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NAICOM Encourages Katsina Residents To Embrace Takaful, Compulsory Insurances

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By Sola Alabadan

The National Insurance Commission (NAICOM) has commenced moves to ensure that the government and people of Katsina State embrace Takaful insurance and the insurance covers made compulsory by the law in Nigeria.

To this end, NAICOM partnered with the Katsina State government to inaugurate the Technical Committee on the Sensitisation and Implementation of Compulsory Insurances and Takaful in the state capital on Tuesday.

The Committee is being chaired by the Commissioner for Commerce in the State, Muktar Gidado Abdulkadir and the co-chairman is the Executive Chairman, Katsina State Internal Revenue Service, Mustapha Mohammed Sirajo.

Other members of the Committee are representatives of the NAICOM, Office of the SSG, Office of the Head of Service in the State, Ministry of Finance, Ministry of Health and other relevant agencies.

While inaugurating the Technical Committee, Governor Aminu Masari, stated that the initiative to introduce Takaful insurance is a welcome development, pointing out that it will serve as an alternative, especially as it will attract people of the state, who are left out of the Insurance protection net, due to religious or cultural barriers.

He therefore assured the NAICOM of Katsina State Government’s full support in the development of insurance in the State.

In view of the fact that majority of the people in Katsina State are Muslims, it is believed that Takaful insurance will be attractive to them since it is based on sharia or Islamic religious law, which explains how individuals are responsible to cooperate and protect one another.

Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage. Takaful policies cover health, life, and general insurance needs.

In order to ensure that the populace are adequately protected, certain classes of insurance covers are made compulsory by the law in Nigeria and these include: Motor third party insurance, workmen’s compensation insurance, Group life assurance, Health care professional indemnity insurance, Occupiers liability insurance or insurance of public buildings.

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Business

NAICOM Mourns As Commissioner’s Wife Passes On

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The National Insurance Commission (NAICOM) has announced the passing of Mrs. Oyinade Folashade Thomas, the wife of the Commissioner for Insurance/Chief Executive, who passed away on April 12, after a brief illness.

The statement reads in part “Mrs. Thomas was a pillar of strength, support, and a source of inspiration to her family, friends, and colleagues. Her kind-hearted nature, compassion, and generosity touched the lives of countless individuals, making her an exceptional woman who will be dearly missed by all who had the privilege of knowing her.

“Throughout her life, Mrs. Thomas demonstrated exceptional dedication and commitment to the insurance industry as she stood side by side with her husband, the Commissioner for Insurance/Chief Executive, in his mission to ensure the development and growth of the insurance sector in Nigeria.
“She recognised the vital role of insurance in providing financial security to individuals, businesses and communities.

“The loss of Mrs Thomas will be felt by all who were fortunate enough to know her.
“The National Insurance Commission extends its deepest condolences to the Commissioner for Insurance/Chief Executive and his entire family during this difficult time. In this period of mourning, our hearts and prayers go out to them, offering comfort and support on behalf of the entire insurance community”.

The Commission also expressed gratitude to the insurance industry stakeholders, friends, and well-wishers for their outpouring of sympathy and prayers, saying “We appreciate your understanding and support as the Commissioner for Insurance/Chief Executive mourns the loss of his beloved wife”.

NAICOM added that the funeral arrangements will be communicated in due course.

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Pension Operators Organise Webinar On Managing Diabetes

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The Pension Fund Operators Association of Nigeria (PenOp) organised a medical webinar recently, to enlighten the populace that managing our health and well-being has become increasingly crucial, particularly as new ailments and diseases emerge.
The medical webinar titled “Managing Diabetes in Everyday Life,” emphasised the significance of healthy living and health management.
The webinar provided pension industry professionals with comprehensive insights into diabetes, including its types, identification, causes, and management strategies.
Adaobi Okoye, PenOp’s Head of Human Resources, opened the session by underscoring the necessity of health management for optimal functioning both at work and in daily life. Oguche Agudah, CEO of PenOp, further emphasized the importance of regular exercise and encouraged attendees to maximize the webinar’s opportunities. The online session garnered participation from over 200 pension industry professionals.
Facilitated by Dr. Akinkunmi Ilori, Group Head of Medical Operations at Bastion HMO and a renowned medical doctor and public health specialist, the webinar delved into the signs, symptoms, screening methods, treatment options, and prevention strategies for diabetes.
Dr. Akinkunmi explained that diabetes encompasses a group of diseases affecting how the body’s tissues utilize glucose, resulting in high blood sugar levels due to insufficient insulin production or ineffective insulin response. He discussed various types of diabetes, including Type 1, Type 2, Gestational, and Maturity-onset diabetes of the young (MODY), along with their causes and management approaches such as oral medications, insulin injections, and lifestyle modifications.
Addressing risk factors such as age, ethnicity, family history, and obesity, Dr. Akinkunmi stressed the importance of dietary habits and regular physical activity in diabetes management. He also highlighted optimal blood sugar levels for diabetic individuals.
The webinar concluded with attendees gaining practical knowledge on diabetes screening, treatment options, and effective management and prevention strategies, empowering them to take proactive steps towards better health and well-being.

The webinar was part of PenOp’s ongoing monthly knowledge-sharing sessions. These sessions provide a platform for professionals in the pension industry to network, exchange ideas, and listen to subject matter experts discuss relevant topics.

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NAICOM Partners Road Transport Agency To Enhance Motor Insurance

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By Sola Alabadan

As part of efforts to make more motorists embrace insurance, the Commissioner for Insurance/Chief Executive of the National Insurance Commission (NAICOM), Olorundare Thomas visited the Director, Road Transport Service, FCTA, Dr. Bello Abdul-Lateef on Wednesday in Abuja.
The visit aimed at formally exploring areas of collaboration between the two government agencies to prevent situations where some people will be paying lower than the approved premium rates, as well as to bring an end to the issuance of fake Third Party Motor Insurance in the country.

Dr. Abdul-Lateef informed that a lot of individuals renewing their vehicle particulars were not getting value for the insurance premium being paid as they did not validate the insurance policies after purchase even though they might have paid N15,000; whereas the cover they were actually given cost N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.

He added that his agency is now leveraging technology to curb such issues and that 98 percent of its processes are now automated.
In addition, he stated that individuals can commence the process of their vehicle particulars renewal from the comfort of their homes.

The Commissioner for Insurance also informed the Director, DRTS on the enhanced third-party Motor Insurance which became effective 2nd January, 2023 increasing its premium from N5,000 to N15,000 and also its benefits from N1,000,000 to N3,000,000 covers respectively for the protection of road users.

Thomas stressed that effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing to ensure adequate Insurance management system.

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