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Insurance, Pension Operators Converge On Lagos For NAIPCO Conference Nov. 3

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All arrangements have been concluded to hold the 2022 annual conference of National Association of Insurance and Pension Correspondents (NAIPCO) on November 3, 2022 in Lagos, even as the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) have expressed full support for the event.

The theme of this year’s conference is: “On-boarding Small and Medium Scale Enterprises into Micro Insurance and Pension Space in Nigeria.” Conference which is the seventh edition, has the

For this seventh edition of the conference, the keynote speaker is the Director General, Lagos Chamber of Commerce and Industry, (LCCI), Dr. Mrs. Chinyere Almona, while Engr. Cyril Ajagu, a major investor in the financial services industry, as well as oil and gas sub-sector, will chair the event.

The Commissioner for Insurance/CEO of NAICOM), Mr. Sunday Thomas, and Director General, PenCom, Mrs. Aisha Dahir-Umar, will be Special Guests.

The Chairman, Nigerian Insurers Association (NIA), Mr. Segun Omosehin; Chairman, Pension Fund Operators Association of Nigeria (PenOp), Olumide Oyetan; among others; have confirmed their attendance at the event.

The event will also be graced by experts and stakeholders from the insurance and pension sectors, as well as the financial services sector, such as LASPEC, CIIN, NIA, NCRIB, PILA, ILAN, PenOp, ARIAN, CIFM, SMEDAN etc

Others expected are: Nigeria Union of Pensioners; Trade Union Congress; People Living with Disabilities; Barbers, Hairdressers, Market Men and Women, Vulcanizers, etc.

The event will also feature the unveiling of NAIPCO New Name and Logo to stakeholders in both sectors of the economy.

Speaking on the conference, Chairperson of NAIPCO, Mrs Nkechi Naeche-Esezobor noted that the theme of the conference is apt as the SMEs sector has been the main driver and engine of growth of the Nigerian economy, and being the sector with the highest employers of labour needs all the support to enable it continue to contribute significantly to the economy. Incidentally, the larger population of operators and employees in this space are left unattended to, with a lot of them not benefiting at all from the nation’s financial inclusion project, and this therefore underscores why the microinsurance and micropensions players should see this group as a growth asset.

According to her, experts, stakeholders and the general public will converge on the conference to proffer solutions on the way forward.

Also speaking, Chairperson, 2022 NAIPCO Conference Planning Committee, Mrs. Iyabo Ogunjuyigbe disclosed that the conference promises to meet and surpass expectations as consumer groups will also be present to voice their concerns about insurance and pension services.

While noting that the conference would be a convergence point for insurance and pension operators and the public that needs information on how the two concepts can better their lives and enhance financial inclusion.

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Business

NAICOM Charges Insurance Operators To Build Enduring Institutions

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By Sola Alabadan

The Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has charged Nigerian insurance operators to build enduring institutions that will outlive their founders.

He gave this charge at the 2024 Nigeria Council of Registered Insurance Brokers (NCRIB) CEO’s Retreat held from 13-15, June, 2024 in Uyo, Akwa Ibom State. The theme of the retreat was “Building Institutions That Survive Their Promoters.”

While delivering the goodwill message, Omosehin who was represented by the Deputy Commissioner, Mr. Ekerete Gam-Ikon, emphasised that in today’s rapidly changing world, the concept of building enduring institutions is more relevant now than ever before.

He said “Institutions that outlive their founders represent sustainability, resilience, and continuous excellence, becoming pillars of strength for our communities and guiding us through times of change and uncertainty.”

Omosehin further stated that at NAICOM, there is a deep commitment to creating lasting legacies, stressing that “This commitment is built on robust governance, innovation, and an unwavering dedication to ethical practices. These principles not only ensure the longevity of institutions, but also foster trust and confidence among stakeholders.”

The NAICOM boss highlighted the crucial role insurance brokers’ play in this endeavour, pointing out that “As intermediaries who facilitate critical financial protection, brokers are instrumental in promoting stability and security whose efforts contribute to a safer and more predictable environment for businesses and individuals alike.”

He expressed confidence that the discussions and insights shared during the retreat would illuminate strategies and best practices to ensure that the institutions built today will thrive for generations to come.

Omosehin further urged participants at the retreat to use the opportunity to collaborate, learn from each other, and reinforce the insurance industry’s collective mission to create sustainable futures.

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NAIPE Names Universal, Guinea, Norrenberger Group As AGM Sponsors

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Three insurance outfits: Universal Insurance Plc, Guinea Insurance Plc and Norrenberger Group, are set to sponsor the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

This year’s NAIPE AGM will hold on Tuesday, July 9, 2024, at the Nigerian Insurers Association (NIA) House in Lagos.

NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.

