Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).
In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.
“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.
“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”
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.”
Heirs Life Assurance Partners Avon Medical On World Blood Day
Heirs Life Assurance (HLA), the specialist life insurance company, has partnered with Avon Medical to organize a blood drive in commemoration of the 2021 World Blood Donor Day.
The event was held on Monday, June 14, 2021, at the ultramodern Avon Medical Dialysis Centre in Ikeja, Lagos. At the event, numerous individuals were present to donate blood for those in dire need of medical attention.
This year’s edition sees the first partnership between Heirs Life and Avon Medical. The goal is to increase awareness of the importance of safe blood for transfusion and highlight the critical role voluntary blood donors play in national health.
The Chief Marketing Officer, Heirs Life Assurance, Ifesinachi Okpagu confirmed that the partnership is in line with the company’s goal of promoting, not just the importance of life insurance, but wholesome living.
“At the core of our business operations at Heirs Life Assurance is care for people and their families and we are pleased to have demonstrated this with our partnership with Avon Medical. There are several statistics that show that blood donation is of many benefits to the end user as much as it is to donors and here today, we are raising awareness for the need to encourage this culture and celebrate as many that have come out to be superheroes,” she said.
The Head of Marketing and Corporate Communications at Avon Medical, Shekinah Olagunju, expressed delight in the partnership, describing it as laudable especially as it helps both companies further their commitment to building a healthier nation and, in the process, improving the economy and transforming Africa; values held by the companies within the Heirs Holdings group portfolio.
Since its official launch on Tuesday, June 1, 2021, Heirs Life has continued to actively push its offering of life insurance that is simple, quick, accessible, and reliable with its array of value-adding products, served on several easy-to-use platforms.
Heirs Life’s product offerings comprise insurance-backed savings plans and life insurance security for individuals, families, children’s education, debtors, creditors, entrepreneurs, and employees. The company is backed by top-notch Reinsurers to provide second-layer security for its clients’ insurance portfolios.
Coronation Insurance Records Profit Growth
Coronation Insurance Plc said it achieved 461 per cent growth in its Profit After Tax (PAT) for the year ended Dec. 31, 2020. The underwriting firm also said it generated a gross premium income of N17.2 billion in 2020, as against N15.8 billion achieved in 2019 financial year.
This was contained in the company’s consolidated and separate financial statements recently released on the floor of the Nigerian Exchange Limited.
The company, during the period under review, posted PAT of N1.2 billion, compared with N214.33 million recorded in the comparative period of 2019.
Group gross written premium rose to N16.19 billion from N15.20 billion in 2019.
However, the company’s gross premium written grew to N11.64 billion from N10.71 billion recorded in 2019. The insurer said it paid N6.91 billion as claims in 2020, signifying a 69.5 per cent increase year-on-year.
According to the insurer, fee and commission income for the year under review increased by 26. 7 per cent to N2.11 billion.
The total underwriting profit rose from N2.9 billion to N3.2 billion within the period under review, while its investment income rose to N922.1 million from N912.2 million it was in 2019.
It said other operating income as well, grew to N1 billion from N479.3 million within the period under review.
Business4 weeks ago
End Of The Road For Internet Explorer As Microsoft Pulls The Plug
Cryptocurrency4 weeks ago
National Bank of Egypt Joins Ripple Network for Cross-Border Payments
Cryptocurrency3 weeks ago
Can cryptocurrency survive regulators? Here’s what Ripple CEO says about XRP’s future
News4 weeks ago
Akeredolu Replies Malami, Open Grazing Ban in South Is Irreversible
Ethereum4 weeks ago
Ethereum Closes In on Long-Sought Fix to Cut Energy Use Over 99%
Telecommunications4 weeks ago
Nigerians To Submit Phone IDs In Three Months says NCC
Cryptocurrency3 weeks ago
BankDhofar Launches Mobile Banking Payments from Oman to India with RippleNet
Social Media4 weeks ago
Facebook Africa Launches ‘Made by Africa, Loved by the World’ Ahead of Africa Day