Cryomancer:
Very vibrant and stable Sir, that's why we have foreign investors trooping into the sector... We just need more of government intervention and regulation.

You won't really know, if you're not into the sector

Thanks for the info

Do we have insurance companies in naija ?

this is great news, enough of all these road side insurance companies.

pocohantas:
Nigerians do not buy insurance. We cover our cars, houses, life, future, shops, warehouses...etc, with the blood of Jesus.

You cover your cars,houses,life, future, shops,warehouses etc with the blood of Jesus

My people perish for lack of knowledge: The initial timeline for recapitalization was too short even for the big insurers to raise any meaningful capital. Also, if companies wanted to merge, they must conduct due diligence assessments and be sure of what contracts they are entering before buying. Naicom may now be realizing this, hence the extension. I believe many are not aware of the benefits of insurance and that's why many families move into the poverty trap when the breadwinner dies, simply because he had no form of protection for the family. It's not about Jesus/Mohammed.. It's about who has our backs when one of us gets diagnosed with a disease or has an accident or dies and leaves behind a young family.. The days of insurers refusing to pay claims are over if you have the correct documentation. This is one of the reasons they are being asked to shore up the capital amongst other reasons..

Pascalville:
As an Actuary and Insurer.. i would say Nigeria Like over doing things... [s]The recapitalisation in this corrupt country is bad for the Insurance company because government with siphon those funds[/s].. but on the other hand it is very nice for the insured.. cos Insurance companies just wanna collect but lack the capability of given back.. So the Insured's are safely covered if this happens.. and Insurance can work in Nigeria if only you guys can have the mindset.. Insurance is what keeps an economy up and running... Insurance comes in various varieties.. the most important of all is Health Insurance.. It covers all your Health expenditure.. even surgery.. The most common is NHIS. Now the question is are you insured.. don't you think you need at least an health insurance.. it is not a must it must be on cars and houses..

Kindly explain how Govt will siphon the insurance recapitalization funds (pls stop claiming what you are not as no Actuary and Insurer will ever make such comment).

DelTel:


Kindly explain how Govt will siphon the insurance recapitalization funds (pls stop claiming what you are not as no Actuary and Insurer will ever make such comment).

shut up... government siphons everything in this country. . Even the country's budget...or shey...na ur papa give me actuary certificate for unilag...dont quote me if u don't wanna be miserable.. everyone is entitled to his or her opinion

pocohantas:
Nigerians do not buy insurance. We cover our cars, houses, life, future, shops, warehouses...etc, with the blood of Jesus.

Even with the blood of sacrificial animal. Seriously. Not strange since people believe in Jesus maybe 80% and in juju 20%, or even the other way round.

pocohantas:
Nigerians do not buy insurance. We cover our cars, houses, life, future, shops, warehouses...etc, with the blood of Jesus.

Exactly.

Cryomancer:
Very vibrant and stable Sir, that's why we have foreign investors trooping into the sector... We just need more of government intervention and regulation.

You won't really know, if you're not into the sector

I disagree on the vibrancy and stability. What vibrancy with less than 1% penetration and one of the lowest in Africa with our population. With only 2 out of the over 20 quoted on the stock exchange paying dividends consistently over 5years.

Yes, foreign investors coming because of the untapped potential, hopefully we might see the gain soon but am still skeptical.

Also, the industry doesn't need more of govt intervention and regulations as much as industry innovation, professionalism, retail market penetration, corporate governance, succession plan, etc. Govt did not help Banks or Telcos or other sectors to be where they are, govt agencies are supposed to regulated and be on the side of consumers not operators.

Pascalville:
shut up... government siphons everything in this country. . Even the country's budget...or shey...na ur papa give me actuary certificate for unilag...dont quote me if u don't wanna be miserable.. everyone is entitled to his or her opinion

Your Alma mater and alumni association should be very proud of the product they gave the society. They will contact you soon.

Good news

naijaboy756:
I hope cornerstone is ready

Cornerstone has met the deadline already!!!

Niger insurance company are fraudsters, after contributing in their 3yrs policy plan,at expiration (to get ur fund na wahala)

Stay away from Niger insurance company

qazzsseee:

Niger insurance plc are criminals they ve refused to pay me after 3yrs plan.

Pascalville:
As an Actuary and Insurer.. i would say Nigeria Like over doing things... The recapitalisation in this corrupt country is bad for the Insurance company because government with siphon those funds.. but on the other hand it is very nice for the insured.. cos Insurance companies just wanna collect but lack the capability of given back.. So the Insured's are safely covered if this happens.. and Insurance can work in Nigeria if only you guys can have the mindset.. Insurance is what keeps an economy up and running... Insurance comes in various varieties.. the most important of all is Health Insurance.. It covers all your Health expenditure.. even surgery.. The most common is NHIS. Now the question is are you insured.. don't you think you need at least an health insurance.. it is not a must it must be on cars and houses..

