Connect with us

Business

Experts Canvass For Laws To Ensure Survival Of Insurance, Pension Sectors

Published

on

The Managing Director of APT Securities and Funds Limited, Kasim Garba Kurfi, has charged the government to put in place enabling policies and laws that support the survival of the sectors for them to continue contributing to the nation’s growth.

He described the insurance and pension sectors as the engine of growth of Nigerian economy considering the roles played by the two sectors in sustaining economic growth.

Kurfi, who stated this while delivering the theme paper at the 8th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently, said insurance and pension sectors today stand as engines for sustainable economic growth and forces to reckon with in every economy. The conference’s theme was “Role of Insurance and Pension Sectors In Building Sustainable Economic Growth Under The New Government”.

He highlighted the contributions of the two sectors to the national economy saying, “There is over N2.5 trillion assets managed by the insurance institution in Nigeria as of 31st December 2022.

“While there is over N16.6 trillion assets managed by the Pension Fund Administration as at 31st December 2022, the combination of the two institutions has a total asset of over N19 trillion. The role played by the two institutions in sustaining our economic growth left no one in doubt that they are instruments for most of the economic development

“Over N726 billion in premiums paid in the year 2022 according to the National Insurance Commission, while the industry also paid over N318.1 billion in claims to its customers within the same period. This is a remarkable achievement in comparison with 3.5% growth of Gross Domestic Product (GDP).”

He said insurance institutions give security to the future of the common people and aid economic growth upon happenings or allowance of specific event or disaster.
“Insurance represent promise of the future compensation in case of specific losses or in exchange for periodic payment called premium.

“Managing risk is very important for companies dealing with money or equivalent. The insurance industry promotes National development through wealth creation or protection. It primarily hedges against risk or contingent or uncertain loss.”

On pension, he said, “The contribution of pension funds that run over N16 trillion is pronounced in all phases of life. Many sectors of the economy benefit from excess funds that look for alternative ways to invest such as FGN SUKUK, GREEN BOND, and Infrastructures Bond, among many others.”

Kurfi said Pension ensures that every worker receives his/her retirement benefit as at when due. Ensure workers save in order to cater for future liability and old age. Provide long-term finance for the real sector. Stimulate the development of the capital market.

While condemning those agencies and institutions clamouring to exit Contributory Pension Scheme (CPS), Kurfi enjoined the government at all levels to discourage such moves for the interest of the Pensioners and the nation’s economy.

He said the contribution of insurance and pension sectors towards economic development is imminent and can be seen especially in driving the nation’s financial inclusion project.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

NAICOM Charges Insurance Operators To Build Enduring Institutions

Published

on

By

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.

Continue Reading

Business

NAIPE Names Universal, Guinea, Norrenberger Group As AGM Sponsors

Published

on

By

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.

Continue Reading

Business

NAICOM Gets Police Assurance To Enforce Compulsory Insurance

Published

on

By

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.

Continue Reading