Friday, 27 February 2015

2014 Insured Losses Hit Lowest Level in Five Years: Guy Carpenter

Insurance Journal

Insured losses in 2014 were at the lowest level seen since 2009, according to Guy Carpenter’s annual Global Catastrophe Review.
The report says that significant insured losses in 2014 totaled approximately USD33 billion, a dramatic drop when compared to the historic insured losses seen in 2011, which totaled approximately USD126 billion.
"Although insured losses for 2014 were among the lowest recorded in years, we still observed powerful impacts and significant losses from both natural and man-made catastrophes,” said James Waller, Ph.D, Research Meteorologist at GC Analytics©.
“Notable insured losses from around the globe included the 2014 February snowstorms in Japan, hail and windstorms in Europe, severe flooding in the United Kingdom and a cold, stormy winter in the eastern half of North America,” Waller said.
Europe/Middle East/Africa
In total, insured losses in Europe, Africa and the Middle East accounted for about 21 percent of global insured losses in 2014, the report said.
One of the most notable events included the hail and windstorm Ela, which affected areas including Germany, France, Belgium and Austria and generated damaging wind gusts and hail in excess of seven centimeters (2.8 inches), the report said, noting that insured losses from this severe storm totaled around USD2.8 billion.
An unusual number of moderate severity storms affected Western Europe during the winter months of 2014, with storms impacting coastal flooding and strong winds recorded across Ireland and Spain. The United Kingdom saw significant coastal erosion and widespread and persistent inland flooding, with December to January experiencing the highest rainfall totals since record keeping began in 1910. In the United Kingdom alone, insured losses are estimated around USD1.8 billion, the report continued.
Asia and Australasia endured both natural and man-made catastrophes in 2014, accounting for 23 percent of estimated global insured losses in 2014, Carpenter said.
In the Northwest Pacific Basin, no new tropical cyclones developed in the month of August, which has not occurred in the last 60 years. Nevertheless, five tropical cyclones affected China throughout the year.
The strongest of the five, Typhoon Rammasun, had the most impact of any storm to hit the region since 1973, bringing heavy rainfall, flooding and wind to China, Vietnam and the Philippines. While the estimated insured losses from Rammasun totaled USD250 million, the estimated economic impact is USD4.6 billion, according to the Carpenter report.
The most costly event affecting the Asia region, however, was a result of two significant snowstorms that hit Japan early in the year. The snowstorms accounted for USD3.1 billion in insured losses, disrupted operations for a large number of businesses, and caused hundreds of thousands of power outages, as well as a number of fatalities and injuries.
Malaysian Airlines
Outside of natural catastrophes, 2014 also saw the disappearance of Malaysian Airlines Flight 370 in March, the loss of Malaysian Airlines Flight 17, which was shot down over Ukraine in July, and an AirAsia flight that crashed into the sea near Indonesia in late December.
The Americas comprised 57 percent of global losses in 2014, as compared to 48 percent in 2013. Arctic winter weather, hurricanes, earthquakes and convective outbreaks contributed to these insured losses.
In the U.S. and Canada, the frigid winter caused USD2.3 billion in insured losses alone, the report continued. Although the winter was not unprecedented, it is considered one of the coldest winters in the past 30 years across many states throughout the U.S. Additionally, considerable convective outbreaks spawned EF-3 and EF-4 tornadoes across the southern United States, with later outbreaks causing severe hail storms across the Midwest. In spite of these instances of severe weather, hail reports in 2014 were below the 2005 to 2013 average.
Earthquakes also played an important role in insured losses for the year, with magnitude 7.3 and 6.0 tremors present along the Nicaragua-Ela Salvador border and in the Napa Valley of California, respectively.
The North Atlantic Basin experienced six hurricanes in 2014, one of which hit the mainland of North America. In the east Pacific, 2014 was the most active hurricane year since 1992, with 16 hurricanes total and nine major hurricanes affecting the region. The most impactful hurricane of the season, Odile, struck the Baja Peninsula of Mexico and caused an estimated USD1.6 billion in insured losses. Tropical storm Iselle made landfall on the Big Island of Hawaii, which is the first time this has happened in more than 50 years. Meanwhile, Hurricanes Fay and Gonzalo hit Bermuda in quick succession, downing trees and power lines across the island.
“Though the eye of Hurricane Gonzalo passed directly over Bermuda, exceptional damage was offset in part due to the area’s resilient building codes,” said Waller. “Although 2014 was a relatively quiet year for catastrophes, events such as Odile and Gonzalo reaffirm the importance of continued education and the implementation of innovative risk management strategies to mitigate the losses experienced from a catastrophe.”
Source: Guy Carpenter & Company

