Microinsurance cover to hit 1 bn by 2020

 
 
Chuks Udo Okonta

Microinsurance, which currently provides coverage to 500 million people, could pass the 1 billion mark by the end of the decade, Chair of the Microinsurance Network and Head of the ILO’s Microinsurance Innovation Facility, Craig Churchill, has said.

A statement by the Microinsurance Networks, said the microinsurance sector, which has shown a rapid growth over the last 10 years, is expected to double by 2020, as governments, insurance companies and providers worldwide broaden the geographic scope and range of insurance services available to low-income people.

He noted that with this rapid expansion, the Microinsurance Network – an exchange and learning platform for microinsurance since 2002 – acquired its own institutional legal status in May 2012. "Becoming independent enables the Network to assume a greater leadership role in the sector, serving its mission of promoting the development and delivery of effective insurance services for low-income people," explains the Network’s Executive Director Véronique Faber. Since its inception the Network has benefitted from the support of its diverse membership, the German Development Cooperation (BMZ), and particularly the Luxembourgish government which has assumed an increasingly important role in the global microinsurance sector.

In many developing countries, microinsurance providers are playing an important role in increasing resilience of low-income people to daily and catastrophic risks such as crop failure, illness and impact from climate change. "The expansion of the sector is being facilitated by the emergence of alternative distribution channels and public-private partnerships, the adoption of technological innovations as well as an increased awareness amongst insurance companies of the business case for microinsurance," says Eugenio Velasques from Bradesco Seguros e Previdência, one of the leading insurance companies in Brazil. Furthermore, the development of appropriate insurance regulations and setting of standards measuring impact and client value, are playing a key role in achieving long term sustainability of the sector.

So what can policymakers, insurers and providers expect from the Microinsurance Network in 2013?

"The Network will be focussing on its four strategic outcomes: Increased supply, improved client value, conducive environment and enabling infrastructure," explains Ms Faber. Amongst other initiatives, this will entail the drafting of guidelines for agricultural microinsurance schemes and the compilation of lessons from health microinsurance. The Network will also be reporting on sector trends through an interactive website, publications and events, and the 9th International Microinsurance Conference to be held in Indonesia 12-14 November 2013.

Staco posts N6.4 bn gross premium

Chuks Udo Okonta

Staco Insurance Plc posted a gross premium income of N6.48 billion last year, its Chairman Dere Otubu, has said.

He said this at the company's Annual General Meeting (AGM) in Ijebu Ode, Ogun State. He added that the company recorded N5.24 billion premium income in 2010.

Otubu, said the firm made a provision for doubtful investment totaling N1.37 billion.

Its Managing Director Sakiru Oyefeso, said the firm has anchored its growth strategies on the preservation of its vision and core values on workforce startegy, service delivery and marketing strategy.

He said the company is poised to increase its market share and sustain its position as a leading light in the industry, adding that the firm will improve its collection drive in line with the resolve to ensure significant recovery of outstanding premium, while ensuring that age analysis of debts for new transactions is reduced to the barest minimum in line with the National Insurance Commission (NAICOM) guidelines.

Expert canvasses focus on groups, alliances

　


Chuks Udo Okonta

The Managing Director Riskguard-Africa Nigeria Limited Yemi Soladoye, has urged insurance underwriters to develop products to catpure business opportunities within professional groups and alliances.

He told Inspen that there are enormous untapped business opportunities within professional and cultural groups which can boost the profitability of operators.

He noted that the business culture of operators has stemmed the growth of the industry, adding that the operators are comfortable with going to brokers to collect cheques.

He said: "The business culture of operators has not helped the situation. The operators like going to a broker to collect cheques, forgeting the fact that under the Market Developement and Restructuring Initiative (MDRI) there is focus on groups and alliances. Take for an example, a group like the Nigerian Bar Association (NBA), I am sure it has about 20,000 members, if an insurance company designs a product for all members of NBA, and each of them pays N10,000 in a year, that would amounts to N200 million.

"The cost on this type of business is always low. This and many other types of business initiatives are what the MDRI focuses, which the underwriters are slow and failed to adopt."

He noted that for the industry to thrive, the operators must embrace new trends and strengthen their retail marketing strategy.

NAICOM adopts new campaign strategy on MDRI

Chuks Udo Okonta

The National Insurance Commission (NAICOM) has adopted a new campaign strategy to promote the Market Developement and Restructuring Initiative (MDRI) programme, Inspen, has learnt.

A source in the commission said the campaign strategy would enable the industry achieve the projections envisaged in the MDRI programme. Though he failed to disclose the strategies, which is being worked on in the review of the MDRI, he added that the strategy would help promote insurance and boost operators profitability.

Under the MDRI, insurance operators hope to raise the value of insurance contracts to about N1 trillion ($6.4 billion) from N300 billion in 2017, contribute about three per cent to the Gross Domestic Product (GDP), penetration increase to 22.5 per cent from 10 percent.

The Commissioner for Insurance Fola Daniel said compulsory motor-vehicle insurance, which makes up most contracts now, would remain at about 10 per cent by 2017, while life insurance would constitute seven per cent, general business insurance three per cent and petroleum companies’ insurance 2.5 per cent.

Daniel said oil and gas businesses will continue to contract international companies to insure their Nigerian operations as the capacity of local insurers is still limited.

Managing Director Riskguard-Africa Nigeria Limited Mr Yemi Soladoye said NAICOM has almost perfected its work on consumer education, which is massive insurance education in the country.

He noted that the effort would involve constructive information sharing, media advertorials and more. He said within the next two years, no body in the country will be in doubt as to the benefits derivable from insurance operations and the rights of the public.

NCRIB applauds Inspenonline reportage

 
Chuks Udo Okonta

The Nigerian Council of Insurance Brokers (NCRIB) has applauded Inspenonline's qualitative reportage on Insurance and pension.

Its President, Mrs Laide Osijo, said this at the conferment of Insurance Man of The Year Award on her in Lagos. She pledged the council's commitment to suport the medium's quest to place insurance and pension report to lofty heights.

She said: "I applaud Inspenonline for projecting itself as a medium to reckon with due to its timely and qualitative online news reportage of insurance and pension operations. I personally use this opportunity to give my assurance of support and that of our noble council to the medium to excel more brilliantly."

She noted that the council has strived to leave behind a legacy of sound infrastructure, both in terms of human capital development of the secretariat, as well as erection of a monumental secretariat complex, christened "Insurance Brokers House" which is today a source of envy to many related institution.

