IICC Boss Affirms Insurance Industry’s Resilience, Fast Expansion
The Chairman, Insurance Industry Consultative Council (IICC), Mr. Edwin Igbiti, has asserted that the Nigerian insurance industry is one of the most resilient and fast expanding sectors in the country.
Igbiti made this assertion at the 2022 IICC Media Retreat with the theme “Media as Catalyst for Insurance Inclusion,”organized for the members of the Nigerian Association of Insurance and Pension Editors (NAIPE) at the weekend in Ijebu Ode, Ogun State.
According to him, “You will agree with me that there has been growth in the industry despite the numerous economic recessions, the effects of the COVID-19 and the #ENDSARS protests which resulted into millions of claims. The insurance industry has stood as one of the most resilient and fast expanding sectors in the nation’s economy. “
While emphasizing the importance of the IICC collaboration with members of NAIPE and the rationale behind the IICC Media Retreat, Igbiti said, “The crucial position the media plays in the economy and society at large cannot be over emphasised. Indeed, the media poses as a veritable authority for agenda setting, public education, sensitisation and awareness creation.
“It is in the light of the above, that the theme for this retreat “Media as Catalyst for Insurance Inclusion”, comes to limelight. The media is a powerful catalyst for social change and equally an effective tool for insurance inclusion that the industry desires. Hence, the need to continually carry the media along with the various initiatives and developments in the industry for good coverage and projection.
“As the industry witness expansion, we equally need you the media to keep promoting these achievements for the good of the common goal of the industry.
“We are partners and we urge you all to use your reputable platforms to consistently announce the gospel of insurance and its benefits to the public so that we can attain the desired penetration rate in Nigeria. When the industry is booming from our efforts, it will also be a common joy and gain for us all. Hence, the onus is on all of us, everyone in this room and our networks beyond it to ensure that the insurance industry attains its pride of place in the economic ecosystem.”
While commending NAIPE members for their support, the IICC Chairman who is also the President/Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN) said “I like to use this opportunity to express our profound appreciation to the media for its inestimable support over the years especially, you the insurance industry Journalists who have constantly employed your expertise and in-depth knowledge about the industry to objectively report the trends and opportunities as well as enlighten the public about the values of insurance.
Speaking about the IICC Media Retreat, he said the retreat is “organised annually by the IICC to serve as a platform to engage and recognize the contributions and the key roles the media has been playing as an instrument for awareness creation and education for insurance in Nigeria. It is also a great opportunity to feel the pulse of the public through the lens of the media. It is against this backdrop that the IICC ensures its commitment to this annual gathering remains an ever-present feature in the calendar of the industry.
“This forum also serves the objective of further unifying all Arms of the Insurance Industry who have come together under one umbrella, the IICC, to ensure unity and single-mindedness in promoting the insurance industry agenda.
“It is vital to state that the IICC was formed with the purposes targeted at enhancing the profile of the industry as well as boost its significance to the nation’s economic growth.”
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.