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Insurers in Nigeria unite against COVID-19 pandemic - The Revealer
Insurance

Insurers in Nigeria unite against COVID-19 pandemic

Mr Tope Smart, NIA Chairman

In a bid to fight the ravaging coronavirus (DOVID-19) pandemic wrecking havoc in the entire world, killing thousands of people and affecting businesses, insurance companies in Nigeria have come together under the umbrella of the Nigerian Insurers Association (NIA) to stop the spread of the deadly virus, EDET UDOH writes.

NIA’s N1 million free life Insurance cover
Apart from the N1 million free life cover for health personnel attending to COVID-19 patients all over the country and the N100 million pledged for the purchase of testing kits and protective materials, has set up a special support fund to support government’s action against the pandemic and urged its members who wish to make individual donation to the cause to go ahead and do so.

Meanwhile, various insurance companies and institutions have continued to make their support package known to kick COVID-19 pandemic out of Nigeria.

AXA Mansard’s N100 million PPE donation
Insurance companies who have already made pubic their adopted strategies to halt the spread of the deadly pandemic include AXA Mansard. AXA Mansard, through its Health Management Organisation (HMO) subsidiary, AXA Mansard Health Limited, has announced a donation of N100 million for the purchase of Personal Protective Equipment (PPE), to the Lagos State Government to support the fight against the spread of the pandemic in Nigeria.

Royal Exchange Plc is another insurance group that has disclosed within the week that it has made a financial commitment to NIA’s COVID-19 Support Fund.

Other companies that have made official announcement to indicate their supports for the fight against the spread of the pandemic are Anchor Insurance Company Limited; Unitrust Insurance; Linkage Assurance Plc, Guinea Insurance Plc, and Great Nigeria Insurance (GNI) Plc, among others.

The insurance firms in their separate statement signed by the Managing Director/Chief Executive Officer said they have put appropriate preventive measures at their offices for the safety of its staff and customers in order to contain the spread of the disease.

Apart from the NIA which is the umbrella body for all insurance and reinsurance companies in Nigeria who is currently spearheading the COVID-19 Support Fund project, the Nigerian Council of Registered Insurance Brokers (NCRIB), the umbrella body for all registered insurance brokers in Nigeria, through its President, Dr. (Mrs.) Bola Onigbogi, has announced the Council’s support for the fight against the pandemic.

She said the Council has put in place preventive measures to halt further spread of the pandemic just as she commended the Federal government on the measures and palliative initiatives put in place so far.

Birth of Insurers COVID-19 Support Fund
Speaking at a press conference in Lagos to unveil the plan, Chairman, Nigerian Insurers Association (NIA) who is also the Managing Director/Chief Executive Officer, NEM Insurance Plc, Mr. Tope Smart, said, “insurers under the umbrella of Nigerian Insurers Association (NIA) have pledged to provide free N1 million life insurance cover for each health personnel and allied professionals who are attending to victims of Coronavirus (COVID-19) and also procure testing kits, protective materials worth over N100 million.

Free Life Insurance Cover for health personnel
He stressing that the life cover provides for N1 million for death and N1 million for permanent disability for medical personnel all over the nation who are at the frontline attending to coronavirus victims.

Smart noted that the frontline staff are exposed to a lot of risks and as an association, the body felt the need to provide cover for them against their exposure.

NIA to work with Health Ministry, NCDC
Smart posited that the association shall be liaising with the Ministry of Health, Nigeria Centre for Disease Control (NCDC) and state governments to provide it with detailed information about the personnel so that the association can arrange appropriate cover.

FG commended on measures against COVID-19
He commended the efforts of the federal government and various state governments for the proactive way the pandemic has been handled, thereby reducing fatalities to the barest minimum.

“We commend the various initiatives of the Presidential Task Force, State Governments, Ministry of Health, Nigeria Centre for Disease Control to contain the spread, the Nigerian Insurers Association in aligning with the private sector would like to support these efforts.

NIA’s other intervention measures
“Our intervention will therefore be in two folds: Arrangements are on to procure testing Kits and protective materials for the use of medical personnel saddled with this responsibility. The materials will be delivered to the Nigeria Centre for Disease Control.