"It is a thing of delight to say in the last one year of my presidency, the storyline of our council has been re-written positively. We have raised the bar in terms of professionalism through effective training and exposure of our members to the changing dynamics of our trade, we have ensured better institutional relationship with reputable bodies, including the National Insurance Commission (NAICOM), as well as entrenched sound ethical standards for our practice," she said.

Nigeria: Insurance sector balances challenges and potential

　

Nigeria: Insurance sector balances challenges and potential



Although penetration rates continue to lag behind those of other formal financial services, Nigeria’s insurance sector offers plenty of room for expansion over the coming years. Even so, there are a number of factors that could hamper growth and restrict earnings.

Speaking late last year, Fola Daniel, head of industry regulator the National Insurance Commission (NIC), said the Nigerian insurance market has the capacity to become the biggest in Africa and one of the largest globally.

For the sector to achieve the elevated position Daniel envisions for it, Nigeria’s insurers will have to overcome the resistance to obtaining coverage by individuals and businesses.

According to one recent study, only 2.25m Nigerians have access to the various products and services offered by insurance companies. Though penetration rates across Africa are low, with only seven countries having coverage levels above two per cent of their populations, Nigeria is one of the continent’s largest and fastest-growing economies, meaning the insurance sector is underachieving in an expanding market.

The report, published in December by Enhancing Financial Innovation and Access (EFInA), an agency which promotes financial inclusion, also showed that take-up of insurance products was far lower than the level of Nigerians who had access to formal financial services, which stood at 43 per cent of the adult population as of the end of 2012. This lack of exposure to financial services, including insurance, suggests the sector needs to work harder to sell its products, and educate the potential client base as to their benefits.

Even in areas where insurance is mandatory there is still low coverage, with motor cover the prime example. Though there are some 7m vehicles registered in Nigeria, less than 1m of these have proper coverage, according to the Nigerian Insurers Association. In response, authorities have begun a campaign to reduce the incidence of unregistered and uninsured vehicles. Implementation and enforcement will be key, of course, but if followed through this may prompt more owners to take out the minimum third-party coverage required by law since 2003.

Despite the low penetration, the sector is a still crowded one, with 49 companies in the market, according to the NIC. This tight operating environment should result in highly competitive rates for products, though most of the firms in the sector focus on the upper end of the business segment, providing coverage to companies linked to Nigeria’s main economic drivers, such as trade, transport and communications.

With GDP predicted to expand by even per cent or more this year, up from the estimated 6.6 per cent in 2012, there are openings for insurers to boost trade. One of the areas where policy writers need to lift their profile is with small and medium-sized enterprises (SMEs), with such businesses contributing almost half of GDP and providing employment to around a quarter of the national workforce. Given the low penetration levels reported by EFInA, the 17m businesses that make up the SME sector are massively under-represented in coverage totals, and represent a significant opportunity for policy writers if company owners can be persuaded of the benefits of insurance.

Slow payment of premiums by state agencies, as well as ongoing security concerns, were mentioned as two of the leading issues faced by insurers in a news report published by local media at the end of December. Delays in the release of premiums meant that private policy writers had struggled to cover their own payouts and also had fewer funds to invest in the economy, reducing the contribution to GDP.

While the government has plans to encourage low-cost or microinsurance products, and to expand the reach of sharia-compliant takaful policies to better reach Nigeria’s large Muslim community, the biggest hurdle for the industry is the low level acceptance of insurance among the wider public. As more Nigerians see their purchasing power rise, the more they may want to obtain coverage for themselves and their property, allowing the sector to deepen its penetration and lift earnings.

Source: oxfordbusinessgroup.com

Sovereign Trust gets general managers

 

Chuks Udo Okonta

Sovereign Trust Insurance Plc has announced the elevation of three Deputy General Managers to the position of General Managers.

A statement by the company said the new positions became effective from January 1, 2013.

It noted that the newly promoted officers are Olaotan Soyinka, Divisional Head, Operations, Ugochi Odemelam, Divisional Head, Retail and Business Development and Kayode Adigun, Divisional Head, Finance and Administration.

Its Head of Corporate Communications and Brand Management, Segun Bankole, said this will be the first time in the history of the organisation to appoint three General Managers with Ugochi Odemelam emerging as the first female General Manager of the underwriting firm since its inception.

He said the newly promoted officers have been very outstanding in their different portfolios over the years. It will be recalled that the three General Managers recently took charge of the three Divisions that were created after the adoption of a new business model that took off earlier in the year.

According to the Managing Director, Mr. Wale Onaolapo, the promotion is in recognition of their committed loyalty to the company, dedication to duty and avowed belief in the corporate objectives of the organization. In his words "our greatest asset in Sovereign Trust Insurance Plc has always remained our human capital and management is committed to ensuring that good performance will always be rewarded from time to time at all levels within the organisation.

Onaolapo congratulated the newly elevated officers and urged them to continue to give their best in all they do in promoting the ideals of the company, just as he encouraged them to bring to bear their expertise and wealth of experience in achieving the organisational set goals and objectives.

Sovereign Trust Insurance Plc is one of the leading Insurance companies in Nigeria with branches well spread across the country. The Company recruits and retains the services of young, vibrant, educated and talented professionals from varied disciplines. As a thriving organisation, we will continue to rely and put to use the experience garnered by our Managers over the years with a view to constantly delighting our customers. It is interesting to note that the company is ranked amongst one of the topmost employers of highly skilled manpower in the insurance industry in the country till date.

CrystaLife to expand operations with foreign investment

Chuks Udo Okonta

Leading emerging markets fund investor, LeapFrog Investments, hopes to draw on its extensive team of insurance experts and actuaries, to help CrystaLife to cover millions of Nigerians and tap the vast insurance opportunities in the country, Inspen, has learnt

LeapFrog Investments has announced a strategic partnership with Nigeria's largest non-bank financial company, Asset and Resource Management Company Limited (ARM). Further to ARM's recent acquisition of a majority stake in CrystaLife Assurance Plc, the partnership's ambitious aim is to make CrystaLife, currently the sixth largest life insurer in Nigeria, the industry leader in Africa's most populous nation.

