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Guinea Insurance Pays N165m Claims, Promises To Settle All Genuine Claims

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Guinea Insurance Plc paid N165 million claims in 2022, in keeping faith with its promise to pay all genuine claims to its affected policyholders, the company’s managing director, Ademola Abidogun, said.
Abidogun, who addressed insurance and pension journalists at the Quarterly CEO forum sponsored by the insurance firm on Thursday in Lagos, stated that while the company paid total claims of N263 million in 2020, the total claims paid in 2021 was N258 million in 2021.
He assured that the company will continue to settle all genuine claims promptly, saying that the organisation is keen to delighting all stakeholders.
Abidogun also disclosed that the company will return to profitability in 2023 as loss after tax has drastically reduced to N20 million in 2022 from N700 million recorded in 2020.
Abidogun said: “Guinea Insurance Plc has continued to make underwriting profit every year. If you look at how the loss after tax has reduced in the last three years, from N700 million to N200 million to N20 million, you will discover that based on what we are doing now, we will make profit by the end of the 2023 financial year.
“We are committed to reduce expenses and increase turnover, increase topline and manage underwriting properly with proper reinsurance. We are also looking at businesses that we take and we make sure that we don’t just take any business. We are very optimistic and very deliberate in our analysis. We track expenses, track businesses that we do , we do a lot of analysis to ensure that we change the story.
“We have been paying claims promptly and will continue to do so going forward. What we want to do is to be more visible to the insuring public and meet all their insurance needs.”
On the positive strides of the company, Abidogun noted that Guinea Insurance staff has been outstanding even as he commended them for being very competent and dependable.
He said: “I will also commend the staff for the good work they are doing. If the people are not there to do the work,
if people are not connected to the mission of the board, there is nothing anybody can do and it will hamper the progress of the company.
“And the way we are going now, we believe that we will get to that height and we will continue to grow the business.
We have been able to deliver value
in terms of CSR too to the community where our head office is located.”
Going forward, Abidogun noted that “It is very important that we position ourselves so that everybody will be able to relate with us and do business with us.”

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NAICOM Charges Governments To Comply With Building Insurance Laws, Lists Benefits

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The National Insurance Commission (NAICOM) has advised the federal and state governments to comply with the provisions of the Insurance Act 2003 concerning the insurance of public buildings and the insurance of buildings under construction.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Sunday Thomas, who made this call on Thursday at the 12th meeting of the National Council of Lands, Housing and Urban Development in Kaduna State, advised the government to make adequate provisions for this in the annual budgets.

He said these categories of insurance are made compulsory by extant insurance laws in Nigeria and, thus, must be complied with by all.

According to him, Section 64 of the Insurance Act 2003 makes it mandatory for individuals, governments and corporate organisations that undertake the construction of any building above two (2) floors to procure a builder’s liability insurance policy (building under construction) from any of the NAICOM’ licensed Insurer in Nigeria.

Speaking further, he said Section 65 of the Insurance Act 2003 also makes it compulsory for all public buildings in the country to be insured. This is to protect innocent victims in the events of accidents and other disasters that may occur while they are within such premises.

Participants at the session include the Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa; Minister of State, Housing and Urban Development, Abdullah Tijjani Gwarzo; Chairman, Senate Committee on Housing and Urban Development, Sen. Aminu Tambuwal; Chairman, House Committee on Housing and Habitat, Hon. Balele Aminu and Chairman, House Committee on Urban Development and Regional Planning, Hon. Abiante Awaji, The Permamnent Secretary, Federal Minstry of Works and Housing, Mahmuda Mamman; Commissioners, Permanent Secretaries, Directors of Lands and Housing from the 36 States of the federation; Managing Director of Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinancing Company, Shelter Afrique, etc.

Thomas urged the various state governments to emulate the Lagos State government by domesticating the insurance laws in their respective states.

He listed the benefits from compliance with these compulsory insurances to the Federal and State Governments to include the reduction in the Federal and State Government expenditure in event of disaster that may affect citizens by shifting the burden to the risk-bearers (Insurance Companies), hence restoration would not be settled from tax payer’s money.
He added that compliance with these provisions of the law would create employment opportunities for citizens of their respective states, as well as provide opportunity to enhance the Internally Generated Revenue (IGR) of the states, amongst others.

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Leadway To Offer Pay-As-You-Drive Insurance

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By Sola Alabadan

Leadway Assurance Company Limited is partnering with Leytro to offer user-friendly, and cost-effective pay-as-you-drive insurance products tailored for fleet managers and drivers in Nigeria.

This is part of efforts to facilitate the seamless adoption of insurance products in the country.

This strategic alliance harnesses Leytro’s technological expertise and Leadway’s established industry knowledge to introduce a pioneering pay-as-you-drive insurance model characterised by flexibility and affordability. Fleet managers can now conveniently manage their insurance payments on the go through a dedicated mobile app underpinned by mobile telematics intelligence.

