BUSINESS
Insurance Firm Paid N7.59bn Claims in 2021, says MD
African Alliance Insurance paid claims of more than N7.59 billion to its customers in 2021. This figure, according to the firm indicated an increase of over N590 million in the previous year( 2020).
Mrs Joyce Ojemudia , Managing Director of the firm stated this at the Nigerian Council of Registered Insurance Brokers (NCRIB ), Members ‘Evening it hosted on Tuesday in Lagos.
Ojemudia said that substantial claims payment were for Annuity and Group Life. “This is a confirmation of the insurer’s unchanging commitment to pay genuine claims.” For proper representation, I will begin to highlight the breakdown of the figures of claims by product line paid for 2021 business year between January to December 2021.” For individuals , a total of 1,234,586,643.21 was paid , for Group – 1,356,946,902.47, for Takaful – 626,484,201.07 , for Esusu – 25,178,089.57 and for annuity , we paid 4,348,670,916.82.”Ojemudia noted that the insurance company also paid N723. 96 million in January.She said the firm paid N81.89 million for Group Life , N137.96 million for Individual Life, 128 million for Takaful, N7.3 million for Esusu and N368.78 million for Annuity. According to her , the underwriter’s claims efforts have been helped by strong reinsurance treaties with top re-insurers as its partners.
She said the insurance company is working on having a claims portal where all claims can be lodged from the comfort of your homes and treated in a timely manner.” On its recapitalisation plans, the managing director said that the company injected about N14.4 billion through assets conversion as at Dec. 2020 and,” this has indeed improved its shareholders fund and increased assets base considerably .”Ojemudia explained that the company will further increase its capital base through right issues, targeted at significant shareholders.
She said the insurance firm is also planning to get new investors buy into the company and consider business combination which is its last resort in the event that other plans are not adequate. The managing director explained that its key strategic goal in 2021 was to grow its premium income via deliberate market expansion into untapped regions with good prospects for life insurance.” To this effect, we launched the retail marketing expansion strategy which led to the opening of offices in Abeokuta and Akure.”
In 2022, we are moving northwards as we look to reestablish presence in Ilorin and Jos, as well as other prospective locations .” In 2021, in a quest for customer satisfaction, we revamped our Esusu plus in response to our customers’ yearnings to have both a year-long plan, as well as a two-year option.” We also launched our innovative Term Assurance plan in the market, a product that has excited the market with its short-term focus and value addition .” In 2022, we look forward to actively engage in customer surveys to further develop our products and increase customer satisfaction ,” she said.
On adoption of technology, Ojemudia stated that insurers ‘ self-service policy platform specifically for brokers as it concerns its Term Assurance product is up and running.” We will be able to speed up our efficiency and effectiveness in terms of service delivery to you our dear partners.” This will enhance collaboration with our stakeholders and significantly aid our digital footprints and support various remote policy buying capabilities , ” she said.
According to Ojemudia, the support and trust of the brokers in the insurance firm, contributed immensely to its capacity and what it has been able to build. She noted that the continuous collaboration of the brokers, would empower the insurer to do even more. In his welcome address, NCRIB’s President, Mr Rotimi Edu appreciated the company for hosting the event and for its unrelenting determination to further deepen relationship with the registered brokers.
Edu said that the insurer had etched its name as one of the most brokers’-friendly underwriters in the market and would always enjoy their support. He noted that his leadership team is committed to the development of the noble profession and would not stop until ”all stones are turned.” On this note, I crave more of our members ‘cooperation, suggestions and participation, as together we shall continue to stand, ”Edu said. ( NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
The Ministry of Petroleum Resources has inaugurated a Technical Working Group to enhance gas reticulation practices in Nigeria’s building industry.
The ministry’s Permanent Secretary, Amb. Nicholas Ella inaugurated the Technical Working Group (TWG) between the National Gas Expansion Programme (NGEP) and the Council of Registered Builders of Nigeria (CORBON) on Wednesday.
Reports= says that reticulation refers to the process of creating a network of pipes or tubes to distribute gas or other utilities to buildings or industrial sites.
The permanent secretary restated the importance of creating energy smart cities, saying that modern urban development relies on efficient gas and utility distribution systems,
“Most modern cities in developed countries have evolved to energy smart cities where energy, specifically gas and other utilities are piped to districts and estates.
“However, one of the key tools in creating energy smart city is the National Building
Code which, in essence, sets the guidelines on Building Pre-design, designs, construction and post-construction stages,” he said.