LeapFrog founder Dr. Andrew Kuper, said: "Africa's time has come. It is the place for investors to find top-tier returns, and make an enormous difference too. The accelerated growth and increased stability over the past ten years is nothing short of phenomenal. The world is just beginning to understand that Africa is home to hundreds of millions of consumers, workers and entrepreneurs. They are actively acquiring products and services, lifting families and nations out of poverty."

LeapFrog's support, drawing on its extensive team of insurance experts and actuaries, is expected to help CrystaLife to cover millions of Nigerians, tapping the vast opportunity of Africa's emerging consumers. CrystaLife intends to expand its successful group life insurance offering and to develop a new retail offering.

The IMF estimates that real GDP growth in sub-Saharan Africa has averaged 5.4 per cent annually over the past five years. Foreign direct investment in the continent has grown by over 20 per cent each year, pushing Africa's share of the world's investment to almost a quarter. Even in this context, Nigeria has been an outperformer at an average seven per cent growth for the past decade. With 162 million inhabitants, it is also Africa's most populous nation.

McKinsey reports that around 90 million African households had joined the world's consuming classes by 2011, meaning that almost 500 million Africans now have the means to pay for critical financial tools. However, nearly 110 million people in Nigeria alone still lack access to financial services, presenting a significant challenge and opportunity. Over 60 per cent of the current retail market in Nigeria is underserved by vital financial services.

"Nigeria is one of the continent's jewels. We are pleased to have the opportunity to partner with ARM, a reputed and fast-growing leader in financial services in the country" said LeapFrog partner Dominic Liber, who leads the fund's work in Nigeria. In Africa, the fund has previously made investments in insurance providers across Ghana, South Africa, Kenya, Uganda and Tanzania.

Managing Director and Chief Executive Officer (CEO) CrystaLife Mrs Oluseyi Ifaturoti, said: "The market opportunity for insurance in Nigeria has grown rapidly, requiring businesses to rethink product design, pricing, and distribution strategies to effectively reach the increasing pool of potential customers. LeapFrog's extensive experience building insurers in emerging markets will help CrystaLife seize the moment, stimulating significant growth in both value and reach."

About LeapFrog Investments
LeapFrog invests in high-growth financial services companies in Africa and Asia that serve the next billion emerging consumers. The fund pursues profit-with-purpose, targeting top-tier returns from its portfolio companies while reaching 8 million people, most of whom are low-income, with essential financial tools. Launched in 2008 with President Bill Clinton, LeapFrog recently won the Investor of the Year award from Business Insider and the Sustainable Investor of the Year special commendation award from the Financial Times and IFC. Investors in LeapFrog's high impact investment fund include global banks such as JP Morgan, the European Investment Bank and Triodos; leading funds such as Soros EDF, Omidyar Network, and Calvert; global reinsurers and pension funds such as SCOR, Haverford, and TIAA-CREF; and leading development financiers including FMO, IFC, KfW, Proparco and Accion Frontier Investments Group.www.leapfroginvest.com

About Asset & Resource Management Company Limited
ARM is the largest non-bank financial services provider in Nigeria, and has emerged as one of the leading long-term investors in Nigeria, managing assets of $2.5 billion. The ARM Group supplies financial and investment products through Asset Management, which includes pension and non-pension retail, wealth and institutional asset management, and Specialized Funds, which includes private equity, hospitality and retail, infrastructure finance and real estate. Headquartered in Lagos, Nigeria since it was established in 1994, ARM has offices and retail centers across Nigeria.www.arm.com.ng

About CrystaLife Assurance Plc.
CrystaLife Assurance Plc. is one of the leading life insurance companies in Nigeria and has a strong track record in the group life insurance space.www.crystalifeassurance.com

　

　

　

Fed Govt eyes 30% health insurance coverage by 2015

Chuks Udo Okonta

The Federal Government had embarked on a journey towards achieving 30 per cent health insurance coverage by 2015, Inspen, has learnt

The Minister of Health Onyebuchi Chukwu, disclosed this at a national health summit, in Asaba, adding that some of the measures to be adopted included the provisions contained in the National Health Bill, which is before the National Assembly.

He said: "The current attempt to establish a National Health Emergency Fund, the repeal and re-enactment of the National Health Insurance Act to make it compulsory for all employers of labour to buy health insurance for all employees. The performance of the federal government stipulates that by 2015 at least 30 per cent of Nigerian population will be covered by health insurance."

Chukwu said that his proposal was to ensure that health insurance was placed under the exclusive list.

According to him, this will be possible for the National Assembly to legislate that there should be compulsory and universal health insurance coverage for all persons living in Nigeria.

He stressed the need to strengthen the functions of the National Council on Health through appropriate legislation since health is in the concurrent list.

Chukwu called for a definite constitutional provision in order to strengthen the national council on health.

He called for the need to make healthcare services affordable in the country and that it was necessary if the country is to meet its health goals and objectives.

He noted that the country must pursue the idea of universal health coverage since the major pillar of universal health coverage is compulsory and universal health insurance coverage will guarantee that health is affordable to potential consumers.

PFAs make N140bn profit from pension fund investment

PFAs make N140bn profit from pension fund investment
Nike Popoola

Pension Fund Administrators made a profit of N140.19 billion from trading with funds in the Retirement Savings Accounts of contributors under the Contributory Pension Scheme in the last two years.

The amount was obtained by our correspondent from the National Pension Commission.

According to PenCom’s latest annual financial figures, the PFAs made returns of N53.42bn and N86.77billion in 2010 and 2011, respectively.

A breakdown of the figures showed that interest from investment income was N50.8bn in 2010 and N83.4billion in 2011, while dividends were N2.62billion and N3.37bn, respectively.

The statement of result read in part, "Interest/coupons received during the year was N83.40bn in 2011, which was 60 per cent higher than the N50.8bn received in 2010.

"This resulted primarily from the relatively higher yields on fixed income securities, especially FGN securities. The dividends received on investment in ordinary shares amounted to N3.37billion in 2011, while dividends received in 2010 were N2.62billion."

Out of the profit made from trading with the funds, PenCom said N43.92bn was transferred to the RSA retiree fund in 2011, which was higher than the N33.91billion paid as benefits in 2010 due to increase in the number of retirees by about 55 per cent.

The commission further said that although some funds recorded modest gains from the sale of equities and bonds in 2011, the net realised losses of N1.80bn incurred by a few large-sized PFAs that restructured their portfolios offset the positive gains made.

