L-R:  Managing Director/CEO, NEM Insurance Plc, Mr. Andrew Ikekhua; Group Chairman, Mr. Tope Smart and Company Secretary, Mrs. Ifunanya Iwuagwu, during the 54th AGM of NEM Insurance Plc held in Lagos.

NEM Insurance Plc recorded Group’s Profit Before Tax (PBT) of N18.9 billion and N5.5 billion in 2023 and 2022 respectively, an increase of 244 percent, while the parent company’s PBT was N19.2 billion for 2023 and N5.5 billion for 2022, an increase of 249 percent.

Mr. Tope Smart, the Group Chairman of NEM Insurance Plc, said at the 54th Annual General Meeting (AGM) of the insurer in Lagos that the position of the Group Financial Assets between 2022 and 2023 increased by 160 percent while Total Assets and Total Equity also improved by 68 percent and 43 percent respectively

The company reported an increase of 106 percent in total investment income in 2022 which was N1.6 billion while that of 2023 was N3.3 billion.

Smart told shareholders that the claims paid during the year under review was N15.7 billion as against N12.3 billion in 2022; an increase of 28 percent over that of the preceding year. The claims ratio for 2023 was 30 percent while that of 2022 was 40 percent, a decrease of 25 percent.

On dividend, the NEM Insurance Group Chairman said: “The Board is recommending a dividend of 60 kobo per N1 ordinary shares amounting to N3,009,886,660.20 payable to shareholders subject to deduction of withholding tax at the appropriate rate.”

On future prospects of the Group, Smart added: “As part of our expansion strategy, our plan to set up a viable life assurance company is in progress.”

In his report, Mr. Mr. Andrew Ikekhua, the Managing Director/CEO of NEM Insurance Plc said”

“During the year, the Global Credit Rating Agency of South Africa upgraded our financial strength from AA minus to AA with stable outlook. This new rating indicates our strong financial capacity to meet our obligations and plan big in the market. It also improves our brand acceptability with better chances of winning more corporate businesses. As part of our corporate strategy, five new retail products were developed and deployed three into the market after NAICOM’s approval.”

He stated that more attention was given to the digital distribution of “our commoditised products through various business partnerships. The company sustained her leadership position in motor insurance with a huge gap ahead of the other underwriters. This giant strike attracted a recognition of best CEO of the year Award which was won by our immediate past GMD/CEO from BusinessDay Newspaper and Almond Production Insurance of the Year Award. Going forward, we shall continue to press home our strategic objectives while leveraging on our strength built on reputation, branch acceptability and strong financial capacity.”

L-R: Femi Oduwole, MD, Leverage Insurance Brokers, Tope Adaramola, Executive Secretary/CEO, Nigerian Council of Registered Insurance Brokers (NCRIB) and Prince Babatunde Oguntade, NCRIB, flanked by members of staff of Sovereign Trust Insurance Plc at the 2024 NCRIB Market Storm held in Lagos on June 27, 2024.

Sovereign Trust Insurance Plc was one of the partnering companies that facilitated the market storm organised by the Nigerian Council of Registered Insurance Brokers (NCRIB).

The initiative is geared towards creating more awareness on insurance products and services to the general public whilst at the same time emphasizing on the role of Brokers in transacting insurance business.

