INSPENONLINE: Insurers need new products to tap $30m agric investment

Thursday 12 September 2013

Insurers need new products to tap $30m agric investment - CBN

Chuks Udo Okonta

For insurers to harness the opportunities to be provided by the $30 million earmarked for the Nigerian Incentive Based Risk Management System for Agricultural Lending (NIRSAL) they must evolve new products, Deputy Governor, Central Bank of Nigeria (CBN) Tunde Lemo, has said.

He disclosed this at an event in Ibadan, adding that NIRSAL provides opportunities for the insurance companies and that it is a dynamic, holistic approach that tackles both agricultural value chain and the agricultural financing of value chain.

He said: “The CBN initiative of the Nigerian Incentive Based Risk Management System for Agricultural Lending (NIRSAL) provides opportunities for the insurance companies. NIRSAL is a dynamic, holistic approach that tackles both agricultural value chain and the agricultural financing of value chain. NIRSAL is built on five pillars namely; risk sharing facilities, insurance facilities, technical facilities, holistic bank rating merchants and bank incentives mechanism.

“The primary goal of the insurance facilities is to expand insurance product for agricultural lending from the current coverage to new products such as weather index insurance, new variants of pest and diseases insurance. The sum of USD 30 million will be invested by the CBN.”

He called on the industry’s practitioners to tackle the challenges clogging the wheel of the sector, and identified the challenges to be, general apathy towards insurance, the unwholesome practices of some insurance practitioners, slow pace of development of industry portal, unattractive remuneration of agents, dearth of adequate manpower and delays in enacting of bills.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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