Monday, October 20, 2025
24.1 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

‘Insurers Must Close Communication Gap to Grow Sector’

Insurers must bridge the communication gap that exists between them and the insuring public for insurance penetration to increase in Nigeria.

This was the submission of Mr. Tunde Adeoye from the Lagos Mainland CDA. He said this during the Open Forum at the just concluded 2017 Almond Insurance Consumers’ Forum in Lagos.

The annual Insurance Consumers’ Forum, organised by Almond Productions Limited provides a platform for interaction between stakeholders in the insurance industry and the insuring public in a No-Holds-Barred atmosphere.

The forum this year with the theme: Insurance Penetration in Nigeria: Shifting Focus from Policies to Providing Value for the Customers was chaired by the former Group Managing Director, Royal Exchange Plc Mr. Chike Mokwunye while the Guest Speaker was Prof. Festus Epetimehin, first Professor of Insurance and Risk Management in Nigeria.

L-R: Mr. Val Ojumah, Managing Director, FBN Insurance; Ms. Faith Ughwode, CEO, Almond productions Limited; Mr. Chike Mokwunye, Chairman and Prof. Festus Epetimehin, Guest Speaker at the 2017 Almond Insurance Consumers’ Forum held in Lagos.

Speaking during his presentation on the theme of the forum, Prof. Epetimehin said that the practitioners are themselves responsible for the ‘No demand state of insurance by the public because they have not embraced any pragmatic marketing approach. Insurance according to him should be aggressively marketed. The present marketing mix of most insurance companies does not reflect that.’ This he said indicates that there is lack of innovation in product development and risk taking, narrow product lines, unscientific methods of premium determination, policy wordings that is meaningless to the consumers and shoddy survey leading to insufficient information. This entirely sums up the fact that the industry is not responsive to consumers needs.

In his welcome remarks, the chairman of the occasion, Mr. Mokwunye noted that for the insurance industry to take its rightful place in the economy, the regulator (NAICOM) must see themselves as developmental partners against the current practice of policing the industry and operators seen as offenders that must be arrested.

The 2017 Insurance Consumers Forum which began in 2013 was well attended by both corporate and individual customers from various sectors of the economy.

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

Senator Teslim Folarin Lauds NCDMB as 500 Youths Graduate from Solar Power Programme

Senator Teslim Kolawole Folarin, the former Chairman of the...

Bargain Hunting in Bellwethers Buck Market Bearish Run… NSE ASI up 93bps

Bargain hunting in some bellwether stocks – DANGCEM (+2.7%), NIGERIAN BREWERIES (+2.3%), NESTLE (+1.7%) and UNILEVER(+4.9%)...

NCC Suspends Data Price Hike

Following the concerns that visited the directive to introduce...

Stanbic IBTC: Private Sector Growth Slows in May, But Demand Conditions Remain Favourable

Business conditions in Nigeria's private sector strengthened in May,...

P+ Measurement Wins Double Laurels at The Industry Award

Micheal Effiong James, Editor, Ovation Magazine, Philip Odiakose Chief Insights Officer P+ Measurement Services...

Wema Bank Celebrates 78th Anniversary, ALAT at 6!

Wema Bank Plc, a leading Nigerian financial institution renowned...

AMCON Wins Award at FICAN 30th Anniversary Confab

L— R: Mr. Jude Chiedozie Nwauzor, Head, Corporate Communications...

Osinbajo, Obaseki Applaud Interswitch Group at 20th Anniversary Grand Finale

L-R: Chief Executive Officer, Interswitch eClat, Dr. Wallace Ogufere;...
Exit mobile version