Poised to increase insurance uptake and deepen insurance penetration in Nigeria, insurers are creating value for stakeholders through innovative products and excellent service delivery.
Some of the companies known for prioritising innovative products and excellent service delivery include Universal Insurance Plc, Guinea Insurance Plc and Norrenberger Group.
Today one of the Universal Insurance products, ‘Keke PASS’, is receiving commendations across the country by Keke owners.
Speaking during the launch of the product in Aba, the Managing Director/ CEO, Universal Insurance, Mr. Benedict Ujoatuonu, said the product became necessary because conventional insurance products do not take into account the peculiarities of ordinary Nigerians.
Ujoatuonu said: “Keke Pass is Keke Passenger Assurance Safety Scheme and it is intended to provide some personal accident cover for the riders and their passengers in terms of injury, death and third-party liability while riding their Keke. Beyond the unique benefits this product provides for the riders, it makes it affordable because it is cheaper.
“It is also very flexible. This is because we are dealing with people in the lower cadre. The product is technologically driven, end-to-end, and sold via an electronic platform. With your mobile device, you can have access to it.’
The Tricycle Owners Association of Nigeria (TOAN) and Aba Tricycle Riders Integrated Welfare Association (ATRIWA) commended Universal Insurance for launching the product in Aba.
Guinea Insurance, among other lines of products, offers both Third-Party Motor Insurance and Comprehensive Motor Insurance. The third-party Motor Insurance covers third parties who are affected by an accident only, while the Comprehensive variant covers both the insured and third parties affected by an accident.
Third-party motor insurance is one of the six compulsory insurances stipulated by the Insurance Act 2003 which guides insurance operations in Nigeria. It represents the legal minimum level of motor insurance cover any motor vehicle or Tricycle owner should have to qualify to ply Nigerian roads and stipulates compensation to accident victims.
Guinea Insurance’s comprehensive motor insurance provides cover for loss of or damage to the motor car resulting from accidental collision or overturning,  loss or damage resulting from fire or theft and unlimited liability for death/bodily injury to third parties.
The Company offers  a discount on the premium payable for every policy and Free Tracking device installation subject to the value of the vehicle as additional incentives.
In a bid to ensure seamless transactions and enhance customers’ experience, Guinea Insurance, a foremost risk management solution provider in Nigeria has launched a revolutionary self-service motor insurance e-portal that allows customers to purchase motor insurance products in less than two minutes.
The Managing Director, Guinea Insurance, Ademola Abidogun, said that the motor insurance portal was launched to provide the insuring public with unlimited access to make real-time purchases from anywhere and whenever they needed to.
According to him, the portal gives customers the freedom to buy authentic and reliable motor insurance policies without any geographical barrier; insofar as the vehicle is within the Nigerian land borders.
“As it stands today, consumer behaviour is undeniably shifting and favouring effortlessness more than before, whether by simply engaging with a business quickly and conveniently or by easily accessing the most relevant information to meet their individual needs. Our customers nationwide would be able to choose and make informed decisions to purchase motor insurance products that best suit their insurance needs.”
Norrenberger Group, apart from its existing products such as Engineering Insurance, Bonds, General Accident Insurance, Fire and Special Perils, Motor Insurance, and Marine Insurance, the Group is developing insurance products that will enhance and support climate change in all ramifications.
The Managing Director/CEO, International Energy Insurance (IEI) Plc (A subsidiary of Norrenberger Group), Mr. Olasupo Sogelola, speaking on the sideline of the just concluded 50th Conference and Annual General Assembly of the African Insurance Organisation (AIO) with the theme “Coping With Rising Natural Catastrophes In Africa” held in Windhoek, Namibia, said insurance has to move towards supporting climate change, starting from the impact of climate change especially on agricultural products in Nigeria.
Sogelola said IEI is developing products to enhance and support climate change in all ramifications. “For us at IEI, we are developing products to enhance and support climate change in all ramifications.
The three companies are known for best-in-class service delivery.

The 2024 Nigerian Actuarial Society Annual Conference held in Lagos. From Left: Miller Kingsley, President, NAS; Yeside Kazeem, Immediate Past President, NAS, Dr. Usman Jankara Jimada, Deputy Commissioner, NAICOM; Kartina Tahir Thomson, President-Elect, Institute and Faculty of Actuaries, David Cummings, President-Elect, Casualty Actuarial Society and John W. Robinson, President-Elect Society of Actuaries.

 The National Insurance Commission (NAICOM) has expressed deep concern over the number of professional actuaries in the Nigerian insurance sector.

