Connect with us

Business

Sovereign Trust Counsels Nigerians To Imbibe Insurance Culture

Published

on

The Managing Director of Sovereign Trust Insurance Plc, Olaotan Soyinka has called on Nigerians to imbibe the culture of insurance, considering the economic situation in the country.
He gave this charge at the company’s first quarter review of operations and processes of the underwriting firm in Lagos.
Soyinka reiterated the importance of insurance in the every day life of all Nigerians, irrespective of the tribe, religion or social status.
He said, “insurance is an integral part of our socio-economic life that should not be taken for granted.”
The Sovereign Trust boss posited that a lot of Nigerians are really trying to make ends meet and therefore, they should be encouraged to have an ally that can be there for them when the eventuality happens and that can only come through having one form of insurance policy or the order.
He also alluded to the biblical story where the Noah’s Ark was the succour for those who took refuge inside it after the flood had receded. In his words, “the earth was restored to its former position with God not having to go through the process of creation like He did in the beginning when the earth was formed”. Like Noah’s Ark, insurance takes you back to your former position before the loss.
Soyinka said this is the time Nigerians need to consciously educate themselves on the benefits they are bound to derive in taking up an insurance policy. He said there are various insurance products that the insuring public can take in protecting their lives and properties but that the most important thing is for the customers out there to willingly open their minds in accepting the fact that insurance is a very important aspect of their lives.
In closing, Soyinka said, “Nigerians have waited too long in willingly accepting and recognizing the fact that without insurance, one is like building a House without a foundation and in no time, it could come crashing; and when that happens, you will have to start from the scratch again with even more funds than you initially spent”. He said insurance gives you the promise of a safe and comfortable future. The earlier we disabuse our minds of the old notion that insurance doesn’t work, the better it will be for all of us. Nigerians should begin to cultivate an uncompromising culture of insurance, he added.

Click to comment

Leave a Reply

Your email address will not be published.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

Business

NHIA Tackles Drug Shortages, Care Delays

Published

on

By

The National Health Insurance Authority (NHIA) has said that it is addressing drug shortages and care delays via a multi-pronged strategy.

The Director General of NHIA, Dr. Kelechi Ohiri stated this at the Annual General Meeting of Nigeria Association of Insurance and Pension Editors (NAIPE) in Lagos.

Ohiri, who was represented by Deputy Director, Lagos Zone, Mrs. Aisha Abubakar Haruna noted that NHIA was formerly known as the National Health Insurance Scheme, NHIS.

He stated that the NHIA has expanded coverage to fistula patients, adding that the Fistula-Free Initiative and Financing CEmOC Services have collectively empowered over 7,500 women by May 2025.

The DG noted that 2,690 women have received life changing obstetric fistula repairs at 17 dedicated centres while 5,289 women benefited from emergency obstetric care at over 200 CEmOC facilities.

He highlighted the NHIA’s strategic interventions from 2024 to 2025, to include the revision of tariffs; resolving complaints; sanctioning non-compliant providers/HMOs; revising accreditation processes; as well as mandating a one-hour limit for care authorization code.

The NHIA boss said: “These interventions are helping to mitigate previous issues of medicine shortages, care denials/delays in issuing code, and provider payment delays.”

He further stated: “On cancer treatment initiative, an MOU was signed with ROCHE for a cost sharing payment for NHIA enrollees for cancer treatment medication. Apart from the initial five teaching hospitals that were selected to flag off the initiative, there has been a scale up for more facilities to provide financial access to NHIA cancer patients with NHIA/ROCHE sharing the cost.

The NHIA DG noted that from 2024 to 2025, NHIA has strategically intervened in the revision of tariffs, revising the accreditation processes and mandating one hour limit on care authorization while mitigating any previous issues for medicine shortages, denial, delay in issuing codes and provider payment delays.

He said: “A few years back, we upgraded to self-automated, but now we are fully automated on accreditation of NHI facilities, and I can assure you any facility that we ascertain to have met the standards will meet international standards. We use Safe Care tools, and everything is done online. You have over 100 questions on that platform, the tool that we use.

