By Jonathan Saul
A pledge by world powers to ease ship insurance sanctions on some Iranian oil exports is likely to take months to come into effect due to complex law and regulation and to insurers' unease over providing cover.
A deal struck last weekend between Iran and six world powers over Tehran's nuclear programme leaves U.S. and European oil sanctions in place for six months. Iran secured limited relief including an easing of a ban on European ship insurance, which could allow the transport of some oil to its Asian customers.
European Union sanctions last year cut out Iran's oil trade from Europe's so-called Protection and Indemnity (P&I) clubs, which cover most of the global tanker market.
"Although this agreement suggests an improvement in relations, a formal change in EU, UK and U.S. laws will be needed to release insurers from existing prohibitions," a spokesman for ship insurer UK P&I Club said.
"Until such changes are made, the effect of sanctions on Club cover remains unchanged," he added.
Specialist P&I insurers, mutually owned by shipping lines, dominate the market for insuring ocean-going vessels against pollution and injury claims, the biggest costs when a tanker sinks. Vessels transporting Iranian crude have been left with limited alternatives, mostly set up by importers.
EU officials said earlier this week the bloc could relax some sanctions on Iran as early as next month, although the timing would depend on how long the legislative process takes. In the meantime, ship insurers remained cautious about any change while they awaited guidelines on the pledged relief.
"The devil is in the details, and we will have to look very carefully at what comes out and what we can and can't do," said Mike Salthouse, director of North Insurance Management, which manages the North P&I Club.
"I suspect unless they target or relax some of the currency transfer restrictions and restrictions on payments of SDNs, (designated entities and individuals), there are still going to be a lot of operational problems in trading with Iran."
Trade sanctions have slashed Iran's oil exports by more than half from prior levels of about 2.2 million barrels per day, costing it billions of dollars a month in lost revenue. Washington has said it will not allow exports to rise above current sanctioned levels.
SITTING ON THE FENCE
Iran's big oil customers such as India and South Korea, on top of cutting purchases to get waivers from U.S. sanctions, have struggled to import even their permitted volumes, however, because they have been unable to get European insurance cover.
"The U.S. has put a lot of pressure on insurers to do as little as possible with Iran. The biggest problem has been that an increasing number of insurers have U.S. capital, and they are terrified of sanctions," Andrew Bathurst, an independent insurance broker, said.
"Because of the uncertainty, however well the Americans think they have defined it, you will be a very brave CEO if you allow an insurance company to underwrite Iranian business, so insurers will sit on the fence."
Sorting out the legal changes to ease the insurance sanctions will not be easy.
"It's going to be uniquely complicated to lift EU sanctions on the carriage of Iranian crude by reference to limits permitted by the U.S., because the two sets of legislation do not presently cross-refer to each other," Patrick Murphy with law firm Clyde & Co said.
"More likely is some sort of licensing regime where the EU licences the insurance of specific oil shipments where those shipments have effectively been permitted by the U.S," he added.
Government and industry sources said this week that for now Japanese buyers of Iranian crude will keep using specially created Japanese shipping insurance. Sovereign-backed guarantees are seen as a temporary measure, given the possibility of claims that can amount to billions of dollars.
"We have received no information about any change in coverage", in the Japanese government's scheme, said Yasuyuki Nakamura of insurer Japan P&I Club.
On the reinsurance side as well, EU sanctions have blocked European maritime reinsurers, the mainstay of the global market, from any involvement with Iranian oil.
"Until details emerge of exactly which sanctions are being relaxed and of how that relaxation is to be implemented, then reinsurers might well adopt a 'wait and see' approach in relation to the prospects of underwriting new business in Iran," David Chadwick of law firm Mayer Brown said.
"Even if it becomes lawful to underwrite certain business, reinsurers might still opt not to, since there remains the prospect that sanctions that had been eased might be reapplied or even strengthened in the event that Iran fails to deliver on its side of the bargain."
Neil Roberts, a senior executive at the Lloyd's Market Association that represents underwriters in the Lloyd's of London insurance market, said underwriters and brokers would need to make sure they understood the parameters of changes.
"It will take some time to implement even this limited unravelling as there is such a complex regime in place that it will need to be unpicked very carefully," he said.
"Underwriters will take the normal cautious approach to these issues, because they are so complex. To the extent that trade touches on Iran, people will have to be very careful." (Additional reporting by Keith Wallis in Singapore, Daniel Fineren in Dubai and Christopher Vellacott in London; editing by Jane Baird)
Source: Reuters
Saturday, 30 November 2013
RBI sets terms for banks’ entry into insurance broking
The Reserve Bank of India (RBI) has released draft guidelines for entry of banks into insurance broking business.
"Since insurance broking is a knowledge-intensive activity requiring professional expertise, this will be permitted subject to the certain conditions," the RBI said.
Banks desirous of offering insurance broking services, however, have to get specific prior approval of RBI. ``Validity period for the approval granted for insurance broking will be three years subject to review thereafter,’’ the RBI said.
According to the draft guidelines, released on Friday, banks should formulate a comprehensive board-approved policy on insurance broking. And, the services offered to customers should be in accordance with this policy. The draft guidelines have laid out certain eligibility criteria for banks. Aspiring banks should have a net worth of not less than Rs.500 crore, and CRAR (capital to risk assets ratio) of not less than 10 per cent. Further, the draft has stipulated that the level of net non-performing assets should not be more than 3 per cent. Also, the bank should have made profits for the last three consecutive years. The RBI has made it clear that the track record of the subsidiaries/JVs, if any, of the bank should be satisfactory. "To avoid any conflict of interest, banks undertaking insurance broking business should not enter into agreements either for corporate agency or for referral arrangements for insurance, either departmentally or through subsidiaries/group companies,’’ it further stated.
Source: The Hindu
Friday, 29 November 2013
NAICOM set to register five micro-insurance firms
 |
| Daniel |
By Nike Popoola
At least five companies have indicated interest in operating micro-insurance business in the country.
This is coming a week after the inauguration of the micro-insurance guidelines in Lagos.
An investigation by our correspondent on Thursday showed that while two of the interested firms are non-insurance companies, others are already licensed underwriting firms.
The Commissioner for Insurance, Mr. Fola Daniel, who confirmed this to our correspondent, said that the commission would give a no-objection to the firms that applied for the new licence, as long as they met the necessary requirements.
"About two non-insurance firms have expressed interest to have their micro-insurance firms and we are going to give a no-objection to their request," Daniel said.
According to him, Mutual Benefits Assurance Plc had already developed its micro-insurance subsidiary under its group structure and is doing well in the retail business.
The Group Executive Director, Retail, Royal Exchange Plc, Mr. Auwalu Muktari, said the firm had now established a full-fledged micro-insurance company.
To get to the grass roots, he said that the firm realised that it required a robust retail policy.
And in line with the firm’s vision, he said the company had employed an expert, who could fine-tune the retail programme of the group.
The Managing Director, Anchor Insurance Company Limited, Mr. Ademayowa Adeduro, said that the introduction of micro-insurance business in the industry was a good development.
He said that Anchor was interested in getting the micro-insurance licence and would soon conclude the arrangement.
According to the new guidelines introduced by NAICOM, micro-insurance is the type that is accessed by the low income population, provided by the licensed institutions, run in accordance with generally accepted principles, and funded by premiums.
The guidelines stated that all specialised micro-insurers should have a provisional minimum paid-up capital requirement.
While life micro-insurance firms were mandated to have a minimum of N150m, non-life micro-insurance firms should have at least N200m.
As part of efforts to grow the insurance sector, the commission had ensured the enforcement of five out of 16 compulsory policies in the country’s statutory laws.
Source: Punch
What the Bible says about money (Shocking)
Most people know Sean Hyman from his regular appearances on Fox Business, CNBC, and Bloomberg Television, but what they don’t know is that Sean is a former pastor, and that his secret to investing is woven within the Bible.
Perhaps that can explain why, despite his uncanny ability to predict precise moves in the stock market, Sean is often laughed at for his unique stance on investing.
For example . . . a few months ago Sean appeared on Bloomberg Television. At that time, Best Buy (BBY) was dropping to all-time lows of $16 a share. Sean predicted the stock could go down to $11 a share, and would then quickly rebound to $25 per share, and after that would rally to $40 per share over the next year.
Another commentator on the show actually mocked Sean for his stance, saying "$40 on Best Buy? If that’s the case Apple (AAPL) is going to $1,500. That’s the most ridiculous thing I have ever heard!" (Editor’s Note: At the time, Apple was trading at $650 per share).
Within a few weeks, Sean would receive the last laugh.
Best Buy dropped down to $11.20 a share and has since rebounded to $30 a share, continuing its path to $40 . . . exactly as Sean predicted. (Ironically, Apple has dropped down to about $400 per share).
During a recent private dinner with Sean, once he’d blessed the food, I wasted no time asking him what his secret is for investing so successfully.
I expected Sean to say that it was his years of experience at Charles Schwab or perhaps one of the complicated algorithms he uses for timing the stock market.
So when Sean responded that his secret to investing was the Bible, I was thoroughly shocked.
Yes, I knew Sean was a Christian (anyone who spends more than 1 minute with him will pick that up!). However, people usually keep their faith separate from things like . . . investing.
But not Sean.
For Sean, the Bible is his FOUNDATION for investing.
He explained to me how there is actually a "Biblical Money Code" woven into Scripture.
Sean says it is this Biblical Money Code that took him from making a mere $15,000 a year to now giving away up to $50,000 a year. Sean also credits this code with helping him turn his father’s $40,000 retirement account into $396,000.
Certain investment titans, Sean says, such as Warren Buffett and John Templeton, have already used this code to amass billions.
