Sunday, October 19, 2025
29.8 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...

Policyholders Seek Subvention on Premium Paid Without Claims

 

From left: Publisher, SuperNews, Ngozi Onyeakusi; Director, Media, Information, Strategic Planning & Implementation, Coalition of Associations in Computer Village, Ikeja-Lagos, Mike Orji; President, Timi David; Publisher, Inspenonline, Chuks Udo Okonta; Publisher, Bislad News, Bisi Bamishe and Business Editor, Leadership Newspaper, Zaka Khaliq at the event.

Insurance policyholders are clamouring for subvention for an insured who consistently insured for three to five years but without making a claim within the period.

Speaking during a courtesy visit of the members of the Insurance and Pension Editors of Nigeria (IPEN) to the Coalition of Associations in Computer Village, Ikeja, Lagos, the President of the Association, Mr. Timi David, charged insurance companies to introduce subvention to policyholders that have continuously renewed their policies but didn’t suffer any insured risk within a period of 3 to 5years.

Although investigation revealed that few insurance companies are already granting discount, especially, for comprehensive policies for this category of the insured, investigation also reveals that most underwriters are yet to adopt this model.

The subvention, which he said, should come in the form of cash give-back or discounted rate in the subsequent years, noted that this will entice unclaimed policyholders who have the notion that insurers are just collecting free money from them.

“For the past five years now, I have always renewed the insurance of my car and didn’t have any reason to for claim because I wasn’t involved in any accident. So, I would expect my insurance company to give cashback or discounted rate to me the next time I am renewing my policy,” he said.

If this is done, he believes this will persuade more uninsured Nigerians to subscribe to insurance policies, saying that most people still see insurance as a scam because of the model of not compensating those who never had reason to submit or file for claims.

While commending the response time of insurers to claims payment, he said the Association’s bus had an accident last year after it was comprehensively insured and got claims within a short time of filling for it, urging them to keep this up.

On his part, he believes the challenge of insurance is low awareness, calling on underwriters to increase their products’ visibility and increase awareness such that, Nigerians are better informed on what a policy covers and at what point he or she can file a claim.

While urging businessmen and women, traders among others to insure their shops and offices through Theft and Burglary Insurance and so on, he said that such risk mitigation mechanism will ensure that goods in the shops and offices are protected and that the insured will suffer no financial loss when disaster strikes.

Earlier, the President of IPEN, Mr. Chuks Udo Okonta said the purpose of the visit was to feel the pulse of traders and tech artisans at Computer Village, Ikeja on their perception of insurance products and services so that their response can assist operators in the insurance industry to adjust their services in areas they are not doing well.

As developmental journalists, he said that IPEN hopes to continue to engage various groups and individuals who are either insurance policyholders or prospects to enhance insurance education and awareness, believing that when more people are educated on the nitty-gritty of insurance business, there are high chances that they will subscribe to insurance products and services, hence, deepening adoption in the country.

 

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

Global Airlines Financial Monitor: August 2018

Key Points: The latest Q2 2018 data reaffirm a...

The Access Bank (UK) to Acquire Mauritius-based AfrAsia Bank

Access Holdings Plc has announced that its banking group’s,...

NLNG Clarifies Media Reports on NASS Meeting on Train 7 Project

Nigeria LNG Limited (NLNG) has noted recent media reports...

Global Airlines Financial Monitor: September 2017

The more complete financial data from Q2 show...

Adeosun: ‘Nigerians Should Embrace Life Insurance for Better Future’

L-R: Mr. Lana Loyinmi, Head Contribution & Bond Redemption,...

Nirsal Unlocks 70bn in Financing for Agriculture in 2025, Strengthens Role in Food Security

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending...

Lloyd’s Launches Crypto-currency Wallet Insurance Policy

Lloyd’s has launched a insurance policy to protect crypto-currency...

Inspenonline Publisher, Chuks Okonta, Bags 2023 NAICOM Online Media Excellence Award

Mr. Chuks Udo OKonta, Publisher of Inspenonline has won...
Exit mobile version