You are quite right. However, your opinion above can only work in an economically stable country. You don't expect me to get an insurance cover when I fight tooth and nail to feed, clothe and get a roof over my head.
Getting insured gives peace of mind to a considerable extent. There's also need to create awareness. The industry is making money but quite unknown to a large number of the populace.

Kapeter:
The f**k is with Naicom? This thing is becoming too much.

It's a wonderful initiative sha, i understand Insurance company needs to be financialy buoyant as that's the reason they are mostly fraudulent in their dealings when it comes to settlement or reinstatement as the case may be.

I studied Insurance by mistake but Nigeria doesn't make the profession attractive at all. If only i had japa to U.K that year, i for don become billionaire now. But Yorubaland anyday, anytime.

Any ideas on how to improve insurance in Nigeria with technology as an enabler

They should also pass legislation to make these insurance companies pay customer claims, how many of you here with cars have ever gotten value from your N5000 third party vehicle insurance?

You pay panel beaters money to fix you bumped cars, submit claims to the insurance company and get told tales by moonlight, very annoying.

Many Nigerian insurance companies get all they can and can all they get guess thats how the business works.

IGI....IGI...IGI... how far? Abi na this recapitalisation wahala make you nor wan pay since 2017?

Cryomancer:
Very vibrant and stable Sir, that's why we have foreign investors trooping into the sector... We just need more of government intervention and regulation.

You won't really know, if you're not into the sector

^^^^
No sir.

People don't necessarily need to be "into the insurance sector" to know if it is vibrant and stable. Prove your claim that it is.

What is insurance's contribution to GDP? What is the market capitalization of insurance stocks? Any new issues or listings in the last few years? What is the ratio of non-life to life business? And the FDI you claim is pouring in - would you care to give some real world numbers?

These are some of the issues - and we don't need to "be into the sector" to ask these questions.

Pascalville:
As an Actuary and Insurer.. i would say Nigeria Like over doing things... The recapitalisation in this corrupt country is bad for the Insurance company because government with siphon those funds.. but on the other hand it is very nice for the insured.. cos Insurance companies just wanna collect but lack the capability of given back.. So the Insured's are safely covered if this happens.. and Insurance can work in Nigeria if only you guys can have the mindset.. Insurance is what keeps an economy up and running... Insurance comes in various varieties.. the most important of all is Health Insurance.. It covers all your Health expenditure.. even surgery.. The most common is NHIS. Now the question is are you insured.. don't you think you need at least an health insurance.. it is not a must it must be on cars and houses..

^^^^
Strange.

Someone challenged the claims you made and all you could do was tell him to 'shut up' or become miserable for daring to quote you. And you then brought his father into it.

I put it to you Sir - you are no actuary. And you aren't an 'insurer' (what do you even mean here?) either. At best you work for an insurance company. Just like someone who works in a bank is a bank worker - not a 'banker'.

No 'insurer' or actuary worth his salt would dispute the importance of recapitalization in underwriting higher levels of risk. Your comments show you clearly do not understand the issues at play here.

VolvoS60:


^^^^
No sir.

People don't necessarily need to be "into the insurance sector" to know if it is vibrant and stable. Prove your claim that it is.

What is insurance's contribution to GDP? What is the market capitalization of insurance stocks? Any new issues or listings in the last few years? What is the ratio of non-life to life business? And the FDI you claim is pouring in - would you care to give some real world numbers?

These are some of the issues - and we don't need to "be into the sector" to ask these questions.

So how do you know all these if you are not into it or have not spent time researching them?

VolvoS60:


^^^^
Strange.

Someone challenged the claims you made and all you could do was tell him to 'shut up' or become miserable for daring to quote you. And you then brought his father into it.

I put it to you Sir - you are no actuary. And you aren't an 'insurer' (what do you even mean here?) either. At best you work for an insurance company. Just like someone who works in a bank is a bank worker - not a 'banker'.

No 'insurer' or actuary worth his salt would dispute the importance of recapitalization in underwriting higher levels of risk. Your comments show you clearly do not understand the issues at play here.

are you done... Mr vice chancellor

Pascalville:
are you done... Mr vice chancellor

^^^^
No I am not done, Sir.

Kindly go over the post of the fellow who quoted you. With good reason, he expressed doubt about the truth in your claims of a level of expertise in the arcane wizardry of actuarial science and the underwriting of risk. There is thus a widely held view that you are an imposter, a charlatan and a fraud. But I believe you are entitled to a fair hearing.

Kindly defend yourself, Sir.

enawt:

So how do you know all these if you are not into it or have not spent time researching them?

^^^
I did some basic research on these issues - just like I would on any other area I am not familiar with. Not enough to make me an expert, but enough for me to speak on the key issues. If that is what it means to be 'into' an area then I am guilty as charged, Sir.

VolvoS60:


^^^^
No I am not done, Sir.

Kindly go over the post of the fellow who quoted you. With good reason, he expressed doubt about the truth in your claims of a level of expertise in the arcane wizardry of actuarial science and the underwriting of risk. There is thus a widely held view that you are an imposter, a charlatan and a fraud. But I believe you are entitled to a fair hearing.