NAICOM fines insurance firms N543.69m


Deputy Commissioner, Finance and Administration, NAICOM, Mr. George Onekhena
The National Insurance Commission has collected N543.69m as fines from insurance companies for various infractions of laid down regulations and professional misconduct.
The Deputy Commissioner, Finance and Administration, NAICOM, Mr. George Onekhena, who disclosed this to our correspondent during an interview, also said the commission had improved the risk-based supervision approach to ensure that companies complied with its rules and regulations in order to perform optimally.
“Some insurance companies have paid fines totalling about N543.69m for various offences over a period of time,” he said.
According to him, the commission’s record revealed that the companies paid N81.3m and N206.57m in 2011 and 2012, while the 2013 account and 2014 unaudited report showed that they paid N170.52m and N85.29m, respectively.
Onekhena noted that the companies were, however, complaining of too much supervision, incessant checks on their books and fines by the commission.
According to him, NAICOM will not tolerate any form of irregularities in the books of insurance companies, adding that in extreme cases, it has taken over the management of a few of them as part of its regulatory functions.
The Commissioner for Insurance, Mr. Fola Daniel, said the firms should expect stricter regulation going forward.
He added that the commission would not hesitate to impose stricter penalties on errant operators that failed to comply with the industry’s rules and regulations.
“When people are becoming hardened, we are also looking at how to effectively deal with them. For any insurance company that may be complaining of N500,000 or N200,000 fine, we have promised them that they will get N5m, N10m even multiple of that as fines,” Daniel said.
While stressing that the commission would rather increase the fines for offences, he said it was necessary to compel the operators to obey the law.
The commissioner said that when the shareholders would see questionable expenses in the companies’ books, they would be forced to ask questions from the managements on why the firms had to lose such amounts to fines.
Such strict measures, he said, would make the managements of such firms to be more serious with their jobs instead of breaking rules.
“One of the complaints we received from the industry last year was incessant inspection of their books because some significant companies were inspected many times and this was because we wanted to know exactly what they were doing,” Daniel said.
He added that the commission saw reasons to ask questions on why huge expenditures were made and how some big businesses were underwritten.
Daniel also said the commission had ensured that risks, which could be retained in the country, were not unlawfully taken out by firms who got such businesses.
In cases where such risks were to be insured abroad, the commissioner said NAICOM had intervened and ensured that local capacity was first exhausted before the rest were taken out

Top insurers added to new UK accountability rules

Feb 23 (Reuters) - Chairmen and non-executive directors of insurance companies will be included in Britain's new regime to make top financial officials accountable for their actions, the Bank of England announced on Monday.
Britain is finalising a new Senior Persons Regime to make it easier for key bank staff to be held to account by regulators. These include top executives, key non-executive directors that head influential committees and senior traders.
Lawmakers have complained that few individuals were hauled over the coals after taxpayers had to rescue several lenders in the 2007-09 financial crisis.
Andrew Bailey, the Bank of England deputy governor who heads the central bank's supervisory arm, said on Monday that chairmen, senior independent non-executives and chairs of key committees at insurers will also come under the new regime.
Appropriate and robust accountability for senior managers in financial institutions is not a regulatory burden, Bailey said.
"Non-executive directors are also key in financial institutions: they must scrutinise effectively the way the senior management team runs the business," Bailey said in an opinion piece in Monday's Financial Times.
At 1000 GMT on Monday the Bank of England will set out how the new regime will apply to non-executive directors of banks and insurers.
British financial services minister Andrea Leadsom told Reuters this month the government will shortly endorse the new regime formally and announce how it will be phased in.