What Sean had to say impressed me so much that I asked him to put a presentation together that reveals how anyone could use this "Biblical Money Code." (Click here to watch it now)
I’ve personally watched this presentation several times and it is already spreading virally.
During the video, Sean uses the teachings of King Solomon, Jesus of Nazareth, and the Apostle Paul to show how anyone can get out of debt . . . make sound investments . . . and morally build substantial wealth.
Sean even reveals a "debilitating ‘financial sin’ that blinds many . . . and could be costing you up to 41% of your life savings at this very moment." What’s so deceiving about this sin is how innocent and safe it appears at first.
And at the end, he finishes up with his "12-12-12 plan for investing." This is a simple step-by-step plan to go from being a saver, to an investor, to a philanthropist.
© 2013 Moneynews. All rights reserved.
Perhaps that can explain why, despite his uncanny ability to predict precise moves in the stock market, Sean is often laughed at for his unique stance on investing.
For example . . . a few months ago Sean appeared on Bloomberg Television. At that time, Best Buy (BBY) was dropping to all-time lows of $16 a share. Sean predicted the stock could go down to $11 a share, and would then quickly rebound to $25 per share, and after that would rally to $40 per share over the next year.
Another commentator on the show actually mocked Sean for his stance, saying "$40 on Best Buy? If that’s the case Apple (AAPL) is going to $1,500. That’s the most ridiculous thing I have ever heard!" (Editor’s Note: At the time, Apple was trading at $650 per share).
Within a few weeks, Sean would receive the last laugh.
Best Buy dropped down to $11.20 a share and has since rebounded to $30 a share, continuing its path to $40 . . . exactly as Sean predicted. (Ironically, Apple has dropped down to about $400 per share).
During a recent private dinner with Sean, once he’d blessed the food, I wasted no time asking him what his secret is for investing so successfully.
I expected Sean to say that it was his years of experience at Charles Schwab or perhaps one of the complicated algorithms he uses for timing the stock market.
So when Sean responded that his secret to investing was the Bible, I was thoroughly shocked.
Yes, I knew Sean was a Christian (anyone who spends more than 1 minute with him will pick that up!). However, people usually keep their faith separate from things like . . . investing.
But not Sean.
For Sean, the Bible is his FOUNDATION for investing.
He explained to me how there is actually a "Biblical Money Code" woven into Scripture.
Sean says it is this Biblical Money Code that took him from making a mere $15,000 a year to now giving away up to $50,000 a year. Sean also credits this code with helping him turn his father’s $40,000 retirement account into $396,000.
Certain investment titans, Sean says, such as Warren Buffett and John Templeton, have already used this code to amass billions.
What Sean had to say impressed me so much that I asked him to put a presentation together that reveals how anyone could use this "Biblical Money Code." (Click here to watch it now)
I’ve personally watched this presentation several times and it is already spreading virally.
During the video, Sean uses the teachings of King Solomon, Jesus of Nazareth, and the Apostle Paul to show how anyone can get out of debt . . . make sound investments . . . and morally build substantial wealth.
Sean even reveals a "debilitating ‘financial sin’ that blinds many . . . and could be costing you up to 41% of your life savings at this very moment." What’s so deceiving about this sin is how innocent and safe it appears at first.
And at the end, he finishes up with his "12-12-12 plan for investing." This is a simple step-by-step plan to go from being a saver, to an investor, to a philanthropist.
© 2013 Moneynews. All rights reserved.
Six simple facts about health insurance reform
This Thanksgiving Day, let us be thankful that we live in a country where spirited debate is not only encouraged but also central to political progress.
The health insurance story you’re about to read is true. No names have been changed to protect the innocent.
Let us also remind those at our dinner tables who wish to debate the Affordable Care Act (ACA) and the health insurance exchanges to heed the approach of Detective Sergeant Joe Friday from TV’s "Dragnet." To cut through the fluff and fibs, Friday would demanded the facts – just the facts.
If we put aside the politics and finger pointing this holiday season, we’re left with six simple facts about health insurance reform.
We know that some people will pay more for health insurance through the exchanges and some will pay less. Some people will be able to keep their previous plans, and some will be forced to buy new ones, often at a higher price. The reasons are not difficult to understand. They reflect the decisions made three years ago when the legislation passed. The increase in costs for some was as inevitable as the loss of coverage for others. We may not like the facts, but they are just that: the facts.
Fact 1: For most people, the cost of health insurance premiums will exceed the cost of health care services required.
For any insurance approach to work, the insurance premiums for those who rarely use the services help pay for those who need them that year.
Take car insurance. Most people won’t get into a car accident in any given year. Thus, most people will spend no money on auto body repairs. Besides being required by states, individuals purchase insurance coverage to protect themselves in the event of an accident. Of course, the concept of insurance wouldn’t work if only those who got in accidents paid premiums.
Health insurance is similar. Under the ACA, healthy individuals pay more for insurance than they are likely to pay for health care services. Because of this fact, those who require intense medical care are able to afford health care services.
This is the fundamental principle of every insurance offering. That’s just a fact.
Fact 2: The relatively sick will find it easier and less expensive to obtain health insurance beginning January 1, 2014. The healthy will pay more as a result.
The ACA requires insurance companies to cover anyone who enrolls. This is called "guaranteed issue." Sick patients who previously could not obtain coverage can now purchase insurance.
Along with guaranteed issue, regulations shifted the market away from charging individuals and small groups different amounts based on their health. Instead, they use "risk pooling" – the practice of sharing cost across a larger population and limiting the difference in premiums among individuals. With this shift, there are winners and losers.
Not being able to charge different premiums based on the individual’s health status means that the premium will reflect "the average" health of the group. As sicker individuals come into the system, the average health of the group will be worse than before. As a result, premiums for individuals with better than average health will now be higher than they were in the past and lower for those with worse than average health.
In the past, the maximum difference in premiums for the same product based on age could be as high as 600 percent. The ACA limits that difference to 300 percent.
As a consequence – and by design – premiums for older individuals will be lower than they would have been under past rules. The premiums for younger participants will be higher.
Fact 4: The cost of insurance for men and women will be much more comparable.
For young women, one of the biggest health care expenses is related to pregnancy and delivery. As a result, younger women who bought health insurance on the individual market paid more for health coverage than men of the same age and health status – or they had to buy insurance policies that didn’t cover maternity-related expenses. The ACA outlawed these practices.
Therefore, insurance will be relatively cheaper for the young women (who will benefit from coverage of maternity services) and more expensive for young men (who also may benefit when they become fathers).
Fact 5: Mandated prevention coverage will increase the cost of health care, at least in the short-term.
The ACA requires that any insured individual receive free preventive services as defined by the U.S. Preventive Services Task Force. Since many of these services were not covered in the past and since more people will have access, the total cost of providing health care will rise.
Although these investments in prevention may slow the growth rate of health care costs in the long run – and will improve the health of the population – the cost of prevention exceeds the dollars saved.
One way or another, the cost to provide these added benefits will be paid.
Fact 6: Those who purchased "skinny" coverage in the past will pay more in the future.
When someone bought an insurance policy designed to cover only catastrophic events, the plan was "skinny." It often paid as little as 40 percent of the projected average expense for someone in that particular age bracket.
The ACA prohibits any insurance company from selling a policy that costs less than 60 percent of the expected average health care spend. Plans that fall below this threshold are considered too "skinny." People with "skinny" coverage will be required to change to a more comprehensive plan. As a result, they will also pay more. This is the fundamental reason why some who liked their plans will be forced to change.
Under the original rules, these individuals would have been required to have more comprehensive coverage starting in January. But pending state insurance commissioner agreement, that timing may be altered based on the recent decision by President Barack Obama to allow individuals to keep these bare plans for up to one year.
These are "just the facts" of health care reform.
Each of these outcomes could have been predicted when the legislation was passed over three years ago. These facts reflect the decisions made by Congress. And they reflect the values of those who voted for the legislation. Had Congress made different choices, there would have been different winners and losers. There was no way for everyone to come out ahead. That is just a fact.
Should the healthy subsidize those who are sick? Should the young subsidize those who are older? Should men share with women the costs of maternity coverage? Should prevention and comprehensive coverage be provided to all? All of these can be debated.
But no one should say that the economic consequences of the ACA legislation constitute a "last-minute surprise." We could not have been certain of the magnitude of some of these changes, but anyone who read the fine print three years ago could have predicted each of these results. Those are the facts – just the facts.
Source: Forbes
The health insurance story you’re about to read is true. No names have been changed to protect the innocent.
Let us also remind those at our dinner tables who wish to debate the Affordable Care Act (ACA) and the health insurance exchanges to heed the approach of Detective Sergeant Joe Friday from TV’s "Dragnet." To cut through the fluff and fibs, Friday would demanded the facts – just the facts.
If we put aside the politics and finger pointing this holiday season, we’re left with six simple facts about health insurance reform.
We know that some people will pay more for health insurance through the exchanges and some will pay less. Some people will be able to keep their previous plans, and some will be forced to buy new ones, often at a higher price. The reasons are not difficult to understand. They reflect the decisions made three years ago when the legislation passed. The increase in costs for some was as inevitable as the loss of coverage for others. We may not like the facts, but they are just that: the facts.
Fact 1: For most people, the cost of health insurance premiums will exceed the cost of health care services required.
For any insurance approach to work, the insurance premiums for those who rarely use the services help pay for those who need them that year.
Take car insurance. Most people won’t get into a car accident in any given year. Thus, most people will spend no money on auto body repairs. Besides being required by states, individuals purchase insurance coverage to protect themselves in the event of an accident. Of course, the concept of insurance wouldn’t work if only those who got in accidents paid premiums.
