INSPENONLINE: Influx of immigrants into the UK boosts insurance business

Sunday, 24 May 2015

Influx of immigrants into the UK boosts insurance business

The UK just recorded a massive year for migration. People are streaming into the UK, mostly from Europe, at the fastest pace on record, according to figures released Thursday.

Most headlines will broadcast the net migration figure, which rose by 318,000 in 2014 — the biggest rise since statistics began in 1970. The net figure subtracts the number of migrants who left the country in 2014 from the total number of people who migrated to the UK in the same year. A total of 641,000 people immigrated to the UK in 2014.

That overwhelming figure actually understates the huge number of people who registered for National Insurance numbers (used in the UK to prove you're properly registered to work for tax purposes): A whopping 824,154 more people got NI cards in the year to March 2015, figures released Thursday morning show. That number is equivalent to about 1.2% of the UK's population, with 629,410 NI numbers issued to people from other EU countries. Of those, most are from just four countries:

Poland: 115,606
Romania: 152,363
Italy: 57,635
Spain: 54,203

This is a seriously massive year. There were about 120,000 more NI numbers issued over the last year than in the next-highest year since the financial crisis. (In the year to March 2011 just over 700,000 numbers were issued.)

It's not clear why the NI registration figure is considerably larger than the registered migration figure. The periods are slightly different (the net migration figures are for 2014 as a whole, while the NI number figures are for the year to March 2015), but that doesn't really account for another 180,000 or so people coming to the UK.

It's clear to see from a map of registrations that while there are urban hubs of migration in places like Manchester and Birmingham, the applications are located primarily in the southeast of the country and London. (In fact, those two areas combined make up more than half the total.)

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Lawal is Inspen 2014 insurance man of the year

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

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

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

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

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

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

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

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

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

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

Casino and Gaming Insurance

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What else do you need to know about casinos and insurance? Unless you are a casino operator, there really isn’t anything else you need to think about. Essentially, when you are a player you need to concentrate on creating your own personal insurance to yourself. In other words, you need to make sure that you create a gambling budget and that you stick to it. Once you create a bankroll, your goal should never be to deplete it. This makes certain that you will always have money with which you can play. Equally, you should set yourself winning and losing limits, so you know when to call it a day.
　