The new rules have raised concerns among bankers who say elements such as the so-called reversal of the burden of proof will make it harder to recruit top officials. An individual will be sanctioned for rule breaches unless they can demonstrate that they took reasonable steps to stop or avoid a problem. (Reporting by Huw Jones; Editing by David Goodman)

Insurance Holdings 2014 profit falls 24 pct

Feb 27 (Reuters) - Kenya's Pan Africa Insurance Holdings reported on Friday a 24 percent drop in full-year pretax profit for 2014, hit by unrealised gains in equity investments and slow property sales.
The company, controlled by South African insurer Sanlam, said pretax profit fell to 1.15 billion shillings ($12.6 million) from 1.52 billion in 2013.
"Demand for our property was depressed in 2014 compared to 2013, but we expect this to pick up again in 2015," the company said in a statement.
Gross written premiums fell marginally to 5.2 billion shillings from 5.3 billion, while investment income rose to 1.99 billion shillings from 1.53 billion.
Earnings per share fell to 9.07 shillings from 13.05 shillings. The firm's directors recommended a bonus dividend of one new share for every two held.
Pan Africa shares closed unchanged at 112.00 shillings on Thursday.

($1 = 91.3500 Kenyan shillings) (Editing

Thursday, 26 February 2015


·        The Chairman, Adegboyegba Adepegba 

·        The Special Guest of Honour, Barr. Laide Osijo, FIIN, FCIB

·        The Speaker

.         Director-General National Pension Commission  Mrs Chinelo Anohu-Amazu

.         Commissioner of Insurance Fola Daniel

·        President of the NCRIB, Mr Ayodapo Shoderu, FIIN, FCIB

·        President of CIIN, Mr F.K Lawal, FIIN

·        The Awardees

·        Gentlemen of the Press

·        Ladies and gentlemen

It is with great pleasure that I welcome you all to the third edition of the Nigerian Insurance and Pension Award, which was designed to celebrate organisations and individuals who have helped to reshaped activities in the insurance and pension industry and by extension the economy.

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.

The award which is in eight categories had 39 nominees of which 11emerged winners.
This year award also recognized agencies of government for their contributions and an organisation that was able to make a rebound having been hit by great challenge.

Nigerian Insurance and Pension award is poised to enhance the image of the insurance and pension sectors, which are presently considered averagely low and suffer low patronage due to bad public perception.

In our two years of operations, we have made great impact in showcasing the activities in the sectors to global audience. The results are evidenced, as foreign organisations with interest in both sectors regularly write to us to find out how they can do businesses with our local operators.

We are in partnership with some foreign organisations presently exploring how to project the image of insurance, re-insurance and the pension in Nigeria.

Inspenonline had within a short period helped to upload thousands of photographs of events in the sector and news reports to the World Wide Web, a feat that was lacking in time past. The world as you know has become a global village and our relevance lies in the portability of our medium, considering the fact that many of us now possess sophisticated hi-phones through which we could access the web, anywhere we are. We have resolved to continually imprint the insurance and pension industry on these emerging media.

I could remember the rigours I went through trying to get pictures of events in the sectors, when I was working with my former employer. Today, we are changing the game, by ensuring that events in the sectors are not just reported, but displayed in pictorial.

Though we have made great strides in uploading local contents on the net, we observed most organisations still lack adequate information on the net.  In the course of preparing for this event, we observed that the personal photographs of some Managing Directors are not on the internet and more worrisome is the poor website hoisted by some organisations. Most websites lack current information. Also observed was that publishable logo of some organisations is not on the net. These issues are what we have decided to tackle to enable the industries enjoy global presence.