Health insurance is similar. Under the ACA, healthy individuals pay more for insurance than they are likely to pay for health care services. Because of this fact, those who require intense medical care are able to afford health care services.
This is the fundamental principle of every insurance offering. That’s just a fact.
Fact 2: The relatively sick will find it easier and less expensive to obtain health insurance beginning January 1, 2014. The healthy will pay more as a result.
The ACA requires insurance companies to cover anyone who enrolls. This is called "guaranteed issue." Sick patients who previously could not obtain coverage can now purchase insurance.
Along with guaranteed issue, regulations shifted the market away from charging individuals and small groups different amounts based on their health. Instead, they use "risk pooling" – the practice of sharing cost across a larger population and limiting the difference in premiums among individuals. With this shift, there are winners and losers.
Not being able to charge different premiums based on the individual’s health status means that the premium will reflect "the average" health of the group. As sicker individuals come into the system, the average health of the group will be worse than before. As a result, premiums for individuals with better than average health will now be higher than they were in the past and lower for those with worse than average health.
In the past, the maximum difference in premiums for the same product based on age could be as high as 600 percent. The ACA limits that difference to 300 percent.
As a consequence – and by design – premiums for older individuals will be lower than they would have been under past rules. The premiums for younger participants will be higher.
Fact 4: The cost of insurance for men and women will be much more comparable.
For young women, one of the biggest health care expenses is related to pregnancy and delivery. As a result, younger women who bought health insurance on the individual market paid more for health coverage than men of the same age and health status – or they had to buy insurance policies that didn’t cover maternity-related expenses. The ACA outlawed these practices.
Therefore, insurance will be relatively cheaper for the young women (who will benefit from coverage of maternity services) and more expensive for young men (who also may benefit when they become fathers).
Fact 5: Mandated prevention coverage will increase the cost of health care, at least in the short-term.
The ACA requires that any insured individual receive free preventive services as defined by the U.S. Preventive Services Task Force. Since many of these services were not covered in the past and since more people will have access, the total cost of providing health care will rise.
Although these investments in prevention may slow the growth rate of health care costs in the long run – and will improve the health of the population – the cost of prevention exceeds the dollars saved.
One way or another, the cost to provide these added benefits will be paid.
Fact 6: Those who purchased "skinny" coverage in the past will pay more in the future.
When someone bought an insurance policy designed to cover only catastrophic events, the plan was "skinny." It often paid as little as 40 percent of the projected average expense for someone in that particular age bracket.
The ACA prohibits any insurance company from selling a policy that costs less than 60 percent of the expected average health care spend. Plans that fall below this threshold are considered too "skinny." People with "skinny" coverage will be required to change to a more comprehensive plan. As a result, they will also pay more. This is the fundamental reason why some who liked their plans will be forced to change.
Under the original rules, these individuals would have been required to have more comprehensive coverage starting in January. But pending state insurance commissioner agreement, that timing may be altered based on the recent decision by President Barack Obama to allow individuals to keep these bare plans for up to one year.
These are "just the facts" of health care reform.
Each of these outcomes could have been predicted when the legislation was passed over three years ago. These facts reflect the decisions made by Congress. And they reflect the values of those who voted for the legislation. Had Congress made different choices, there would have been different winners and losers. There was no way for everyone to come out ahead. That is just a fact.
Should the healthy subsidize those who are sick? Should the young subsidize those who are older? Should men share with women the costs of maternity coverage? Should prevention and comprehensive coverage be provided to all? All of these can be debated.
But no one should say that the economic consequences of the ACA legislation constitute a "last-minute surprise." We could not have been certain of the magnitude of some of these changes, but anyone who read the fine print three years ago could have predicted each of these results. Those are the facts – just the facts.
Source: Forbes
Canadian pension fund to invest $200 mln in JV with India's Shapoorji
Canada Pension Plan Investment Board (CPPIB) plans to invest $200 million for an 80 percent stake in a joint venture with India's Shapoorji Pallonji Group to buy real estate assets in Asia's third-largest economy.
The joint venture will invest in leased, income-producing office buildings, according to a joint statement by the companies issued on Thursday.
With a turnover of $2.5 billion, Shapoorji's businesses include real estate development, construction, infrastructure, biofuels and agriculture, and shipping and logistics.
The Canadian pension fund had assets worth C$192.8 billion ($182.14 billion) as on Sept. 30, of which C$22 billion was invested in real estate. ($1 = 1.0586 Canadian dollars) (Reporting by Indulal P.M.; Editing by Anand Basu)
Source: Reuters
The joint venture will invest in leased, income-producing office buildings, according to a joint statement by the companies issued on Thursday.
With a turnover of $2.5 billion, Shapoorji's businesses include real estate development, construction, infrastructure, biofuels and agriculture, and shipping and logistics.
The Canadian pension fund had assets worth C$192.8 billion ($182.14 billion) as on Sept. 30, of which C$22 billion was invested in real estate. ($1 = 1.0586 Canadian dollars) (Reporting by Indulal P.M.; Editing by Anand Basu)
Source: Reuters
State pension’s funding gap widens, data suggests
By JAMES L. ROSICA
Tribune staff
Though a final report isn’t due until next month, preliminary estimates show the state pension pool’s funding gap has jumped almost $2 billion, from about $19 billion to $21 billion.
That gap, or "unfunded liability," is the difference between the money the Florida Retirement System has and the money it needs to cover current and future payouts.
Put another way, the pension fund is now only 86 percent funded, though financial experts generally agree that pension plans are healthy if they’re at least 80 percent funded.
For the 2012-13 fiscal year, the system’s return on investments was "strong" at 13 percent, according to an October report by the state’s Actuarial Assumption Estimating Conference.
The year before, however, the return was an anemic 0.22 percent, "well below" the desired 7.75 percent.
The pension plan "invests for the long term," said John Kuczwanski, spokesman for the State Board of Administration, which manages the fund. "Downturns in markets don’t scare us."
But that funding gap is why Florida House Speaker Will Weatherford, R-Wesley Chapel, wants to shut down the state’s pension fund to new hires and force them into 401(k)-style investment plans.
"While it’s too early to comment on a study that has not been released, the fact is that taxpayers spent $500 million this year to shore up a so-called ‘great’ pension system," Weatherford said in an email Wednesday. "Reform for this system is long overdue."
Workers now can pick between a pension, called a "defined benefit" plan, or a 401(k)-style plan. A House study predicted the plan would save the state nearly $10 billion over 30 years.
During the last legislative session, Weatherford backed a plan to grandfather in current pension fund members and steer new hires into what are called investment, or "defined contribution," plans.
His plan passed the House but later died in the Senate, with eight Republicans voting against it. A competing Senate proposal kept pensions but would have made 401(k)-style plans the default option for new employees.
Weatherford has said he’ll try again during the next legislative session, which starts in March.
Also, Sen. Jeff Brandes, R-St. Petersburg, filed a bill for the 2014 session that would require elected officials — including senators and representatives — to be in the state’s investment retirement plan, rather than the traditional pension.
More than 900,000 current employees and retirees are now in the pension plan. State workers comprise about a quarter of its members. The rest are teachers and local government workers, including police and fire.
"We expect to be around for a long time," Kuczwanski said, adding, "unless someone tells us differently."
jrosica@tampatrib.com
(850) 765-0807
Twitter: @jlrosicaTBO
Tribune staff
Though a final report isn’t due until next month, preliminary estimates show the state pension pool’s funding gap has jumped almost $2 billion, from about $19 billion to $21 billion.
That gap, or "unfunded liability," is the difference between the money the Florida Retirement System has and the money it needs to cover current and future payouts.
Put another way, the pension fund is now only 86 percent funded, though financial experts generally agree that pension plans are healthy if they’re at least 80 percent funded.
For the 2012-13 fiscal year, the system’s return on investments was "strong" at 13 percent, according to an October report by the state’s Actuarial Assumption Estimating Conference.
The year before, however, the return was an anemic 0.22 percent, "well below" the desired 7.75 percent.
The pension plan "invests for the long term," said John Kuczwanski, spokesman for the State Board of Administration, which manages the fund. "Downturns in markets don’t scare us."
But that funding gap is why Florida House Speaker Will Weatherford, R-Wesley Chapel, wants to shut down the state’s pension fund to new hires and force them into 401(k)-style investment plans.
"While it’s too early to comment on a study that has not been released, the fact is that taxpayers spent $500 million this year to shore up a so-called ‘great’ pension system," Weatherford said in an email Wednesday. "Reform for this system is long overdue."
Workers now can pick between a pension, called a "defined benefit" plan, or a 401(k)-style plan. A House study predicted the plan would save the state nearly $10 billion over 30 years.
During the last legislative session, Weatherford backed a plan to grandfather in current pension fund members and steer new hires into what are called investment, or "defined contribution," plans.
His plan passed the House but later died in the Senate, with eight Republicans voting against it. A competing Senate proposal kept pensions but would have made 401(k)-style plans the default option for new employees.
Weatherford has said he’ll try again during the next legislative session, which starts in March.
Also, Sen. Jeff Brandes, R-St. Petersburg, filed a bill for the 2014 session that would require elected officials — including senators and representatives — to be in the state’s investment retirement plan, rather than the traditional pension.
More than 900,000 current employees and retirees are now in the pension plan. State workers comprise about a quarter of its members. The rest are teachers and local government workers, including police and fire.
"We expect to be around for a long time," Kuczwanski said, adding, "unless someone tells us differently."
jrosica@tampatrib.com
(850) 765-0807
Twitter: @jlrosicaTBO
China's social insurance funds top $511 billion
Gross revenue of China's social insurance funds increased 22 percent year on year to 3.14 trillion yuan ($511 billion) in 2012, the Ministry of Finance said on Wednesday.
