Heirs Insurance Group, Nigeria’s fastest-growing insurance Group, has shortlisted its top 15 semi-finalists for the third edition of the Heirs Insurance Essay Championship.

The top 15 participants emerged from a competitive pool of close to 5,000 entries from Junior Secondary School students across Nigeria.

All entries underwent a rigorous grading process by renowned academics, on originality, depth of analysis, and clarity of thought. Furthermore, Deloitte & Touche, a leading Audit and Quality Assurance Firm, independently reviewed the grading process to ensure objectivity.

Out of the shortlisted participants, three students will proceed to the grand finale for a concluding presentation, on an all-expense paid trip sponsored by Heirs Insurance Group, which will take place at Transcorp Hilton Abuja, in September.

Winners of the Heirs Insurance Essay Championship will receive a combined scholarship of N8 million, with the final winner’s school getting an additional N1 million donation.

The Heirs Insurance Essay Championship is part of the Corporate Social Responsibility (CSR) efforts of the group geared towards improving the quality of education of the next generation. The Championship also highlights emerging talent, while bringing parents and children closer to insurance through extended workshops on financial security.

This year’s competition witnessed creative entries from 35 states of the country, in response to the task of writing an essay titled “If I Could Invent Something New”. In appreciation and acknowledgement of the creative submissions, all participating students will receive a certificate of participation.

About Heirs Insurance Group

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance. As part of its unique proposition, the Group rolled out digital and mobile channels to simplify access to insurance and make insurance accessible to everyone.

The CFI/CEO of NAICOM, Mr. Segun Omosehin recently hosted a delegation from the Nigerian Factoring Working Group in his office in Abuja. The delegation was made up of members from NEXIM Bank, CBN, GIZ and AfreximBank was led by Mr. Hope Yogo. The CFI welcomed the delegation.

The leader of the delegation Mr. Hope Yogo first congratulated the new management team of NAICOM on their appointment and expressed confidence that the new leadership will effectively deliver on their mandate. He stated that the working group, which is expected to transform into an association very soon, was formed to develop a conducive legal and regulatory infrastructure for factoring in the country.

He also stated that the main reason for their visit was to seek collaboration and partnership with the Commission and the insurance companies on their desire to engage all stakeholders in the value-chain and considering the vital role of insurance in factoring.

The CFI in his response pledged full support of the Commission to the development of Factoring in Nigeria.

The CFI/CEO of NAICOM, Mr. Segun Omosehin paid a courtesy visit to the MD/CE of Nigeria Social Insurance Trust Fund, Mr. Oluwaseun Faleye at the NSITF Hqtrs in Abuja on Wednesday August 28, 2024.

The purpose of the visit was to discuss areas of collaboration between the Commission and the NSITF to deepen insurance penetration, harnessing the benefits of both conventional and social insurance, data sharing and analytics, capacity building and training, creating awareness and advocacy, driving compliance with Insurance requirements and many more.

The two agencies agreed to set up a joint committee to drive the collaboration, harness the contribution of insurance generally to national output and also boost growth potentials of the insurance sector in Nigeria.

L-R: Sola Alo, AGM Technical Mutual Benefits Assurance Plc; Titi Akinsiku, DGM Technical Mutual Benefits Assurance Plc; Biyi Ashiru-Mobolaji, MD/CEO, Mutual Benefits Life Assurance Ltd; Ellen Offo, Head, Corporate Communications, Mutual Benefits Assurance Plc; Oluremi Fadi, Controller, Technical, Mutual Benefits Life Assurance Ltd, and Gabriel Gbadebo, AGM Technical Mutual Benefits Life Assurance Ltd after a one day workshop organised in Lagos by Mutual Benefits Group for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) on Thursday,  August 29, 2024.

Mutual Benefits Assurance Plc has called for media support in ensuring policy changes, shaping public understanding of insurance and deepening insurance penetration in Nigeria.

The Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc, Mr. Femi Asenuga, made the call in his opening remarks at a one-day workshop organised by the company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos themed “The Role of Insurance in National Development.”

While emphasizing the importance role of the media in educating the insuring public on how insurance contributes to economic resilience, he said the ability of insurance journalists to communicate the complexities of insurance in a relatable and impactful way is vital in building public trust and confidence in the industry as well as encouraging more people to embrace insurance.

Asenuga who decried the low insurance penetration in Nigeria despite the country’s high population and large demographic density, called for policy changes to increase insurance uptake by Nigerians.

“We are far from where we are supposed to be as a country. Nigeria with a population of over 200 million and as the giant of Africa should not only be in theory. As the press, you have a major role to play in changing the narrative of insurance penetration in the country. The change is not only expected at the consumer level but also at policy making because that is where everything starts from.

“Your presence here today underscores the importance of the role of the media in shaping public understanding and driving awareness of essential economic tools, such as insurance.

“As editors, you hold the unique power to educate the public on how insurance contributes to economic resilience. Your ability to communicate the complexities of insurance in a relatable and impactful way is vital in building trust and encouraging broader participation in insurance to the general public.

