Management of the Lagos University Teaching Hospita (LUTH) has approved life insurance for each staff working as warriors in the drive to rid Nigeria of COVID-19.
The Chief Medical Director of LUTH, Prof Chris Bode while addressing health workers at the institution acknowledged the difficulties involved in managing the condition, adding that; “We intend to record next to zero rates of patient-to-staff infection by adopting internationally recommended best practices.
Further, he disclosed that working closely with the Nigeria Centre for Disease Control, NCDC, and Federal Ministry of Health, FMOH, the hospital has also acquired enough materials to work with.
“We have also suitably modified the wards to commence admissions from the afternoon of Monday the 6th of April, 2020 in LUTH. We have scaled down the admission of routine cases while all in-patients are being transferred to Block E for ease of care.”
To ensure proper protection of staff, Bode said frontline officers must wear N95 masks and stay at least six feet away while triaging any patient and will call in the Infectious Diseases Unit to see any suspected case.
“We shall do this with the love of each other and care for our patients. We shall give respect and dignity to each other as COVID-19 Warriors and patients to whom we represent the only hope in these difficult days. Non-resident staff working on this will be housed within or near LUTH.
Further, Bode noted that it was only human for people to be afraid but encouraged health workers of the institution not to resign to fears and give hope and care to those who need them to be brave.
Stating that LUTH now has more than 120 warriors, volunteers who have been trained and are ready to be meaningfully deployed, he explained that since early February 2020, all-volunteer group of staff comprising Nurses, Pharmacists, Doctors, Laboratory Scientists, Hygienists, Porters, and Drivers have been planning for their involvement in the fight against the COVID-19 scourge.
“We had earlier identified the four Wards on the newly rehabilitated Block B as suitable for an Isolation Centre while efforts were in progress to secure enough resources and consumables for us to admit and treat Nigerians afflicted with COVID-19 in LUTH.
“Suspected cases will be kept in the old Isolation Centre near the A/E building and confirmed cases are to be admitted through a dedicated route onto the B Block through the gate opposite the Oxygen Room.
“We are ready for this challenge and, let me tell you, if we do not combat COVID-19 resolutely, COVID-19 may look for each of us in our homes.
“Our Virology Laboratory is internationally recognised and was the first to confirm the disease in Nigeria while more than 30 LUTH personnel have been assisting the Lagos Team in various capacities till date.”
The CMD further hinted the workers that the WHO, the Lagos State Government, and other partners have promised to assist them in the collective efforts while they full backing of the Federal Government.
“I speak for all in commending HE the Executive Governor of Lagos State, Governor Babajide Sanwoolu and his indefatigable Honorable Commissioner of Health, Prof Akin Abayomi for the trail-blazing leadership of the COVID-19 Response Team in Lagos.
He commended President Muhammadu Buhari, the minister of health, Dr. Osagie Ehanire, NCDC Director-General, Dr. Chikwe Ihekweazu for making available 60 beds, PPEs, Masks and other consumables to LUTH.
“We have been promised more beds are coming shortly and that all needed materials for our noble efforts will be given utmost priority.
He said: “I, therefore, implore each of us to commence this assignment with courage in our hearts and smiles on our faces, knowing this is what we are best known for. I pray that God shall preserve us as we continue to serve our fellow citizens.
NAICOM Licences Seven New Insurance Firms
By Sola Alabadan
The National Insurance Commission (NAICOM) issued operational licences to seven insurance companies in Abuja today, in line with Market Conduct & Business Practice Guidelines.
The new insurance firms are Heirs Insurance Limited (General), Heirs Life Assurance Limited, Stanbic IBTC Insurance Limited (life), Enterprise Life Assurance Company, FBS Reinsurance Limited, Salam Takaful and Cornerstone Takaful Insurance Company Limited.
The Commissioner for Insurance, Sunday Thomas, who gave the operational licences to the five firms at NAICOM Head Office, said the Commission has issued operational licences to the firms to operate insurance business.
According to him: “The National Insurance Commission (NAICOM) received applications from the under listed companies for registration as Insurance and reinsurance Companies to transact insurance and reinsurance business in Nigeria.
“In fulfillment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies.
Consequently:” Heir Insurance Limited (General) has picked, Olaniyi Stephen Onifade as its Managing Director, Stanbic IBTC Insurance Limited, picked, Akinjide Orimolade as Managing Director; Heirs Life Assurance Limited picked Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited picked Fumilayo Abimbola Omo.
“FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel. FBS is bringing together professionals with proven experience from the brokerage and underwriting units of the industry including Bala Zakariyau, the former managing director of Niger Insurance who currently plays in a support unit of the Nigerian aviation industry, Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin Bankole of the Custodian Investment Plc that has just taken a plunge into the property sector by taking a large chunk of the United Property Development Company, a subsidiary of the UACN Plc.
“These crops of professionals represent those with firm beliefs that there is a big insurance potential in Nigeria and indeed, the African continent. Others are Ebele Ofunneamaka Okeke, from Nnewi North, Anambra who rose to the position of the Head of Nigerian Civil Service before her retirement, and also, Yusuf Hamisu Abubakar, a lawyer, and an accomplished administrator and businessman with vast experience at the senior executive level in power and communication sectors.
“The reinsurance firm is required to pay the new N20 billion capitalisation stipulated by the commission under the reform exercise for it to start a business in the industry.”