On the local front, we are reaching out to the youths who are future prospect for insurance and pension through the social media. The result is improving by the day as people call and mail us to seek clearance on issues. 

We will like to use this medium to solicit the cooperation of all operators in both industries to take advantage of our services by giving us information and photographs of major events in their organisations.

We also solicit for advertorial supports to enable us meet our objectives and remain afloat.


Operators in insurance and pension sectors should pull out of the conservative habit exhibited by past practitioners which never helped their businesses. Though some companies are doing well in showcasing their brand, products and services, those that are yet to embrace the trend should wake and leverage all available information dissimilation channels to reach out to the public. For the bad perception affecting the sectors can only changed when the operators tell their stories.  

Once again I thank all for all for your love and attendance of this modest event which, by the grace of God and your cooperation will continue to be better by the year.

God bless.   

Photos: Faces at 2014 Inspen Award

R-L: Mr. Olawale Awoniyi of Goldlink Insurance Plc receiving “Award of Excellence” on behalf of his company from National President Association of Registered Insurance Agents of Nigeria (ARIAN), Mr. Olameru Gbadebo, during the 2014  Inspen Oline award held today in Lagos.

R-L: Head Corporate Communications & Brand Management of Sovereign Trust Insurance Plc, Mr Segun Bankole receiving its company award as Best” Corporate Social Responsibility” CSR from the Head (Benefits & Insurance Dept) National Pension Commission (PenCom), Mr. Olulana Loyinmi, during the 2014  Inspen Oline award held today in Lagos.

R-L: The Press & Public Relations Officer of Lagos State Pension Commission (LASPEC), Mr.  Taofeek Lawal Hussain, receiving “Award of Excellence” on behalf of the Commission from the National President Association of Registered Insurance Agents of Nigeria (ARIAN), Mr. Olameru Gbadebo, during the 2014  Inspen Oline award held today in Lagos.

PTAD launches toll free call centre for pensioners, saves N2.1b for FG in one year

Director-General, PTAD, Mrs. Nellie Mayshak
DG, PTAD, Mrs. Nellie Maysha
The Pension Transitional Arrangement Directorate (PTAD), an independent agency responsible for the management of federal pensions under the defined benefit scheme, has saved N2.1 billion for the federal government in the last one year through reduced leakages in pension funds.
This was disclosed by the Coordinating Minister for the Federation and Minister of Finance, Dr. Ngozi Okonjo-Iweala at the first stakeholders’ forum organized by PTAD in Abuja yesterday.
The occasion, which witnessed the launch of a toll free call centre for pensioners to get easy access to information on their pensions was organized to enable PTAD get feedback from all its stakeholders on its operations in the past year.
The minister, who expressed profound appreciation to President Goodluck Jonathan for his commitment to ongoing pension reforms in the country, said the significant savings recorded by PTAD was made possible by the agency’s reliance on technology, which saw the removal of over 15,000 duplicate or ghost pensioners from its payroll as well as its commitment to entrench world class financial management practices in the management of pension funds in the country.
She said the efficiency gains recorded have enabled government to include additional 1,254 pensioners from three liquidated steel rolling mills to be pay-rolled.
She noted that Nigeria’s pensions system had become inefficient over the years with several billions of naira in arrears and strong allegations of fraud and looting, adding that this necessitated the establishment of PTAD to consolidate all federal pension departments to plug all leakages.
“In light of the widespread fraud that was revealed and his commitment to the welfare of pensioners, President Goodluck Ebele Jonathan took bold steps to consolidate pension management reforms and clean up the mess in the system.
“As a result, he supported the establishment of the Pension Transitional Arrangement Directorate (PTAD) in line with the provisions of the Pensions Reform Act passed in 2004. PTAD has now enabled us to completely switch from the old defined benefits or “pay as you go” scheme to the contributory pensions scheme and intensify the cleanup of the mess in our pensions system,” she said.
These interventions according to her has led to concrete real life improvements in the lives of pensioners.
The Director General of PTAD, Mrs. Nellie Mayshak said the launch of the toll-free call centre was one of the deliverables of the agency to make pensioners have easy access to information on their pensions, adding that the agency has invested heavily in technology not only to plug leakages but to serve stakeholders efficiently.
“With our call centre a pensioner can have access to information on their pension without leaving their homes. This will reduce cases of pensioners travelling long distances just to make enquiries on the status of their pensions.
Pensioners were appreciative of the efforts of PTAD, especially the payment of arrears of the 33% pension increase in 2014 and the ongoing biometric verification to ascertain the exact number of pensioners on payroll.
The pensioners under the electricity sector in showing their appreciation gave an award to the CME, while a similar gesture was done by PTAD for the President and the minister.
PTAD was established just over a year ago in August 2013 to manage the defined benefit scheme for those who retired on or before June 2007. Within one year it has already recorded some significant successes including the successfully harmonization of all federally funded pension departments in the defined benefit scheme to reduce administrative bottlenecks and eliminate all forms of fraud that had created an age-long distrust in our pensions system.
Others are the regular payment of monthly pensions and other retirement benefits is now done through the Government Integrated Financial Management Information Systems (GIFMIS).
PTAD equally has successfully consolidated the many commercial bank accounts holding pension funds that had been prone to looting to just three or four accounts for more effective control and management