In a keynote address at the 2024 Nigerian actuarial Society (NAS) Annual Conference in Lagos, the Commissioner for Insurance, Mr. Segun Omosehin said as follows:

It is a rare privilege for me to address this gathering as the keynote speaker on behalf of Mr. Olusegun Omosehin, the Commissioner for Insurance of the Federal Republic of Nigeria.  

This year’s Annual Industry Conference, themed “Actuaries and AI: Strengths, Opportunities, Weaknesses, and Threats” is timely and crucial, as it perfectly captures an exciting yet critical conversation needed today.

As we gather here today, the world is experiencing a significant transformation, driven by technological advancements and data revolution. The financial sector, in particular, is at the point of a significant shift, with artificial intelligence (AI) poised to revolutionise the way we conduct business.  As the Nigerian insurance industry continues to evolve, the intersection of actuarial science and AI presents a unique opportunity to further utilize the power of technology to shape the future of insurance in Nigeria.

Today, actuaries play a critical role in risk assessment, pricing, and financial stability using advanced techniques such as data science and predictive analytics to analyze complex data and make informed decisions. The profession has become increasingly important in a data-driven world, with actuaries in high demand across various economic sectors.

One of the things that some older actuaries talk about is the time before spreadsheets existed, when calculations were done by hand. The advent of spreadsheets did not eliminate actuaries; rather, it allowed them to do more and explore new aspects of their work. AI may represent another major leap forward, but it is very unlikely to replace actuaries.

It is therefore exciting to witness conversations around AI especially since the release of Chat-GPT in 2022 which was followed by other AI Chatbots and other technologies to integrate these advancements to improve operational efficiency.

It is in recognition of these developments that the Federal Government of Nigeria plans to position Nigeria as the AI hub for AI solutions in Africa.  This is to be achieved through the development and implementation of a National Artificial Intelligence Strategy aimed at accelerating AI adoption in Nigeria. It is thus important that the insurance industry and, by extension, actuaries are at the forefront of its adoption.  In conformity with the above, the Commission is committed to the Federal Government strategy.  We will ensure that our sectoral regulatory policies are consistent with the outlined goals of the Federal Government while enhancing the stability of the Nigerian Insurance Industry.

Even though, there are perceptions that disruptive technologies like AI will replace every job and make a lot of skills obsolete. There may be credence to this sentiment, if like actuaries, we are to observe historical patterns. However, technological advances have always changed the landscape regarding jobs and relevant skill-sets. Like other technological disruptors, AI has the potential to transform the insurance industry and by extension the actuarial profession.

Ladies and gentlemen, the pace at which AI is evolving means that actuaries have to also continuously evolve and develop skill sets that utilise AI and other machine learning tools or risk being left behind. The Nigerian Actuarial Society (NAS) has a vital role to play in equipping its members with access to the necessary skills to navigate the world of AI. This is why I am inclined to believe that this is one of the reasons we are having this conference.

In the changing landscape, using AI for vast data analysis will be common place.  This will enable actuaries delve deeper into large data; uncovering insights, and developing more accurate risk pricing models and innovative insurance products for the Nigerian populace. AI would readily be instrumental in the emerging Insurtech landscape and financial inclusion by enabling the development of microinsurance solutions that cater to the underserved population, Insurtech AI underwriting, etc. Accordingly, as an insurance industry regulator, we believe that this is the time to strengthen our collaborative efforts to ensure responsible AI adoption in order to maximize the strength and opportunities of Actuaries and AI.

I wish to enjoin delegates at this conference to be expectant and open to ingenuities that will be offered by the presenters in the course of this conference as well as harness the true potential of AI in the Nigerian insurance industry. To this extent, our mutual collaboration will seek to consider:

• Regulation and Governance: Where we would need robust regulations to ensure the ethical use of AI in insurance, focusing on data privacy, fairness, and transparency.
• Collaboration: Fostering partnership between actuaries and AI developers where actuaries bring domain expertise, while AI developers provide the technical know-how. This would therefore create solutions that are both effective and ethically sound.
• Upskilling and Reskilling: The actuarial profession needs to embrace continuous learning to stay relevant in the AI age. Therefore, equipping actuaries with skills in data science, machine learning, and AI will be essential.

