is owned by the six South-West governments and it is in interest when economic, bus...