The mobile app incorporates telematics intelligence to continuously assess the driving behaviours of policyholders, offering real-time insights into their driving habits. This capability empowers businesses to optimise their fleet management strategies to seamlessly make insurance payments via the app, utilising a pay-as-you-go approach with fair premiums and incentives for safe driving.

Umashime Oguzor-Doghro, Leadway Assurance, commented on the partnership: “In today’s rapidly evolving landscape driven by technological advancements, forward-thinking organisations must lead the market in evolving innovative solutions and collaborations in the ecosystem. Hence, our timely partnership with Leytro.

“We are thrilled to join forces with Leytro to introduce this innovative insurance solution for fleet managers, ensuring that car insurance is not only accessible but that premiums are built on utility and behavioural profile. The synergy of Leytro’s cutting-edge technology and our unwavering industry expertise enables us to offer a transformative pay-as-you-drive insurance solution that caters to the unique requirements of small and medium-sized businesses. Together, we are reshaping the insurance landscape, revolutionising the adoption process, and setting new industry standards,” she added.

Nathaniel Bubu, Founder/Chief Executive Officer of Leytro, also shared his perspective on the collaboration: “The partnership between Leytro and Leadway Assurance represents a significant milestone in harnessing technology to drive change, with a deep understanding of human behaviour. We are committed to revolutionising the insurance sector by leveraging our advanced telematics technology. This collaboration empowers us to provide businesses with a more personalized and cost-effective insurance solution, fundamentally altering the way small business owners manage their fleets.”

“We strongly believe in rewarding responsible drivers, and through our cash reward programme for safe driving, we aim to incentivize prudent behavior on the road. This not only benefits drivers but also contributes to creating a safer driving environment for all road users.”

In addition to its innovative approach to insurance policy adoption, this initiative strongly emphasizes delivering a seamless claims experience. Through the use of technology and automation, the claims payment process has been streamlined to ensure swift and hassle-free resolutions for customers.

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Insurers Tasked To Mitigate Socio-Political Risks

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Barr. (Mrs.) Ekeoma Ezeibe, Discussant (left), Mr. Olusegun Omosehin, Chairman, CIIN Education Committee, Mrs. Yetunde Ilori, CIIN Deputy President, Mr. G.U.S. Wiggle, Keynote speaker and Mrs. Abimbola Tiamiyu, CIIN Registrar, at the Institute Education Seminar in Port-Harcourt, Rivers State on Friday.

By Sola Alabadan

The insurance operators in Nigeria have been charged to be alive their responsibility to mitigate the socio-political risks that can impede social progress and economic growth in the country.
Insurance stakeholders who spoke at the Education Seminar of the Chartered Insurance Institute of Nigeria (CIIN) in Port-Harcourt, Rivers State on Friday, opined that in a country like Nigeria, where socio-political challenges often intersect with economic uncertainties, the insurance industry can play a vital role in safeguarding the interests of individuals, businesses, and the nation as a whole.
The theme of the seminar is “Socio-Political Risks: The Role of the Nigerian Insurance Industry”.
While welcoming to the seminar, the President/Chairman of Council, Edwin Igbiti, affirmed that Nigeria, being Africa’s most populous nation and a key player in the African economy, faces an array of socio-political risks that can impede social progress and economic growth. These risks range from political instability, ethnic tensions, terrorism, civil unrest, to government policies and regulations, among others.
Igbiti, who was represented by the Deputy President, Mrs. Yetunde Ilori, added that the role of the insurance industry in addressing socio-political risks is multi-faceted.
“The insurance industry can act as a catalyst for risk prevention and reduction. By actively assessing and evaluating potential socio-political risks, insurers can collaborate with governments, businesses, and communities to develop risk management strategies and enhance resilience. Through initiatives such as risk education programs, capacity building, and partnerships with relevant stakeholders, the industry can contribute to societal awareness and preparedness, reducing the likelihood and impact of socio-political risks,” the CIIN boss said.
Similarly, the Chairman, CIIN Education Committee, Mr. Olusegun Omosehin stated that in today’s rapidly changing world, understanding and effectively managing socio-political risk has become more important than ever before.
He therefore advised that “Insurers should spread the gospel of mitigating risk across Nigeria, a country with a population exceeding 200 million and a diverse range of socio-political factors at play. Understanding and navigating these complexities is crucial for the sustainable growth and development of the Nigerian insurance industry.”
Meanwhile, the Keynote speaker, Mr. G.U.S. Wiggle, encouraged insurers to tackle the challenges facing the industry for the purpose of opportunities therein, saying “Insurance companies can offer political risk insurance to businesses to help them manage and mitigate risks arising from the adverse actions or inactions of governments. Political risk insurance can help provide a more stable environment for investments and unlock better access to finance.”
He added that the insurance companies should provide financial stability and reduce uncertainty by indemnifying those who have suffered losses.

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