Gross expenditure increased 27 percent from 2011 to reach 2.39 trillion yuan in 2012, according to the ministry.
China's social insurance funds cover basic endowment for senior citizens, basic medicare, unemployment, work-related injury and maternity.
Gross revenue of basic endowment insurance for retirees of state-owned enterprises, the main part of the basic endowment insurance for senior citizens, reached 1.83 trillion yuan in 2012, up 19 percent from a year earlier. Gross expenditure in this part increased 22 percent from 2011 to reach 1.39 trillion yuan in 2012.
Gross revenue of basic medical insurance for urban employees, the main part of China's basic medical insurance, reached 590.9 billion yuan, up 24 percent year on year. Gross expenditure in this area rose 22 percent year on year to 472.6 billion yuan.
In addition, the gross revenue of unemployment insurance rose 23 percent to 113.9 billion yuan. The gross revenue of work-related injury and maternity insurance stood at 50.6 billion yuan and 29.9 billion yuan, an increase of 13 percent and 39 percent year on year, respectively.
Source: Chinadaily
Gross expenditure increased 27 percent from 2011 to reach 2.39 trillion yuan in 2012, according to the ministry.
China's social insurance funds cover basic endowment for senior citizens, basic medicare, unemployment, work-related injury and maternity.
Gross revenue of basic endowment insurance for retirees of state-owned enterprises, the main part of the basic endowment insurance for senior citizens, reached 1.83 trillion yuan in 2012, up 19 percent from a year earlier. Gross expenditure in this part increased 22 percent from 2011 to reach 1.39 trillion yuan in 2012.
Gross revenue of basic medical insurance for urban employees, the main part of China's basic medical insurance, reached 590.9 billion yuan, up 24 percent year on year. Gross expenditure in this area rose 22 percent year on year to 472.6 billion yuan.
In addition, the gross revenue of unemployment insurance rose 23 percent to 113.9 billion yuan. The gross revenue of work-related injury and maternity insurance stood at 50.6 billion yuan and 29.9 billion yuan, an increase of 13 percent and 39 percent year on year, respectively.
Source: Chinadaily
Reform initiatives to improve credit profiles of insurance companies
By Hu Yuanyuan
China's latest reform proposals are likely to spur business development and benefit credit profiles in the domestic insurance industry, international rating firm S&P said in a report on Friday.
However, these benefits may take several years to materialize and depend on details and implementation, it said.
"We expect business risk profiles in the Chinese insurance industry to improve gradually, given the central government's intention to strengthen social security and medical systems," said Standard & Poor's credit analyst Chen Xiaohong.
At the recently concluded Third Plenum of the Communist Party, the government reinforced its aim to enhance social safety nets. The government is encouraging insurance companies to provide more pension plans, protection products, and medical insurance. The proposed inclusion of private hospitals in medical insurance plans is consistent with international trends.
The latest initiatives could provide new business opportunities for insurers. Existing customers have limited demand for products that are largely focused on protection, medical, and long-term savings, given low product awareness.
Further, increased underwriting of protection, medical, and long-term savings products could increase the profitability of life insurance companies in China because profit margins are higher.
The government also emphasized the decisive role that market forces should play in allocating resources in the economy while maintaining a major role for State-owned enterprises.
Achieving both objectives would require significant changes to ensure that the central government deals at arm's length with the State-owned enterprises. This would be a departure from the situation today.
"We do not expect the central government to significantly change its support for the government-related enterprises in the insurance industry that we currently rate, at least for the next two to three years. That's because of the insurers' unique role in financial services, their linkage to economic development, and the importance of financial and social stability," said Chen.
Source: Chinadaily
China's latest reform proposals are likely to spur business development and benefit credit profiles in the domestic insurance industry, international rating firm S&P said in a report on Friday.
However, these benefits may take several years to materialize and depend on details and implementation, it said.
"We expect business risk profiles in the Chinese insurance industry to improve gradually, given the central government's intention to strengthen social security and medical systems," said Standard & Poor's credit analyst Chen Xiaohong.
At the recently concluded Third Plenum of the Communist Party, the government reinforced its aim to enhance social safety nets. The government is encouraging insurance companies to provide more pension plans, protection products, and medical insurance. The proposed inclusion of private hospitals in medical insurance plans is consistent with international trends.
The latest initiatives could provide new business opportunities for insurers. Existing customers have limited demand for products that are largely focused on protection, medical, and long-term savings, given low product awareness.
Further, increased underwriting of protection, medical, and long-term savings products could increase the profitability of life insurance companies in China because profit margins are higher.
The government also emphasized the decisive role that market forces should play in allocating resources in the economy while maintaining a major role for State-owned enterprises.
Achieving both objectives would require significant changes to ensure that the central government deals at arm's length with the State-owned enterprises. This would be a departure from the situation today.
"We do not expect the central government to significantly change its support for the government-related enterprises in the insurance industry that we currently rate, at least for the next two to three years. That's because of the insurers' unique role in financial services, their linkage to economic development, and the importance of financial and social stability," said Chen.
Source: Chinadaily
Thursday, 28 November 2013
Soaring Nigerian insurance premiums could benefit SA providers
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| Finance Minister Ngozi Okonjo- Iweala |
By Emele Onu
NIGERIAN insurance premiums will increase fourfold over the next five years as companies from Old Mutual to Sanlam tap into the accelerating economic growth in Africa’s most populous country.
Premiums are expected to grow to more than 1-trillion naira ($6.3bn) from 260-billion naira last year, according to Fola Daniel, CEO of the Abuja-based National Insurance Commission of Nigeria.
Life insurance is a "huge growth opportunity" in Africa’s biggest oil producer as Nigeria starts enforcing a 2004 rule making coverage compulsory for employers with five or more staff, says the regulator’s head of strategy, Babajide Oniwinde.
That helped attract investment by London-based Old Mutual and South African-based Sanlam as the policing of mandatory motor vehicle and building insurance further increased the market’s appeal. "Many assets used in the country are not insured," says Bismarck Rewane, CEO of Lagos-based investment adviser Financial Derivatives Company.
"South Africa happens to have a very mature insurance market, so it’s not a surprise investors are coming from there."
Old Mutual’s acquisition of a majority stake in Oceanic Life, a unit of Ecobank Transnational Incorporated, was approved in March, while Sanlam bought a minority of FBN Holdings’ life business in 2010.
NSIA Participations SA Holdings, based in Côte d’Ivoire, acquired a majority of ADIC Insurance, a unit of Diamond Bank; and Assur Africa Holding, a group of European development finance institutions, purchased GTAssurance, before changing its name to Mansard Insurance.
Nigeria’s regulator oversaw industry reform after the global financial crisis in 2008-09 brought the banking industry and stock market in the country to the verge of collapse.
Foreign investors can own 100% of Nigerian insurers, while the enforcement of compulsory policies is improving cash flow for firms, Mr Oniwinde says.
"There is a growing middle class and increasing number of high-net-worth individuals who would need insurance for their valuable assets," Mr Oniwinde says.
Premiums rose 12% last year from 233-billion naira in 2011, according to the regulator known as Naicom.
That is far short of developed markets. Switzerland, a country of 8-million people, had insurance premiums 38 times higher than Nigeria last year.
Nigeria’s 59 insurers, led by Leadway Assurance and AIICO Insurance, had total assets of 564-billion naira, according to the regulator.
Further premiums gains will be "driven by the anticipated strong growth in the economy, a significantly untapped insurance market and growth in the emerging middle class", according to Margaret Dawes, executive director for Rest of Africa Operations at Sanlam in Cape Town.
Nigeria’s economy, the continent’s biggest after South Africa, may expand 6.75% next year compared with an estimated 6.5% this year, Finance Minister Ngozi Okonjo-Iweala said on October 11.
"The economy is witnessing a significant level of growth, with a lot of companies springing up and needing insurance," says Sewa Wusu, an analyst at Sterling Capital in Lagos.
"The regulatory environment has also improved, making investors eager to come in to take up the risk," according to Mr Wusu.
Bloomberg
Pension assets to hit N11trn in three years
By: Bukola Idowu, Agency Report
Nigeria’s pension industry is expected to triple its assets over the next three years to N11trillion ($70 billion) as the government targets small businesses to try to get more people into pension schemes, the industry regulator said on Wednesday.
According to the Head of Research at the National Pension Commission (PENCOM), Umaru Farouk Aminu, the commission was looking at how to attract more employees of small enterprises to the schemes.
He said 50 million people were employed in small businesses with up to four employees, everything from barber’s shops to small accountancy firms.
"We expect to triple (pension assets) in two or three years time by targeting small business sector," Aminu told Reuters in a telephone interview.
The country’s pension assets have grown from about $10 billion in the last eight years, split between four million retirement savings accounts. Aminu said pension assets stood at $23.5 billion at the end of September.
He said contributions currently were mainly from half of Nigeria’s 12 million people working for the government or big companies but there were untapped opportunities in the much bigger small business sector and some big challenges too.
"It is an unwieldy sector with no regular income and it’s difficult to track with no statistics on these people," Aminu said adding that many do not have bank accounts.
He said half of Nigeria’s population of roughly 160 million were under the age of 20 years and so many were not of working age or unemployed.
The growth in pensions would also give a boost to fund flows into equities and bonds in the country and could also help improve liquidity on the stock market.
Regulations currently allow Nigerian fund managers to invest half of their portfolio in equities, 35 per cent in the money market and the rest in government bonds.
