Gentlemen of the Press,
Good morning once again and welcome to this maiden Press briefing for year 2022.
This is an opportunity to bring you up to speed with developments around the insurance space especially as it relates to the activities of the Association. It is also an opportunity for us to look at the economic landscape and voice our expectations in the new year.
I thank you for your support to the Association especially during this period of my chairmanship; I am happy to note the very warm and cordial relationship which we do not take for granted and I want to encourage us to continue to support the Association in all its programmes and activities.
Some of the initiatives being undertaken by the Association are:
- CONSOLIDATED INSURANCE BILL 2020 & FINANCE ACT 2021
The Consolidated Insurance Bill 2020 is still receiving legislative attention in the National Assembly and the Association is on top of developments on it. We are optimistic that the Bill will be passed into law before long.
We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital. The Association is engaging the National Insurance Commission with a view to determining the next steps.
- NAICOM PORTAL
We are happy to note that our members have increased upload on NAICOM Portal. We have encouraged those who have challenges to escalate them so that a solution can be provided.
- MARKET DEVELOPMENT
The Association will continue to complement the efforts of NAICOM in their campaign on domestication of compulsory insurances in the States It is our expectation that laws on compulsory insurance can be domesticated in other States just as Lagos State has done.
Beyond the efforts of the Commission, the Association has also upscaled its market development initiatives through strategic engagements with the various states. Some of them include:
- LAGOS STATE MINISTRY OF TRANSPORT – LAGOS STATE VEHICLE INSPECTION SERVICE (VIS)
The Association is working with Lagos State government in the enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of VIS through Nigerian Insurance Industry Database (NIID) Verification Platform.
- MINISTRY OF PHYSICAL PLANNING AND URBAN DEVELOPMENT – LAGOS STATE BUILDING CONTROL AGENCY (LASBCA)
The Association is in discussion with LASBCA with a view to using the Nigerian Insurance Industry Database (NIID) Verification Platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 (SECTION 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019)
- LAGOS STATE SAFETY COMMISSION (LSC)
The Association is collaborating with LSC, NCRIB and Courteville on the Implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance made mandatory by Law for all public buildings through Nigerian Insurance Industry Database (NIID) Verification Platform.
The exercise will be launched on 28April 2022 and Enforcement will commence in May 2022. We are building capacity of its members to enhance compliance in line with the emerging regulations.
- NATIONAL INSURANCE CONFERENCE 2022
The Association will host this year’s IICC International Insurance Conference in Abuja from 3 – 5 July 2022.
The Deputy Chairperson of the Association, Mrs. Ebelechukwu Nwachukwu is Chairperson of the Organising Committee.
We solicit the cooperation of the Press to give it the required publicity.
- UNVEILING ON NEW NIA HOUSE
The New NIA House is nearing completion and Building Committee chaired by Mrs. Ebelechukwu Nwachukwu has been saddled with the responsibility of organising the unveiling of the New NIA House. We also plan to use the occasion to mark the Association’s 50th Anniversary Celebrations. We will apprise you with details as we plan along.
- #ENDSARS RIOTS AND CLAIMS PAYMENT
I am indeed happy to report that Insurance companies have paid over N11billion claims to insureds that suffered losses from the Endsars riots in 2020. The Association will continue to emphasize the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies.
During the last year, the Gross Premium Written stood at about N508billion while claims paid by member companies amounted to about N224billion which is 44% of the total industry premium.
- NIGERIAN SHIPPERS’ COUNCIL CONTAINER INSURANCE PROJECT (PACKAGE POLICY)
Discussion is ongoing between the Association, NAICOM, Nigerian Shippers Council,Project IT Vendor-BrandOne and all other stakeholders in the maritime value chain including Shippers/ Importer, Clearing Agents, Track Owners, Guild of Marine Surveyors, PRAN and Tracking Companies on provision of cover for containers.
This will be a risk management substitute for container deposits being made by the importer to the shipping companies thereby eliminating capital flight from the country.
- NEXIM BANK EXPORT INSURANCE PROJECT
The Association with the help of her team of actuaries is presently discussingwith NEXIM Bank, MNK Re Limited (Broker at LLOYD’S), PRAN, and theGuild of Marine Surveyors view to developing cover for Export Credit Guarantee Insurance and Political Risks for the banks and exporters.