In continuation of its objective of instituting a dynamic regulation on investment of pension fund assets, which culminated in the introduction of new asset classes in December 2010, namely infrastructure bond, private equity and supranational bonds, the commission said it carried out a further amendment of the investment regulation and introduced a multi-fund structure for pension investment.

Equally, PenCom said it had partnered with relevant stakeholders to support the development of the corporate bond market and promote the development of alternative assets in the Nigerian capital market.

Due to the changing dynamics of the financial environment, PenCom had in December 2012 reviewed the investment guidelines for the growing pension fund to safeguard it.

With the accumulation of N3.02tn worth of assets under the CPS as of the end of October 2012, the guideline review is to guide the PFAs and Pension Fund Custodians on the management of pension funds in their custody.

Major highlights of the guidelines are the consent for pension operators to invest the assets in Exchange Traded Funds; introduction of guidelines for global depository receipt, notes and Eurobonds; and maximum restriction of transactions done by PFAs with related parties such as stockbrokers to 30 per cent.

According to PenCom, the new multi-fund structure will be incorporated into the amended regulation in the first quarter of 2013.

The PFCs are mandated to only take instructions from the PFAs on the investment and must not contract out the custody of pension fund assets to third parties, except for allowable investments made outside Nigeria.

Source: Punch

President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo receiving the Insurance Man 2012 Award from the Editor Inspenonline Chuks Udo Okonta; (L) Member of Legal Committee (NCRIB)Rotimi Edu; Deputy President, Ayodapo Shoderu (R) Managing Director Gemsland Learning and Development Centre, Gbenga Adebiyi at the award presentation in Lagos.

Osijo dedicates award to registered brokers

Chuks Udo Okonta The President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, has dedicated her Insurance Man of the Year 2012 Award to all registered Insurance Brokers for their support and dedication to ethics and professionalism. Osijo, who disclosed this at the conferment of the award on her in Lagos, said with the award, she shall rededicate her energy, grace and resources towards contributing to the improvement of the insurance industry. She said: "I am most honoured to be the first recipient of the Inspenonline Insurance Man of the year award. The award is believed to be another recognition of my modest contributions to the insurance broking industry,and by extension the insurance industry, particularly since my ascension as the first female President of the NCRIB. "I like to dedicate this award to all registered insurance brokers for their support and dedication to ethics and professionalism. "It is a thing of delight to say in the last one year of my presidency, the storyline of our council has been re-written positively. We have raised the bar in terms of professionalism through effective training and exposure of our members to the changing dynamics of our trade, we have ensured better institutional relationship with reputable bodies, including the National Insurance Commission (NAICOM), as well as entrenched sound ethical standards for our practice." She noted that the council has strived to leave behind a legacy of sound infrastructure, both in terms of human capital development of the secretariat, as well as erection of a monumental secretariat complex, christened "Insurance Brokers House" which is today a source of envy to many related institution. Editor Inspenonline Chuks Udo Okonta, said the Insurance Award, was designed to recognise and honour distinquished individuals and companies in the insurance and pension sectors. He noted that the objectives of the award is to reward icons in insurance and pension sectors and also use the channel to deepen public awareness on the operations of the sectors. He said Osijo, emerged top, out of many insurance operators considered for the award, adding that her choice was justified by the imprint she has etched on gold, within the short period she has been on the saddle of leadership of the largest insurance brokers fraternity in African. Okonta noted that she has distinguished herself and has used her wealth of experience to reposition insurance practice, which led to the conferment of the award on her.

Permanent Secretary, Common Services, office of the Head of Service of the Federation, i Bukar Goni Aji,(right) presenting a souvenir to the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Laide Osijo who led a delegation of the Council to office of Head of Service in Abuja.

Over 13000 insurance agents aren't registered with NAICOM

Chuks Udo Okonta About 70 per cent of insurance companies do not register agents engaged to sell their policies, with the National Insurance Commission (NAICOM), Inspen has learnt. Our investigation revealed that out of about 15,000 agents engaged by insurance companies, reports from NAICOM state that only 1900 are registered. It was learnt that the agents were not regisreted because the insurance companies want to avert expenses charged by NAICOM on agents. The Managing Director Riskguard-Africa Nigeria Limited Yemi Soladoye, said it is on record that about 70 per cent of insurance companies do not register their agents. He noted that the operators do so, because they want their agents to perform before they can start paying huge fees on them. He urged insurers and brokers to engage and train agents to deepen insurance penetration. He said: "The fact is that even the brokers need agents. I have been to a country where a broker has 3000 agents. In Kenya, there is a bankassuarnce agreement between two brokers and two banks. What the brokers did was to appoint agents that sell insurance to customers of the bank. Agents can only sell a particular product of a particular underwriter, but a broker sells products of all underwriters." Observers said agents are crucial link between the insuring public and the insurer. therefore, if they are well trained, they could effective play the role of an efficient intermediary between the insurer and insured in insurance transactions. The said it is pertinent to state that unlike the insurance broker who is the agent of the insured, the insurance agent is the agent of the insurer who appoints him. This means that the agent is restricted to the insurer who appoints him for his services.