Emirates Offers Travellers $500,000 Multi-risk Travel Cover
Emirates airlines has announced that it will provide travellers a multi- risk travel cover worth $ 500 , 000 on top of its current COVID-19 cover.
The airline stated that the new multi- risk travel insurance and COVID-19 cover will automatically apply to all Emirates tickets purchased from December 1 , and extend to Emirates codeshare flights operated by partner airlines , as long as the ticket number starts with 176.
Emirates Chairman and Chief Executive , Ahmed bin Al Maktoum was quoted as saying , “ Emirates was the first airline to offer complimentary global COVID -19 cover for travellers back in July , and the response from our customers has been tremendously encouraging.
“ We have not rested on our laurels and instead continued to look at how we can offer our customers an even better proposition. We are very pleased to be able to now provide this new multi- risk travel insurance and COVID – 19 cover , which is another industry first, to all our customers.”
He added, “ We aim to give our customers even more confidence in making their travel plans this winter and moving into 2021 by the launch of this feature .”
Highlights of the coverage include out -of – country emergency medical expenses and evacuation up to $ 500 ,000 , valid for COVID -19 ( contracted during the trip ) and other medical emergencies while travelling abroad.
It also involves trip cancellation up to $ 7 ,500 for non- refundable costs if the traveller or a relative ( as defined in the policy ) is unable to travel because they are diagnosed with COVID- 19 before the scheduled trip departure date , or for other named reasons – similar to other comprehensive travel cover products.
COVID-19 Pandemic Poses Severe Challenges To African Insurers, AIO Reveals
By Sola Alabadan
The Africa Insurance Pulse launched today by the Africa Insurance Organisation (AIO) indicated that the COVID-19 pandemic posed severe challenges to Africa’s insurers, even as the insurers expect further uncertainty in the remainder of 2020 and 2021.
As in the past, this 5th edition of the Insurance Pulse titled “Growth perspectives of African re-/insurance markets”, is based on diligent market research and in-depth interviews with insurer, reinsurers and brokers operating in the continent.
The research was conducted by Faber Consulting on behalf of the AIO and sponsored by Africa Re.
Jean Baptiste Ntukamazina, Secretary General of AIO, said: “The COVID-19 pandemic has caught the global insurance industry largely unprepared. Those African insurance and reinsurance companies with a strong capital base, and the ability to distribute their products digitally were better equipped to weather the impact of the pandemic. This will enable them to capitalise faster on the business opportunities arising after the crisis.”
Capital & digitalisation as unique strategic differentiators in times of COVID-19
Those African insurers with a strong capital basis and already established digital distribution channels were better prepared to deal with the impact of the COVID-19 crisis. The combination of both factors protected them against the worst effects of the crisis and enabled them to maintain their client relations even during lockdown periods or in a social-distancing environment. As these insurers strengthened their market position during the pandemic, they will be even stronger in capturing those business opportunities, rising in the future.
Regulators focused on protecting African policyholders
Following the outbreak of the pandemic, regulatory authorities have given re-/insurers more time to cushion the impact from the sudden contraction of the economy. At the same time, they encouraged re-/insurers to pay claims promptly. Those re-/insurers operating according to risk-based capital regimes were better prepared to deal with the COVID-19 crisis.
Dr. Corneille Karekezi, Group Managing Director and Chief Executive Officer, Africa Re said: “Insurance regulation in Africa has significantly improved in recent years. Various regulators have pushed ahead, mandating the implementation of risk-based capital schemes or capital increases, as well as improved operations and risk management. At the same time, we witness rising protectionist efforts to retain insurance and reinsurance premiums locally. Regulators should assure that in particular in times of economic distress, insurers have access to the highly-rated risk capacity and expertise that well-diversified reinsurer provides. Indeed, some recent catastrophes, including large natural catastrophes or man-made claims in South Africa, Cameroon and Lebanon, and in addition to the threat presented by COVID-19 potentially related claims remind us that some exposures can quickly exceed local capacity.”
The pandemic will change the African insurance landscape & reduce top-line of insurers
Senior executives predict that COVID-19 will lead to an accelerated consolidation of Africa’s insurance industry, eliminating those companies with limited resources and fragile processes. Such a shake-out would strengthen the continent’s insurance markets and benefit policyholders through higher security and a drive for more innovation.
Executives expect an improved risk awareness among consumers, leading to higher demand for insurance products. However, executives are concerned about the impact of COVID-19 on the income of African households. They expect that policyholders will limit their spending and favour savings for fear of a reduction in income or job losses. This, in turn, will affect their insurance purchasing behaviour, ultimately leading to a decrease in premium income.
Andreas Bollmann, Partner at Faber Consulting, commented: “Despite the impact from COVID-19, Africa’s insurers and reinsurers remain confident of the fundamental growth potential of their market. They believe that the effects of the pandemic will be offset by an accelerated digital transformation, supportive government and regulatory policies, and increased risk awareness by consumers.”
For the remainder of 2020 and 2021, Africa’s insurance executives expect a continuation of the high level of uncertainty. Re-/insurers have to maintain adequate solvency, ensure operational resilience and remain responsive to customer needs. In 2020 insurers introduced large-scale transformative investments to redefine their core value proposition, optimise operations, update technology and to build a workforce for the future. In 2021 they have to continue on this path of strengthening their competitiveness and thus contributing to a more robust marketplace.
AIO was established in 1972 in Mauritius as a non-governmental organisation recognised by many African governments.
Currently, the AIO has 365 members, 345 of them from 47 countries in Africa and 15 associate international members from 9 countries.