Insurance Operators Resolve To Set Targets For Entire Industry
By Sola Alabadan
As part of efforts to codify the long-term aspiration of the Nigerian insurance industry within a given period of 10 years, the insurance operators have resolved to come up with a document detailing the 10-year industry-wide strategic plan.
Insurers Committee’s Vice-Chairman, Publicity Sub-Committee, Mr. Segun Omosehin, announced this to journalists at the end of the Committee’s meeting held in Lagos on Thursday.
He said all the constituent arms of the industry, comprising the insurance companies, insurance brokers, reinsurers, loss adjusters, as well as the regulator, National Insurance Commission, have been asked to nominate their members to represent them in a committee that will be saddled with the responsibility to draft the document.
According to him, “today we deliberated on the need for an industry-wide strategic plan, a strategic document that will codify the long-term aspiration of the industry within a given period of 10 years.”
Omosehin, who is also the Managing Director of Old Mutual Insurance PLC, said the document will be a high level document that will have in it what the industry intends to achieve, adding that work on the document will commence soon.
“The need for a strategic plan is to enable us, as an industry, has codified strategic initiatives that will be implemented over a given period of 10 years. This will help the successive leadership that comes in so that there are no vacuum. It helps guide the action of leadership in terms of what we want to achieve as industry. It keeps us in focus. That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a ten-year plan,” Omosehin explained.
He added that the industry rebranding project will automatically become an integral element of the document.
Omosehin further stressed that “the industry’s proposed strategic document is to help each successive leader that comes in. Take Nigerian Insurers Association (NIA) for instance, if I am running for two years, there is a need for a broader industry-wide initiative that I am expected to run along with my own plan”. This, he said, will help every leader to achieve an industry-wide objective.
Also speaking on the document, a member of the committee, and Head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Mr. Rasaaq Salami, said NAICOM as a regulator, will be part of the plan which, according to him, will cover the various associations in the industry.
He said different associations in the industry have been asked to nominate members that will be part of the committee that will handle the drafting of the document.
Omosehin informed that other decision taken at the meeting was the revise guidelines on Bancassurance.
“We received some cheery news that regulator is likely to release some new guidelines on Bancassurance. Some elements in the guidelines are being reviewed and so we are hopeful and looking forward to some revised role on the operations of Bancassurance,” he said.
GNI Denies Selling Annuity Business To Another Insurer
By Sola Alabadan
The Board and Management of Great Nigeria Insurance Plc has denied the rumour making the rounds that the insurance outfit has sold its annuity business portfolio to another insurance company.
Reacting to the publication by a media outfit that the Annuity businesses of GNI Plc and Tangerine Africa have been acquired by a particular Insurance Company, GNI said the information contained in the publication is far from the truth
The company said “This development is a crude attempt by an unscrupulous competitor to demarket our brand and shrink our share of the Annuity Insurance market.
“In the last five (5) years, our Annuity Insurance portfolio has grown steadily by over 14,845% and our Annuitants have been enjoying value added services.
In view of the foregoing there is no basis for transferring our Annuity business to another company in the industry. We want to state emphatically that GNI Plc has not and does not intend to sell-off its Annuity business Portfolio, neither does it intend to partner with any Insurance company or companies in the Annuity insurance market.
“This release therefore serves as a categorical disclaimer that our Company is not in any kind of partnership or merger discussion with any Insurance company regarding our Annuity Insurance Portfolio.”
GNI therefore informed insurance intermediaries and the company’s clients to disregard any information regarding the transfer or acquisition of GNI’s Annuity Insurance Portfolio.
The organisation added that it is poised to continue in its well known tradition of delivering qualitative insurance services to its esteemed customers.
Leadway Moves To Bolster Reading Culture Among Children
By Sola Alabadan
Leadway Group has launched an extra-curricular initiative campaign tagged “Pages to Places” in 12 public schools across six states in Nigeria, namely, Lagos, Ogun, Abuja, Kaduna, Enugu, and Port Harcourt. This is in line with the organisation’s commitment to promote literacy, bolster reading culture, and improve quality education among children aged 6-12.
The “Pages to Places” initiative, targeted at children, is a book reading initiative to steer the young generation towards expanding the reading culture, broadening their healthy imaginative abilities, believing in a better world and becoming better, more creative, and more promising individuals.
The “Pages to Places” initiative, which is under the group’s education-focused corporate social responsibility drive, Leadway Goes to School, has been designed to commemorate the 2023 Children’s Day celebration and is scheduled to run from Tuesday, May 30 to Wednesday, June 7, 2023.
Speaking on the initiative, the Group Chief Marketing Officer of Leadway Holdings, Mr. Olusakin Labeodan, cited that according to the World Culture Score Index, Nigeria has one of the world’s lowest reading cultures. At the same time, available statistics from the National Commission for Mass Literacy, Adult and Non-Formal Education show that 38 percent of Nigerians are illiterate, with four out of every ten primary school children being illiterate.
“We believe in the transformative power of a book, its potential to improve the intellectual capacity of our young ones, and its capacity to shape the future into a promising horizon no matter one’s social-economic background.
“With a little over 40% of Nigerians comprising young people under the age of 14, it has become imperative for organisations like ours to intervene and help build this generation into a pipeline of global talents and leaders. This is the philosophy that drives our organisation. We are thrilled to be launching this initiative with hundreds of children who desperately need to improve their skills”, he stated.
College Of Insurance Supervisors Honours NAICOM Boss, Director
By Sola Alabadan
In appreciation of his contributions to the success of the institution, the College of Insurance Supervisors of West African Monetary Zone (CISWAMZ) has given awards to the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olorundare Thomas.
The award was presented to the NAICOM boss at the ongoing 5th meeting of the College in Abuja on Tuesday.
The award is in recognition of Thomas’s pioneering role in the establishment and eventual take-off of the college as Chairman of the West Africa Insurance Supervisors Association (WAISA).
Similarly, Mr. Pius Agboola, the Director Inspectorate at NAICOM, who served as the pioneer Chairman of the College, was also honoured with an award at the meeting.
The CISWAMZ was established with the purpose of providing a common platform for regulators from the WAMZ countries to come together to discuss how to oversee individual and cross border financial institutions in the Zone.
By coming together in a structured way, supervisors are able to learn from each other and develop best practice on supervision across national boundaries. The Charter establishing the College was ratified by the Committee of Governors of the WAMZ on 31 July, 2010. On 7 February 2019, the CSWAMZ Charter was revised to reflect the dynamic developments in the banking sectors of the WAMZ.
The main objectives of the CSWAMZ include: to facilitate the exchange of information, views and assessments among supervisors in order to allow for a more efficient and effective consolidated and solo supervision and timely action.
It is also aimed at enabling supervisors to develop a common understanding of the risk profile of the group as the starting point for risk based supervision at both group and solo levels; as well as to achieve coordination of supervisory review and risk assessment, establishing supervisory plans, arranging any division of tasks and joint onsite visits, thus avoiding duplication of work and reducing the regulatory burden.
Besides, CISWAMZ coordinates decisions taken by individual authorities; contribute to a consistent implementation of WAMZ directives and to the convergence of Member States supervisory practices across the WAMZ; while facilitating the implementation/operationalisation of the memorandum of understanding between and among various supervisory authorities within the WAMZ.
Additionally, the college seeks to reduce regulatory duplication and inconsistency improve subsequent bilateral dialogue between regulators, increase levels of trust and enhance the cooperation of supervisors.