Insurance consumers embrace no premium no cover

Chuks Udo Okonta The Insurance Consumers Association of Nigeria (INSCAN) has thrown it support to the No Premium No cover policy that commenced January 1, this year. The initiative is one of the measures adopted by the National Insurance Commission (NAICOM)to boost the income of the insurance industry through prompt payment of premium. A statement by its President Rear. Admiral Isaac Areola (rtd), said the association is in total support of the enforcement of section 50 (1) and (2) of the Insurance Act 2003 NAICOM with effect from 1st January 2013 as the provisions relate to the Insured, the Underwriting Companies and the Insurance Brokers. He enjoined the insurance industry to consequently establish the “Premium Financing” concept as a line of business in the manner it obtains in other jurisdictions to solve the problem associated with premium payment. He said: "That after an emergency meeting of the National Executive, the State Chairmen and Coordinators of our Association at our National Secretariat (172, Herbert Macaulay Street, Ebute – Meta, Lagos) on Monday January 14th, 2013, the general public and our teaming members nation-wide are hereby informed of our following resolutions regarding the enforcement of sec. 50 (1) and (2) of the Insurance Act 2003 by the Nigeria Insurance industry:- "That our Association is in total support of the enforcement of section 50 (1) and (2) of the Insurance Act 2003 by the National Insurance Commission (NAICOM) with effect from 1st January 2013 as the provisions relate to the Insured, the Underwriting Companies and the Insurance Brokers. We hereby enjoin the Nigeria Insurance industry to consequently establish the “Premium Financing” concept as a line of business in the manner it obtains in other jurisdictions to solve this very simple problem. "That an Insurance company will be justified to repudiate any claim as from the aforementioned date on which no premium has been paid except as provided in Sec 69 of the Insurance Act 2003 regarding Third Party Liability Claims. "That an insured person need not pay the total annum premium debited at the inception of cover but the Insurance Company will be justified to pro-rate its cover to the extent to which the deposit premium is able to carry the risk." He noted that insurance companies should recognize the fact that the effective date of the enforcement is 1st January 2013 and that the association expects fairness,equity and good business relationship to prevail on all covers binded up to 31st December 2012 and thereafter. "That unless the “No Premium No Cover” provision was endorsed on any policy document being the evidence of the contract relating to a claim before 1st January 2013 or any other endorsement to that effect, our Association will presume non – disclosure of a material fact on the part of any Underwriter wishing to repudiate any legitimate claims on basis of this provision and we shall explore all legitimate means to pursue our members claims to logical conclusions. "That we hereby enjoin all Insurance Brokers in Nigeria to comply strictly with the provisions of sec. 41 (1) of the Insurance Act 2003 as regards remittance of premiums so that the interest of the Insurance Consumers will not be prejudiced before the underwriters," he said. He said the association also enjoin the insurance companies in to comply with sec. 70 (1) of the Insurance Act 2003 on payment of claims. He noted that the association is in support of all the recent reforms and initiatives of in pursuit of its main duty of protecting the interest of the insurance Consumers in Nigeria. The association is a non-governmental, non – profit organization of the Insurance Consumers registered with the main objectives of protecting the general interest of the Insurance Consumers in Nigeria, fostering unity and progress between the Insurance industry and the general public, creating awareness in the country as to the importance of Insurance and standing in the middle between the Insurance companies and the insured whenever there is dispute for amicable resolution visa– a- vis compensation.

NAICOM to launch new website

NAICOM to launch new website Chuks Udo Okonta The National Insurance Commission (NAICOM) has concluded plans to launch its redesigned website Inspen, has learnt. The commission in a circular, said the launch will hold at its headquarters in Abuja, adding that the new website is a user-friendly and updated version of the previous website. It said the new site would introduce NAICOMs plans for more social media presence and reaching out to customers.

Royal Exchange pays N1.58 b claims

Chuks Udo Okonta Royal Exchange General Insurance Company, (REGIC), has paid N1.58billion as claims settlements to its clients at the end of the 3rd quarter, 2012, its Managing Director Olutayo Borokini, has said . This amount represents a 54.75 per cent increase over the corressponding period of year 2011, which stood at N1.02billion. Borokini, who disclosed this in Lagos, said the company’s focus is the prompt settlement of genuine insurance claims and this will continue to be its business philosophy in years ahead. Borokini said: “The importance of customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty. Once Royal Exchange is able to pay customers claims as they arise, more and more customers and the genreal public will have faith to take out insurance policies on their lives and properties because they are convinced that should a claim/loss arise, Royal Exchange will be able to meet its financial obligations to its clients”. Giving a breakdown of the various amounts paid in the different insurance classes, . Borokini said a total of N631 million was paid on Fire insurance policies accounting for 39.9 percent of the N1.58billion paid out as claims, while N398.7million was paid out on motor insurance policies, representing 25.2 per cent of total claims paid, and Industrial All Risks insurance policies accounted for 11 per cent, amounting to N174.6million as claims. Other classes of insurance with claims payments include non-motor insurance policies with N164million paid out as claims, representing 10.3 percent, marine insurance with N131.3million paid out (8.3 percent), while N68.1 million was paid on Oil and Gas Insurnace policies during the period and a total of N12 million was paid on Engineering insurance policies. “The payment of these claims has shown that Royal Exchange General Insurance is more than capable of meeting its various claims demands, especially as in the past, the company paid close to N4billion to Nigerian bottling Company for the fire in its Benin plant in 2010 and was the lead insurer in a consortium that paid out over over N3.63billion to Friesland Foods West African Milk Company (WAMCO) over the major flood disaster that occured in its lagos factory in 2011,” Borokini siad.

Insurance premium income hits N300 b

Chuks Udo Okonta The Premium income of the insurance industry has hits N300 billion, the Commissioner for Insurance Daniel Fola, has said. Daniel, who disclosed this to a foreign media in Dubai, said the National Insurance Commission NAICOM) has given insurance operators up to 2017 to realise the N1 trillion income target, they failed to achieve last year. Daniel said: “Our people don’t trust insurance. We’ve done a considerable amount of housekeeping to make sure the companies respect the rules.” He noted that the value of insurance contracts would rise to about N1 trillion ($6.4 billion) from N300 billion in 2017, adding that the industry will contribute about three per cent to the Gross Domestic Product (GDP), penetration increase to 22.5 per cent from 10 percent. He said compulsory motor-vehicle insurance, which makes up most contracts now, would remain at about 10 per cent by 2017, while life insurance would constitute seven per cent, general business insurance three per cent and petroleum companies’ insurance 2.5 per cent. Daniel said oil and gas businesses will continue to contract international companies to insure their Nigerian operations as the capacity of local insurers is still limited. Managing Director Riskguard-Africa Nigeria Limited Yemi Soladoye, said the industry failed to realised the targeted N1 trillion last year due to their inability to commence implimentation of Market Developement and Restructuring Initiative (MDRI) in 2009 which was designed to prop the projection. He told Inspen that the N1 trillion projection was to be achieved with a four-year strategic plan, adding that there is no way the target would have been achieved, with the commencement of implimentation of the initiative a year to the set deadline.

'Nigerians need financial protection from insurers'

Chuks Udo Okonta It is a national duty for insurance companies to give Nigerians financial protection, the Managing Director Riskguard-Africa Nigeria Limited Mr Yemi Soladoye, has said. He told Inspen that insurance companies are not living up to expectations as they have not been able to provide adequate financial protection to the public. He said" To me, it is a national duty that insurance companies should give us financial protection in this country, but that is lacking." He noted that the industry has not been able to provide services to meet the needs of the public. He also frown at the financial performance of the industry, adding that what its annual premium income, is not up to a premium that a branch or agency of a company writes in a normal insurance setting. He said: "We do not have what I would call real insurance company in Nigeria. What we have are small firms. What the industry writes as annual premium income, is not up to a premium that a branch or agency of a company writes in a normal insurance setting. For example, look out the results of Fortune 500, American Insurance Group (AIG) and more. These are companies that are generating about $250 billion premium each year. Convert that to naira, it is about N4 trillion. "Two years ago, analysis was done of the 500 biggest companies in Africa, looking at the insurance companies on the report, there were 20, none is from Nigeria. So, we are not there. A small country like Mauritius, with a population of 1.2 million people, is generating 60 per cent of the premium income of Nigeria." He noted that when the right thing is done, and operators have the vision to create a big visionary customers service oriented company, the industry will take its rightful place.