Lawal is Inspen 2014 insurance man of the year

R-L: The Press & Public Relations Officer of Lagos State Pension Commission (LASPEC), Mr.  Taofeek Lawal Hussain, receiving “Award of Excellence” on behalf of the Commission from the National President Association of Registered Insurance Agents of Nigeria (ARIAN), Mr. Olameru Gbadebo, during the 2014  Inspen Oline award held today in Lagos.

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.

Wednesday, 25 February 2015

2014 Nigerian Insurance and Pension Award holds today

The 2014 Nigerian Insurance and Pension (Inspen) Award, holds today Thursday, February 26 2015 at the Lagos Chamber of Commerce and Industry Conference and Exhibition Centre, Alausa Ikeja, Lagos.

The event which would commence by 11:00am, provides an avenue for experts drawn from insurance, pension and sectors seek solution to the plights of retirees and make contributions on how to improve retirement benefits operations.

The theme paper: Dimensioning Retirement Benefits will be delivered by the Managing Director Lancelot Ventures Limited, Mr. Adebayo Adeleke, Real Estate, Investments and Venture Capital expert.

Discussants drawn from the National Insurance Commission; Nigerian Insurers Association; National Pension Commission; Lagos State Pension Commission; Nigerian Council of Registered Insurance Brokers; Pension Transition Arrangement Directorate and Pension Fund Operators Association of Nigeria, are expected to proffer last solutions to the challenges observed in retirement benefits operations.
The yearly award was designed to celebrate excellent performances exhibited by individuals and organisation and by extension deepen insurance and pension awareness.

Insurance; pension companies and individuals that distinguished themselves in 2014, would be celebrated and presented awards in different categories. 

Mother of NIA DG passes on

Madam Esther Alege Thomas, a devout Christian and Community leader has passed on at the age of 90. Her funeral rites begin on Friday, March 20, 2015 at 4pm when her corpse leaves St. John’s Specialist Hospital, Kabba to Ogidi. This will be followed by the lying-In-State and Christian wake at her residence, No.5, Okoro quarters, Ogidi-Ijumu in Ijumu Local Government area of Kogi State. At 10.00am on Saturday, March 21, 2015, there will be a funeral service at St. John’s Anglican Church, Ogidi-Ijumu after which her remains will be interred at the Church cemetery. Guests will be entertained at St. John’s Anglican Primary School field, Ogidi. She is survived by sons and daughters among whom is Mr. O. S. Thomas, Director-General of the Nigerian Insurers Association, NIA.