The permanent secretary reiterated the benefits of reticulated gas systems for households and businesses alike, adding that it ensured metered supply akin to water and electricity,
According to him, it eliminates the need for cumbersome refills, and also enhances safety by burying pipes and incorporating advanced safety equipments.
“The TWG is tasked with designing a comprehensive policy to implement best practices for gas reticulation using LPG, PNG, and Bio-Gas across Nigeria’s building sector.
“Key responsibilities include reviewing the current National Building Code, examining global gas distribution systems, and proposing quality standards for materials used in gas installations,” he said.
The permanent secretary emphasised the need for rigorous safety protocols and guidelines to ensure the efficient and safe use of gas in construction.
He urged the group to prioritise environmental sustainability in its recommendations, adding that the group is expected to submit its report by Nov. 15.
Earlier, Mr Samson Opaliwah, the Chairman of CORBON. expressed the council’s commitment to collaborate with the group to ensure safe uptake of gas for use in houses and housing estates in Nigeria.
“I assure you of the williness of CORBON to leverage the expertise and resources at her disposal to ensure that steps are put in place for gas infrastructure in buildings and estates.
“The gas infrastructure will be safe, sustainable and world-class.
” Our collective efforts will yield clear, standardised guidelines for safe and effective gas systems in buildings, matched with a skilled workforce to meet growing demands in Nigeria,” he said. (NAN)
The National Biotechnology Research and Development Agency (NBRDA) has urged the media to stand in the communication gap in favour of biotechnology development n Nigeria, re-affirming the safety in the consumption of genetically modified foods.
Prof. Abdullahi Mustapha, Director General/Chief Executive Officer of the agency, affirmed this during a one-day media field trip to NBRDA FARMS on Monday in Abuja.
The trip was organised by Open Forum On Agricultural Biotechnology (OFAB), an initiative of the African Agricultural Technology Foundation (AATF).
“Today, you shall be visiting our TELA Maize farms. This provides an exciting opportunity to see for yourselves what we have been doing here and equally gather your findings on what you have seen today and then take back the message to the people to quell some of the miscommunications about Genetically Modified Organisms (GMO) crops.
“TELA Maize hybrid varieties were developed to address some of the pressing challenges facing our farmers, including pests and diseases that can significantly reduce crop yields,” he said.
According to him, the production of the TELA MAIZE hybrid was done through the combined efforts of scientists at the Institute for Agricultural Research (IAR), Zaria in collaboration with stakeholders in key institutions such as NBRDA, NBMA, NASC, and the AATF Research Team.
“We are here to showcase our demonstration farms of genetically modified versions of commonly consumed crops developed by our scientists that have enjoyed rave reviews from the global world of science and the agricultural sector.
“These experts have worked tirelessly to ensure that this crop is not only high-yielding but also safe for human consumption,” he added.
He noted that the National Biosafety Management Agency (NBMA) has been instrumental in ensuring the safety and efficacy of TELA Maize which is believed to have the potential to transform the agricultural landscape in Nigeria and beyond.
Dr Jean Baptiste, the Regional Representative of the African Agricultural Technology Foundation, said that GMOs were aimed at leveraging the potential of biotechnology to develop a system that will help farmers.
He said Tella maize is a variety, developed using biotechnology methods to control insects.
“It also checks the resistance to drought and controls army worms, and stem borers in maize.
“At the end of the day, the benefits are enormous because it helps farmers increase yield and to be able to meet food security issues.
Dr. Francis Nwankwo, a TELA MAIZE developer from the African Agriculture Technology Foundation (AATF) explained the processes saying Tela maize passed through a genetic transformation that happens at the DNA level .
“They are not manufactured. What happens is we identify genes that can inhibit the infestation or reduce the infestation of some lepidoptera pests that affect some crops.
“So when we identify those genes we incorporate them into the DNA of maize thereby making it the maize, plus the genes.
“That way we increase the genes and reduce the struggles that our conventional maize go through on our farms like the stem borrower and others,” he said.
In her presentation, Dr Rose Gidado, Director, Agricultural Biotechnology Department, NBRDA, explained that many countries have derived huge benefits from TELA maize citing countries such as the U.S. and Canada.
“We actually brought you here so you could see the disparities between the TELA MAIZE and the non-TELA MAIZE species, and the environment which is far different from what we see on social media.
“We have other crops like beans that have actually been through the same gene transfers and are doing perfectly well and are safe for consumption,” she said.
She, therefore, urged the media to be on the guard in view of a lot of misinformation going round on social media and take responsibility in providing related information to the public adequately and objectively. (NAN)
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