“In line with our profession as risk managers, NIA has decided to arrange a special life insurance cover for all health personnel and allied professionals who are attending to victims of COVID-19.

Life Insurance Benefits for medical Personnel
“We have therefore decided to provide the following benefits to those who may be exposed to the following risks in the course of their duties. These benefits apply to all medical personnel all over the nation. The benefits are: Death, N1 million and permanent disability N1 million,” he said.

Smart noted that the gesture does not prevent individual insurance companies from making their contributions.

He maintained that premium for the free life cover will be paid by all insurers, adding that the cover will be provided by life underwriters.

He implored the public to report to the association any insurance company that reneged on paying claims, whilst calling on the public to leverage insurance to mitigate their risks.

On status of policyholders with life assurance who died of COVID-19, the Executive Director, FBNInsurance Limited, Moruf Apampa, said all who died are covered as long as they have life policy.

NAICOM shows commitment
It should be recalled that the National Insurance Commission (NAICOM) on Tuesday March 24, announced palliative measures to cushion the effect of the impact of the Corona Virus (COVID-19) on insurance operators, calling on operators to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria from time to time.

The palliatives were contained in a circular by the Commission, entitled: “Palliatives As A Result Of The Impact Of Corona Virus (COVID -19) On Insurance Operators,” dated March 24, 2020, with a circular number: NAICOM/DPR/CIR/27/2020, signed by Director (Policy & Regulation), Mr. Agboola Pius, for Acting Commissioner for Insurance, Mr. Sunday Thomas, and sent to all insurance operators.

NAICOM’s palliatives
The palliatives give extension for the submission of first quarter returns to insurance operators by one month in the interim; grants waivers to insurance brokers, Loss adjusters and insurance agents during the period in respect of delayed submission of renewal documents while meetings earlier scheduled to hold with the Commission have been suspended till further notice.

“Due to the negative impact of corona virus (COVID-19) on the mobility/interaction of person as well as conduct of business in Nigeria and the world over, the Commission has reviewed the potential impact on the insurance sector and has thus taken the following measures:

“Submission  of first quarter returns have been extended by one month, in the interim; waiver will be granted in respect of delayed submission of renewal documents (by insurance brokers, Loss adjusters and Insurance agents) during the period of the COVID-19 pandemic and all meeting earlier scheduled to hold with the commission have been suspended till further notice.”

“Insurance principles hinges/centers on prevention is better than control measures, therefore, insurance operators are advised to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria from time to time.”

Regulatory Forbearance
The National Insurance Commission (NAICOM ) on Wednesday rolled out regulatory forbearance as part of its business continuity measures to ensure availability of insurance services and protections of insurance policyholders during the COVID-19 movement restriction.

The commission in a circular to all insurance operators and institutions, with reference numbers, NAICOM/DPR/CIR/27/2020 and NAICOM/DPR/CIR/28/2020, dated April 1, 2020, signed by the Director Policy and Regulation, Pius T. Agboola, on behalf of the Acting Commissioner for Insurance, Thomas Sunday and made available to journalists released the regulatory forbearance as follows:

“Where Approval-In-Principle for the preceding insurance period had been granted,all renewals or extensions of the foreign reinsurance proportions that become due during COVID-19 movement restriction are permitted for renewal on existing basis.

“Where Approval-In-Principle for the foreign proportion of a new insurance placement is required during the COVID-19 movement restriction, it shall be treated on the basis of “Use and File” subject to prior exhaustion of in-country capacity. For the avoidance of doubt, after utilizing available local capacity, the lead insurer is permitted to reinsure the excess of the risk offshore and submit relevant documentations to the Commission thereafter.

“All Post Placement Reports, Reinsurance Treaties and other related special risk foreign reinsurance documentations due for submission during the pendency of theCOVID-19 restrictions are to be submitted when movement restrictions are lifted.

“Please note that all insurance/reinsurance placements shall be done in accordance with other relevant extant insurance laws, regulations and guidelines while all submissions to the Commission including hard-copies sequel to the above forbearance shall be done not later seven (7) days from the end of COVID-19 Movement Restrictions.

“We call on all to be diligent, circumspect and supportive of Government in its efforts to tame the COVID-19 Pandemic”, he advised.

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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