Insurers Differ on Rate Cutting, Overriding Commission


2606F02.-Fola-Daniel.jpg - 2606F02.-Fola-Daniel.jpg
Commissioner for Insurance, Mr Fola Daniel

Ebere Nwoji
Insurance industry operators are currently divided in their opinions on the continued existence of some unprofessional practices such as rate cutting and over riding commission in the industry.
While some industry operators posited that rate cutting  is still high  in the industry, especially among insurance brokers, to the extent that perpetrators now corner businesses belonging to ethical brokers, industry leaders, especially the regulatory body argued that given their strict supervisory role, the problem of rate cutting and overriding commission no longer exist in the industry.
Speaking at the February edition of the bi monthly members' evening of the Nigerian Council of Registered Insurance Brokers(NCRIB) president of the council, Mr. Ayodapo Shoderu, decried  the continuous existence  of the  twin problems, saying  they still affect ethical operators.
"I am distressed to, again, address one of the unpleasant trends that have continually affected our operations as insurance brokers, and this is the pervasive incidence of rate cutting.  You will recall that at the inception of my tenure, my team visited the Commissioner for Insurance who warned brokers that indulged in collecting overriding commission from insurance companies to desist from the act, warning that the commission will not hesitate to sanction such unethical players."
"This and sundry issues we were to discuss more intensively with the Nigerian Insurers Association. It was our belief the forum should be a good platform to initiate steps towards upward review of the existing brokerage commission. Unfortunately, the meeting is yet to hold from the NIA end", he said.
According to him, it was more regrettable that the council has continued to receive an avalanche of complaints about some ethical brokers losing businesses to those who continually cut rates or quote uneconomic rates.
Insisting that the trend was killing  the brokerage profession and must be condemned in its entirety Shoderu said it was the intention of the brokers' Council to continually promote high ethical standards, saying  it  is the only way the present generation of professionals could bequeath a sound and solid profession to the coming generation.
"Anything short of this is unacceptable. Also, I must stress that it will be most difficult for me or the governing board henceforth defend any member that violates the law or directive on insurance broking operation,” he said.
However, the  Commissioner for Insurance, Mr Fola Daniel recently said  the problem of overriding commission had abated in the industry.
Daniel, who spoke at retreat organised by the National Insurance Commission (NAICOM),  noted that  instead of overriding commission,  what the industry complains  about now is over regulation and too much inspection.
He said last year, the commission inspected some companies’ books over six times including the big players in the industry.
The commissioner said the regulator was  so thorough in its inspection that once it sees any big business transacted in the accounts book of any firm it would screen to see if there is any big amount paid out by the same company at the period.
He explained that once it  discovers such payment it must probe beneath the surface to trace the recipient of such amount and the insurance firm in question will be interrogated on what the amount was paid for.
"At Annual General Meetings, you hear them complaining that NAICOM  is slamming penalties on them. I remember that in one of the forums we had with the chief executives, we apologised to them saying sorry, we have been slamming you with penalties that are not deterring you from misbehaving and they said sorry, we have repented we will not do it again, but they are still doing it", the commissioner stated.
Expressing the determination of the commission to severely punish the industry offenders who engage in  unprofessional misconduct this year, the Daniel  said since NAICOM started, it had not fined any company up to N10 million.
He disclosed that this year  the commission has fined a company N62 million, insisting that as people are becoming hardened in breaking the law, the commission is re strategising on how to effectively deal with them.
"So if you know them talk to them, if insurance mechanism is abused in such a way that we can't pay claims we are in trouble"' he stated.
He said in doing this, the commission does not wish to kill the industry but is trying to restore sanity in the  system.
He spoke on recent complaint by insurance managers on its approval of big businesses that require other co insurers, saying that insurance companies are in the habit of bringing a big business they know they may have only five per cent capacity.
According to him, some firms will bring names of five or six insurance firms that have lower capacity with them so as to cede the rest of the business abroad.