The increase in pension assets should ease liquidity problems that have dogged one of Africa’s biggest stock markets since the financial crisis in late 2008, analysts say. Large foreign funds tend to stay away because daily turnover in individual stocks rarely exceeds more than $1 million, too small for many funds.
Source: Leadership
Nigeria’s pension industry is expected to triple its assets over the next three years to N11trillion ($70 billion) as the government targets small businesses to try to get more people into pension schemes, the industry regulator said on Wednesday.
According to the Head of Research at the National Pension Commission (PENCOM), Umaru Farouk Aminu, the commission was looking at how to attract more employees of small enterprises to the schemes.
He said 50 million people were employed in small businesses with up to four employees, everything from barber’s shops to small accountancy firms.
"We expect to triple (pension assets) in two or three years time by targeting small business sector," Aminu told Reuters in a telephone interview.
The country’s pension assets have grown from about $10 billion in the last eight years, split between four million retirement savings accounts. Aminu said pension assets stood at $23.5 billion at the end of September.
He said contributions currently were mainly from half of Nigeria’s 12 million people working for the government or big companies but there were untapped opportunities in the much bigger small business sector and some big challenges too.
"It is an unwieldy sector with no regular income and it’s difficult to track with no statistics on these people," Aminu said adding that many do not have bank accounts.
He said half of Nigeria’s population of roughly 160 million were under the age of 20 years and so many were not of working age or unemployed.
The growth in pensions would also give a boost to fund flows into equities and bonds in the country and could also help improve liquidity on the stock market.
Regulations currently allow Nigerian fund managers to invest half of their portfolio in equities, 35 per cent in the money market and the rest in government bonds.
The increase in pension assets should ease liquidity problems that have dogged one of Africa’s biggest stock markets since the financial crisis in late 2008, analysts say. Large foreign funds tend to stay away because daily turnover in individual stocks rarely exceeds more than $1 million, too small for many funds.
Source: Leadership
Travellers warned to check the fine print of insurance policies
Lucy Carter
PETER LLOYD: Now to many travel is the great Australian dream, with close to nine million overseas trips made by Australians last year.
However it can all too easily end in tears and disaster if tourists get seriously ill or injured abroad.
The Government has today renewed its warning for travellers to get insurance, or else bear often massive costs.
However, many holiday-makers have reported that insurance companies are fighting them on the specifics of claims.
Lucy Carter reports.
LUCY CARTER: Elizabeth Knight was riding a bicycle in a remote area of Vietnam in September, when disaster struck,
ELIZABETH KNIGHT: I got halfway down the hill and realised my brakes don't work, so I had a very big crash at the bottom of the hill. The pedal went into my shin right to the bone, the handlebars went up across my neck, and one part of the handlebar went across into my face and pushed my teeth back.
LUCY CARTER: Jake Howard was horrifically injured in Thailand while riding a moped.
JAKE HOWARD: A French ex-pat on a black Harley Davidson was flying around the corner and actually t-boned us at probably about 90 k, and threw us probably 20, 30 metres down the street. That resulted in me having an extremely severe compound fracture of the leg. So that's, you know, bone hanging out the sides, massive cuts to the back of the head.
LUCY CARTER: Both Jake and Elizabeth had travel insurance but were still liable for huge costs.
Jake because he wasn't specifically covered for mopeds, and Elizabeth because her insurance didn't cover the extensive dental work she needed.
Zoe Patterson Ross' insurance company failed her when her appendix ruptured in Laos.
ZOE PATTERSON ROSS: I was aware that I would need a procedure and I didn't know what and we did try to call the travel insurance company but nobody picked up, despite the fact that they were meant to have a 24 hour service.
LUCY CARTER: That was just the start of Zoe's problems.
Her insurance company tried to claim that her burst appendix was a pre-existing condition.
ZOE PATTERSON ROSS: It actually took the Australian consulate stepping in and having some, from my understanding, some fairly fierce words with them for the travel insurance company to say okay, yes, well, we'll pay for your hospital bills to have had this surgery and you know, stay in there, the wards for a little so yeah, it was a bit difficult to get them to pay out.
LUCY CARTER: Today the Australian Government's launched an advertising campaign to remind people of the importance of travel insurance.
It says Australians travelling overseas need to be as self-reliant as possible, and seek consular help as a last resort.
Justin Brown, the head of the consular division of the Department of Foreign Affairs and Trade, says it's not as simple as just getting any insurance policy.
JUSTIN BROWN: We do recommend that people read the fine print of their policies. We can't and don't as a department recommend particular types of insurance policies but we do believe that people need to be aware of what the policies cover and make decisions that are well-informed on what's going to suit their circumstances the best.
LUCY CARTER: Mr Brown says the department is sometimes called upon to help travellers locked in disputes with insurance companies.
JUSTIN BROWN: Sometimes we do act as a liaison point between our consular clients and their insurance company. We do try and help with communications at times between the two. I wouldn't say we get into arbitration, but we do try and work out a solution that's going to suit the needs of our clients.
LUCY CARTER: These travellers say they will be far more careful with the fine print of policies in future.
ELIZABETH KNIGHT: I've travelled a fair bit and I was a bit blasé about it really. I just think oh yes, well I'll just get that travel insurance, but I think you do have to read the fine print.
ZOE PATTERSON ROSS: I think you need travel insurance, but you also need to know exactly what rights you have and what the travel insurance that you get entitles you to.
JAKE HOWARD: They're not necessarily there for you and the fine print is embedded I'm sure to allow them to avoid having to dish out money more often than not, otherwise they've got a broken business model I'm sure.
LUCY CARTER: Several travel insurance companies were contacted, but all declined to comment.
PETER LLOYD: Lucy Carter reporting. I think I'll stay at home this year.
Source: ABC Net
PETER LLOYD: Now to many travel is the great Australian dream, with close to nine million overseas trips made by Australians last year.
However it can all too easily end in tears and disaster if tourists get seriously ill or injured abroad.
The Government has today renewed its warning for travellers to get insurance, or else bear often massive costs.
However, many holiday-makers have reported that insurance companies are fighting them on the specifics of claims.
Lucy Carter reports.
LUCY CARTER: Elizabeth Knight was riding a bicycle in a remote area of Vietnam in September, when disaster struck,
ELIZABETH KNIGHT: I got halfway down the hill and realised my brakes don't work, so I had a very big crash at the bottom of the hill. The pedal went into my shin right to the bone, the handlebars went up across my neck, and one part of the handlebar went across into my face and pushed my teeth back.
LUCY CARTER: Jake Howard was horrifically injured in Thailand while riding a moped.
JAKE HOWARD: A French ex-pat on a black Harley Davidson was flying around the corner and actually t-boned us at probably about 90 k, and threw us probably 20, 30 metres down the street. That resulted in me having an extremely severe compound fracture of the leg. So that's, you know, bone hanging out the sides, massive cuts to the back of the head.
LUCY CARTER: Both Jake and Elizabeth had travel insurance but were still liable for huge costs.
Jake because he wasn't specifically covered for mopeds, and Elizabeth because her insurance didn't cover the extensive dental work she needed.
Zoe Patterson Ross' insurance company failed her when her appendix ruptured in Laos.
ZOE PATTERSON ROSS: I was aware that I would need a procedure and I didn't know what and we did try to call the travel insurance company but nobody picked up, despite the fact that they were meant to have a 24 hour service.
LUCY CARTER: That was just the start of Zoe's problems.
Her insurance company tried to claim that her burst appendix was a pre-existing condition.
ZOE PATTERSON ROSS: It actually took the Australian consulate stepping in and having some, from my understanding, some fairly fierce words with them for the travel insurance company to say okay, yes, well, we'll pay for your hospital bills to have had this surgery and you know, stay in there, the wards for a little so yeah, it was a bit difficult to get them to pay out.
LUCY CARTER: Today the Australian Government's launched an advertising campaign to remind people of the importance of travel insurance.
It says Australians travelling overseas need to be as self-reliant as possible, and seek consular help as a last resort.
Justin Brown, the head of the consular division of the Department of Foreign Affairs and Trade, says it's not as simple as just getting any insurance policy.
JUSTIN BROWN: We do recommend that people read the fine print of their policies. We can't and don't as a department recommend particular types of insurance policies but we do believe that people need to be aware of what the policies cover and make decisions that are well-informed on what's going to suit their circumstances the best.
LUCY CARTER: Mr Brown says the department is sometimes called upon to help travellers locked in disputes with insurance companies.
JUSTIN BROWN: Sometimes we do act as a liaison point between our consular clients and their insurance company. We do try and help with communications at times between the two. I wouldn't say we get into arbitration, but we do try and work out a solution that's going to suit the needs of our clients.
LUCY CARTER: These travellers say they will be far more careful with the fine print of policies in future.
ELIZABETH KNIGHT: I've travelled a fair bit and I was a bit blasé about it really. I just think oh yes, well I'll just get that travel insurance, but I think you do have to read the fine print.
ZOE PATTERSON ROSS: I think you need travel insurance, but you also need to know exactly what rights you have and what the travel insurance that you get entitles you to.
JAKE HOWARD: They're not necessarily there for you and the fine print is embedded I'm sure to allow them to avoid having to dish out money more often than not, otherwise they've got a broken business model I'm sure.
LUCY CARTER: Several travel insurance companies were contacted, but all declined to comment.
PETER LLOYD: Lucy Carter reporting. I think I'll stay at home this year.
Source: ABC Net
Allianz offers insurance for low income people
PT Asuransi Allianz Life Indonesia has launched three new micro-insurance products targeting low-income people as part of its business expansion.
The new products, consisting of life, house and health insurance, are expected to generate Rp 70 billion in total insurance premiums in 2013.