Permit me to reiterate that the Commission is seriously concerned about the current inadequate professionally qualified actuaries in the Nigerian insurance industry and is committed to supporting all initiatives and developments that are likely to facilitate actuarial capacity development in Nigerian and/or enable the Nigerian insurance industry to access qualified actuaries.  This is part of the reasons we, at the Commission, are excited about the prospects that AI brings to the actuarial profession in Nigeria.

In conclusion, the convergence of actuarial science and artificial intelligence holds immense potential for transforming our industry. By embracing the strengths and opportunities of AI while addressing its weaknesses and threats, we can navigate this new landscape with confidence and foresight.

I therefore call on the NAS to seize this moment to collaborate, innovate, and lead the way in shaping the future of the Nigerian insurance industry in order to facilitate the enthronement of a more sustainable and inclusive insurance ecosystem that benefits all stakeholders.

REX Insurance Limited has officially unveiled its new corporate identity as well as its new head office at a ceremony in Lagos.

Mr. Ike Chioke, the Chairman of REX Insurance Limited said the commissioning of the new modern head office and the launch of our refreshed brand identity marks a significant chapter in the company’s journey, reflecting its commitment to growth, innovation and excellence.

“The decision to move to this state-of-the-art head office was driven by our vision to create a workspace that not only meets the needs of our employees but also symbolises our forward-thinking ethos. This new facility is more than just a building; it represents a new era for our company, one where we are better equipped to serve our customers, foster collaboration, and drive innovation. It is a space designed to inspire creativity, enhance productivity, and support our mission to deliver exceptional service.

Staff well-being is paramount to the organisation as we believe our employees are our primary stakeholders. To enhance their health and wellness, we have installed a state of the art-of-the art gym facility for our use.

To foster a family-friendly work atmosphere that prioritises the needs of working parents, we have also set up a creche for our nursing mothers.

Our customers are at the heart of everything we do. This new head office embodies our unwavering dedication to providing the highest level of customer service. With advanced technologies and improved facilities, we are poised to enhance the customer experience significantly. Every element of this building has been designed with our customers in mind, ensuring that we can respond more swiftly, efficiently, and effectively to their needs.”

Chioke added that the insurer is deeply committed to timely claims payment.

“One of the cornerstones of our brand promise is our commitment to paying claims on time. We understand that our customers rely on us during some of the most challenging times in their lives, and we take this responsibility very seriously. Our new head office is equipped with cutting-edge systems and processes that streamline our operations, allowing us to process and pay claims more promptly than ever before. This commitment to timely service is a testament to our dedication to reliability and trustworthiness.”

In her speech, Mrs. Ebelechukwu Nwachukwu, the Managing Director/CEO of REX Insurance Limited, said the moment marks a significant milestone in the company’s journey that started since 1918 and a testament to the hardwork, dedication and vision of everyone involved.

“Over the last three years of our company, we have experienced the injection of additional capital by two great entities, Blue Orchard through its Insuresilience Fund and Afrinvest through its Financial Inclusion Vehicle (Five). We have gone through the digitisation and digitalisation of our processes as part of our digital transformation journey. We have transformed our approach to customer services and improved our human resources. Revamping of brand today is to reflect all of the changes that have already happened to the business and the transformation that is still on-going.”

She added: “As we unveil our new brand identity, we believe that this brand is a true representation of who we are and what we stand for, a digital, customer focused company, with great simplified products, a commitment to developing climate based Agric insurance products, develop simple inclusive products to serve the growing retail market and a customer excellence culture that serves our Corporate customers and Brokers.”

