Sunday, 25 May 2014
Insurance companies receives N28.7 billion as premium in 2012 – Daniel
The Commissioner for Insurance, Fola Daniel, on Friday said insurance companies received an estimate of N28.7 billion in 2012 as premium on compulsory insurances in the country.
Daniel, who is also the Chief Executive Officer, National Insurance Commission (NAICOM), made this disclosure at the 2014 Insurance Seminar for Insurance Correspondents.
The compulsory insurance packages are the Group Life, Builder’s Liability, Occupiers Liability, Motor Third Party and Health care Professional Liability Insurances.
According to him, the volume of premium written in 2012 alone is a clear indication that insurance is gradually growing in the country.
“I am glad to let you know that even though the one trillion naira targets for compulsory insurance are yet to be attained, considerable progress has been made given the statistics available.
“This is evident in the number of policies written by companies under this class of insurance between 2009 and 2012, which rose sharply from 72,180 to 152,181, representing 111 per cent increase.
“Also, the volume of premium written in this class rose sharply from N14.93 billion in 2009 to N28.68 billion in 2012, representing an increase of 92 per cent,’’ he said.
Daniel said also that the volume of claims settled by insurance companies under the country’s compulsory insurance had also increased.
He attributed the increase in patronage in insurance products to the added interest being shown by various state governments like Imo, Anambra and Delta to insurance policy.
Daniel said the increase in patronage could also be attributed to the reforms taken by the commission in its bid to provide the enabling environment for insurance to strive.
These reforms, according to him, are the introduction of Risk-Based Supervision, Migration to International Reporting Standards, Claims Settlement Reforms and Financial Inclusion and Literacy programmes.
To deepen insurance practice in the country and settlement of claims, Daniel said the commission was working to set up nationwide call centres to aid them in addressing this.
“By first week of June, NAICOM will unveil the first ever Insurance Call Centres to listen and address complaints from Nigerians on insurance claims and settlements.
“I can assure you that through the call centres, we will listen and follow up complaints to make sure that insurance companies do not default in paying real claims,” he said.
NAN
BUSINESSDAY
Diamond Bank targets better customer service delivery with app upgrade
Diamond Bank plc is looking to drive customer acquisition and efficient service delivery with the upgrade of new mobile-based banking application. This move, according to the bank, is an indication of its commitment towards providing cutting-edge banking services to its customers round the clock.
With this upgrade, subscribers of the mobile app can carry out more banking transactions beyond funds transfers and bills payment in a secured environment at any time of the day. Some of the unique features recently added to the app are flight bookings, credit card repayments, account statement generation and debit card activation or deactivation.
These are in addition to previously available services like funds transfer to Diamond and non-Diamond Bank accounts, payment for BlackBerry Internet Services (BIS), bills payment, airtime purchase, Diamond Bank branch and ATM locators, etc.
Speaking on the features of the app, Ayona Trimnell, divisional head, corporate communications, Diamond Bank, said: “We are delighted to introduce additional benefits to the Diamond Mobile app and a One Thousand Naira cashback reward on its first use. What we have done with this upgrade is to expand the bouquet of offerings on the app to include a host of new services that help make banking with Diamond a convenient and interesting experience.
“Now, Diamond Bank customers can book local and international flights, fund their credit cards, maintain beneficiaries, generate their account statements, etc, all on the palm of their hands through the mobile app.” The Diamond Mobile app can be downloaded free of charge via the Google Play Store, the BlackBerry app World, the Apple Store and the Samsung Store for android, BlackBerry, Apple and Samsung devices, respectively.
“Diamond Bank staff will demonstrate the world of possibilities available with the Diamond Mobile app at the Co-Creation Hub (CC HUB), Yaba, Lagos later this month and we invite IT professionals as well as members of the general public to be part of this product demonstration. Our staff will be on hand to show the various exciting features of the app as well as assist with the installation of the app on the devices of the guests.”
Ben Uzor Jr
With this upgrade, subscribers of the mobile app can carry out more banking transactions beyond funds transfers and bills payment in a secured environment at any time of the day. Some of the unique features recently added to the app are flight bookings, credit card repayments, account statement generation and debit card activation or deactivation.
These are in addition to previously available services like funds transfer to Diamond and non-Diamond Bank accounts, payment for BlackBerry Internet Services (BIS), bills payment, airtime purchase, Diamond Bank branch and ATM locators, etc.
Speaking on the features of the app, Ayona Trimnell, divisional head, corporate communications, Diamond Bank, said: “We are delighted to introduce additional benefits to the Diamond Mobile app and a One Thousand Naira cashback reward on its first use. What we have done with this upgrade is to expand the bouquet of offerings on the app to include a host of new services that help make banking with Diamond a convenient and interesting experience.
“Now, Diamond Bank customers can book local and international flights, fund their credit cards, maintain beneficiaries, generate their account statements, etc, all on the palm of their hands through the mobile app.” The Diamond Mobile app can be downloaded free of charge via the Google Play Store, the BlackBerry app World, the Apple Store and the Samsung Store for android, BlackBerry, Apple and Samsung devices, respectively.
“Diamond Bank staff will demonstrate the world of possibilities available with the Diamond Mobile app at the Co-Creation Hub (CC HUB), Yaba, Lagos later this month and we invite IT professionals as well as members of the general public to be part of this product demonstration. Our staff will be on hand to show the various exciting features of the app as well as assist with the installation of the app on the devices of the guests.”
Ben Uzor Jr
FG to attract investments in power sector — Nebo
By BusinessNews Staff on May 25, 2014
The Federal Government will continue to create the enabling environment to attract investment in the power sector for efficient generation and distribution, the Minister of Power, Prof. Chinedu Nebo, has said.
Nebo said in Awka that there has been a lot of improvement in power generation despite the challenges in the sector. He said this was as a result of the successful privatisation programme in the sector which was concluded about six months ago.
Nebo said that vandalism and poor gas supply remained a big challenge to growth in the sector.
The federal government, he said, is already applying effective measures to check the menace, and assured that all would soon be a thing of the past. The minister said he was certain that power generation and distribution companies could drive the sector without financial constraints as they had the resources to do so. He further called for equal emphasis on distribution as against generation where most investment interest had been directed.
“The federal government is already tackling the challenges of vandalism which is actually shutting out gas supply with the deployment of high-tech protection systems. We are also trying to stabilise the market as well as the national grid itself. The Gencos and Discos cannot say they do not have the finance to drive the power sector because they promised they could do so.
“What the government is doing now, is to create enabling environment by attracting financial institutions from all over the world and multinational development partners to come to their aid. The major trend is that these investors prefer to fund Gencos as opposed to Discos, and in a matter of time both would be getting fair share,’’ he said.
[Vanguard
By BusinessNews Staff on May 25, 2014
The Federal Government will continue to create the enabling environment to attract investment in the power sector for efficient generation and distribution, the Minister of Power, Prof. Chinedu Nebo, has said.
Nebo said in Awka that there has been a lot of improvement in power generation despite the challenges in the sector. He said this was as a result of the successful privatisation programme in the sector which was concluded about six months ago.
Nebo said that vandalism and poor gas supply remained a big challenge to growth in the sector.
The federal government, he said, is already applying effective measures to check the menace, and assured that all would soon be a thing of the past. The minister said he was certain that power generation and distribution companies could drive the sector without financial constraints as they had the resources to do so. He further called for equal emphasis on distribution as against generation where most investment interest had been directed.
“The federal government is already tackling the challenges of vandalism which is actually shutting out gas supply with the deployment of high-tech protection systems. We are also trying to stabilise the market as well as the national grid itself. The Gencos and Discos cannot say they do not have the finance to drive the power sector because they promised they could do so.
“What the government is doing now, is to create enabling environment by attracting financial institutions from all over the world and multinational development partners to come to their aid. The major trend is that these investors prefer to fund Gencos as opposed to Discos, and in a matter of time both would be getting fair share,’’ he said.
[Vanguard
Audit training
Members be informed dt d long awaited audit training has been agreed 2 start on Monday 19th May,time 3pm-5pm.Amount:FREE. Interested?! contact d Director of Audit (07061667172)or d president(08036863566). PAC...
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