The Commissioner for Insurance and Chief Executive of the National Insurance Commission, Mr. Olusegun Ayo Omosehin paid a courtesy visit to the Hon. Minister of Aviation and Aerospace Development, Mr. Festus Keyamo on Wednesday, 4th September, 2024, in his office at the Federal Secretariat in Abuja.

The Commissioner highlighted the core functions of the Commission, which include regulating, supervising and developing the insurance industry in Nigeria, and acting as adviser to the Federal Government on all insurance related matters, while ensuring the protection of insurance policyholders, and public trust.

Specifically on aviation insurance, the Commissioner went further to brief the Hon.Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws. Emphasis was on local content provisions of the law, the global practice of risk sharing, developing local capacity and expertise, managing capital flight and supporting the growth of our GDP.

The Hon.Minister welcomed the Commissioner and expressed his delight for the visit, stating that he had been looking forward to this meeting, which was necessary to discuss critical issues impacting the operations of domestic airlines.

He stated that, based on the clarifications provided by the Commissioner for Insurance, he would like to convene a stakeholders meeting involving the Commission, airline operators and insurance operators to reach an agreeable position to all parties.

Also, at the meeting was the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku.

The Hon.Minister and the Commissioner agreed that interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in our relevant laws to attract and retain credible relationships with international stakeholders.

The Nigerian Association of Insurance and Pension Editors (NAIPE) has unveiled panelists for its 2024 national conference.

The panelists, comprised of experts from key sectors of the economy including insurance, Pension, and Capital Market, will discuss and analyse the theme of the Conference “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors.”

The panelists include Mr. Tunde Mimiko, Managing Director/CEO, Sanlam Life Insurance Limited; Mr Adeyemi Mayadenu, Executive Director, Technical, NEM Insurance Plc (General); Mr. Wale Okunrinboye, Chief Investment Officer, Access Pensions; Mr. Oluseye Olusoga, Managing Director/CEO, Parthian Partners Limited and Mr. Oguche Agudah, CEO, Pension Fund Operators Association of Nigeria (PenOp).

This year’s edition of the NAIPE national conference which is 9th in the series will take place on October 8, 2024 at Oriental Hotel, Lagos by 9 am.

The former Commissioner for Insurance/CEO, National Insurance Commissioner (NAICOM), who is also the former Managing Director/CEO, FBS Reinsurance Limited, Mr. Fola Daniel, will chair the conference. At the same time, the Managing Director/Chief Economist, Analysts Data Services and Resources, Dr. Afolabi Olowookere, will deliver the theme paper.

The Special Guests of Honour for the Conference will be the newly appointed Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Omosehin and the Director-General of the National Pension Commission (PenCom), Mrs. Omolola Bridget Oloworaran.

The event will bring together stakeholders in the insurance and pension sectors to discuss the importance of the sectors’ contribution to the $1 Trillion Economy projected by the present administration for achievement by 2026.

It would be recalled that President Bola Ahmed Tinubu while attending the 29th Session of the Nigerian Economic Summit Group (NESG) in 2023, promised to grow the nation’s economy to $1 trillion by 2026.

Presently the main drivers of the economy are crude oil, agriculture, services and manufacturing.  As the various sectors of the country’s economy increase the tempo of economic activities to meet the set target, there will be opportunities thrown up, therefore the insurance and pension sectors must be ready to take advantage of those opportunities.

While Insurance sector is expected to provide the needed support in terms of protection against risks that may likely crystallise during the period and beyond, Pension Sector on the other hand is expected to take care of the welfare of the workers by ensuring proper management of workers pension contributions and timely payment of pensions to retirees.

The Chairman of the Occasion, Mr. Fola Daniel is an astute professional in the Nigerian insurance and pension sectors; while the Keynote Speaker, Dr. Afolabi Olowookere is a renowned economist.

Commenting on the theme of the conference, NAIPE Chairperson, Mrs. Nkechi Naeche-Esezobor, said the theme of the conference was carefully chosen to draw the attention of the operators of the two sectors to the realities on the ground, especially regarding what they need to do to remain relevance in the unfolding economic situation in Nigeria.

Esezobor noted that not less than 250 stakeholders from the insurance, pension, finance, organised private sector and trade Unions and Associations would attend the conference.

Guinea Insurance Plc has reported a significant 49.4% increase in insurance revenue for FY 2023, rising from ₦1.36 billion in 2022 to ₦2.07 billion. This impressive growth highlights the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction.

The revenue surge reflects Guinea Insurance’s commitment to product diversification, improved customer service, and market expansion. The company’s innovative insurance solutions tailored to diverse customer needs have played a key role in this success.

The insurer also announced a remarkable turnaround in its financial performance, achieving a profit after tax of ₦477.7 million for FY 2023. This represents a significant rebound from a loss of ₦83 million in 2022. The turnaround reflects the company’s focus on operational efficiency, cost management, and financial discipline.