• The Commissioner for Insurance and Special Guest, Mr Fola Daniel
• Chairman of Society of Fellows, Dr. Mohammed H. Koguna, FCIB
• Chairman of the Board of Fellows, Chief Babajide Olatunde AgbejaFCIB, Members of the Governing Board
• Distinguished Fellows
• Ladies and Gentlemen
It is my honour and greatest delight to welcome you all to the 2015 Fellows Day cum Induction of new Fellows of our Council.  I am particularly elated and fulfilled that this great event isholding in the course of my tenure as President.
As you are all aware, the aspiration of any professional to the pinnacle of his chosen field or profession stands as the greatest sense of fulfillment that one could have in a chosen career or professional calling. It is in realization of this fact that the NCRIB has continued to provide opportunity for insurance broking professionals in its fold to transition to the Fellowship cadre, which is the highest echelon of the Council’s professional status. Aside from being a source of motivation, admission to the prestigious Society of Fellows of the Council is also consistent with section 5 of the NCRIB Act which makes provision for who could become a Fellow and spelt our conditions precedent to admission as a Fellow. Permit me to give glowing commendations to the Council’s Board of Fellows, under its indefatigable Chairman, Chief Babajide Olatunde-Agbeja, FCIB for a great job done. The Board had put in place stringent conditions and were meticulous in the course of assessing and recommending the successful candidates who being admitted today. It must not escape mention that this is the first time that prospective Fellows would be required to present thesis as a prerequisite for Fellowship admission. Aside from aligning with contemporary standards in other notable professional bodies policy, the exercise greatly exposed the professional and academic potentials of the applicants,  projecting them as rounded professionals. I like to affirm that this new initiative has now been approved as an extant condition for admission of Fellows henceforth. 
Ladies and Gentlemen, this occasion definitely provides me an auspicious platform to notch in the fact that the NCRIB will continue to place premium on professionalism in insurance broking practice and as such do all within the law to ensure that the thrust is sustainedI must admit that the enforcement of standards has always been known to come with its pains, but the good news is that the result will ultimately be to the benefit of all. My take is that there can never be an alternative way to maintain respect or be dignified in the comity of other professionals if we jettison professionalism and ethical standard which are pivots of our operation. What distinguishes our a professional body from a mere trade group is the fact that members in a professional setting meet certain prescribed professional standards and have the resolve to continually update their skills to meet contemporary challenges.
Whilst congratulating the new Fellows, would also like to encourage those who could not make the list this year to see it as a challenge to do better next timeTo the new Fellows; it is my duty to admonish you to see your admission as the provision of higher pedestal of service and contribution to the growth of insurance broking. Gone are the days when professionals could go to sleep whenever they have attained the pinnacle of their professional height. The truth is that the world has become more dynamic and operators who are to succeed must adapt and continually attune themselves to new knowledge and the breaking of new frontiers of personal development. Most importantly you must see to it that you become relentless in giving back to this noble profession through your accelerated contributions to Council. I dare say that with your new elevated status, you are now a face of the NCRIB, warranting that you uphold the ideals of the Council anywhere you go. In order to ensure the continuous growth and vibrancy of insurance broking, you must provide effective mentorship to the upcoming professionals. This appeal was better captured in the words of a renowned philosopher, Edwin Brown who admonished all professionals to “always aspire to inspire before they expire!”. I wish you all well.
I must not conclude my speech without appreciating the presence of one of the most celebrated professionals of our time; a board room guru and renowned technocrat, Dr. Christopher Kolade, CON for accepting to give the induction talk today. I was most delighted and humbled beyond measure that Dr Kolade did not have any iota of hesitation in accepting to undertake the task for us when I contacted him. This is inspite of his known watertight engagements. Dr Kolade is to share with us his robust experiential and professional on the subject:“Leading: The Heart before the Hand”. Without preempting him, surmise that Dr Kolade will be directing the thoughts of the new Fellows and everyone here to the fact that as professional leaders the onus is now on us to lead with the heart through understanding and empathy for the followers. I am convinced that we shall all have a rewarding experience listening to him.
Once again I welcome and wish you all a delightful Fellows Day.