Connect with us

Uncategorized

Insurance Contribution to GDP Still too Low –Study

Published

on

Kindly share this post

 Going by the current performance indicators in the insurance industry, the slow pace of penetration into the market appears to be facing serious attention but not yet enough to equate our growth rate with the developed world or even with South Africa where insurance penetration is over 6 percent. Nigeria insurance penetration is currently less than 3 percent. When we compare insurance growth with the sectorial gross Domestic Product (GDP) of other sectors, it is clear that insurance is on the lowest rung of the ladder.  For instance, from 2004 to 2008, agriculture contributed 28.89 percent to the GD in 2005 it contributed 29.50, 29.73% in 2006, and 29.65% and 28.99% respectively in 2007 and 2008. While insurance contributed 1% in 2004, the pace of growth did not show any improvement in subsequent years. In 2005, it contributed 1.01%, same in 2006, 1.04% in 2007 and 1.23% in 2008. Another example is manufacturing, mining and quarrying which accounted for 44.895 in 2004, even though it went down to 42.27%,43.84%,43..90% and 42.80% respectively between 2005 to 2008.However, the underwriting experience in the period under review, shows that there has been a marginal growth, but still low compared with some African country. The Nigerian Insurance Industry appears to be on the threshold of a new dawn but from a slow perspective.  The total insurance industry’s gross premium is estimated at N164..5 billion as against a gross premium of N100.6 billion in 2007 in spite of the crippling effects of the global economic melt-down, which forced many companies to report losses in their annual accounts in Year 2008 and 2009.
According to figures released by the Nigerian Insurers Association (NIA), out of the N164.5 billion, fire contributed N16.976 billion, motor N41, 234 billion, General accident N40, 870 billion, marine and aviation, N39, 66 billion and Life Insurance, N25, 805 billion.  Also, the industry paid claims totaling N53.3 billion in the year 2008. The figures increased substantially in 2009.
Mr. Wole Oshin, chairman of the Nigeria Insurers Association (NIA), while appreciating the situation said: “I expect that this performance will be exceeded in subsequent years and I urge member companies to continue to devise strategies to overcome the ravaging effects of the global financial melt.”  It is interesting to note that the performance of the sector has already started positive moves. The NIA report stated that the insurance industry “has continued to be the toast of investors as insurance stocks have led severally on the floor of the Nigeria Stock Exchange even though there was a crash in the third quarter of 2008.
Other indicators are that the NIA is working well with the National Insurance Commission (NAICON) I in achieving the full implementation and compliance with the various provisions of the Insurance Act, especially in the areas of Nigerian content on oil and gas, compulsory insurance of public buildings and enforcement of third party motor vehicle insurance cover and all other compulsory insurances that will be in line with rapidly changing industry. But with all these in place, will Nigerian insurance comes out of the woods.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

Uncategorized

NCC Arrests Man for Hacking into DSTV System

Published

on

Kindly share this post

Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


Kindly share this post
Continue Reading

Uncategorized

NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

Published

on

Kindly share this post

The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


Kindly share this post
Continue Reading

Uncategorized

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

Published

on

Kindly share this post

Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


Kindly share this post
Continue Reading
Advertisement

Social

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending