15112022

Insurance claims payment recovers, hits
INSURANCE
N174.8bn
By Rosemary Iwunze
THE volume of gross claims
paid out to insurance policyholders
has recovered, hitting
N174.8 billion in the first half of
this year, H1’22, up 7.7 percent
against the N162.3 billion recorded
in the preceding half,
H2’21.
This major indicator of soundness
in the insurance sector had
recorded a 6.9 percent decline
from the N174.5 billion recorded
in the first half of 2021, H1’21.
The decline represented a major
reversal of trend during the H2’21
period as the indicator had
Vanguard, TUESDAY, NOVEMBER 15, 2022 — 19
creasing demand in claims by
policyholders is reflective of the
increasing enlightenment, market
confidence from both demand
and supply sides, and the effects
of regulatory measures meant to
ensure claims settlement.
Speaking on the development,
Executive Director, Technical, Anchor
Insurance, Mr. Adebisi
Ikuomola, said that the growth in
claims is not unconnected to improved
market discipline and the
approach of customer focused
regulation.
He said: “Claim remains one of
the most essential components of
the insurance business model,
without which there would have
been no reason to insure.
‘‘Due to the continued and deliberate
regulatory measures with
regards public awareness and
enforcement of timely claims
settlement, claims continue to
grow in reportage and timely
settlement.”
Competition – From left: Company Secretary, UBA Group, Mr. Bili Odum; Managing Director, UBA
Foundation, Mrs. Bola Atta; 1st Runner-up, Student of Value Spring College, Lagos, Miss Princess
Sholabomi; Group Managing Director/CEO, United Bank for Africa (UBA), Mr. Oliver Alawuba; Winner,
student of Federal Government Girls College, Ikot Obio Itong, Akwa Ibom State, Miss Otong Usongobong
Paul; 2nd Runner-up and student, Otta Tota Academy, Otta, Ogun State, Miss Sharon Nwajiaku; and
Deputy Managing Director, UBA Group, Mr. Muyiwa Akinyemi, at the grand finale of the12th edition of
UBA Foundation National Essay Competition for Senior Schools in Nigeria held at the Bank’s
Amphitheater in Lagos.
Cyber-security breaches, threats to
businesses on the rise — Leadway
By Rosemary Iwunze
THE Managing Director/Chief
Executive Officer, Leadway Assurance,
Tunde Hassan-Odukale,
has warned businesses of the rapid
rise in cybersecurity risks while advising
on steps to mitigate the attacks.
Speaking on incidences of cyberattack,
Hassan-Odukale noted that
every organisation is at risk of this
menace as government agencies,
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453.7463 454.261 454.7756
460.4931 461.0154 461.5377
3.1605 3.1641 3.1677
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565.2753 565.9179 566.5606
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117.242 117.375 117.508
25.5221 25.551 25.58
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CBN Exchange rate as at 14/11/2022
INSURANCE
trended up consistently since
2020.
Insurance analysts are of the
opinion that the rebound in
H1’22 is linked to the growing
awareness, increased regulatory
demand and customer focused
competition in the insurance industry.
On full year record gross
claims skyrocketed by 36.2 per
cent year-on-year, YoY, to N336.8
billion in 2021 from N247.2 billion
recorded in 2020.
In 2020, gross claims grew by
9.8 per cent to N247.2 billion from
N225.2 billion in 2019.
According to NAICOM, the innon-government
organisations
(NGOs) and corporates have all been
hit by the rising waves of cybercrime
in Africa.
He said: “The evolution in digital
innovations and the COVID-19 pandemic
have inspired businesses,
NGOs and government agencies to
adopt technology-driven operations,
cloud computing, online capabilities,
and the Internet of Things (IoT)
to drive superior production, operational
efficiencies and service delivery.
As significantly positive as
these new migrations have
been, they also exposed
corporates and organisations
to the realities of the growing
activities of sophisticated
cybercriminals. As recent find-
SUNDRY Markets Limit
ed (SML), owners of
Marketsquare Supermarkets,
a leading grocery retailer in
Nigeria, has donated food
items worth about N10 million
to flood victims at the Internally
Displaced Persons
(IDP) camp in Yenagoa, Bayelsa
State capital on Friday.
The items donated by the
company included 80 bags of
rice; 600 cartons of noodles;
15 bags of beans; 100 cartons
of tomatoes paste and 20 bags
of Garri. Others are 20 kegs of
groundnut oil; 50 cartons of
all seasoning cubes; 100 packs
of bottled water and 1000 bags
of pure water
In a statement last weekend,
SML’s Marketing Manager,
Mr Timothy Ogbemi Abati,
said, “This is one of our corporate
social responsibility (CSR)
interventions. Bayelsa people
ings indicated, enterprises with less
than 200 employees lose an average
of $2.5 million (over N1billion) to
cyber-attacks. These new threats have
become critical financial risks to
organisations.
“Recognising that cyber-attacks
are significant risks to every business
and organisation, irrespective of size
and industry, it has become a top
burner for organisations to put in
place a solid financial recovery plan
should an exposure occur.
This is what has inspired the design
of the Leadway Cyber-risk Insurance
Policy. While this risk management
tool does not guarantee immunity
from attacks, it guarantees
respite by offsetting costs incurred
during a cyber-related security
breach, ensuring accelerated businesses
recovery after being hit by
these gruesome attacks,” he said.
Sundry Markets donates food
items to IDP camp in Bayelsa
ECONOMY
have been incredible hosts. We are
concerned about their plight in the
face of a ravaging flood and it is only
appropriate that we reciprocate the
good gesture and demonstrate that
Marketsquare stands with them at
this trying period of natural disaster,’’
Abati said.
As a responsible corporate citizen,
he said, SML is committed to the
improvement of the socio-economic
conditions of the communities
where it does business, even as he
added that the company will continue
to deliver CSR projects that are
relevant and impactful.
SML however, called on corporate
organizations and good spirited
individuals to rally victims of
flood to enable them cope with pains
associated with natural disasters.
Marketsquare is Nigeria’s leading
grocery retail chain-a place where
Nigerians can go to get their trusted
brands of groceries at affordable
prices. The company was conceived
from a strong desire to create a modern
retail destination for Nigerians
to get their daily needs.
Oil Theft: Lee Engineering boss calls
for extra taxes to fund security
Obas Esiedesa
THE Chairman of Lee En
gineering Group and Allied
Companies Limited, Dr.
Leemon Ikpea, has urged the
Federal Government to set up
a security fund to finance the
fight against oil theft and
pipeline vandalism in the
Niger Delta.
The fund, he said, should
come from extra taxes on International
Oil Companies,
IOCs, and indigenous oil companies.
Ikpea who spoke to journalists
in Abuja to mark the 31st
anniversary of Lee Engineering
and Construction Limited,
said tackling insecurity
around oil sector operations
would boost Nigeria’s production
and allow the government
to increase its revenues to
fund infrastructure.
According to him, “Security
issue is a big issue and not
something we should leave for
the government alone. So this
is to encourage big
organisations to support the
government to improve on security.
“If possible, we can have a
security fund that will be a pool
that the government can draw
from to tackle insecurity. If the
government taxes multinationals
and other bigger companies.
By Providence Ayanfeoluwa
The organizers of Propak West
Africa, Afrocet Montgomery,
has said that this year’s exhibition
and conference for the plastics,
packaging, printing and food
processing industries is expected
to bring together more than 5000
professionals to source machines,
products and services from over
200 brands to be engaged in the
three days of industry networking.
A statement from the organizers
said that the conference and
exhibition is billed to hold from
November 22 to 24, 2022 in Lagos.
Managing Director Nigeria of
BASF West Africa, Dr Jean Marc
Ricca, President of World
Packaging Organisation, Prof
Pierre Pienaar, and Technical
Project Manager of Doehler,
Ernest Ighrawve, are among the
distinguished panel of speakers to
deliver insightful industry
information.
ENERGY
“This can be done by imposing
taxes on the profits made
by the companies. For example,
0.1 percent or something
like that. The money will
be paid into the pool every
year. From that fund, some
critical roads could be built too
to boost security”.
Looking at the over 50 years
oil and gas industry operations
in the country, Dr. Ikpea
pointed out that Nigerians
have always played an important
role in the sector, adding
that Nigerians are as competent
as the expatriate workers.
He disclosed that a fabrication
factory currently under
construction in Warri, Delta
State would be completed
early next.
He said the factory being
built by its subsidiary company,
LEE Engineering
Mechinery Services Limited,
will produce high pressure
vessels, heat exchangers,
scrubbers as well other equipment
needed in the sector.
He therefore urged the government
to ensure that IOCs
patronise local companies,
adding that in terms of quality
and competence, Nigerians
can compete favourably with
other foreign nationals.
Propak 2022 to drive investment in
plastics, other industries
INDUSTRY
The statement said that session
topics would cover a range of issues
impacting the sector such as
Keynote Presentations on
‘Understanding Packaging in the Cold
Supply Chain’ and ‘Print and
packaging automation and Industry
4.0: Smart Manufacturing and
Sustainable Manufacturing’.
There would also be panel discussions
addressing pertinent matters such as
‘The challenges of recycling food-grade
polymer. Can they meet food and
beverage industry sustainability
targets?’
Sponsors of the event include: Epson,
Skysat and Neofyton, all of whom have
large stands displaying their goods
alongside industry leading names.
such as TetraPak, Afra Technical
Concept, SBA Group, Atlas Copco,
Bole Machinery, Exact Solutions,
KHS, Miele, Snetor Chimie, Sidel
and Snetor to name just a few.