NAIPE holds its AGM in July every year and companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members in the course of the event, who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.

Universal Insurance Plc is one of the nation’s largest personal lines insurer with over N8 billion in assets.

Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.

Some of its extensive products include Auto Insurance, Good In Transit, Property Insurance, Marine Insurance, Bond Insurance, Money Insurance, All Risk Insurance, Boilers & Pressure Vessels Insurance, Builders’ Liability Insurance, Burglary & House Breaking Insurance, Contractors All Risks Insurance, Employer’s Liability Insurance, Erection All Risks Insurance, Fidelity Guarantee Insurance, Fire & Special Peril, and Oil & Gas Insurance, etc.

According to Universal Insurance, “Our vision is to be a dominant, specialised non life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”

The Company is known for prompt claims settlement, integrity, satisfaction through professionalism, unity of purpose, reliability, as well as excellent teamwork.

Guinea Insurance Company Limited was incorporated on December 3, 1958, as a non-life insurance underwriting firm to provide first-rate insurance solutions in the General Business category.

Guinea Insurance has always lived up to its name; consistently one step ahead of the industry in the provision of better and affordable risk management solutions.

“We are a major player in the provision of first* -rate financial risk solutions in the General and Special Risks business underwriting categories. We have established a reputation for exceptional competence in the delivery of customer-centric services and product innovation,” the company stated.

With a strong capital base, highly qualified professionals, and modern technology, Guinea Insurance became widely acknowledged for speed and efficiency and thus, remained the preferred insurer for individual and corporate clientele seeking premium insurance and related financial services to date.

The company offers First Class Products which are tailored to meet the numerous needs of its clients, both as individuals and corporate organisations, providing cover options that are rich and robust enough to accommodate virtually all eventualities.

Some of the products are Home Shield Insurance, Fire and Special Peril Insurance, Motor Insurance, Burglary/Theft Insurance, All Risk Insurance, Workmen’s Compensation Insurance, Personal Accident/Group Personal Accident Insurance, Public Liability Insurance, Bonds Insurance, Contractors All Risk Insurance, Erection All Risk Insurance, Marine Cargo Insurance, Fidelity Guaranty, and Oil & Gas Insurance, etc.

Norrenberger Group is a leading, integrated financial services group that provides bespoke financial solutions that add value to its individual and institutional clients.
The Group’s culture is built on the fundamental values that they all hold. Every Norrenberger team member embraces these values and lives by them, not just at work, but in life.

At Norrenberger, they unlock opportunities in society by providing cutting edge investment options and access to alternative financing which in turn allows people to bring their innovative ideas to life and expand their existing businesses.

The Group’s focus is to continue to create financial asset classes targeting the need of every single household in Nigeria. By 2025, they hope to have delivered at least one financial solution to every household.

The Group covers the following business areas amongst others, Asset Management, Investment Banking, Pensions, Securities Trading and Insurance.

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NAICOM Gets Police Assurance To Enforce Compulsory Insurance

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By Sola Alabadan

The Inspector General of Police, Kayode Egbetokun, has assured the National Insurance Commission (NAICOM) of the Nigerian Police Force’s full support in enforcing compulsory 3rd party motor insurance in the country.

Egbetokun gave this assurance when the Commissioner for Insurance/CEO of the NAICOM, Mr. Olusegun Omosehin, paid a courtesy visit to him at the Force Headquarters, on Tuesday in Abuja.

The police boss also announced that a team, headed by the DIG Operations, would be set up to oversee the enforcement of this compulsory insurance.

The purpose of the visit was to seek an audience with the IGP and the management of the Nigerian Police Force (NPF), who are critical stakeholders aligned with NAICOM’s vision, to achieve its mandate, particularly in the area of compulsory insurance enforcement.

During the visit, the Commissioner for Insurance requested collaboration to advance the Nigerian insurance sector roadmap.

He emphasised that it is unlawful for anyone to drive on the road without a valid motor insurance (3rd party), lamenting that less than a quarter of the vehicles in the country have valid motor insurance.

The CFI stated that the visit aimed to seek NPF’s collaboration to ensure the enforcement of compulsory third party motor insurance, as mandated by law.

The CFI also highlighted that in 2023, the ECOWAS Brown card has been captured in the upgraded premium for third party motor insurance cover by NAICOM, allowing insured vehicles to travel across the West African sub-region.

Additionally, he noted that the benefits attached to the third party insurance had been increased to N3 million.

To further this initiative, the CFI underscored the need for digitisation platforms to authenticate the validity of vehicle insurance. He mentioned that this system is already being implemented by the Lagos State government.

The CFI requested the establishment of a team to collaborate with the Commission in conducting enforcement actions, asserting that the success of this initiative would be a significant achievement for Nigeria.

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