CAMCONIA Seeks Media Support for Insurance Industry
CAMCONIA Chairman, Oyinkansola Sobande
The Chairman, Corporate Affairs Managers’ Committee of the NIA (CAMCONIA), Oyinkansola Sobande,has called on the Media to support the growth and sustainability of the Insurance Industry in Nigeria.
Speaking at CAMCONIA’s bimonthly meeting recently held with the Executive Members of the National Association of Insurance and Pension Correspondents (NAIPCO) representing both the print and electronic media in the country in attendance, she said “the role of the Media as watchdog in the society cannot be undermined especially in matters that is in the interest of the general populace.
“The Media is very critical to the development and sustenance of the Insurance Industry considering the fact, that, there are a lot of challenges facing the sector which are being addressed by stakeholders and business owners in the sector”.
At a point like this, the media as the objective watchdog has a vital role to play in helping to build and reinvigorate the confidence of the insuring public towards the sector. She further appealed to the media to rescind on exposing damaging reports discrediting underwriters as such acts can adversely affect the industry.
Oyinkansola who is also the Corporate Communications and Brand Manager, Great Nigeria Insurance, further stated that, “businesses, at some point in time faces one form of challenges or the other and that what some of the players are facing currently, is not peculiar to the Insurance Industry alone, therefore, journalists are required to support positive projection of the industry.
The responsibility of the Media in this regard is quite phenomenal and must be carried out with astute professionalism,” She commended the efforts of all the Insurance Correspondents in the various Newspaper Houses in the country as their intervention in reporting insurance news and happenings is quite commendable and more can still be done in pushing the frontiers of the Industry, she concluded.
In the same vein, the Director General of the Nigerian Insurers Association, Mrs. Yetunde Ilori posited that what the industry need more than ever is acceptability and patronage from all strata of the society; both at the Corporate and Individual level and that can only come with a better understanding of the workings of the insurance business which unfortunately, a lot of Nigerians do not have.
The education on insurance can never be enough at this point in time. “We must move away from the level of assumptions to that of informed opinion and ultimately, acceptance”. She said a lot of promotion and advertisement are ongoing by several Insurance companies both on the Electronic and Print Media to engender sensitization and awareness of insurance in the country for a robust and holistic enlightenment of the insuring public.
The Chairman of National Association of Insurance & Pension Correspondents (NAIPCO), Mr. Chucks Okonta, solicited the support of member companies and active involvement of the association while pledging the unflinching support of NAIPCO towards ensuring that the Industry is presented in the best light possible to the general public.
Buhari Approves N9.2bn 2021/2022 Group Life Insurance for workers
President Muhammadu Buhari has given approval for the release of N9.2 billion for premium of Group Life Insurance for Federal Government workers for 2021/2022.
The President gave his approval following deliberation on a memo by the Head of Service of the Federation during the Federal Executive Council (FEC) meeting he presided over at the presidential villa, Abuja on Wednesday.
The Minister of Information and Culture, Lai Mohammed, who read the Memo on behalf of the Head of Service, said the premium covers federal government employees, public servants, para-military and the intelligence community.
He said it is part of the government’s welfare initiative to ensure that the workers are paid compensation in case of death.
The minister said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for federal government employees, public servants, paramilitary and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907 and this premium is for a period of 12 months.
Thisi s part of the government’s welfare programme for our public employees so that in case of death, they are assured that there would be compensation.”
The council also approved another contract worth about N5.6 billion for the establishment of one oxygen production plant in each of the 36 states of the country, worth N5.6 billion.
Mohammed, who spoke on this on behalf of the Minister of Health, Dr Osagie Ehanire, revealed: “The Minister of Health presented a memo, which was approved, for the emergency supply, installation and maintenance of oxygen production plants and construction of plant houses in each of the 36 states of the federation and Abuja.
The contract was approved in the sum of N5, 615, 127, 479 inclusive of 7.5 per cent VAT, in favour of four different companies, with a completion period of 20 weeks.”
He said the approval was to cushion the effect of the COVID-19 pandemic, which has made oxygen a very critical commodity.
He said that the council similarly approved N18.1 billion for the Ministry of Industry, Trade and Investment, for the development of infrastructure and Kano and Calabar Free Trade Zones, as well as the Textile and Garment Park in Lagos and the Special Economic Zone, Lekki–Lagos.