Kindly defend yourself, Sir.

alright i have heard

VolvoS60:


^^^^
Strange.

Someone challenged the claims you made and all you could do was tell him to 'shut up' or become miserable for daring to quote you. And you then brought his father into it.

I put it to you Sir - you are no actuary. And you aren't an 'insurer' (what do you even mean here?) either. At best you work for an insurance company. Just like someone who works in a bank is a bank worker - not a 'banker'.

No 'insurer' or actuary worth his salt would dispute the importance of recapitalization in underwriting higher levels of risk. Your comments show you clearly do not understand the issues at play here.

Only someone not proud of his background like Pascalville will stoop low to joke or drag anyone's parent. Google up TELUWO and see the exploits and successes recorded by my family in Insurance, Manufacturing, Real Estate, Banking, Sports, Education, Philanthropy. Specifically in insurance, my family is the largest shareholders and founders of a Top 3 insurance company in Nigeria quoted on the Exchange.

Hiding behind keyboard to insult someone's parent is pointer that Pascalville is uncultured, bereft of home training and self-esteem. I have mentioned my family, can Pascalville proudly state his!

Pascalville's miserable life can not be far-fetched after all; completely self-induced as a self-acclaimed Unilag Actuary graduate does not know the meaning and essence of Recapitalization. Half-baked!

DelTel:


Hiding behind keyboard to insult someone's parent is pointer that Pascalville is uncultured, bereft of home training and self-esteem. I have mentioned my family, can Pascalville proudly state his!

Pascalville's miserable life can not be far-fetched after all; completely self-induced as a self-acclaimed Unilag Actuary graduate does not know the meaning and essence of Recapitalization. Half-baked!

^^^
This thread is an opportunity to throw some light on a topic that the majority of Nigerians don't know very much about. It is offensive to me when such threads degenerate into completely unnecessary insults and name calling.

There was a recapitalization of the banking industry some years ago when Soludo was at the Central Bank. As far as I am aware, the government didn't siphon away the capital raised. How does that even happen? Those banks carried out public offers, rights issues, mergers and/or acquisitions to raise their capital base - and the exercise did what it was designed to do. The banks that survived had capital adequacy ratios well above the Basle regulatory minimum. Given this history, it is strange how Pascallville casually reduced the matter of insurance industry recapitalization to "government will siphon the money away".

The insurance industry in Nigeria has underperformed for donkey years. It has been relegated to the role of the poor cousin for far too long - a handful of deposit money banks are contributing far more to the system than the entire insurance industry. People like Pascalville (if he is who he says he is) should be educating the rest of us on what the key issues are - instead of slinging unnecessary insults all over the place.

DelTel:



Only someone not proud of his background like Pascalville will stoop low to joke or drag anyone's parent. Google up TELUWO and see the exploits and successes recorded by my family in Insurance, Manufacturing, Real Estate, Banking, Sports, Education, Philanthropy. Specifically in insurance, my family is the largest shareholders and founders of a Top 3 insurance company in Nigeria quoted on the Exchange.

Hiding behind keyboard to insult someone's parent is pointer that Pascalville is uncultured, bereft of home training and self-esteem. I have mentioned my family, can Pascalville proudly state his!

Pascalville's miserable life can not be far-fetched after all; completely self-induced as a self-acclaimed Unilag Actuary graduate does not know the meaning and essence of Recapitalization. Half-baked!

Google ibeto group and company and see my family.... You really know nothing.. you don't really know who i am... And you are so miserable.. cos when i commented in the first place i never mentioned your name.. i stated my opinion.. amd you are very immatured the way you responded.. next time mind your business. I feel its you hiding behind a keyboard typing nonsense.. maybe you could do me a favour of stating your current location... And you will know who my family truly is.

VolvoS60:


^^^
This thread is an opportunity to throw some light on a topic that the majority of Nigerians don't know very much about. It is offensive to me when such threads degenerate into completely unnecessary insults and name calling.

There was a recapitalization of the banking industry some years ago when Soludo was at the Central Bank. As far as I am aware, the government didn't siphon away the capital raised. How does that even happen? Those banks carried out public offers, rights issues, mergers and/or acquisitions to raise their capital base - and the exercise did what it was designed to do. The banks that survived had capital adequacy ratios well above the Basle regulatory minimum. Given this history, it is strange how Pascallville casually reduced the matter of insurance industry recapitalization to "government will siphon the money away".

The insurance industry in Nigeria has underperformed for donkey years. It has been relegated to the role of the poor cousin for far too long - a handful of deposit money banks are contributing far more to the system than the entire insurance industry. People like Pascalville (if he is who he says he is) should be educating the rest of us on what the key issues are - instead of slinging unnecessary insults all over the place.

i have understood you... Die this off.. i really wanted to apologize to the guy..but he keeps on insulting.. just like he did in the first place.. i have no time for nuisances.. i am always on my own here.. I don't text anyone.. so if anyone for sure find my trouble here by trolling me... He or she will surely have it.. i will not be victimize to internet bully