- Insurance Sector Grew by 6.6% in Q3 –NBS
The Nigerian insurance sector grew by 6.69 per cent year-on-year in the third quarter of this year, according to the National Bureau of Statistics.
The NBS, in its latest gross domestic product report, said the finance and insurance sector consisted of two subsectors, financial institutions and insurance, which accounted for 85.90 per cent and 14.10 of the sector respectively in real terms in Q3 2019.
It said, “As a whole, the sector grew at 3.72 per cent in nominal terms (year on year), with the growth rate of financial institutions at 3.25 per cent while insurance was 6.69 per cent.
“The overall rate was higher than that of Q3 2018 by 5.89 per cent points, and 2.74 per cent points higher than the preceding quarter. Quarter-on-quarter growth rate was –14.16 per cent.”
The sector’s contribution to the overall nominal GDP was 2.40 per cent in Q3 2019, lower than the 2.63 per cent it contributed the previous year, and 3.03 per cent recorded in the preceding quarter.
In real terms, growth in this sector stood at 1.07 per cent, higher by 5.87 per cent from the rate recorded in Q3 2018, and 3.30 per cent higher than the rate recorded in the preceding quarter. Quarter on quarter, growth in real terms stood at –14.17 per cent.
The contribution of finance and insurance to real GDP amounted to 2.49 per cent, lower than the contribution of 2.52 per cent recorded in the third quarter of 2018 by –0.03 per cent, and the 3.17 per cent recorded in Q2 2019 by –0.68 per cent.
Financial institutions under finance and insurance sector grew by 0.61 per cent in Q3 2019 from -3.52 per cent in Q2 2019 and -5.67 per cent in Q3 2018.
Insurance under financial and insurance sector grew by 3.96 per cent in Q3 2019 from 4.48 per cent in Q2 2019 and 1.03 per cent in Q3 2018. Financial and insurance sector contracted by 1.07 per cent in Q3 2019 from -2.24 per cent in Q2 2019 and -4.81 per cent in Q3 2018.
Airtel Partners AXA Mansard, Unveils Mobile Health Insurance via USSD
Airtel Nigeria and AXA Mansard, have entered a strategic partnership to deepen access, participation and enrolment in health insurance for more Nigerians.
The partnership by Airtel and AXA Mansard is in response to the Federal Government’s goal, through the National Health Insurance Scheme, to provide easy access to healthcare for all Nigerians by leveraging on the USSD channel, an easy-to-use and interactive platform.
By dialing the shortcode, *987*7#, Airtel customers can now conveniently enroll for affordable and robust health insurance plans from AXA Mansard, with access to over 1,000 hospitals nationwide for quality healthcare services.
Commenting on Airtel’s partnership with AXA Mansard on the Mobile Health Insurance, the Head Mobile Financial Services, Airtel Nigeria, Muyiwa Ebitanmi, said the mobile health insurance initiative demonstrates Airtel’s commitment to providing innovative and relevant solutions that will empower more Nigerians to conveniently access best-in-class health insurance value offerings.
“Airtel Nigeria is always exploring innovative ways and platforms that will make life easier, more meaningful and more enjoyable for Nigerians. With this initiative, we are not just delivering bespoke health insurance services to the doorstep of more people, we are also leading a quiet revolution that will drive and deepen health insurance inclusion by removing the many barriers that have hitherto excluded many well-meaning Nigerians from participating in the sector.”
Speaking about the Mobile Health Insurance initiative, the Head, Emerging Customers and Digital Partnerships Group at AXA Mansard, Mr. Alfred Egbai, stated that “our research has shown the value and importance of having a health insurance plan to the public especially for the emerging customers in the country, but for many reasons, the uptake of insurance products has been low”.
He continued, “In order to mitigate these challenges and satisfy the health needs of the retail consumer whilst also encouraging the uptake of health insurance in the country, we have partnered with Airtel Nigeria to provide a solution that gives users a convenient way to purchase and manage their AXA Mansard micro-insurance plans.”
Malaria Cover, Inpatient, Outpatient, Specialist medical consultations, Immunizations, Family planning, Ambulance services, Dental care and more are some of the covers provided in the AXA Mansard Health plans.
“The challenges to the implementation of health insurance schemes hitherto include a low level of awareness, affordability, ineffective distribution systems and inefficient payment models.
“The partnership between Airtel Nigeria and AXA Mansard is aimed at solving these challenges and assisting Nigerians to access a viable Health Insurance Scheme,” he said
Airtel Nigeria, as a socially responsible organization, will continue to partner with industry leaders to bring products and services that will touch the lives of its subscribers in very positive ways.
AXA Mansard Launches MyAXA Plus – A Better, Faster, and More Convenient Mobile App
AXA Mansard Insurance Plc, a member of the AXA Group and global leader in insurance and asset management, today announced the launch of its new “MyAXA Plus” mobile application.
This follows the launch of the company’s first mobile app in 2017 and further underscores the company’s desire to deliver delightful and relevant, cutting-edge financial solutions to its customers and the larger society.
“MyAXA Plus” has been very well received because it provides a much improved, seamless, and satisfying experience that puts users at the heart of every feature and action on the app.