This achievement underscores Guinea Insurance’s resilience and ability to adapt and thrive in a competitive market. Strategic initiatives, including streamlined operations and optimised resource allocation, have been crucial to this success.

The underwriter reported a substantial 176% increase in claims incurred, rising from ₦199.3 million in 2022 to ₦549.6 million in 2023. This increase underscores the company’s commitment to promptly addressing policyholder claims and enhancing customer support.

The rise in claims incurred reflects Guinea Insurance’s robust financial health and capability to meet customer expectations during critical times, reinforcing its reputation as a reliable insurance partner.

The company recorded 58.6% improvement in its solvency margin, rising from ₦2.2 billion in 2022 to ₦3.49 billion in 2023. This substantial enhancement underscores the company’s financial stability and capacity to meet long-term obligations with increased confidence.

The improved solvency margin reflects prudent financial management and strategic planning. Guinea Insurance is well-positioned to seize new growth opportunities, invest in innovative solutions, and continue delivering comprehensive insurance solutions.

The insurer achieved an outstanding 34.4% Profit to Gross Written Premium (GWP) ratio for FY 2023. This achievement reflects effective management of premium income and operational efficiency.

The strong performance highlights Guinea Insurance’s ability to convert premium income into substantial profit, showcasing its operational excellence and financial acumen.

The company reported a phenomenal 673% increase in profit for FY 2023, achieving a 34% profit ratio. This dramatic growth reflects the successful execution of strategic initiatives and operational excellence.

The profit surge highlights Guinea Insurance’s strong market position and effective business strategies, demonstrating its dedication to maximising value for clients.

The insurer reported a 13.3% increase in insurance service results, climbing from ₦594 million in 2022 to ₦673 million in 2023. This improvement reflects the company’s commitment to optimising operational efficiency and enhancing customer satisfaction.

The enhanced service results underscore Guinea Insurance’s focus on meeting and exceeding customer expectations, reinforcing its position as a customer-centric insurance provider.

Speaking on its performance, Mr. Ademola Abidogun, Managing Director/CEO, Guinea Insurance commented: “This exceptional revenue growth underscores our agility and innovation in addressing customer needs. We are excited about the future and encourage both current and prospective clients to explore our offerings. Our commitment to delivering greater value remains unwavering.”

“Our significant turnaround highlights our commitment to operational efficiency and financial discipline. We are dedicated to continuing this positive trajectory and invite both existing and potential clients to join us on this journey of delivering exceptional value.”

On its profit surge, he said: “Our phenomenal profit surge is a testament to our strategic effectiveness and operational prowess. This remarkable growth reflects our commitment to delivering unparalleled value and is a clear indication of our continued success in the market.”

The Commissioner for Insurance and Chief Executive of the National Insurance Commission, Mr. Olusegun Ayo Omosehin recently visited the Director General of the Nigeria Governors’ Forum, Dr. Abdulateef Shittu at the NGF Secretariat in Abuja.

The Director General while welcoming the Management of NAICOM informed them that the NGF has transformed into a policy hub for State Governors and is serving as the technical and administrative arm of the Forum. He stated that the Forum consist of the 36 State Governors in the Federation while the secretariat is the administrative arm and a resource center for the Forum that renders services and policy formulation. The NGF Secretariat is a one-stop shop for any business you want to do with the States.

After an introduction of members of the teams, the CFI, Mr. Omosehin thanked the DG for the warm welcome and briefed the Secretariat on the core mandate of the National Insurance Commission which is supervising, regulating and developing the Insurance sector in Nigeria and by so doing it involves how the culture of insurance can be deepened by getting the Nation as a whole to comply with some of the compulsory Insurances as provided in our Law. He noted that at the Federal level these is been driven by Federal agencies but at the states level the Commission needs some high level of cooperation and collaboration.

He stated that the key reason the Commission was at the NGF secretariat is to discuss how a coordinated approach can be adopted in working with the states and that the collaboration must start from engaging the NGF secretariat as policy hub for State Governors. He said having been appointed recently, few months back, him and his team are trying to see how they can address some of the issues differently from the way it has been handled in the past in order to achieve a better result. He mentioned that the Commission chose to start with the NGF, where NAICOM could have an engagement with the secretariat and share ideas.

The CFI further stated the need for most of the Laws on compulsory insurances to be domesticated by the states sighting example with Lagos State. He said that the fragmented approach in dealing with the states needs to be centralised and have all the states come on board especially with respect to motor third insurance and also to prevent revenue loss for the states in terms of IGR. There is also need for awareness creation across the states on the value of insurance

The Director General thanked the CFI and express optimism that the now that the Commission has reached out, he believed that the partnership can bring a lot of positivity on deepen insurance penetration in the country.

