Insurers recount valuable contributions of departed colleagues to growth of industry

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The Nigerian insurance community was bathed with emotions last week during a Service of Songs at the Chapel of Christ the Light in Alausa, Ikeja, recounting valuable contributions of their three departed colleagues who have gone to join their makers.

In several tributes that depicted love, affection and long standing relationship, the industry bid farewell to Oladipo Bailey, former commissioner for Insurance; Olorunfumi Adeyemi, former director general of the Nigerian Insurers Association(NIA) and Uju Ndubuisi Chukwu, former the deputy director general of the Chartered Insurance Institute of Nigeria (CIIN).

They unanimously observed that the legacies they left behind are huge and that their shoes would be difficult to fill.

Paying tribute to Chief Oladipo Bailey, the President, Chartered Insurance Institute of Nigeria(CIIN), Eddie Efekoha, said, Bailey was an iconic insurance practitioner and former commissioner for insurance, an astute professional and administrator of purpose.

He stated that that the deceased was a personality who helped to shape the perspectives and lives of many in the insurance profession, adding that late Bailey was an administrator of note and was quite detailed and belonged to the school of administrators who instilled discipline in their subordinates in all ramifications.

According to him, “He was a pillar in the industry and worked tediously to make insurance part and parcel of the consciousness of the government, the people of Nigeria and the West African sub-region. He was a problem solver and a bridge builder between the young and the old. He was a man who gave his all to the insurance industry in general and the CIIN in particular. He will always be remembered for his mien and gentility.”

On late Funmi Adeyemi, he said, the past director general of the Nigeria Insurers Association(NIA) contributed in no small measure to the … Read More...

‘For effective compliance, moral suasion should have been over in pension industry’  

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Paddy Ezeala is a communication and development specialist who has worked for reputable international relief and development agencies. He was West Africa Regional Communication and Campaigns Coordinator for Oxfam and also Africa Communications Officer of World Wide Fund for Nature (WWF). He has also contributed immensely to Pension Funds Administration in Nigeria, having worked at First Guarantee Pension Limited (FGPL) and also Premium Pension Limited (PPL) head of Corporate Communications and later The Regional Manager, South East.

A chattered management consultant and Fellow of the Institute of Management Consultants, In this interview with Modestus Anaesoronye bares his mind on the workings of the Contributory Pension Scheme (CPS) in Nigeria.

You recently left the Pension industry after close to a decade, how do you feel being part of this industry and the level of transformation that has taken place within the past 15 years?

I’m in a good position to comment on this having been a pioneer staff, so to speak. I joined First Guarantee Pension Limited in 2006. I witnessed all the teething challenges in the industry and can now say that the transformation and growth in the industry has been tremendous. From the quality of personnel to the application of cutting-edge technology in the rendition of service, it has been steady growth ever since. I am one of those who believe that the Contributory Pension Scheme (CPS) remains one of the best policies, if not the best, that has come from the Federal Government since the return to democratic governance since 1999. I am very proud to have been part of it.

When you look back, what is your biggest regret that you wished hadn’t happened or could have been done in a better way in the pension industry?

My life doesn’t have space … Read More...

Insurers in cautious drive to hedge underwriting losses after Egina N50bn claim

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Following huge claims experience in 2018 financial year, which resulted to huge underwriting losses and poor bottom lines for most insurance companies, operators are more than ever before cautious of the businesses they admit into their books.
Last year saw insurance companies in Nigeria paying claims in excess of N160 billion from total premium income of N400 billion, indicating about 14.3 percent increase over 2017 claims figure of N140 billion.

The claims, which operators lament, came mostly from oil and gas risks, particularly Egina FPSO claims in the neighbourhood of N50 billion.
Other major claims in the industry were also from aviation and maritime risks, which many companies lament pushed their bottom lines to negative during the 2018 financial year.
Analysts have noted that insurance companies are grappling with declining underwriting profit arising from falling rates due to unhealthy completion and craze to get from few available businesses, particularly corporate accounts.

In this vein, operators in a bid to survive resort to rate cut, which has further eroded premium volume, underwriting profit and more pressure on bottom lines.
Consequently, claims are rising at unprecedented rate more than ever witnessed in the industry, particularly since the last economic recession when many Nigerians have resorted to taking advantage of every opportunity in their hand to earn extra income or reduce expenditure.

Incidentally, insurers have seen increasing claims filling at very slightest loss (accident) cases, especially on motor insurance policy, which hitherto were ignored by most insured public.
Some of the operators who spoke with BusinessDay, said, “we are being cautious on the type of risks that we take because the claims are coming in droves. We have to watch our back so that we do not erode our shareholders fund,” one of the chief executives said.

Meanwhile, … Read More...

It’s only insurance that can guarantee peace of mind – NIA DG

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The insurance industry in Nigeria is currently embarking on a rebranding campaign targeted at creating awareness on the benefits of taking insurance as a form of protection. Yetunde Ilori, director general, Nigerian Insurers Association (NIA), in this interview with Modestus Anaesoronye explains the objective of the campaign, benefits to individuals and corporates, and the different products available in the market. Excerpts:

Could you give us an overview of the insurance industry in Nigeria today?

In Nigeria today, I would say that the insurance industry is at the point of inflection. Every attention is on insurance, given the benefits it offers to both the individuals and the economy as a whole. Today every effort is being directed towards ensuring that insurance takes its rightful position and contributes appropriately to the economy. This is also reinforced with the creation of awareness among those who are supposed to use insurance but are not currently using it. We have about 59 players in underwriting, and these are the people that sell and are also called the risk carries.

There are also the intermediaries, who are the people that connect those who want to buy and those who want to sell, called the underwriters. Now, the underwriters (sellers) cannot bear all the risks alone; they have other technical partners called reinsurers and two of these partners are Nigerian companies. Every one of them at the moment is looking for a way forward. How do we get the appropriate number of people from the population to buy insurance? That is what everybody is focused on at the moment. And this is also in line with the ongoing efforts to build stronger capacity by way of recapitalisation and all that.

Many people have little understanding about the benefits of insurance. Now, why Read More...

Biggest PFAs return 4.6% in H1 2019 as total portfolio hits record high

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The intensity with which pension funds in Nigeria generate returns for contributors seems to have waned in the first half of 2019. Although both the Retirement Savings Account (RSA) and retiree fund category of pension funds ended the first quarter of the year with a positive performance, BusinessDay analysis of the half-year return of the…

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