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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...
Age-long patronage crisis threatens insurance survival

Age-long patronage crisis threatens insurance survival

Insurance
Decades after the industry took its root, Nigeria’s insurance industry, sadly, stands at less than five per cent penetration. The poor adoption is a big threat to the survival of about 58 insurance firms across the country. Already, about 30 per cent of the operators are less active and have been taken over by the National Insurance Commission (NAICOM) while the rest grapple with a series of challenges ranging from poor financials to low patronage. Other challenges bedeviling the industry include insecurity and negative public perception. The insecurity in the country has increased claim responsibilities whereas premium growth has failed to match the rate of claim increase. With an expected annual total gross premiums of N480 billion in the 2020 financial year, much below the...
Experts task insurers on mergers, acquisitions for big-ticket

Experts task insurers on mergers, acquisitions for big-ticket

Insurance
Experts in the insurance industry have charged weak operators in the market to embrace mergers and acquisitions (M&A) to form big-ticket firms that would compete globally. The Group Managing Director/Chief Executive, Continental Reinsurance, Femi Oyetunji, warned that unless the number of insurance firms is reduced to 20 strong underwriting companies, the insurance market cannot compete with their international counterparts. He said: “If we don’t reduce the number of insurance companies in the market, we are not going anywhere. My personal belief is that 15 to 20 well-capitalized, skilled insurance companies will transform the industry.” He said he would like to see insurance companies for stronger synergy. He said the biggest threat at the moment is global players with l...
NAICOM targets June for new guidelines implementation

NAICOM targets June for new guidelines implementation

Insurance
The National Insurance Commission (NAICOM) has fixed June 1, 2021, for the implementation of the industry’s corporate governance guidelines that will take the sector to a greater height. NAICOM, on its website, noted that the guidelines were issued on March 17, 2021, and implored all insurance and reinsurance firms to comply with the rules and the Nigerian Code of Corporate Governance 2018. According to NAICOM, non-compliance with the code and the guidelines shall be a violation of section 49(1) of the National Insurance Commission Act 1997 and attracts a penalty. The Commission maintained that its main objective is to ensure effective administration, supervision, regulation, and control of the insurance business in Nigeria, adding that Section 11 and 51 of the Financial Reportin...
Insurer plans new strategies to deepen insurance market

Insurer plans new strategies to deepen insurance market

Insurance
Operators have been urged to diversify insurance products to meet the needs of every individual in the country. Besides, they called on the public to appreciate the significance of insurance in reducing risks. The Managing Director/ Chief Executive Officer, Great Nigeria Insurance Plc, Mrs. Cecilia Osipitan, in an interview with The Guardian at the weekend, said that there is a need to see information and communication technology (ICT) as the driver of insurance growth. According to her, despite the slow insurance adoption, there is hope that penetration and premium payment will rise as the industry is beginning to do well. Osipitan explained that the organisation remains committed to its vision and shared values with innovative ideas on how to move the company forward while e...
Insurer targets N15b assets sale to boost financial position

Insurer targets N15b assets sale to boost financial position

Insurance
An underwriting firm, Niger Insurance Plc, has revealed plans to sell off the company’s real estate and investment property valued at N15 billion to improve its liquidity and ensure reserve adequacy for better business operations. Speaking on this development at the 2019 virtual yearly general meeting, in Lagos, Managing Director/Chief Executive Officer, Edwin Igbiti, said the property has been put on sale following the approval of shareholders mandating the company to do so. According to him, “We are encouraged by the progress made so far and confident that both our capital restructuring and recapitalisation efforts will be successful in line with NAICOM’s regulatory timelines.”x Igbiti said the firm is investing in data analytics and technology to differentiate its offerings, d...
Experts seek tough regulatory policies to drive insurance growth

Experts seek tough regulatory policies to drive insurance growth

Insurance
Experts in the insurance industry have called on the government to create stronger regulatory policies and enforce existing ones to stimulate growth in the industry. Despite the economic challenges, stakeholders are hopeful of huge growth opportunities this year. Though, according to a few industry experts, looking at how the sector closed last year, it is expected that the issues and discussions that dominated last year would continue. Yet, formulation and implementation of insurance policies, effective communication system, technology, innovative products, and services, as well as strategic partnerships, top the priorities of stakeholders in 2021. The Managing Director at Law Union & Rock Insurance Plc, Adeduro Ademayowa, said the capital project in the 2021 budget, estim...
Insurers deploy premium payment channels to new work order

Insurers deploy premium payment channels to new work order

Insurance
To cope with the challenges posed by the outbreak of the coronavirus especially in Nigeria, operators in the insurance industry are beginning to upgrade their digital capabilities and platforms to effectively serve customers, through various payment channels. With the federal and some state governments entrenching physical and social distancing rules to limit human physical contacts to curb the spread of the virus, The Guardian gathered that insurers opted to leverage online channels to increase the sale of policies and pay claims emanating from insured risks. Speaking in an interview with The Guardian on the development in the industry, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, said the pandemic and subsequent lockdown have given the push t...
FG insures 89,000 employees under N15 billion group life scheme

FG insures 89,000 employees under N15 billion group life scheme

Insurance
The Federal Government is said to have settled about N15 billion premiums under the Group Life Insurance scheme to insure it’s over 89,000 workers across the country in the current financial year. Although government had in the past, struggled to renew the Group life insurance for its workers, owing to the late passage of budget into law, findings show that insurance industry had to engage and convinced them on the need to insure these workers against unforeseen incidents at the workplace With the premium now fully paid, the family of deceased civil servants will now be entitled to death benefit claims that will sustain and cater for them, including the wives and children they left behind. In Nigeria, Group life cover is a joint regulation of the National Insurance Commission (NAI...

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