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Universal Insurance Unveils Products To Deepen Insurance Penetration

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Universal Insurance Plc has unveiled its array of products to meet the needs of the insuring public nationwide, as part of efforts to deepen insurance penetration and adoption in the country.

Its Third Party Fire and Theft Insurance Cover offers the middle-ground level of protection as it gives the policyholders a better level of cover than third-party only, but the policyholders wouldn’t be as well protected as if they had taken out a comprehensive policy.
This insurance covers Third Party Property Damage, Third Party Death and Bodily Injury, Third-party medical treatment costs, Theft or attempted theft of the insured vehicle and Fire damage to the insured vehicle.

It also provides benefits in the event of Death or bodily injury to a third party arising out of the use of the insured car and damage to property other than property belonging to the insured.

Another product called Burglary and Housebreaking Insurance Policy is designed to provide compensation against loss of or damage to one’s property as a result of burglary or any attempt threat. The cover also includes damage to building(s) for which the insured is responsible resulting from the theft.

In a similar vein, its Business Interruption Insurance replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or a natural disaster, among others. Business interruption insurance is not sold as a separate policy, but is either added to a property/casualty policy or included in a comprehensive package policy.

Speaking on this development, the company’s managing director, Mr. Ben Ujoatuonu, pointed out that the company is presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders, adding that, the insurer is liquid enough to discharge its responsibilities at all times.

He stated that his company is capitalising on the potentials in the retail market to deepen insurance penetration, noting that the wholesale market is already saturated.

“We have a competitive edge in claims settlement through investment in state of the art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle,” the CEO said.

He noted that the firm is liquid to underwrite big insurance businesses in insurance sector of the financial industry, saying, the company is eyeing the retail market and will soon unveil some retail insurance products to deepen insurance penetration.

Ujoatuonu stressed that the company has also imbibed the culture of training and retraining of its workforce as it believes in the human capital development, motivation and empowerment to drive policies and create values.
The credibility of its brand lies in its underwriting skills, innovative insurance solutions, financial strength, superior service and prompt claims settlement.
Universal Insurance Plc is one of the nation’s largest personal lines insurers. With over N11 billion in assets, it sells all lines of general insurance, including auto, property and commercial insurances.

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PenCom Approves Full Payment To 2,024 Retirees, 25% To 7,906 Disengaged Workers

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By Sola Alabadan

The National Pension Commission (PenCom) approved Enbloc payment of retirement benefits to 2,024 retirees whose Retirement Savings Account (RSA) balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span.
In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors during the second quarter of the year.
The nation’s pension regulator disclosed this in its latest quarterly report issued recently.
This is in keeping faith with the objectives of the Pension Reform Act 2014 to ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due.
In a related development, the Commission also approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.
This is in accordance with section 7(2) of the Pension Act, which provides that “Where an employee voluntarily retires, disengages or is disengaged from employment as provided for under Section 16(2) and (5) of this Act, the employee may, with the approval of the Commission, withdraw an amount of money not exceeding 25 per cent of the total amount credited to his retirement savings account, provided that such withdrawals shall only be made after four months of such retirement or cessation of employment and the employee does not secure another employment.”

Meanwhile, the Commission also informed that applications were received for transfer of Nigeria Social Insurance Trust Fund (NSITF) contributions on behalf of 332 NSITF contributors.
However, approval was granted to transfer N17,026,367.10 to the Retirement Savings Accounts (RSAs) of 298 members.
On a similar note, PenCom approved monthly pensions in the sum of N62,327,832.97 to 3,629 NSITF pensioners.

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Insurance

4,438 Retirees Choose Programmed Withdrawal, 1,708 Opt For Annuity In Second Quarter

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By Sola Alabadan

The National Pension Commission (PenCom) approved 4,438 requests, comprising 1,406 public (FGN & States) and 3,032 private sector retirees to draw pension through the Programmed Withdrawal mode during the second quarter.
These retirees received a total lump sum of N13,059.79 million, while their total monthly pension amounted to N209.05 million.
PenCom disclosed this in the second quarter report uploaded on the commission’s website recently.
Similarly, the Commission granted approval to 1,708 retirees under the Retiree Life Annuity during the quarter.
A total lump sum of N4,586.16 million was approved for payment to the retirees, while the sum of N12,346.89 million was approved for payment to 14 Retiree Life Annuity Providers as premium in return for total monthly/quarterly annuities of N122.46 million.
In a related development, approvals were granted for payment of death benefits amounting to N6,175.13 million to the legal beneficiaries/administrator of 1,209 deceased employees and retirees. This comprised 835 public (FGN & State) and 374 private-sector employees/retirees.
During the quarter under review, the Commission equally approved enbloc payment of retirement benefits to 2,024 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span. In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors.
Besides, the Commission approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.

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Insurance

CHI Renews Group Accident Cover For insurance, Pension Journalists

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Sola Alabadan

Consolidated Hallmark Insurance(CHI) Plc has again renewed the Group Personal Accident Insurance cover worth N24 million Sum Assured, which was arranged for insurance and pension journalists in Nigeria.

This is part of the company’s Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected.
The Group Personal Accident Insurance policy covers death, permanent disability and medical expenses.

The policy, now in its 10th year, has been running since 2012, and is renewed annually by the company. The cover, which was renewed on October 1, 2021, is due to expire on September 30, 2022.

The policy cover all members of the National Association of Insurance and Pension Correspondents(NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.

Speaking on the issue, the group managing director of Chi, Eddie Efekoha, said, this gesture is to show the kind of values and respect his insurance firm has for journalism, believing, journalists, who are the shaper of the society, and by extension, the insurance industry, must be protected.

Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.

In the case of the death of any of the concerned journalists, he said, the family of the deceased is entitled to N1 million death benefits. “A journalist who suffers permanent disability in the discharge of his duties will also be entitled to N1 million. The cover provides for medical expenses to the tune of N200,000 per journalist in the case of an accident,” he pointed out.

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