• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, June 6, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Insurance Operators Outpace Covid Disruptive Order, Face Stiff Claims Payment Regulation

Staff Reporter by Staff Reporter
March 13, 2022
in Insurance
0 0
0
NAICOM Head office
0
SHARES
19
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Insurance operator,s in Nigeria marshalled all its corporate capabilities and underwriting capacities to put up a performance in the face of daunting Covid-19 pandemic (2020) and the year after (2021) that outpaced the disruptions in several sectors of the economy but could not put the insurance operations under its cold wings.

The barely enough insulation from Covid disruptions cited by the Commissioner for Insurance, Mr. Sunday Thomas at the weekend media retreat for financial journalists at Uyo, Akwa Ibom State, was picked up at the economic indicators signal station of the Nigerian Bureau of Statistics. Content Thomas captured the NBS moment of endorsement, “The Nigerian Bureau of Statistics figures has shown that the sector has recorded positive increase in almost all parameters and have rated the sector as one of the fastest growing sectors in activities.”

However striking the endorsement is, the CFI is not swayed off course but sees it as a dose needed to climb higher. His reaction speaks, “Even though we are climbing the ladder, we all know that there is need for us to do much better as our our potentials are huge.”

He took this further, “The importance of insurance post Covid-19 and the aftermath of EndSARS protests cannot be overemphasised hence, the marginal increase in the uptake of policies boosting the retail market and the annuity component.”

The statement of the Commission CEO was further reinforced by Mr. Barineka Thompson, director supervision, who presented “Nigeria’s Insurance Market Growth and Sustainability Post Covid-19.” at the retreat. Providing more insight for excluding the insurance sector from the firm grip of Covid-19, Thompson said, “Although there has been general negative effect of Covid-19, some sectors of the Nigerian economy reported growth, including the insurance sector.” Deflecting any opinion to the contrary, he declares, “The insurance sector has been resilient and largely stable during the Covid-19 period.”

He said the major drivers in 2021 non-life were oil and gas (30.1%), fire (19.1%), and motor (15.2%); for life in the same period, the major drivers were individual life (47.7%), and group life (26.9%). Besides, he said insurers reported market retention, with topmost class in motor (94.8%) and oil and gas (35.4%) in 2021.

Also of interest is claims, and he narrowed the growth in claims expense largely to the difficult times of Covid-19 and EndSARS riot across the nation. Mr. Thomas also devoted a significant piece of his keynote address to claims, noting that it “has always been one aspect the industry is battling to balance. We all agree that we cannot claim ignorance of the fact the industry is paying huge claims out there even though activities of few amongst the operators is jeopardising the efforts of the majority.

“We had before now agreed to start ranking companies on the number of claims received and settled on annual basis and we intend to publish such ranking for the insurance consumers,” he stated

Noting the impact claims handling on the industry, concerned Thomas said, the Commission is keenly involved in dislodging claims avoidance, “It is always an issue that put the entire industry on the edge. The Commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector

On the performance of the industry during and post Covid, NAICOM supervision czar, Thompson, also could not divorce the insulation of the industry during Covid disruptions from prior huge investments in IT infrastructure by the operators and the regulator. This was seen in the largely deployment of high IT-end infrastructure and automation by the operators on the one hand and same by the Commission at a very high level which he stated, will continue to facilitate compliance by insurers and supervisory activities.

Previous Post

NAICOM Tells Operators To Match Its Speed, Take Over Secured Markets

Next Post

Market Development: NACOM Skips Pause Button Slams Acceleration

Staff Reporter

Staff Reporter

Related Posts

Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses
Insurance

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report
Insurance

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
GNI Trashes Report It Has Surrendered Its Annuity Business
Insurance

GNI Trashes Report It Has Surrendered Its Annuity Business

May 31, 2023
Next Post
Market Development: NACOM Skips Pause Button Slams Acceleration

Market Development: NACOM Skips Pause Button Slams Acceleration

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

0
Lloyd's of London building

Lloyd’s Of London Selects New International Chief Financial Officer

0
old mutual logo

OLD MUTUAL Appoints Permanent Head

0
AIICO donating masks

AIICO Donates Reusable Masks

0
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
Fire Tops STI N2.7bn Claims In 2019

Fire Tops STI N2.7bn Claims In 2019

0
AIICO Pays N2.7bn In 21 Days Of Lockdown

AIICO Pays N2.7bn In 21 Days Of Lockdown

0
NAICOM Segments Recapitalisation Process Into Two Phases

NAICOM Segments Recapitalisation Process Into Two Phases

0
Leadway Calibrates Service By Claims Payment

Leadway Calibrates Service By Claims Payment

0
AIICO Head office

AIICO Releases 2020 Q1 Results

0
Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
GNI Trashes Report It Has Surrendered Its Annuity Business

GNI Trashes Report It Has Surrendered Its Annuity Business

May 31, 2023
FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

May 31, 2023
Calls To Regulate AI Amid Concerns Over Future Risks

Calls To Regulate AI Amid Concerns Over Future Risks

May 31, 2023
Preferred PenCom Logo

PenCom Debunks Recruitment Exercise, Insists Its Misleading

May 30, 2023
AIICO Insurance Celebrates  With Less Privileged On Children’s Day

AIICO Insurance Celebrates With Less Privileged On Children’s Day

May 29, 2023
The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students  Opens 

The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students Opens 

May 27, 2023
Leadway Ignites children’s Reading Culture Through “Pages to Places”  Initiative

Leadway Ignites children’s Reading Culture Through “Pages to Places” Initiative

May 26, 2023
Mobile App Appeal A Long Haul That Defies Immediate Returns

Meta fined €1.2bn for breach of EU data rules

May 23, 2023

Recent News

Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
GNI Trashes Report It Has Surrendered Its Annuity Business

GNI Trashes Report It Has Surrendered Its Annuity Business

May 31, 2023
FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

May 31, 2023
Calls To Regulate AI Amid Concerns Over Future Risks

Calls To Regulate AI Amid Concerns Over Future Risks

May 31, 2023
Preferred PenCom Logo

PenCom Debunks Recruitment Exercise, Insists Its Misleading

May 30, 2023
AIICO Insurance Celebrates  With Less Privileged On Children’s Day

AIICO Insurance Celebrates With Less Privileged On Children’s Day

May 29, 2023
The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students  Opens 

The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students Opens 

May 27, 2023
Leadway Ignites children’s Reading Culture Through “Pages to Places”  Initiative

Leadway Ignites children’s Reading Culture Through “Pages to Places” Initiative

May 26, 2023
Mobile App Appeal A Long Haul That Defies Immediate Returns

Meta fined €1.2bn for breach of EU data rules

May 23, 2023
Image Spin: NEM Insurance AGM

Image Spin: NEM Insurance AGM

May 18, 2023
Heirs Life CEO, Onifade, Tells Retirees To Adopt Annuity as Retirement Income

Heirs Life CEO, Onifade, Tells Retirees To Adopt Annuity as Retirement Income

May 18, 2023
2022: NEM Insurance Improves GPW By 20%, Profit By 21%, Claims Obligation Rises 38%

2022: NEM Insurance Improves GPW By 20%, Profit By 21%, Claims Obligation Rises 38%

May 18, 2023
Half Year Claims Obligation, Sovereign Trust Pays N1.6bn

Sovereign Trust Insurance Takes Growth In GPW, PAT To 20% And 9% In 2022

May 17, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In