"We plan to sell the three new products through various micro-economic agencies [LKM] throughout Indonesia," Allianz Life Indonesia vice president director Handojo G. Kusuma said on Wednesday.
"If our strategy is successful, we will consider selling our products in minimarkets," he added.
According to Handojo, the company will only sell its products in minimarkets after careful assessment of the products’ sales through the LKM.
"If we offer the products in minimarkets and they don’t sell, it would obviously hurt our reputation. So we need to be careful," he said.
Among the new insurance products, the life insurance gives the most benefits.
The life insurance covers up to Rp 25 million (US$2,103) for burial services and the replacement of a deceased breadwinner’s income.
The house insurance covers up to Rp 5 million for temporary housing to compensate for houses razed by fire while the health insurance covers up to Rp 100,000 a day for medical treatment and 50 percent of total surgery fee.
Allianz Life Indonesia emerging consumers business unit head Edi Yoga Prasetyo, meanwhile, said the company was targeting people with a monthly income of less than Rp 2.2 million.
Edi said most people were not aware of the benefits of insurance products because they lacked financial literacy.
"Because of this, only a few people include insurance products in their expenses. People don’t wake up and decide to buy insurance products. They do so after they are prompted by promotional and marketing programs," he said.
He said his company would devise programs to inform and educate people about the benefits of micro-insurance products.
"We will also train our sales agents how to inform people about the benefits of micro-insurance because as our partners, they play a vital role in marketing our products," he said.
Edi said the company’s total micro-insurance premium income reached Rp 60.4 billion in September, a 33 percent year-on-year increase, thanks to the role of new agents in attracting new clients in late 2012.
Source: Jakarta post
The new products, consisting of life, house and health insurance, are expected to generate Rp 70 billion in total insurance premiums in 2013.
"We plan to sell the three new products through various micro-economic agencies [LKM] throughout Indonesia," Allianz Life Indonesia vice president director Handojo G. Kusuma said on Wednesday.
"If our strategy is successful, we will consider selling our products in minimarkets," he added.
According to Handojo, the company will only sell its products in minimarkets after careful assessment of the products’ sales through the LKM.
"If we offer the products in minimarkets and they don’t sell, it would obviously hurt our reputation. So we need to be careful," he said.
Among the new insurance products, the life insurance gives the most benefits.
The life insurance covers up to Rp 25 million (US$2,103) for burial services and the replacement of a deceased breadwinner’s income.
The house insurance covers up to Rp 5 million for temporary housing to compensate for houses razed by fire while the health insurance covers up to Rp 100,000 a day for medical treatment and 50 percent of total surgery fee.
Allianz Life Indonesia emerging consumers business unit head Edi Yoga Prasetyo, meanwhile, said the company was targeting people with a monthly income of less than Rp 2.2 million.
Edi said most people were not aware of the benefits of insurance products because they lacked financial literacy.
"Because of this, only a few people include insurance products in their expenses. People don’t wake up and decide to buy insurance products. They do so after they are prompted by promotional and marketing programs," he said.
He said his company would devise programs to inform and educate people about the benefits of micro-insurance products.
"We will also train our sales agents how to inform people about the benefits of micro-insurance because as our partners, they play a vital role in marketing our products," he said.
Edi said the company’s total micro-insurance premium income reached Rp 60.4 billion in September, a 33 percent year-on-year increase, thanks to the role of new agents in attracting new clients in late 2012.
Source: Jakarta post
Guinea, Unic, eight others yet to submit 2012 accounts
Chuks Udo Okonta
Barely a month to the end of the year,
10 insurance firms have failed to submit their 2012 financial accounts to the
National Insurance Commission (NAICOM) as required by the law.
NAICOM in a circular entitled: submission status
of 2012 financial statements of insurance companies as at monday, November 26,
2013, named the erring firms as,
Alliance & General; Alliance & General Life
Assurance Plc; Goldlink Insurance; Spring Life Assurance Plc; Guinea Insurance
Plc; Industrial & General Insurance Plc; International Energy Insurance Plc;
Investment & Allied Assurance Company Limited; Unic Insurance Plc and NICON
Insurance plc.
The commission noted that 50 firms have submitted, while
28 have been approved, the responses made by seven firms whose accounts were queried
are being reviewed.
The accounts
submitted by seven other firms were queried and responses being awaited and
eight accounts are being reviewed.
Those approved are Mansard Insurance; ADIC Insurance
Limited; WAPIC Insurance Plc; Consolidated Hallmark Insurance; Oasis Insurance
Plc; FBN Life Ass Limited; Continental Reinsurance Company Plc; AIICO Insurance
Plc; Leadway Assurance Company Limited; Crusader General Insurance Limited;
Crusader Life Insurance Limited; UBA Metropolitan Life Insurance Company;
Zenith Insurance Company Limited; Unitrust Insurance Company Limited; Unity
Kapital Assurance Plc.
Others are Standard Allied Life Assurance; Custodian
& Allied Insurance Plc; Regency Alliance Company; Royal Exchange Assurance
Plc; Sovereign Trust Insurance Plc; Zenith Life Insurance Limited and Royal
Prudential Life Assurance Plc; Prestige Assurance Plc; FIN Insurance Limited;
Equity Assurance Plc; Sterling Assurance Nigeria Limited; Law Union & Rock
Insurance Company Plc; Oceanic (old Mutual)and Cornerstone Insurance Plc.
The accounts queried and awaiting responses are those of Wapic Life Assuarance Limited; Nem Insurance
Plc; Crystal Life Insurance Plc; PHB Insurance Plc; Lasaco Assuarnce Plc; Great
Nigeria Insurance and Lasaco Life Assurance; Linkage Assurance, Union
Assurance, Nigeria Reinsurance Corporation and The Universal Insurance Company
Limited.
While the accounts being reviewed are Staco Insurance; Capital
Express; Standard Alliance; Mutual Benefits; African Alliance; Anchor Insurance
and Nigerian Agriculture Insurance Corporation.
Wednesday, 27 November 2013
Family, associates eulogise late Lasaco chairman
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|
From left: Managing Director Lasaco
Assurance Plc, Olusola Ladipo-Ajayi and other associates at the event in Lagos.
|
Chuks Udo Okonta
Emotions were intense, as family
members and associates filed out to eulogise the late Chairman of Lasaco
Assurance Plc, Edward Leign, who died on November 4.
At a service of songs held in his
honour today in Lagos, his contributions which cut across religion, families,
business and more were highlighted by people who he touched positive while
alive.
The Managing Director Lasaco Assurance
Plc, Olusola Ladipo-Ajayi, said the decease influenced his life tremendously as
his tenure was eventful. He noted that he was forthright, outspoken and never arrogate
credit to himself.
Ajayi said his achievements are casted
in concrete and written in the annals of the company. He noted that the
management and staff of the company will miss him greatly as he was a father to
all.
Mrs Rotimi Nweze one of decease daughter,
noted that her father had left a vacuum in the family, adding that the he would
be remembered for his faithfulness, honesty, truthfulness.
She noted that her father took pride
in hard work and never compromised on whatever he believed was genuine.
The Principal Methodist Boys High
School Lagos, Bayo Okunowo, said Edward services to mankind cut across children,
elders, widow. Noting that he imapacted many through his philanthropic belief,
as he never turned the needed down.
Funmi Felix, a director in Lasaco,
said Edward, was a good leader, who ran all inclusive management, adding that till
the very last, he was mindful of the needful in the organisation.
Royal Exchange posts N7.61bn gross premium
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| From left: Chairman Royal Exchange Plc, Kenneth Odogun and Group Managing Director Chike Mokwunye at the event in Lagos. |
·
Pays 4kobo dividend
Chuks Udo Okonta
Royal Exchange Plc generated gross premium of N7.61
billion last year, its Chairman, Kenneth Odogun, has said.
He disclosed this today, Wednesday, at the firm’s
Annual General Meeting (AGM) in Lagos. He said the company’s claims expenses
during the year amounted to N1.63 billion, similar to N1.64 billion paid in
2011.
Odogun noted that the firm’s expense increased
by 15.13 per cent, from N1.85 billion in 2011 to N2.13 billion last year,
adding that this translated into net income before overhead expenses of N3.54
billion, as against N3.17 billion of 2011, an increase of 11.91 per cent.
He said the firm’s investment income
increased significantly by 35.10 per cent from N475.21 million in 2011 to
N642.02 million last year, adding that the appreciable recovery of the capital
and money markets instruments enabled the firm to maximise returns from its
quoted equities and cash portfolios.
He said the group achieved a profit before
tax of N743 million, stressing that the achieved result was due improvements in
the performances of the group’s subsidiaries.
His declaration of the board’s decision
to pay a dividend of 4kobo per 50kobo ordinary share was accepted by the shareholders,
who poured encomium on the firm for paying dividend at a time many companies are
facing challenges.
President Independent Shareholders
Association of Nigeria (ISAN) Sunny Nwosu, lauded the company’s courage to pay dividend
to shareholders. He urged the company to sustain the confidence reposed on it
by doing what is right to shareholders.
Odogun, who his tenure elapsed this
year, was return as the firm’s chairman together with his other board members.
About 80% of insurers' products approved in 2012 are doing well - NAICOM
Chuks Udo Okonta
The National Insurance Commission (NAICOM) has said about
80 per cent of the products it approved for insurers last year are performing
well, contrary to the belief that products do not sell because they are not people
centred.
A statement by Head, Corporate Affairs, NAICOM 'Salami
'Rasaaq, said to align the industry with the trends in the emerging market, the
commission encourages the insurance companies to design and market
attractive new products to entice customers with the aim of increasing sales
and market development.