The features available at launch include:
- Make Claims: Customers can make claims on their insurance policy, enabling fast reporting of incidents and payment of claims by the company.
- Book Hospital Visits: HMO customers of AXA Mansard can receive care at over 1,700+ hospitals, and with MyAXA Plus, they can also pre-book hospital visits, reducing their wait time while also getting faster access to specialist consultations.
- Renew Insurance Policy: Customers, by providing their car plate number on the app, can also renew their motor insurance policy within a few minutes.
- Invest & liquidate funds: Investors, whether with a high or low-risk appetite can find the right investment options on the app. Also, liquidation of funds and crediting of the customer account is completed within 5 minutes via the app.
- Data-driven advice: App users can make informed decisions by checking the market rates and trends before investing funds, reading articles by experts, and interacting with a robot-advisor that uses information provided by the customers to suggest the right products and insurance cover in seconds.
In addition, MyAXA Plus allows registered and unregistered users to generate instant quotes of any product; use the BMI calculator; read blog articles; check investment trends & rates; calculate returns on investment; calculate the market value of any car; and contact sales agents for more information.
“After launching the first of its kind MyAXA mobile app which gave customers a consolidated, single point of access to their general and life insurance; health insurance; assets and savings accounts in 2017, our team set out to build a more advanced solution to further empower customers to achieve their financial goals and access quality healthcare, wherever and however they choose,” said Mr. Bayo Adesanya, the Chief Digital Innovation Officer at AXA Mansard.
“We are committed to achieving the singular goal of putting our customers first, in this instance, by building an app that incorporates their feedback on desired features and improvements, as well as including other market-leading innovations. We urge our existing and future customers to start using MyAXA Plus today.”
To download MyAXA Plus by AXA Mansard Insurance, visit App Store for iOS users and the Google Play Store for Android users respectively.
NAICOM Partners FRSC To Enforce Compulsory Motor Insurance
The National Insurance Commission (NAICOM) has partnered with the Federal Roads Safety Corps (FRSC) on the enforcement of compulsory motor insurance in the country.
The move will ensure that about 10 million uninsured vehicles in the country are captured into the insurance industry. The insurance industry is expected to generate additional revenue of N50 billion through this.
Mr. Sunday Thomas, the Commissioner for Insurance/CEO, NAICOM, spoke during a courtesy visit from The Corp Marshall, FRSC, Boboye oyeyemi, and his team, he said the partnership is needed to enforce vehicle insurance as part of the compulsory insurances, stating that, this move will eradicate insurance racketeers while ensuring that those who fail to comply are adequately prosecuted.
He promised that the regulatory body and FRSC will work out an effective plan for the enforcement of 3rd party motor insurance in the country.
Boboye Opeyemi, on his part, appreciated the concerns of the insurance regulator, noting that the road safety corps is more than ready to work with NAICOM to ensure vehicles on Nigerian roads carry genuine insurance certificates.
Newsmen had earlier reported that, of the estimated 13 million vehicles on Nigerian roads across the country, only three million of them have at least third-party motor insurance certificates, leaving about 10 million vehicles uninsured.
The 10 million uninsured vehicles, according to findings, were the ones owned by the government and private individuals and companies.
Investigation shows that some of these 10 million vehicles parade fake motor insurance papers, while some did not have any insurance coverage even as few who had genuine insurance papers before, have failed to renew when their previous motor insurance cover expired.
To this end, these uninsured vehicle owners newsmen findings show, have violated the Federal Roads Safety Corps(FRSC) Act which mandates all vehicles on Nigerian roads to carry at least a third-party motor insurance policy.
Third-Party Vehicle Insurance comes at a fixed price of N5,000 for privately used saloons and SUVs, while commercially used vehicles are charged N7,500 and in some cases, N5,000.
Using the N5,000 insurance valuation of which each vehicle should at least carry, the insurance industry can recoup N50 billion premium income annually if all the 10 million vehicle owners could be compelled to have genuine insurance certificates.
Low enforcement of compulsory motor insurance, according to market observers, has been responsible for the insurance apathy of road users.
To recoup the N50 billion, newsmen learned that, prior to this engagement, insurance operators, under the auspices of the Nigerian Insurers Association (NIA) have engaged Lagos State in the past on enforcement of motor insurance through their licensing offices. Similarly, there were already ongoing discussions with Kaduna, Niger, Kogi and Ogun States to ensure that motorists get genuine insurance cover at the point of renewing their vehicle particulars at licensing offices across the aforementioned states.
The chairman, NIA, Mr. Ganiyu Musa, had earlier disclosed that the industry is embittered about what it is losing to insurance racketeers and non-insurance of vehicles, disclosing that, the association, on behalf of the insurance industry, is engaging five states with plans to extend to other states as the time progresses.
According to him, “we are also working closely with the state vehicle Inspection service on enforcement of Third Party Motor Insurance in the state. We are also engaging Niger, Kaduna, Kogi and Ogun States, and remain hopeful that other states will see value in the platform and embrace it. Out of the estimated 13 million vehicles in Nigeria, only about 2,939,767 Third Party Motor policies are in force as of Apr 26, 2021.”
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