The NGF Secretariat and NAICOM agreed that a concept note should be submitted for their review and since a delivery room assessment has already been conducted, the ball shall be kicked to start rolling immediately and a joint Committee was set to deliver on the assignment at hand.

Insurance Meets Tech (IMT) 2024, one of West Africa’s premier conferences at the intersection of insurance and technology, is excited to announce that pre-event registration officially opens on Monday, September 2, 2024. The conference is scheduled to take place on Friday, September 27, 2024, at the Balmoral Convention Center, Federal Palace Hotel, Victoria Island, Lagos

IMT 2024 will assemble an outstanding lineup of over 20 speakers, with the following headline speakers confirmed for the event.

1. Olusegun Omosehin, Commissioner for Insurance and CEO, National Insurance Commission (NAICOM).
2. Niyi Onifade, CEO, Heirs Insurance Group.
3. Abimbola Onakomaiya, President, Professional Ladies Insurance Association (PILA).
4. Adetokunbo Omotosho, CEO, Cybervergent.
5. Ayo Bankole Akintujoye, CEO, Caladium Consulting.
6. Joey Akan, Founder/CEO, Afrobeats Intelligence.

This year’s edition introduces the IMT Redefined segment, which aims to engage Millennials and Gen Z by integrating lifestyle, creativity, and Afrobeats into the insurance narrative.

This segment, hosted by Elozonam Ogbolu, a celebrated actor and content creator, will present insurance in a fresh, relatable context, showcasing its relevance as a lifestyle protection tool.

The main conference, IMT 3.0, will feature the traditional C-Suites series, hosted by Aruoture Oddiri from Arise Media Group. This two-pronged event will provide attendees with a holistic experience, blending cutting-edge industry insights with vibrant discussions on the future of insurance.

Convener, Odion Aleobua, the CEO of Modion Communications, stated, “With the launch of pre-event registration, we are setting the stage for what promises to be a groundbreaking convergence of industry leaders and innovators. This year’s conference, especially with the addition of IMT Redefined, is particularly significant as it enables us to engage a wider demographic and explore innovative ways of making insurance relevant across all sectors.”

To register for the event, please visit https://insurancemeetstech.com. For further inquiries on participating in this highly anticipated conference and youth engagement, kindly contact Odion at +234 902 222 2226 or Precious at +234 708 343 9552 or email [email protected].

About INSURANCE MEETS TECH 2024

The Insurance Meets Tech (IMT) Conference, an exclusive gathering, is a must-attend event for anyone interested in the future of insurance in West Africa.

It offers a platform for power-packed discourses, networking, and exploring the cutting-edge innovations shaping the industry, ensuring you stay ahead in this dynamic field.

The third edition of IMT introduces a unique, all-day, two-pronged event structure to be hosted simultaneously at the same venue.

This year features IMT 3.0, the traditional C-Suites series, focusing on high-level discourses, while the new segment, IMT Redefined, celebrates lifestyle, creativity, and Afrobeats.

Event 1. IMT 3.0

IMT 3.0 is one of West Africa’s premier insurance events focused on the intersection of insurance and technology. The conference is designed to foster collaboration, innovation, and growth within the insurance industry by bringing together a diverse group of stakeholders, including thought leaders, regulators, insurtech innovators, investors, and technology experts.

Event 2: IMT Redefined

IMT Redefined is a fresh and dynamic segment of the Insurance Meets Tech (IMT) platform, designed to engage younger audiences, particularly Millennials and Gen Z. Unlike the traditional C-Suites series, IMT Redefined focuses on celebrating lifestyle, creativity, and Afrobeats. It aims to inspire this demographic to see insurance as an essential lifestyle protection tool rather than just a financial product.

Key Features of the Conference:

High-Level Discussions: IMT is known for its top-tier C-level series, where industry leaders engage in power-packed discussions on the latest trends, challenges, and opportunities in the insurance and technology sectors. This provides a platform for exchanging ideas and strategies that can drive the industry forward.

Innovative Showcase: The conference highlights the latest technological advancements in the insurance industry, including digital transformation, data analytics, artificial intelligence, blockchain, and more. These innovations are showcased through presentations, panel discussions, and product demonstrations.

Networking Opportunities: IMT offers attendees a unique opportunity to network with key decision-makers, industry experts, and innovators. This networking is crucial for building partnerships, exploring new business opportunities, and gaining insights into the insurance industry’s future.

Youth Engagement: With IMT Redefined, the conference also seeks to inspire a broader range of young people to adopt insurance by incorporating elements of lifestyle and culture, making the subject more relatable and engaging to younger demographics.

Global Participation: The conference attracts a diverse group of participants from various regions, including speakers and delegates from global companies like Microsoft, Ecobank, Old Mutual West Africa, and others. This international participation underscores the global relevance of the topics discussed at IMT.