The National Association of Insurance and Pension Correspondents (NAIPCO) recently elected a crop of new executive officers to manage the affairs of the association in the next two years.
NAIPCO is the umbrella body for journalists covering insurance and pension sectors in Nigeria.
At the general election conducted recently, the following officers were elected: Nkechi Naeche-Esezobor, Publisher/Editor-in-chief, Business Today (Chairman); Ngozi Onyeakusi, Publisher/Editor-in-chief, Super News Online (Vice Chairman); and Rosemary Iwunze, Insurance/Pension Editor, Vanguard Newspaper (General Secretary).
Others are Edet Udoh, Publisher/Editor-in-Chief, The Revealer Online (Assistant General Secretary); Matthew Otoijagha, Publisher/Editor-in-Chief, Business Wrap Online (Financial Secretary); Amaka Obiefuna, Publisher/Editor-in-Chief, News Corner Online (Public Relations Officer) and Adejoke Adeyemi, Insurance and Pension Editor, News Agency of Nigeria (NAN) as (Treasurer).
Speaking on behalf of the new executives, the Chairman, Nkechi Naeche-Esezobor thanked the members for the opportunity given to them to serve even as she promised all-inclusive leadership that will foster unity amongst members.
While thanking the outgoing executives for their sterling performance, she promised to build on the existing legacies and foundation laid by past leaders of the association.
She said her administration will focus on those activities and programs that are of significant importance to the welfare of members just as she solicited the cooperation and support of all members.
The formal handing-over from the immediate past executives to the new executives took place after the association’s 2022 Annual General Meeting at Welcome Center Hotel, International Airport Road, Lagos, yesterday.
Speaking before the formal handling over, the outgoing Chairman, Chuks Udo Okonta, thanked his team and members for their cooperation which he said served as a catalyst for the success recorded during his tenure and charged the incoming administration to surpass the limit.
The formal inauguration of the new executives is slated for August 2022.
Emir Charges Insurers To Meet Obligations Adequately
The Emir of Kano, Alhaji Aminu Ado Bayero has urged the National Insurance Commission (NAICOM) to ensure insurance obligations are adequately met by the insurers, especially when the need to pay claims arises.
The Emir, who gave this charge when the Management of NAICOM led by the Commissioner for Insurance, Olorundare Sunday Thomas paid a courtesy visit to the Emir’s Palace in Kano on Tuesday, also urged Nigerians to embrace insurance as a way of relieving loss, especially in businesses and property loss.
He reiterated that insurance is an important aspect of human life as extensive research has shown that insurance is not conflicting with religious belief, especially with the coming of Takaful insurance.
The Emir equally commended the leadership of the Commission for the giant strides and efforts in developing the Nigerian insurance market.
He further thanked the Commission for the visit and promised to support insurance deepening in the country, even as he assured that he would consider the invitation to the National Insurance Conference and will personally attend the conference.
The Commissioner thanked the royal father for the warm reception and his acceptance to personally attend the National Insurance Conference scheduled for October 22 – 24, 2023, in Abuja.
The Commission thereafter named the Emir Aminu Ado Bayero as Royal Ambassador for Insurance in the country and commended his style of leadership since his takeover of the throne.
Experts Canvass For Laws To Ensure Survival Of Insurance, Pension Sectors
The Managing Director of APT Securities and Funds Limited, Kasim Garba Kurfi, has charged the government to put in place enabling policies and laws that support the survival of the sectors for them to continue contributing to the nation’s growth.
He described the insurance and pension sectors as the engine of growth of Nigerian economy considering the roles played by the two sectors in sustaining economic growth.
Kurfi, who stated this while delivering the theme paper at the 8th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently, said insurance and pension sectors today stand as engines for sustainable economic growth and forces to reckon with in every economy. The conference’s theme was “Role of Insurance and Pension Sectors In Building Sustainable Economic Growth Under The New Government”.
He highlighted the contributions of the two sectors to the national economy saying, “There is over N2.5 trillion assets managed by the insurance institution in Nigeria as of 31st December 2022.
“While there is over N16.6 trillion assets managed by the Pension Fund Administration as at 31st December 2022, the combination of the two institutions has a total asset of over N19 trillion. The role played by the two institutions in sustaining our economic growth left no one in doubt that they are instruments for most of the economic development
“Over N726 billion in premiums paid in the year 2022 according to the National Insurance Commission, while the industry also paid over N318.1 billion in claims to its customers within the same period. This is a remarkable achievement in comparison with 3.5% growth of Gross Domestic Product (GDP).”
He said insurance institutions give security to the future of the common people and aid economic growth upon happenings or allowance of specific event or disaster.
“Insurance represent promise of the future compensation in case of specific losses or in exchange for periodic payment called premium.
“Managing risk is very important for companies dealing with money or equivalent. The insurance industry promotes National development through wealth creation or protection. It primarily hedges against risk or contingent or uncertain loss.”
On pension, he said, “The contribution of pension funds that run over N16 trillion is pronounced in all phases of life. Many sectors of the economy benefit from excess funds that look for alternative ways to invest such as FGN SUKUK, GREEN BOND, and Infrastructures Bond, among many others.”
Kurfi said Pension ensures that every worker receives his/her retirement benefit as at when due. Ensure workers save in order to cater for future liability and old age. Provide long-term finance for the real sector. Stimulate the development of the capital market.
While condemning those agencies and institutions clamouring to exit Contributory Pension Scheme (CPS), Kurfi enjoined the government at all levels to discourage such moves for the interest of the Pensioners and the nation’s economy.
He said the contribution of insurance and pension sectors towards economic development is imminent and can be seen especially in driving the nation’s financial inclusion project.
NAICOM Encourages Nasarawa Residents To Embrace Insurance
By Sola Alabadan
In line with National Insurance Commission (NAICOM) determination to ensure that Nigerians enjoy the benefits of insurance, the commission took its insurance sensitisation campaign to Nasarawa State recently.
The Commissioner for insurance, Sunday Thomas and a delegation from NAICOM paid a courtesy visit on the Executive Governor of Nasarawa State, Engr. Abdullahi Sule to intimate him and members of his executive council about the benefits of insurance.
NAICOM has been striving to sensitise stakeholders on the benefits of compulsory insurances such as Insurance of Public Buildings, Insurance of Buildings Under Construction, Third Party Motor Insurance, amongst others,
The Commissioner for Insurance also used the opportunity to formally invite the Governor to the National Insurance Conference scheduled to hold from 22-24 October, 2023.
Responding, the Governor gave a personal testimony while he was still in the private sector of how the sugar refinery where he worked as the Managing Director was razed by fire but thanks to insurance, a newer and better one was built from the claims paid by the insurance company concerned.