He said: “The world is witnessing paradigm shift from
simple to complex society due to technological advancement. The dynamics of the
environment changes the consumer’s wants and needs in respect of insurance
products.
“Following the trends of the emerging market, the
Commission encourages the insurance companies to design and market
attractive new products to entice customers with the aim of increasing sales
and market development. Companies are to subsequently submit updates on the
product performance on quarterly basis after approval has been granted to them
by the Commission to sell the products.
“The report reveals that about 80 per cent of the
products approved for the year 2012 are performing well.”
The product update published by NAICOM shows that
companies like Mansard Insurance Plc, Leadway generated huge premium from their
last year’s approved products.
Lawal Mijinyawa giving insurance a human face
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| Mijinyawa |
Insurance in this part of the world is a hard sell because people do not on their own buy policies; they are usually compelled. Given this situation, not many people including professional marketers gladly accept to take a career selling insurance.
When you however find those who despite the huge apathy on insurance services take a career in the industry and excel, then give it to them; they are complete and can achieve greatness in almost every field.
This is the class where Lawal Mijinyawa, the current, executive director, operations of UnityKapital Assurance plc belongs.
As the Executive Director (Operations) UnityKapital Assurance plc, his role and function is a clear manifestation of the values he imbibed and built on over the years. The professional calling has also drawn on his humane character and love for fellow man.
In one article written on his person in recent past, he (Mijinyawa) was described as a model in insurance practice. It is even more so apt to say now, knowing that Mijinyawa is presently championing a paradigm shift in insurance practice and service delivery.
To Mijinyawa, the business of insurance (Cover against Risk/Loss) requires humanitarian interface. His model of insurance service delivery is built on total customer satisfaction. He has perfectly struck a balance (a fair balance at that) between corporate earnings and clients’ satisfaction.
As for him, the corporate gains can only be earned and sustained through enduring value manifestation, in beneficial customer service. A satisfied clientele translates to corporate success.
Add to that practice code is his belief in customer education and enlightenment as fundamental to profitable decision-making, according to Mijinyawa. Therefore, Mijinyawa has committed himself to clients’ enlightenment.
In his capacity as the Executive Director (Operations), he drives the business of insurance from the very heart of it. He leads the engine room of insurance from his company. His humane disposition has endeared him to a large population of people awed by his kindness, love, humane disposition, carefulness and patience.
After his first degree in Mathematics, University of Jos, Mijinyawa engaged himself for an advanced certificate course in Management, at Kaduna Polytechnic. This move was more of confusion to those who didn’t see what Mijinyawa had in view.
To have had to come down to do a certificate course after a degree programme in Mathematics would have been clearly a deft strategic move. He did that, looking back now, to fortify himself for the role, functions, duties and service to mankind, as he presently finds himself doing.
From there, he proceeded to Abubakar Tafawa Balewa University, Bauchi, for his Masters of Business Administration (MBA) degree programme, 2000-02 years. Mijinyawa settled for insurance as a profession. Yet, for those who did not share similar vision with Mijinyawa, his choice of profession, considering his academic training, were not too sure what the attraction was. To some, the banking industry would have been more attractive. But the quintessential Lawal Mijinyawa knew where the tide will blow, and where his attraction – "In service To Mankind."
In keeping with the calling of his chosen profession, Lawal continued learning and studying the profession, Insurance. Today, Mijinyawa holds the following professional certificates: Associate Member of the Nigerian Institute of Management; Associate Member of the Nigerian Institute of Marketing (AMNIM) and Associate Member of Chartered Insurance Institute of Nigeria (ACIIN).
Prior to his joining UnityKapital, Mijinyawa worked with Niger Insurance plc where he functioned as actuarial valuation officer at the Lagos Head office; branch manager Kaduna and regional manager and head of Northern operation, Abuja.
He has written over 12 professional publications to his credit. Well travelled, Mijinyawa has attended various local and international courses both in insurance and outside insurance.
Old Mutual, Sanlam to gain from Nigerian insurance growth
Nigerian insurance premiums will increase fourfold over the next five years as companies from Old Mutual Plc to Sanlam Ltd. tap an acceleration in economic growth in Africa’s most populous nation.
Premiums will grow to more than 1 trillion naira ($6.3 billion) from 260 billion naira in 2012, said Fola Daniel, chief executive officer of the the Abuja-based National Insurance Commission of Nigeria.
Life insurance is a "huge growth opportunity" in Africa’s biggest oil producer as Nigeria starts enforcing a 2004 rule making coverage compulsory for employers with five or more staff, said the regulator’s head of strategy, Babajide Oniwinde.
That helped attract investment by London-based Old Mutual and Sanlam of South Africa as the policing of mandatory auto and building insurance further increased the market’s appeal.
"Many assets used in the country are not insured," Bismarck Rewane, chief executive of Lagos-based investment adviser Financial Derivatives Co., said by phone.
"South Africa happens to have a very mature insurance market, so it’s not a surprise investors are coming from there."
Old Mutual’s acquisition of a majority stake in Oceanic Life, a unit of Ecobank Transnational Inc., was approved in March, while Sanlam bought a minority of FBN Holdings Plc life business in 2010.
NSIA Participations SA Holdings, based in Ivory Coast, acquired a majority of ADIC Insurance Ltd., a unit of Diamond Bank Plc and Assur Africa Holding, a group of European development finance institutions, purchased GTAssurance Plc, before changing its name to Mansard Insurance Plc.
Industry Reform
Nigeria’s regulator oversaw industry reform after the global financial crisis in 2008 and 2009 brought the banking industry and stock market in Africa’s biggest oil producer to the verge of collapse.
Foreign investors can own 100 percent of Nigerian insurers, while the enforcement of compulsory policies is improving cash flow for companies, Oniwinde said.
"There is a growing middle class and increasing number of high net worth individuals who would need insurance for their valuable assets," Oniwinde said.
Premiums rose 12 percent last year from 233 billion naira in 2011, according to the regulator known as Naicom.
That’s far short of developed markets.
Switzerland, a country of 8 million people, had insurance premiums 38 times higher than Nigeria last year.
Nigeria’s 59 insurers, led by Leadway Assurance Plc and AIICO Insurance Plc, had total assets of 564 billion naira, according to the regulator.
Growth Potential
Further premiums gains will be "driven by the anticipated strong growth in the economy, a significantly untapped insurance market and growth in the emerging middle class," Margaret Dawes, executive director for Rest of Africa Operations at Cape Town-based Sanlam, said in e-mailed response to questions.
Nigeria’s economy, the continent’s biggest after South Africa, may expand 6.75 percent next year, compared with an estimate of 6.5 percent in 2013, Finance Minister Ngozi Okonjo- Iweala said October 11.
"The economy is witnessing a significant level of growth, with a lot of companies springing up and needing insurance," Sewa Wusu, an analyst at Sterling Capital Ltd. in Lagos, said in an interview.
"The regulatory environment has also improved, making investors eager to come in to take up the risk." - Bloomberg News
Source: Post
Premiums will grow to more than 1 trillion naira ($6.3 billion) from 260 billion naira in 2012, said Fola Daniel, chief executive officer of the the Abuja-based National Insurance Commission of Nigeria.
Life insurance is a "huge growth opportunity" in Africa’s biggest oil producer as Nigeria starts enforcing a 2004 rule making coverage compulsory for employers with five or more staff, said the regulator’s head of strategy, Babajide Oniwinde.
That helped attract investment by London-based Old Mutual and Sanlam of South Africa as the policing of mandatory auto and building insurance further increased the market’s appeal.
"Many assets used in the country are not insured," Bismarck Rewane, chief executive of Lagos-based investment adviser Financial Derivatives Co., said by phone.
"South Africa happens to have a very mature insurance market, so it’s not a surprise investors are coming from there."
Old Mutual’s acquisition of a majority stake in Oceanic Life, a unit of Ecobank Transnational Inc., was approved in March, while Sanlam bought a minority of FBN Holdings Plc life business in 2010.
NSIA Participations SA Holdings, based in Ivory Coast, acquired a majority of ADIC Insurance Ltd., a unit of Diamond Bank Plc and Assur Africa Holding, a group of European development finance institutions, purchased GTAssurance Plc, before changing its name to Mansard Insurance Plc.
Industry Reform
Nigeria’s regulator oversaw industry reform after the global financial crisis in 2008 and 2009 brought the banking industry and stock market in Africa’s biggest oil producer to the verge of collapse.
Foreign investors can own 100 percent of Nigerian insurers, while the enforcement of compulsory policies is improving cash flow for companies, Oniwinde said.
"There is a growing middle class and increasing number of high net worth individuals who would need insurance for their valuable assets," Oniwinde said.
Premiums rose 12 percent last year from 233 billion naira in 2011, according to the regulator known as Naicom.
That’s far short of developed markets.
Switzerland, a country of 8 million people, had insurance premiums 38 times higher than Nigeria last year.
Nigeria’s 59 insurers, led by Leadway Assurance Plc and AIICO Insurance Plc, had total assets of 564 billion naira, according to the regulator.
Growth Potential
Further premiums gains will be "driven by the anticipated strong growth in the economy, a significantly untapped insurance market and growth in the emerging middle class," Margaret Dawes, executive director for Rest of Africa Operations at Cape Town-based Sanlam, said in e-mailed response to questions.
Nigeria’s economy, the continent’s biggest after South Africa, may expand 6.75 percent next year, compared with an estimate of 6.5 percent in 2013, Finance Minister Ngozi Okonjo- Iweala said October 11.