Insurers seek compliance certificate to enforce MDRI

Insurers seek compliance certificate to enforce MDRI Chuks Udo Okonta Insurance operators have called on the National Insurance Commission (NAICOM) to consider the introduction of compliance certificate in its review of the Market Developement and Restructuring Initiative (MDRI) to ensure full enforcement of compulsory insurances. The operators told Inspen that introduction of the certificate would make the public bidding for government businesses comply with the law on compulsory insurance. The President Chartered Insurance Institute of Nigeria (CIIN) Dr. Wole Adetimehin, said the MDRI needs a level of law enforcement for it to thrive. He noted that the presentation of compliance certificate by individuals bidding for government's businesses, have helped in adherence to group life policy of the Pension Reform Act 2004. Adetimehin, noted that for the public to comply with the compulsory insurances, NAICOM should ensure there is a law to enforce it. President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, called for colloboration with the government in the enforcement of the compulsory insurances in the MDRI. She noted that though NAICOM has helped make some insurances compulsory, effort should be intensified on the enforcement of the laws. She said: "I think the government has a lot to do. Some of the compulsory insurances are not enforced. NAICOM has tried in supporting the industry, by making some businesses to be compulsory under the MDRI. But the implimentation and enforcement lie with the government either at state and federal levels." The Commissioner for Insurance Fola Daniel, has said NAICOM would this year review the operational guidelines of the MDRI to align it, for better performance. He said the review is one of the commission's programme for this year, but declined to give the time table for the review and release of the envisaged guidelines.

Expert predicts increased unhealthy competition among insurers

Chuks Udo Okonta The issue of unhealthy competition will get worst, unless insurance operators adopt cost effective and non volatile distribution channel, the Managing Director Riskguard-Africa Nigeria Limited Mr Yemi Soladoye, has said. He told Inspen that most problems in the insurance industry is a manifestation of the refusal by the operators to adopt retail as a business policy. He called on the boards of insurance companies, to as a matter of urgency, compel their management team to adopt retail marketing. He said the operators are into the problem of unhealthy competition because they boxed themselve into a very narrow distribution outlet, which is brokering market, adding that price becomes the only competitative strategy, when people are not adding value. He noted that clients are asking for reduced price every year, because they are yet to see any competitative strategy from the operators, stressing that insurance companies, concentrate on premium growth, as against market expansion. He said: "The future and the solidity of the operators can only come from market expansion. All the operators want is to ensure that their premium for this year is higher than what it was last year, and they are ready to spend anything to achieve that. "If their market position last year was number six and they move to number five this year, their board would laud their effort, not minding the cost. The companies cost of doing business is indeed very high, the claims ratio is quite low. These are pointers to the fact that insurance companies need something new and better. "The issue of unhealthy competition will be getting worst, until they look for better, cost effective and non volatile distribution channel. When I talk of retail, may be the operators do not understand what I mean. Bankassurance which is having a colloboration with banks is a retail channel. "It also means engaging in strategic alliances with organisations, like Shoprite, Megaplaza and others. Colloborating with cooporative societies and more. It is so wide and until they adopt it, the market cannot expand. It is not a matter of if, it is compulsory, for they are already feeling the bite of the narrow distribution outlet that they are using at the moment. "Most of the problems they face - high cost of doing business, premium reduction, unhealthy competition, are all manifestation of the fact that they are using narrow distribution method. If you have an alternative, you would be able to do business on your own terms, but when you do not have alternative, you have to achieve what ever any body tells you. That is the problem with the operators for they are not creating alternative distribution outlets for themselves." He urged insurers to go back to the drawing board to examine their operations, adding that each company needs to sit and draw strategy on how to develop its business and adopt retail marketing strategy and that when this is done, issues of unhealthy competition, premium reduction and others will stop.

Fire disaster: NCRIB calls for adoption of insurance

Fire disaster: NCRIB calls for adoption of insurance Condole with Alafin, other victims Chuks Udo Okonta The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the public to adopt insurance to mitigate risks. The call has become necessary because of fire disasters witnessed in different parts of the country in recent time. In a statement by its President, Mrs ‘Laide Osijo, she sympathized with the Alaafin of Oyo, Oba Lamidi Adeyemi over the fire incidence that gutted part of his palace, adding that the effect of the fire on the royal father was great, considering the loss of important cultural objects of history that were kept in the palace. “The NCRIB is pained by the loss and we seize this opportunity to underscore the need for adequate preventive measures against fire disasters,” she said. Osijo reiterated the call for compulsory insurance of such historical and important public edifices as enshrined in the legal provision under Insurance Act 1997 (section 64 and 65) of insurance of public buildings. Similarly, she sympathized with victims of the Oko-Baba plank market in Lagos where properties worth millions of naira were lost. She implored individuals and corporate institutions to always conform to extant town planning laws in the erection of structures for private and commercial purposes as well as avail themselves the benefits of insurance, particularly those that relates to property.