“Today’s training is designed to equip you with the knowledge necessary to report on insurance in a way that inspires action. We believe that through informed reporting, you can help bridge the gap between the insurance sector and the insuring public, contribute to the economic prosperity of our nation and ultimately deepen insurance penetration in Nigeria.”

In her presentation “The Role of Insurance in National Development,” Head, Technical Department, Mutual Benefits Assurance Plc., Mrs. Titilayo Akinsiku, highlighted some of the roles insurance plays in national development.

They include, according to her, Risk Mitigation and Financial Stability; Business Continuity and Resilience; Social Welfare and Inclusivity; Risk Management and Sustainable Development as well as Investment and Capital Formation.

She noted that recent research on “the impact of insurance on economic growth in Nigeria” recommended that “Insurance policies be made mandatory for individuals and business organizations to encourage and protect investors as well as ensure sustained economic growth.

“The regulatory authorities should put in place policies to enforce transparent and efficient management of funds by insurers.

“Investors should diversify their portfolio of investments to boost returns and their ability in claims payment.

She stated further that “The role of insurance in national development is instrumental in promoting economic growth, social welfare, risk management, and resilience.

“A well-functioning insurance sector is essential for creating a stable and prosperous environment that supports sustainable development and enhances citizens’ overall quality of life.

Also speaking, the Managing Director of Mutual Benefits Life Assurance Limited, Mr. Biyi Ashiru-Mobolaji, affirmed the important role of insurance role in national development even as he expressed concern about some bad eggs in the industry, which he said must be flushed out.

He said the industry over the years has paid so much as claims to policyholders in ensuring the financial prosperity of the people and the economic stability and development of the nation.

On fraudulent claims which he said is one of the issues affecting the industry, he said the industry is working with relevant authorities to nib it in the bud to ensure that the genuine policyholders benefit from the value of insurance.

The Nigerian Agricultural Insurance Corporation (NAIC) sympathises with flood victims across the country.

The Corporation shares the pains and agony of victims and stand with them at this trying period.

In a statement issued from the office of the Managing Director/CEO, Mrs. Folashade Joseph who disclosed that “as a caring and responsive organisation, I am using this medium to assure our insured clients that their genuine claims will be given utmost urgent attention to enable them go back to their productive lives”

The statement is coming after a workshop organised for technical staff of the Corporation by the European Union (EU) in Abuja with the theme “Small Holders Resilience for Climate Change, focusing on Exploring Adaptation and Mitigation Strategies and the Role of Climate – Smart Insurance Products”.

Mrs. Joseph reiterated that climate change is real and advise that the properties and business endeavours of our citizens should be promptly insured with NAIC to guarantee sustainability of existing jobs, income stabilisation, Food Security, Poverty alleviation and Wealth creation.

The Managing Director/CEO once again sympathises with all who are affected by the devastating floods.

Sovereign Trust Insurance Plc has shown its commitment to customer satisfaction evident by its prompt claims resolution.

The underwriting firm has released its claims payment report for the first half of 2024, showcasing its dedication to serving customers with efficiency and reliability.

The underwriting firm in the first half of the year 2024 paid a total claim amount of N1,906,699,233.35 (one billion, nine hundred and six million, six hundred and ninety-nine thousand, two hundred and thirty-three naira and thirty-five kobo), covering 1455 claims spread across various policies from the different branches across the country.

The summary of the claims paid report in the first half shows that Fire policies have the highest figure of N931million with Motor claims ranking second with a sum of N416 million, General Accident with a sum of N254 million, Marine and Aviation with a sum of N218 million, Engineering with a sum of N65 million followed by oil and gas claims with a sum of N9.6 million and finally Energy with a sum of N584,000 making up the total claims paid sum of N1.9 billion in the first half of the year.

The underwriting firm did not only pay the claim amounts, but also made regular follow-up calls to ensure the customers are left satisfied. In a statement made available by the customer care desk of the organization, many of the policyholders who were beneficiaries of one claim or the other gave complimentary remarks about the underwriting firm with the way their claims were treated in a timely and professional manner.

The underwriting firm continues to maintain its standard of excellence. It has positioned itself to be accessible to all policyholders by operating from multiple locations in Lagos and other major cities in Nigeria, making it much easier for policyholders to submit claim complaints, receive verification of claim and receive reimbursement for their loss.

The Head of Corporate Communications and Investor Relations of Sovereign Trust Insurance Plc, Segun Bankole posited that the Brand is a reputable one in the insurance landscape in the country and as such, no stone will be left unturned in ensuring that the positive image of the brand is not compromised in any way. He added that claims payment is the true testament of strength and capacity for any insurance company that is worth the salt. He appealed to Nigerians to imbibe the culture of insurance as that is the only business that can ensure the continuous creation and sustainability of wealth when the eventuality happens.

The Managing Director/CEO of the firm, Mr. Olaotan Soyinka has this to say: “Our commitment to satisfying our customers remains unwavering and unshakeable. We understand the importance of swift claims resolution and are proud to provide financial support when our customers need it the most especially in this trying period when a lot of insureds see insurance as the last resort of succour when the unplanned happens.”