She was emphatic that the company’s new headquarters will serve as a hub of innovation and collaboration as it has been designed to be an energy saving building that includes a creche for employees and a gym to promote wellness. She said the building is designed to be dynamic and inclusive, an environment where ideas can flourish and talents can thrive. “This building will be the heart of our operations, driving us towards new horizons and greater achievements.”

Nwachukwu added that Rex Insurance also desires an opportunity to partner with the Lagos State Government to continue to promote the enforcement of compulsory insurance products like the Builders Liability, Occupiers liability, Professional indemnity, Third party Motor and Group Life insurance. She said the insurance firm is looking forward to partnering with the State to ensure that Lagos State continues to attain great economic growth and stability.

“Our new Vison Statement – “To be the preferred Nigerian insurance company” speaks to our desire to be the preferred place to work, the preferred company to place your risk with and the preferred leader in the insurance space in Nigeria; while our new Mission Statement – “To provide innovative and convenient solutions that  inspires a future where insurance is simple, empowering and accessible to all” speaks to our drive to make our products and services simple and easily accessible using technology to all Nigerians, individual and Corporate.”

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched its highly anticipated Education Endowment Plan, an offering that empowers parents and guardians to secure the academic future of their children or wards.

Targeting young adults, the Education Endowment Plan encourages parents and guardians to adopt a long-term strategy for investing in the educational future of their children. Through the launch, the company aims to raise awareness about the importance of investing in education.

By opting for the Stanbic IBTC Education Endowment Plan, parents can benefit from a comprehensive investment solution that safeguards their children’s academic journey.

During a media interactive session in Lagos, Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, explained that the Education Endowment Plan offers families a strong financial safety net. This product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education for their children, enabling them to realize their full potential and pursue their aspirations.

“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children. As a leading insurance provider, we recognise the profound impact education has on a nation and its populace, and we are dedicated to supporting parents in their quest to provide quality education for their children by insuring the future,” Akinjide stated.

He further emphasised: “The loss of a parent or guardian is profoundly devastating and can greatly affect a child’s educational journey. With this in mind, we have created a product to reassure parents and guardians. It ensures that their children and wards’ education will remain secure and uninterrupted regardless of life’s uncertainties.”

The Stanbic IBTC Education Endowment Plan offers numerous benefits. It provides financial support for dependents in case of death; guarantees the child’s or ward’s education; and gives parents and guardians peace of mind. The plan can also be used as collateral to secure a loan, where urgent needs arise. At the plan’s maturity, the targeted amount is payable, plus a bonus enhancing the benefits, making it an effective vehicle for saving.

The plan features include minimum and maximum entry ages of 18 and 65, respectively, with a maximum exit age of 70. The plan terms range from 5 to 20 years, and premium payments can be made monthly, quarterly, semi-annually, annually, or through lump sum payments. Coverage is provided against death from any source, with a minimum benefit of N1,000,000.00. The guaranteed sum assured is specified in advance by the policyholder, and an annual reversionary bonus currently guaranteed at 2 percent of the sum assured begins to accrue at the end of each year.

Stanbic IBTC Insurance is backed by a strong and reputable history. With over two decades of service, the Stanbic IBTC Group has a proven track record of excellent service delivery.

Akinjide urged parents and guardians to take charge of their children’s future today by securing the Stanbic IBTC Education Endowment Plan. “We can empower the next generation to achieve greatness and build a brighter future for Nigeria just by the investments we make today. Your decision today can significantly impact your child’s or ward’s future; making you feel empowered and responsible for their success.”

The Education Endowment Plan is a call to action for parents and guardians to make intelligent choices for their children and wards. Obtaining this insurance plan marks a significant step forward in securing a transformative investment in their academic security, providing them with an advantage in the future.

To get started with the Stanbic IBTC Education Endowment Plan, applicants must complete a proposal form and provide documents, including a passport photograph, valid identification, and proof of residence.