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NAIPE Names Universal, Guinea, Norrenberger Group As AGM Sponsors

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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.

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Plan To Enforce Compulsory Public Building Insurance Receives Boost

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By Sola Alabadan

NAICOM and the Lagos State Fire Service held a strategic meeting on Wednesday in Abuja to improve collaboration and partnership in the ongoing effort to strengthen the enforcement of Public Building Insurance in Lagos State.
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 floors to procure a builder’s liability insurance policy (building under construction) from any of the NAICOM’ licensed insurance companies.
Similarly, Section 65 of the Insurance Act 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.
As part of efforts to domesticate the federal government’s law on compulsory insurances of public buildings and buildings under construction, the Lagos State government have been striving to forge strategic partnerships with relevant insurance bodies in the country.
Recalled that Lagos State Safety Commission and the Nigeria Insurers Association (NIA) were working on the digitalisation of the Compulsory insurance for the people of Lagos State for accessibility and affordability.
The compulsory insurance on public buildings known as the Owners Occupiers Liability would cover different entities of public places or public buildings, which included event centres, cinemas, schools, hospitals, worship centres, restaurants and bakeries.

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Igbiti Lists Achievements As CIIN President

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By Sola Alabadan

The outgoing President of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti has listed some of his achievements as the 51st President of the institute to include digital reinforcement of institute’s operations, insurance awareness for all and infrastructural development, among others.
He spoke at the Valedictory Service organised in his honour by the CIIN on Wednesday in Lagos.
On the digital reinforcement of the institute’s operations, he explained that this includes the completion of the e-library project, commencement of ẹ-examinations, as well as active presence and use of all available social media platforms.
Speaking on insurance awareness for all, he said the CIIN Quiz for Secondary Schools have been positively upscale to the limelight, while Insurance textbooks were donated to schools, just as the book on Broking and Loss Adjusting were launched.
On infrastructural and personal development, Igbiti stated that the CIIN Secretariat was renovated to acceptable standards, necessary approvals and clearance were got from the Lagos State Government to resume the construction of the Victoria Island Project, while conferences were held to train professionals.

He emphasised that the institute, under his tenure, was able to upscale its membership portal; “the Insuresuite where we launched e-membership Card. Also, the activities of the Institute have been digitalised to encourage hybrid working and enhancement of its service delivery. These accomplishments have tremendously ensured members’ satisfaction as transactions have greatly improved,”

He further stated that the central of the institute’s activities was targeted at boosting insurance awareness among the populace, pointing out that “the Institute judiciously utilised all its platforms, social and educational to create insurance awareness, as well as its many benefits as a profession and as a service.”

‘The ‘Nite of Talents’ objective was to promote insurance awareness, intellectual prowess and gender equality among the younger generation. The second and third editions of the event, to the Glory of God were great successes as vibrant contestants from various insurance companies competed and the best woman and man; Mrs. Faidat Aderonke Coker from Linkage Assurance Plc and Mr. Akorede Olaoluwa Johnson from Sovereign Trust Insurance Plc won the two editions respectively and were made the Institute’s Ambassadors for years Year 2023/2024 and 2024/2025 respectively. I strongly urge stakeholders of the industry to passionately support this programme and encourage the vibrant insurers to continue to participate. The programme indeed showcased the intellectual capabilities of the next generation of insurance practitioners in the industry.

Infrastructural development is not limited to building, human infrastructure is the bedrock of the Secretariat as the insurance foremost Institute is a membership-based organisation.
It is pertinent to state that traditional institutions have a critical role to play in insurance penetration, especially at the grassroots level. Therefore, it is vital to solicit their support and participation in the Institute’s programmes and activities.

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NAICOM Launches Portal To Ease Complaints Resolution, Protect Policyholders

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By Sola Alabadan

The National Insurance Commission (NAICOM) has launched the NAICOM Complaint Management Portal as part of efforts to effectively address complaints, ensure swift resolution to all Insurance related issues and ensure adequate protection of policyholders.

This portal: complaints.naicom.gov.ng, is in line with the powers of the Commission under section 8(a) of the NAICOM Act 1997.

The portal offers a streamlined and user-friendly platform for addressing all Insurance related complaints.

Consequently, the commission has urged the public to effectively utilise the platform to reach out to the commission on all insurance related complaints.

Recalled that NAICOM had earlier established the Complaint Bureau Unit to which complaints against insurer, reinsurer, insurance brokers or loss adjuster may be submitted by members of public.

The activities of the Bureau are categorised into three phases; Claims management framework; Complaints handling management processes and procedures; and Complaints management operations.

The Bureau is responsible for the implementation and institutionalisation provisions of all primary and secondary legislation that are developed to provide for coordinated steps, policies and procedures for the management of insurance claims by the insurance institutions.

The enabling legal frameworks are: Primary legislations- NAICOM Act, Insurance Act, Third Party Motor Vehicle Act: Subsidiary legislations – Market Conduct and Business Guideline 2015, and Circulars.

Statutory Consumer Protections

Section 6 of NAICOM Act, 1997 bestows on the Commission the responsibility for effective administration, supervision, regulation and control of insurance business in Nigeria.

Section 7 places responsibility on the Commission to ensure adequate protection of strategic Government assets and properties.

Section 8 empowers the Commission to establish a Bureau to which complaints against any member of the insurance institution may be submitted by members of the public.

Section 17(1)(C) establishes a ‘Security and Insurance Development Fund’ to assist in the development of the insurance industry in Nigeria.

Section 78 of the Insurance Act 2003 provides for the utilization of the fund to: Payment of admitted claims which could not be paid due to insolvency or cancellation of the company; To compensate innocent third party disabled or killed by uninsured or unidentified vehicles.

Section 70 of the NAICOM Act stipulates that where a claim is made in writing, the insurer shall where it accepts liability settle the claim not later than 90 days after issuance of discharge voucher and where remained unpaid, the Commission has the power to pay from the company’s statutory deposit.

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