STI to shore-up operations with cutting-edge technology

Chuks Udo Okonta Sovereign Trust Insurance (STI) Plc has said it is set to drive the implementation of its new business model by employing cutting-edge technology to shore up operational efficiency. Its Head of Information Technology and Strategy Lekan Oguntunde, asserted that “Any forward-looking organisation must have real time, cutting-edge technology at the fulcrum of its business operations and that, is what Sovereign Trust Insurance Plc has adopted in pushing the frontiers of its operations beyond the shores of the country.” He noted that the company has identified that 21st century technology is the hallmark and arrow-head of any successful business which was what informed the company’s adoption of second-to-none business application software in the insurance industry known as Eskadenia in 2009 with several upgrades over the years to ensure seamless world class service delivery to its teeming customers. Oguntunde noted that the Eskadenia Software was developed using an Object-Oriented programming language which was designed to automate the general insurance policy life cycles of the company’s customers, reduce operational gridlock, enhance job quality, maintain up to-date historical data on all businesses generated while ensuring high level of customer confidentiality and security. He said to meet all the functional specifications and technical capabilities as required by its teeming customers, all necessary enhancements have been made on the Eskadenia Software to accommodate the recent changes and ensure the successful execution of the new business model. “Tapping into up to-date technology can yield plethora of opportunities which will yield dividends as well as create cost effective measures in which the company plans to utilize optimally to the benefit of stakeholders and the organisation as a whole,” he said. The company’s spokesperson, Segun Bankole, said in furtherance of the implementation of the adopted business model, technology, especially the social networks would be employed in reaching out to the insuring public while at the same time use the medium to sensitize Nigerians both home and abroad on the benefits of taking up an insurance policy in whatever capacity. The Managing Director, Wale Onaolapo, said the newly adopted business model will latch on greatly on the benefits of the 21st century technology in enhancing the performance and the profitability of the organisation in creating wealth for the various shareholders.

PFAs, PFCs fail to secure PenCom's certificate of compliance

Chuks Udo Okonta

No Pension Fund Administrator (PFA) and Pension Fund Custodian (PFC) secured the certificate of compliance issued to companies by the National Pension Commission (PenCom) last year.

Industry observers have expressed worried over the inability of the operators to secure the certificate which was meant to boost their operations for the two years PenCom has issued it to companies that comformed to the Pension Reform Act (PRA) 2004.

Our findings showed that the operators claimed that they did not applied for the certification in 2011, but pledged to apply for the 2012 regime, which was released by PenCom last week and non of them made the list.

Efforts made to get the reaction of the operators failed as they failed to respond to the messages sent to them.

Compliance with the Pension Act, at minimum, include ensuring that all employees open Retirement Savings Accounts (RSA) with the PFA of their choice; remitting both employer and employee pension contributions to the appropriate PFC not later than seven days from the date of payment of salaries; and transferring all pension funds and assets prior to the commencement of the Pension Act to licensed pension operators, PenCom said.

PenCom said the Compliance Certificates has replaced the erstwhile Letters of Compliance that were issued to organisations bidding or soliciting for contracts with Federal Government ministries, departments and agencies (MDAs).

Why transfer window has not commenced - PenCom

Chuks Udo Okonta

Inability of the National Pension Commission (PenCom) to conclude works on the supporting Information and Technology (IT) applications has delayed the commencement of the transfer window which will enable pension contributors change operators Inspen, has learnt

Our investigations revealed that PenCom is still battling to settle some issues surrounding the initiative.

Head, Research and Corporate Strategy PenCom, Dr Farouk Aminu, said the Commission is still working on the transfer window issues.

He noted that the framework has been issued to operators for implementation, adding that however, work is still ongoing on the supporting information and technology application that would drive the initiative.

To ensure seamless operation of the initiative, penCom mandated Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to deploy IT infrastructure for the transfer process.

It noted that such IT infrastructure must have adequate storage and retrieval capability for a period of 10 years.

PenCom said: "Every PFA / PFC shall be required to achieve and maintain an IT infrastructural level as prescribed by the Commission in section 3.0 of the guidelines for the operations of Pension Fund Administrators.

"In addition to the IT requirements, operators must have automated fingerprint capturing equipment for capturing fingerprints (PFAs).

"Automated Document Management System for the transfer of RSA holder’s documents between the PFAs and the RSA Transfer Clearing System (PFAs & PFCs).

"Every PFA / PFC official shall abide by the Code of Ethics and Business Practices issued by the Commission and respect the confidentiality of sensitive information relating to the transfer process."

PenCom noted that Section 11 (2) of the Pension Reform Act (PRA) 2004, specifies that the employee may, not more than once in a year, transfer the Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another without adducing any reason for such transfer.

It said notwithstanding, section 11 (2) of the PRA 2004, the provisions of this regulation applies to a single transfer of RSAs within a calendar year, adding that subsequent review of the regulation would address multiple transfers of RSAs within a calendar year.

PenCom noted that RSA transfers shall only be effected on a calendar quarter basis; namely 1st, 2nd, 3rd and 4th quarters, adding that however, an RSA holder seeking subsequent transfer of his/her RSA shall be eligible for such transfer after 12 consecutive months from the date of the last approved transfer.
PenCom said failure by PFAs/PFCs to provide customer service support to RSA holders shall attract a fine of N100,000 per RSA and N10,000 for every month of violation. In the same vein, a monthly sanction of N100,000 per RSA shall be imposed on any PFA who violates the law.