"The economy is witnessing a significant level of growth, with a lot of companies springing up and needing insurance," Sewa Wusu, an analyst at Sterling Capital Ltd. in Lagos, said in an interview.
"The regulatory environment has also improved, making investors eager to come in to take up the risk." - Bloomberg News
Source: Post
Tuesday, 26 November 2013
Picture of sovereign Trust Insurance Plc annual general meeting
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|
From left: Mrs Yetunde Martins of Equity Union
Limited, Company Secretary to Sovereign Trust Insurance Plc; Chairman, Ephraim
Faloughi; MD/CEO, Wale Onaolapo and Vice Chairman, Oluseun Ajayi, at the 18th
Annual General Meeting (AGM)of the company held in Lagos recently.
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Maiden address to the press on Tuesday November 26, 2013, by CIIN DG Kolawole Ahmed
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| Ahmed |
MAIDEN ADDRESS TO THE PRESS ON TUESDAY
26TH NOVEMBER, 2013.
I am most delighted by this
opportunity to address you today as the sixth Director General of our great
Institute. The challenges thrust on my shoulder by the Governing Council are by
no means, daunting and calls for the co-operation of my colleagues in what I
have chosen to tag a collegiate administration. This is not going to be a
one-man show or an administration by rule of the thumb. I have therefore set
before me a straight path with clear cut agenda for taking the Institute to another
level.
It is therefore my utmost pleasure in
welcoming distinguished members of the media to this my maiden briefing, while
soliciting your continued invaluable partnership.
I wish to state that, commitment to
the challenges of turning the Institute into a world-class professional body
remains the focus of the secretariat team. These challenges include the
continuous improvement of our service delivery to the teeming members of the
Institute, reinforcing the growth agendas rolled out by successive Presidents
of the Institute as well as guaranteeing the actualization of the statutory
goals and objectives of the Institute, chief of which is the provision of
robust platforms for the determination of the skills and knowledge expected of
those who hold themselves out as Insurance practitioners in Nigeria.
It is in response to these abiding
challenges that I put forward my vision for taking the Institute to another and
much loftier height. The areas in focus are the Secretariat, Administration,
Institute Members, the Institute as a Body, relationship with the Regulator
(NAICOM) as well as the College of Insurance project.
Permit me to dwell briefly on these
focal points:
THE SECRETARIAT
To serve as engine room for generation
of ideas and formulation of polices for Governing Council’s consideration and
ratification.
To provide the machinery and serve as
vehicle for full, proper and effective implementation of Governing Council’s
resolutions and directives.
To provide appropriate and effective
support for Committees of Council in the discharge of their assigned roles and
responsibilities.
ADMINISTRATION
To institute an administration that is
focused, responsive, pro-active and clinically effective in the discharge of
its responsibilities. An administration that is prudent in management of
resources with due regards for transparency, probity and accountability.
To lead a team of management that is
participatory, cohesive and committed to the goals and objectives of the
Institute and the accomplishment of resolutions of its Governing Council.
To promote the enthronement of a
compact, disciplined, dedicated, self-actualized, assertive, firm but friendly
and well-motivated workforce capable of delivering prompt, effective and
satisfactory services to members, students and all stakeholders.
To create an atmosphere conducive for
effective delivery of be-spoke services to members and students as well as
making the Secretariat receptive and welcoming to all members.
MEMBERS’ WELFARE
To strive towards the establishment
and sustenance of a sound, constructive and effective communication links with
members, students and other stakeholders for the purpose of ensuring prompt
dissemination of information about Institute’s programmes, events and
activities while also allowing for feedbacks on Institute’s performance.
To ensure the compilation and periodic
updating of the names of professionals both within the industry and in diaspora
(i.e. outside the mainstream of insurance industry) with the objective of
establishing and maintaining a line of communication with and mobilizing them
for participation in and contribution to programmes and activities organized by
the Institute and generally giving them a sense of belonging.
To galvanize members to have
confidence in and ‘own’ the Institute by giving full support in terms of attendance
of or advice on all programmes of the Institute and/or volunteering useful
advice and suggestions towards improvement of such programmes.
To promote a sense of belonging
amongst members of the Institute such that they will all regard the secretariat
as their second home.
THE INSTITUTE
To continually promote and safeguard
the image, status and pre-eminence of the Institute as the umbrella body for
all insurance practitioners as well as its role as the sole education and
training body statutorily empowered ‘to determine the standards of knowledge
and skill to be attained by persons seeking to become registered members of the
Insurance profession’.
To maintain and jealously safeguard
the sanctity and integrity of the Institute’s professional examinations while
striving to attain an increment in students enrolment to 3000 candidates per
diet within the next 3 years.
To inject into the industry a larger
number of professionally qualified personnel by striving to improve student
enrolment for the professional examinations and invariably achieving a record
of at least 5000 certified professionals serving the industry by year 2017.
To promote wider acceptability of the
Institute’s Certificate within the Africa Continent and beyond.
Gentlemen of the Press, let me
acknowledge the endearing roles you have continued to play as the media and
also admit the fact that your partnership will remain germane in this
dispensation. I wish, on behalf of the President/Chairman of Council,
appreciate your immense support for the President’s cardinal programme of
Promoting Insurance Education in Nigeria. As you are aware, the program has
progressed steadily with the donation of insurance course books to tertiary
institutions in Nigeria. I am pleased to inform you that the Presidency of Mr.
Fatai Kayode Lawal is also committed to the production of an Insurance Textbook
for Secondary Schools. The book presentation will be a major highlight of the
2013 Graduation and Awards Ceremony on Thursday 5th December, 2013 at 10
Degrees Events Centre, Ikeja, Lagos. It no doubt represents a major leap in the
Institute’s efforts geared at reinforcing the approval of Insurance as a course
of study in Secondary Schools by the Federal Ministry of Education. The Book
Presentation Ceremony which will be graced by Commissioners of Education and
top functionaries of our industry, will herald a new dawn in Insurance
Education and engender a significant step towards entrenching insurance in the
consciousness of the future leaders of our nation.
It is my belief that your
constituency, the media, which I fondly call the powerful constituency will
join other stakeholders of Insurance Industry in presenting the book;
“Insurance for Secondary Schools” to the Nigerian Nation.
Once again, I thank you for your
invaluable roles in the growth and development of the institute and the
Insurance Industry as a whole.
KOLAWOLE R. AHMED, FCII, FIIN
DIRECTOR GENERAL
Kola Ahmed now CIIN’s Director General
|
| Ahmed |
·
Targets 5000 certified professionals by year
2017
Chuks Udo Okonta
Kolawole Ahmed has assumed the position of
substantive Director-General of the Chartered Insurance Institute of Nigeria (CIIN).
Prior to his appointment, he had run
the secretariat of the premier professional body in an Acting capacity, following
the retirement of the erstwhile Director-General, Adegboyega Adepegba.
He said at a press parley today
Tuesday, that one of his cardinal agenda is to inject into the industry a larger number of
professionally qualified personnel by striving to improve student enrolment for
the professional examinations and invariably achieving a record of at least
5000 certified professionals serving the industry by year 2017.
Ahmed, joined the service of the
Institute as Deputy Director General, a position he assumed in April, 2012 in
line with the policy of the Governing Council to engender a succession plan. He
became Acting Director General on Tuesday 13th August, 2013 on the
pronouncement of the Institute’s Council and therefore commenced the dawn of a
new era in the administration of the Institute’s secretariat.
Whilst still in acting capacity, he set
the path for a collegiate administration and showed a clear commitment to
prudence and transparency.
His appointment as the sixth Director
General/Chief Executive Officer of the 54-year old institute was confirmed by the
Governing Council on Tuesday November 12, 2013.
The CIIN Director General holds a
Bachelors Degree with honours in Insurance from the University of Lagos
obtained in 1981. He has also capped this with a Master of Business
Administration Degree obtained in 2001 from the Lagos State University (LASU).
An Associate of the Chartered
Insurance Institute, United Kingdom, Ahmed, became a Fellow of the same
Institute attained by examination in 2006. He was also in 2007 awarded the
Fellowship of the Chartered Insurance Institute of Nigeria.
His career in Insurance spans over 30
years, starting in 1981 at Hogg Robinson Nigeria where he secured his first
employment after his National Youth Service (NYSC).
He has had a robust and varied
experience in the Insurance Industry across its various sectors and strata,
having worked in both the Broking and Underwriting sectors as shown below:
Hogg Robinson Nigeria - 1981 – 1986
Koguna Babura & Company - 1986 – 1991
Nigerian-French Insurance Co. Ltd - 1991 – 2007
AIICO Insurance Plc - 2007 – 2009
In 2009, he voluntarily retired from
AIICO to found and manage his Insurance Broking Company (Krabond Insurance
Brokers).
He is a member of various Professional
and Social organisations, including: Fellow, The Chartered Insurance Institute
(CII), UK Fellow, Chartered Insurance Institute of Nigeria, member, Society of
Fellows of the CII, UK; Member, Faculty of Underwriting of the CII, UK; Member,
Faculty of Insurance Broking of the CII, UK; Member, Nigeria Institute of
Management; Member, Lagos Country Club
and Member, Great Eagles Club of
Nigeria
Kola Ahmed is a devout Muslim and is
happily married with children.
SUCCESSIVE ADMINISTRATION OF THE CIIN
SECRETARIAT (1987 – 2013)
Otunba Biodun Banwo (Late) 1987
– 1993
Mrs. Claudiana A. Brown 1993 – 1996
Mr. Sylvester E. Unigwe 1996
– 1999
Mr. David Olatunde Aburo (Late) 2000 – 2003
Mr. Adegboyega Adepegba 2003 – 2013
Kolawole R. Ahmed 2013 – Date
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