“We started an accreditation of over 192 facilities in Lagos. We are running accreditation, and we will soon be embarking on re-accreditation because we have upgraded the standard. We are going to carry out re-accreditation of these facilities to ensure that those that were initially accredited are still operating within the standard, or they can meet the current standard. For those who can not meet the standard, they will be asked to exit the platform.”

Continue Reading

Business

PTAD To Enrol Pensioners On National Health Insurance Scheme

Published

on

By

Determined /to ensure the wellbeing of Nigerian pensioners, the Pension Transitional Arrangement Directorate (PTAD) said it has concluded plans with the National Health Insurance Authority to enroll pensioners for the National Health Insurance Scheme come 2026.

The Executive Secretary/CEO, PTAD, Mrs. Tolulope Odunaiya disclosed this in Lagos at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

PTAD Executive Secretary who was represented at the occasion by the Head, Corporate Communication, Mr. Olugbenga Ajayi highlighted the rationale behind the plan.

He said the plan to enrol pensioners for the National Health Insurance Scheme underscores the Directorate’s commitment to the welfare and wellbeing of the pensioners.

According to him, “For us in PTAD, we are always working to ensure the wellbeing of our pensioners, ensuring they are comfortable, and are well taken care of.

“We have started negotiating health insurance for our pensioners because we know that the age they are is when they need healthcare more than even we that are working. Retirement is when people need government support more than the person who is collecting money every month.

“We are working to ensure that by 2026, if not all, at least 90 per cent of PTAD pensioners will be enrolled in the National Health Insurance Scheme by the National Health Insurance Authority (NHIA).

“PTAD has continued to introduce various initiatives to enhance its efficiency and effectiveness. We have introduced Mobile Verification for people who are sick, or those who are alive but are incapacitated to attend normal verification. We schedule mobile confirmation for those who have done ‘I Am Alive’ Confirmation but later falls sick. We go there – from Lagos office, Kaduna office, our teams are always outside to ensure pensioners are taken care of and their matters are treated with utmost urgency.

“PTAD is doing everything within its powers to ensure that pensioners receive all their entitlements – from arrears to pension increment, and we are working assiduously for this. By 2026, all arrears and other entitlements will be part of our budget, and there will be no issues anymore concerning these. PTAD is presently in 13 states of the federation.”

Continue Reading

Business

Universal Insurance To Unveil Enhanced Third Party Motor Insurance

Published

on

By

The Managing Director of Universal Insurance Plc, Dr. Jeff Duru has said that the company will soon launch its enhanced third party motor insurance cover for its customers and the general public.

He disclosed this in Lagos during the Annual General Meeting of the Nigerian Association of Insurance and Pension Editors (NAIPE).

While speaking on the future plans of the company, Duru said: “Our upcoming products include our third party enhanced motor cover. We have an enhanced third party motor cover that is coming which will drive our third party initiative to carve a niche in the motor insurance segment of the market.

“We also have our mini comprehensive insurance package that will be digitized, which will enable everybody to key into motor insurance because some people still see the comprehensive motor insurance package as very expensive. So our mini comprehensive insurance package when it comes on board will enable you to buy insurance service and pay at your convenience. The package will enable you to pay to the extent that is affordable for you in terms of premium.”

The Universal Insurance Boss noted that the company had a rate assured policy that about to be brought on board.

According to him: “The Rate assured policy will enable property owners and tenants to have benefit of recovering their loss rate. Assuming there is a fire damage, flood or extra loss that resulted in the loss of your residence or your building, we will be able to oblige you to have alternative accommodation. This will give you the peace of mind and security to continue your life.

“This is what we preach, that customers should get the best, that the products should be accessible, they should be simplified and affordable. So both the mini comprehensive insurance cover and the enhanced third party insurance cover are all aligned with this initiative to make sure that the policies are affordable to the customer, accessible and simplified. He also noted that the products would be sent to the National Insurance Commission, (NAICOM), for approval as soon as they were ready for the public.

“Our team is fully charged. They understand what customer experience means. We will continue to maintain simplicity of our product, simplicity of our service delivery, simplicity of purpose, as well as unity and teamwork. We want to deliver excellent results.”

Continue Reading