Firms Issued certificates by PenCom

SCHEDULE OF EMPLOYERS ISSUED WITH CERTIFICATE OF COMPLIANCE WITH PROVISIONS OF THE PRA 2004 AS AT 04 JANUARY, 2013
Employer code	S/N		Name of Organisation		RC.Number		Compliance Certifcate no.		Expiring date		Number of Employees in		Pension Contributions remitted in 2012
Employer code	Pension Contributions remitted in 2012		S/N		Name of Organisation		RC.Number		Compliance Certifcate no.		Expiring date		Number of Employees in
1	Creed Insurance Brokers Ltd		PR00001025459		105459		0000626		31-12-2013		16		67,400.00
2	Triple Resources Insurance Brokers Ltd		PR0000140436		140436		0000630		31-12-2013		5		867,056.00
3	First Standard Insurance Brokers		PR00000448520		448520		0000631		31-12-2013		5		1,130,040.00
4	CEO Earth & Allied Resources Ltd		PR0000602447		808361		0000632		31-12-2013		5		266,400.00
5	First Diamond Insurance Brokers Ltd		PR0000460984		460984		0000633		31-12-2013		5		162,000.00
6	Interproject Nigeria Ltd		PR0000107841		107841		0000634		31-12-2013		5		162,000.00
7	Poly- Global Contracting Co. Ltd		PR0000815080		815080		0000635		31-12-2013		5		162,000.00
8	Health Information Network International Ltd		PR0000813834		813834		0000636		31-12-2013		5		162,000.00
9	Tripod Insurance Brokers Ltd		PR0000140436		140436		0000637		31-12-2013		5		68,000.00
10	Cosamic Insurance Brokers Ltd		PR000051167		51167		0000638		31-12-2013		18		1,025,175.00
11	Star Insurance Brokers Ltd		PR0000007064		93656		0000639		31-12-2013		8		318,000.00
12	Environmental Systems International Ltd		PR0000457644		457644		0000641		31-12-2013		5		187,200.00
13	Abbey Insurance Brokers		PR0000244204		244204		0000640		31-12-2013		8		328,350.00
14	Weste-Point Ltd		PR0000486947		486947		0000642		31-12-2013		10		271,000.00
15	Ethan Commodities Ltd		PR0000756023		756023		0000643		31-12-2013		5		174,000.00
16	PricewaterhouseCoopers Ltd		PR0000039418		39418		0000644		31-12-2013		495		295,359,597.00
17	Lasaco Life Asurance Company Ltd		PR0000682387		682387		0000645		31-12-2013		31		7,895,953.00
18	Restral Ltd		PR0000295792		95792		0000646		31-12-2013		17		7,258,049.00
19	Vina Interantional Ltd		PR0000088165		88165		0000647		31-12-2013		23		1,009,846.00
20	SBG Insurance Brokers		PR0000409585		409585		0000648		31-12-2013		14		2,308,198.00
21	RTS Insurance Brokers		PR0000946576		668263		0000650		31-12-2013		5		834,500.00
22	Pheman Peniel Consultant Ltd		PR00000946576		946576		0000649		31-12-2013		5		108,000.00
23	Sakiina Insurance Brokers		PR00000213260		213260		0000652		31-12-2013		5		192,000.00
24	Environmental Expressions Ltd		PR00000360674		360674		0000653		31-12-2013		5		380,700.00
25	Riskview Insurance Brokers Ltd		PR00000478829		478829		0000654		31-12-2013		16		549,575.00
26	Ark Insurance Brokers Ltd		PR0000016215		16215		0000655		31-12-2013		52		7,687,549.00
27	Crusader Life Insurance Ltd		PR0000682763		682763		0000656		31-12-2013		42		10,774,449.00
28	Fountain Insurance Brokers		PR0000478829		478829		0000657		31-12-2013		38		4,711,161.00
29	Guaranty Turnkey Systems Ltd		PR0000858482		8585452		0000658		31-12-2013		6		471,013.00
30	African General Insurance Brokers Ltd		PR0000122411		122411		0000659		31-12-2013		6		322,500.00
31	Satimiaha Nigeria Ltd		PR00000471187		471187		0000660		31-12-2013		5		277,231.00
32	Legacy Resources Insurance Brokers		PR0000742462		742462		0000661		31-12-2013		5		108,300.00
33	Image Brokers Ltd		PR0000122742		122742		0000663		31-12-2013		27		1,939,200.00
34	Advantage Nigeria Ltd		PR0000125803		125803		0000664		31-12-2013		5		230,400.00
35	Wema Insurance Brokers Ltd		PR000044886		449886		0000665		31-12-2013		6		1,512,586.00
36	New Alliance Insurance Brokers Ltd		PR0000501659		501659		0000666		31-12-2013		5		312,970.00
37	Jully and Partners Insurance Brokers Ltd		PR000076468		689727		0000707		31-12-2013		12		551,349.00
38	Fordmarx Nigeria Ltd		PR0000509671		509671		0000668		31-12-2013		5		264,900.00
39	Newcastle Insurance Brokers Ltd		PR0000614292		614292		0000669		31-12-2013		6		486,600.00
40	Goshen Insurance Brokers Ltd		PR000266035		266035		0000670		31-12-2013		5		169,200.00
41	Bidac Insurance Brokers Ltd		PR000082254		82254		0000671		31-12-2013		5		49,500.00
42	Pilgrims Africa Ltd		PR0000716704		716704		0000672		31-12-2013		110		17,297,382.00
43	Crown Insurance Brokers Ltd		PR0000082760		82760		0000673		31-12-2013		22		2,160,150.00
44	Peril Guard Insurance Brokers		PR0000630829		630829		0000674		31-12-2013		9		477,950.00
45	NETA Insurance Brokers Ltd		PR0000691215		691215		0000675		31-12-2013		5		180,000.00
46	Multiple Bond Trust Insurance Brokers		PR0000672337		672337		0000677		31-12-2013		5		298,599.00
47	Eco Pillar Insurance Brokers Ltd		PR0000193104		193104		0000678		31-12-2013		5		166,800.00
48	Nagarta Projects Ltd		PR0000292283		292283		0000679		31-12-2013		5		180,000.00
49	Rim Insurance Brokers Ltd		PR0000408155		409155		0000681		31-12-2013		5		169,200.00
50	Universal Assurance Consult Brokers Ltd		PR0000602447		602447		0000682		31-12-2013		5		190,992.00
51	Igmart Nig Ltd		PR0000814720		814720		0000683		31-12-2013		5		169,200.00
52	Great Nigeria Insurance Plc		PR0000002107		2107		0000684		31-12-2013		114		20,531,446.00
53	Industrial and General Insurance Plc		PR0000178140		178140		0000685		31-12-2013		427		30,018,683.00
54	Zenith Construction Ltd		PR0000164408		164408		0000686		31-12-2013		231		10,286,346.00
55	Unity Kapital Assurance Plc		PR000011785		11785		0000687		31-12-2013		178		47,552,663.00
56		Aelex Lagal Practitioners & Arbitrators		LWFIRMOO135		0000688		31-12-2013		68		16,769,913.00
57	Chapel Hill Advisory Partners Ltd		PR0000622258		622258		0000689		31-12-2013		50		23,178,612.00
58	Midlinks Insurance Brokers Ltd		PR0000418134		148134		0000690		31-12-2013		16		546,000.00
59	SBG Insurance Brokers Ltd		PR0000409585		409585		0000691		31-12-2013		15		2,491,233.00
60	Union Commercial Insurance Brokers Ltd		PR0000179535		179535		0000692		31-12-2013		13		1,780,671.00
61	Universal Engineering Pillars Ltd		PR0000359103		359103		0000693		31-12-2013		6		213,600.00
62	Mc Cullum Insurance Brokers Ltd		PR0000658208		658208		0000694		31-12-2013		6		207,000.00
63	TeleQuip & Digital Ltd		PR0000654259		654259		0000695		31-12-2013		6		276,000.00
64	Bravura Technologies Ltd		PR0000701927		701927		0000697		31-12-2013		5		195,000.00
65	Alpha Choice Insurance Brokers Ltd		PR0000448000		448000		0000698		31-12-2013		6		909,000.00