As the coronavirus disease continues to ravage the world, the Nigerian Insurers Association (NIA) has enjoined all stakeholders to support the government so that the nation can defeat the disease which has led to the death of over 200,000 people across the globe.
The director general of NIA, Mrs. Yeteunde Ilori, made this call while presenting the life insurance policy document: ‘COVID-19 Intervention Team Life Insurance Cover’ to the Honourable Minister of Finance, Budget and National Planning. Mrs. Zainab Shamsuna Ahmed in Abuja. She urged members of the public to support the government and observe all the safety protocols.
The Nigerian insurance industry through the intervention provided a whopping cover of N11 billion being the sum assured for Insurance Cover for front line health workers in the battle against COVID-19.
The cover which is being provided by the Insurance industry comprising all Insurance, Reinsurance and Broking companies, will cover Doctors, Pharmacists, Nurses and other ancillary personnel and volunteers in the frontline of the battle against the Virus.
Under the cover announced by the Presidential Task Force on COVID-19, the industry is providing Life Insurance for a maximum of 5000 frontline health workers engaged bythe Nigerian Centre for Disease Control across the thirty six (36) states of the Federation and the Federal Capital Territory, Abuja.
This is in fulfillment of the pledge made to the Federal Government by insurance industry leaders as part of the industry’s contribution to the battle against coronavirus disease.
The premium of N112.5 million which is for one year coverage (12months) has been duly paid in line with the extant law on Insurance contracts especially as it relates to No Premium No Cover.
The life insurance policy document: COVID-19 Intervention Team Life Insurance Cover detailing the extent of cover and benefits payable under the policy was earlier submitted to the Honourable Minister of Finance, Budget and National Planning. Mrs. Zainab Shamsuna Ahmed by the Acting Commissioner for Insurance, Sunday Thomas and formally handed over to the Chairman, Presidential Task Force on COVID-19, by a member of Governing Council of Nigerian Insurers Association (NIA) Mrs. Folashade Joseph and President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Dr. Mrs. Bola Onigbogi under the watch of the Honourable Minister.
Speaking on the insurance coverage, Mrs. Ilori said, it is part of the insurance industry support to the Federal Government as the battle against COVID-19 continues..
“This is part of the insurance industry support to the Federal Government as the search for a solution continues. There are other initiatives at the state level and the main idea is that the industry must join other stakeholders in this battle.
“We thank the Federal government for its faith in the Nigerian insurance market as exemplified by its wholehearted acceptance of the policy and to restate our support for other initiatives that will boost the morale of those in the frontline in the fight against this dreaded virus” she added.
Speaking further, she stated that although the insurance programme is the initiative of the insurance industry which also funded premium payment for same, the industry is ever willing to contribute its quota towards the search for a solution to the disease and wish all stakeholders well as the search continues.
Falekulo Emerges New MD Of Nigeria Re
Mr Olugbenga Falekulo has been appointed as the new Managing Director of Nigeria Reinsurance Corporation, as part of efforts to ensure that the Reinsurance firm continue in its quest for transparent and accountable management of insurance in the country.
Falekulo, with over 25 years of experience spanning across the sector, said he brought his wealth of experience and professionalism to the fore.
The new Managing Director stated that he and his team are prepared to take Nigeria Re to the next level in the market.
Although he did not disclose the strategic plans the new new management have put together, he assured that Nigeria Re is taking a new dimension in the insurance industry, promising that a new era is here for the company.
He has BSc in Insurance, Masters in Business Administration, and he is also a.member of the Chartered Insurance Institute of London.
Prior to this appointment, he had worked with NICON Insurance, Great Nigeria and Continental Re. He left Continental as an Exexutive Director before in 2014 and went into his private business.
He is well travelled and has attended so many courses within and outside Nigeria. He is married with children.
Nigeria Reinsurance has Mr Mela Audu Nunghe as its Chairman, Falekulo as Managing Director/Chief Executive Officer, Mr Olusegun Ilori as Executive Director, Finance & Administration, Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director, and Mrs Yvonne Isichei as Non-Executive Director (Independent).
Nigeria Reinsurance was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has been in operation for over 40 years, is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.
Pension Fund Assets Now N12. 7trillion, Contributors 9. 4million
By Sola Alabadan
The pension fund assets accumulated under the Contributory Scheme in Nigeria was N12.66 trillion as at 30 June 2021, while the number of registered contributors has grown to 9.38 million, the Director General, National Pension Commission (PenCom), Aisha Dahir-Umar, said.
She stated this at the workshop organised PenCom for journalists in Lagos on Monday. The theme of the workshop was “Positioning the Pension Industry in a Post COVID Era”.