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Operator Blames Low Insurance Penetration On High Poverty Level

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The Chairman of the Insurance Industry Consultative Council, Mr Edwin Igbiti, has blamed the low level of insurance penetration in Nigeria on the high level of poverty in the country.

While speaking at the Welcome Dinner of the 2022 Media Retreat organised by IICC for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Ijebu Ode, Ogun State, Igbiti said even though insurance premium income has been increasing, it is still nothing to cheer about considering the population of the country. The theme of the seminar is “Media As Catalyst For Insurance Inclusion”.

He therefore called on the Media to support the industry’s growth agenda in order to deepen insurance penetration in the country.

Igbiti, who is also the President of the Chartered Insurance Institute of Nigeria (CIIN), made the appeal yesterday

He described the media as critical to the industry’s growth agenda, and called on the members of NAIPE to promote and project the industry’s activities in their reports for the growth of the industry and national economy.

“We recognise the importance of the media In the growth of any industry. We know we cannot achieve our growth agenda without the media. The essence of this gathering is for us as an industry to bring you together to brief you on the activities of the industry and our plans for the future.

“It is, therefore, expected that as journalists, you are to tell our stories in your reports and analysis because we are in this together and we will continue to work together as partners in progress for the progress of the industry and the growth of the national economy.

“You have been trying but we need you more. You have to project this industry in the way and manner we want it to be,” Mr Igbiti pleaded.

Present at the event included the representatives from the various arms of the industry, namely the Nigerian Insurers Association (NIA), represented by the Director General, Mrs Yetunde Ilori; Nigerian Council of Registered Insurance Brokers (NCRIB) represented by the Deputy President, Mr Tunde Oguntade; Institute of Loss Adjusters of Nigeria (ILAN), represented by its President, Mr. Dipo Olanrewaju.

Others who graced the occasion included the DG, CIIN Mrs Abimbola Tiamiyu; Executive Secretary/CEO, NCRIB, Mr Tope Adaramola; Assistant Director, Corporate Communications & Human Resources/Administration, NIA, Mr Davis Iyasere, among others.

The IICC was inaugurated in 2013 to act as the unifying voice of the insurance industry, representing it on national issues affecting the insurance industry, taking up and assuming other roles that would serve the best interest of the industry in Nigeria and providing lasting solutions to challenging issues within the insurance sector.

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African Alliance Assures On Prompt Claims Payment, To Delight Shareholders

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By Sola Alabadan

The management of African Alliance Insurance Plc has assured that the company will continue to pay all genuine claims promptly, even as strategies have been put in place to delight all its stakeholders.

The foremost life insurer is a stalwart with over 63 years of expertise in the life assurance sector, emerged the winner of the 2022 “Claims insurance Company of the Year” award.

Giving this assurance in Lagos, the company’s Managing Director, Joyce Ojemudia stated that, “African Alliance remains committed to swiftly and professionally settling all valid claims, ensuring enduring happiness and satisfaction for our valued customers.”

From 2019 to 2023, African Alliance exemplified this commitment by disbursing an impressive sum of over N40 billion during this period.
A breakdown of this N40 billion claims showed that Group life accounted for N5.1 billion, Individual life accounted for N7.5 billion, Esusu accounted for N3.4 billion, Takaful accounted for N2.8 billion and Annuity accounted for N21.4 billion.

Interestingly, African Alliance has sustained this moment in the current year 2024 as the company proactively disbursed over N1.1 billion in claims within the initial 58 days of the year.

Mrs. Ojemudia reiterated her pledge to stakeholders, underscoring ongoing strategic initiatives aimed at propelling African Alliance to the forefront of the life assurance business in Nigeria.

These initiatives aim to secure a larger market share, while upholding the utmost standards of integrity and placing customer satisfaction at the forefront.

African Alliance continues to be a beacon of reliability and dedication in the life assurance landscape, promising not just financial security but a journey filled with contentment and assurance for all stakeholders.

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Youth Development Ministry, NAICOM Move To Promote Financial Literacy, Entrepreneurship

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By Sola Alabadan

The Federal Ministry of Youth Development and National Insurance Commission (NAICOM) have commenced moves to advance youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.

The Minister of State, Federal Ministry of Youth Development Mr. Ayodele Olawande actually paid a courtesy visit to the Commissioner for Insurance, Mr. Olorundare Thomas in Abuja on Friday, to discuss the potential collaboration opportunities in this regard.

In his remarks, the Commissioner for Insurance welcomed the Minister and gave a brief history and overview of the Nigerian insurance industry, as well as the administrative structure of the Commission

Thomas highlighted the achievements of the commission in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

The Minister thanked the NAICOM Management for the warm reception and expressed his desires for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills.

He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youths could learn vocational and digital skills.

He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurance.

The NAICOM boss promised to convey the Minister’s request to relevant parties within the Nigerian insurance industry and these include the Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management.

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Sovereign Trust Insurance Celebrates Valentine’s Day With Highway Managers

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By Sola Alabadan

Staff members of Sovereign Trust Insurance Plc took to the streets, today being the Valentines Day, to spread love to workers of the Lagos Waste Management Authority, LAWMA, popularly known as Highway Managers.
As part of activities to mark the day, the insurance company distributed items such as work gloves, water bottles and takeaway packs in celebrating the day with members of LAWMA along the axis of Falomo Bridge, Bourdillon Road, Lekki Phase 1, Eti-Osa, Osborne Road, Ozumba Mbadiwe Road, and Adetokunbo Ademola Street in the metropolis.
According to the Chief Spokesperson of the organisation, Segun Bankole, he said the gesture is in recognition of the important role the Highway Managers play in ensuring that the city of Lagos and our highways are kept clean while making it motorable for vehicle owners and other commuters in the State.
He said the underwriting firm appreciates and recognises the essence of dignity in labour, stressing that “as unsung as they may seem, we are not oblivious of the phenomenal work they are doing in making the city debris-free especially on our highways”.
Similarly, the Managing Director/CEO of Sovereign Trust, Olaotan Soyinka stated that “this initiative is not just about gifts, it is about recognising the essential role these men and women play in our community. They are often unsung heroes, working long hours in challenging conditions to ensure a clean and healthy environment for all of us. By showing our appreciation, we hope to not only brighten their day but also inspire others to acknowledge their valuable contributions.”
He further stated that the Highway Managers risk their lives and brave the elements, ensuring the cleanliness and hygiene in the city of Lagos. He said the token gifts from the company is simply to acknowledge their hard work and commitment to keeping the city of Lagos clean despite the challenges they confront in the discharge of their duties.
Soyinka further encouraged other businesses and individuals to join the organisation in celebrating and supporting these men and women from time to time, adding that “Together, we can make a difference in the lives of these remarkable individuals who do so much for our city and society and at large.”

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