By Sola Alabadan
The insurance operators are targeting automatic Brown card to cover Ecowas Risks, as far as the ECOWAS Brown Card Scheme is concerned.
The Chairman of Nigerian Insurers Association (NIA), Mr. Ganiyu Musa
who disclosed this while addressing journalists in Lagos on Wednesday, stated that the automatic Brown card is expected to kick off when the Consolidated Insurance Bill is passed into law.
He said that the body is optimistic that the Consolidated Insurance Bill 2020 will be signed into law before the tenure of the 9th National Assembly lapses.
He added that the Association has been closely monitoring developments on the Consolidated Insurance Bill and will continue to pursue same doggedly until it is finally passed into law.
“The Association has participated in all the processes thus far and will continue to monitor developments in respect of the bill as it receives legislative attention. It is expected that the new law will have a positive impact on the insurance space in Nigeria and align it with global best practice” he stated.
The NIA boss, however, acknowledged the cooperation received from the Speaker, Federal House of Representatives, Femi Gbajabiamila, Chairman and members of the House Committee on Insurance and Actuarial Matters, National Insurance Commission (NAICOM) and other stakeholders in the journey thus far.
With the President’s assent to the Finance Act 2021, he said the insurance industry now has a more acceptable definition of capital, unlike in the past when the definition of Capital in Insurance Act 2003 was defective and highly restrictive.
He stressed that “We are optimistic that this major milestone achievement has removed the major encumbrance on the recapitalisation exercise”.
Speaking on the implementation of the compulsory insurances, he affirmed that the association has been engaging with Road Traffic Officers of the Federation to drive integration of the third-party motor Insurance across the states, following their request for the implementation of the system in all 36 states including the FCT.
Musa assured that the Association will continue to partner relevant government agencies on the adoption of the Nigerian Insurance Industry Database (NIID).
esides, he said the NIA is also working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law – Occupiers Liability and Builders Liability insurance.
Similarly, he added that “The Association is also working closely with the state vehicle Inspection service on enforcement of Third-Party Motor Insurance in the States” adding that Kaduna, Kogi, Rivers and Ogun States have already keyed into the project and more States are already discussing with the Association to finalise arrangements on how they can join.
As the aim of the association is to achieve national coverage, he submitted that “We remain hopeful that other states will see value in the platform and embrace it”.
NAICOM Counsels Edo Government, Residents, To Embrace Insurance
Elumelu Charges Insurance Brokers To Lead War Against Unethical Practices
By Sola Alabadan
The Chairman of Heirs Holdings, Tony Elumelu, has charged the Nigerian Council Of Registered Insurance Brokers (NCRIB) to lead the war against unethical practices, such as: premium rate cutting, delayed premium remittance, unremitted premium, overloading of premium, returned premium, fake documents, that have been the bane of the nation’s insurance industry for years.
Elumelu, who gave this charge during the 60th Anniversary celebration of NCRIB in Lagos on Thursday, listed other unethical practices to include:
fraudulent claims, collusion to defraud, mis-selling, unhealthy competition, misrepresentations, manipulation of policy conditions, self-enrichment methods disguised as marketing expenses, among others.
While the National Insurance Commission (NAICOM) continues to play its role as the industry regulator, he said the NCRIB, as a body, must ensure that appropriate sanctions are imposed on any of its members found engaging in unethical practices.
He also advocated for the recapitalisation of the brokerage industry in our country, saying the minimum capital base should be increased to N50 million, noting that N5 million is not enough as capital base.
In the area of Governance, he said the industry need to enforce strict adherence to corporate governance by all NCRIB members, while weeding out non-registered and non-compliant members from its fold.
He said the non-registered brokers are the ones tarnishing the image of the broking profession and the industry at large.
Elumelu called on the insurance operators to create more awareness about insurance and showcase the value of insurance to the public, promoting participation, most especially in the retail space.
Insurance brokers, he added, need to participate fully in this drive to bridge the insurance knowledge gap if the industry is desirous to make insurance attractive to Nigerians.
As the insurance brokers have been recognised as corporate insurance specialists, he stated that “It is high time the brokers community began to shift focus to retail because this is where the future of insurance lies in Nigeria. Brokers have the capacity to lead in this area.”
While pointing out that innovation and disruptive practices cannot occur if the operators do not broaden their thinking, he said “Trying to make profits from existing lines is not going to deepen insurance penetration, rather we must look at the blue ocean opportunities.
“This is something I task the management of the insurance companies to constantly think of in product development and deployment.”
To remain relevant in the modern business arena, the insurance broker community and, by extension, the entire Nigerian insurance industry, must embrace technology fully, he further advised.
Besides, he said there is urgent need to develop the next generation of talent to serve the Nigerian insurance industry.
He emphasised that the broker community should rally and become the hub for the education and training of our youths to get qualified talent for the next phase of the industry, adding that “We need to raise the profile of our insurance professionals, make it attractive for the younger generation.”
Leadway Graduate Trainee Programme Graduates 30 Young Professionals
Leadway Assurance Company Limited has graduated 34 young professionals following their successful completion of the company’s 2022 Graduate Trainee Programme, and the successful trainees have been inducted into its diverse business portfolios.
The six-month programme equips young graduates with the relevant skill set required to thrive in the dynamic and ever-evolving workforce.
The training modules dealt with problem-solving, networking, technical and soft skills, workplace culture, digital proficiency for self-development, and professional capabilities preparing the trainees to serve in different departments across the diverse verticals of the business.
Speaking at the graduation ceremony recently, Managing Director of Leadway Assurance, Tunde Hassan-Odukale, stated that the Graduate Trainee programme aligns with the organisation’s corporate twin mandate of providing career opportunities and upskilling Nigeria’s growing young, vibrant and productive population. The programme also strengthens its workforce with the right talent pool for its ambitious growth objectives.
“Our people are the centre-point of our continued marketplace performance and at the core of the organisation’s value creation. So, it is pertinent that we house the best talents in the industry to drive our objectives within the frames of our values and in alignment with the company’s vision and leadership position in the African insurance marketplace.
The Leadway Graduate Trainee Programme is designed to achieve a sustained pool of the required elite skills and talents by initiating young, promising, dynamic, future-centric minds into a comprehensive upskilling process that tunes them towards actualising the mandate of advancing our esteemed ethos.
“We are optimistic that the skills, innovation, and creativity that this programme unleashes satisfy the expectations of our cultural, strategic and operational requirements. We are confident that the training and onboarding of these young professionals further validates our profile as a youth-oriented and future-forward organisation.
“I would like to congratulate and celebrate the 2022 Leadway Graduate Trainees. Their successful induction is a testament to the tenacity, hard work, and commitment deployed during the six-month rigorous tutelage”, he added.