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Saving Tips on New Car Insurance
Buying a new car is a pleasant experience and every one’s delight. However one could be in for a surprise if you learn about the shocking premiums you would be paying on a new car. New car insurance can vary widely from one body style to another. For example, you may know that sports cars cost more to insure than others in family category.. That general rule of thumb does not just apply to traditional sports cars; it also applies to the two-door versions of popular family sedans such as the coupe version of the Honda Accord. That’s because people who drive these cars statistically tend to drive more aggressively than their sedan counterparts, making them a greater risk and causing their insurance rates to rise. Interestingly, convertibles tend to have lower insurance rates unlike the hardtop counterparts.
Interestingly also, since bigger cars are safer, you might think that larger vehicles are cheaper to insure. This is not always the case. The largest cars can inflict more damage on smaller cars in a collision, which may result in costlier repairs thus leading to higher insurance rates. Like body style, the car’s engine and transmission often can affect the insurance rate. Generally, the greater the horsepower, the higher the cost of new car insurance, even when you are considering the same car with a variety of engines. When it comes to transmissions, cars with manual transmissions are generally more costly to insure than those with automatic transmissions. An exception to this rule is the pickup, which often has a manual transmission because of its use as a work or tow truck. The reason for the higher rates again relates to the typical driver. Those behind the wheel of cars with higher horsepower and manual transmissions tend to drive more aggressively and become involved in more collisions. While body style, engine size and transmission type are all major factors in the way that rates are computed for new car insurance, rates can vary for similar, competing vehicles primarily due to their safety ratings and their likelihood of being stolen. To drive home this point, a comparism of similarly equipped versions of the 2010 Honda Civic and the 2010 Nissan Altima showed that the Civic cost less to insure on average over a five-year span. It is advisable to seek expert opinion when making a choice.If your new car insurance is not providing you with all these benefits then take time to ensure you are getting the best rates. You and your family deserve to have insurance you can depend on to be there when you need it and without any hassle. You have enough to worry about, especially in these days of economic stress .Let your new car insurance be one thing you can depend on. When one is unfortunate to be involved in a car accident the last thing you need is the added stress of an insurance company that is difficult to reach or delays in processing your claims. Too many people are paying too much for their new car insurance without being aware of the better options alternative insurance companies are offering. When you are purchasing new car insurance are you being offered GAP insurance in case your car ever becomes totaled? Without this important aspect of new car insurance you could be responsible for a large sum of money when you least expect it. Some insurance companies will charge more for your new car insurance policy simply because of the age of your vehicle, but a fair company will take into consideration your good driving record and discount your rate accordingly. Make sure you have the insurance you need at the best price here.
Prompt Claims Payment: Crucial to Survival of Underwriting Firms – Experts
To be able to rise up to prompt payment, insurers have been further charged to shorn in- fighting and sharp practices, by charging adequate premium that could carry the volume of expected claims. Analysts believe that insurance firms must adhere to this by making sure that risks brought before them are properly assessed before premiums are charged. Corroborating this position, Mr. Raymond Odamo, managing director, Afromart Group said insurers should publicise claims payment as a way of enhancing the egative image of the industry and boosting public confidence. He commended some of the insurance companies who inspite of the perceived secrecy in claims payment, have been publicizing claims paid out to clients. "One of the major challenges facing the local insurance industry, besides the negative image problem and poor awareness among the insuring public, is the correct assessment of risks. Once risks are correctly assessed, it becomes easy to charge the right technical price. Industry experts believe that much as insurance is based on the understanding that claims are paid from a pool of premiums from similar risks, it is logical that when losses occur, the pricing of the risks will go up at renewal.
The practice over time has been accusations and counter accusation between underwriters and reinsurers on one hand and between insurers and the insuring public on the other. Rather than point fingers at each other, he stressed that it is time for insurers to check their rates and make them commensurate with the exposures they cover while also paying the claims when the need arises.. Besides, he said it should be noted that reinsurers basically provide capital to insurance companies and this costs money, stressing that that when the cost of capital increases, cost of reinsurance also increases. Considering the relationship of adequate premium with prompt claims payment he enjoined stakeholders to always include underwriters, intermediaries and the regulators in every facet of insurance business. While emphasizing that responsible underwriting and professional claims handling can only serve to improve the image of the industry in the eyes of the buying public, he called on the National Insurance Commission (NAICOM), to adopt a policy of compulsory claims payment declaration as a tool to boosting public confidence.
It would be recalled that Sovereign Trust Insurance (STI) in its traditional style of letting the public know its claims payment profile, recently released its claims paid out last year. According to a breakdown of claims paid by the company from January-September 2009, the underwriting firm has settled claims totaling N425, 458,581.89 in the last nine months.
A rundown of the figures showed that a total of N138 million was paid in the first quarter, N173 million in the second quarter while N114 million went into claims settlement in the third quarter.
Claims paid under Motor Insurance amounted to N220, 843,530.59 (representing 52% of the total figure), according to the Head of Claims Department in the organization, Emmanuel Anikibe, Fire and General Perils Insurance accounted for N48, 605,626.69 while a total of N110, 181,338.39 was settled as Claims under General Insurance within the Nine Months period under consideration. Other figures provided are Marine Insurance N13, 463,627.23, Engineering Insurance N17, 650,878.03 and Energy Insurance N14, 713,580.96.
While commenting, the Managing Director of the Organization, Mr. Wale Onaolapo stated that Claims payment is key and paramount to the survival and reputation building of any underwriting firm in the country.
In his words “whenever the need arises to pay claims as at when due, we do not see it as doing our customers a favour or doing anything out of the ordinary; we are only fulfilling the promises we made at the point of picking up the business.” “We are obligated to settle claims as at when due and we will do all in our capacity to ensure that we do not disappoint when it matters most” The whole essence of insurance is premised on restoring to former status even after the mishap. I enjoin Nigerians both individuals and corporate organisations to see insurance an integral part of our lives just as we live with risk on a daily basis.
Stating further, Onaolapo said “we are forever committed to our vision of being a leading brand providing insurance services of global standards hence professionalism, integrity and sound corporate governance are values we hold in high esteem and abide by in the day to day running of the organization.
STI has over the years, demonstrated commitment to optimally maintaining a leading position in the industry in Nigeria. According to recent ratings, the underwriting firm has shown a great deal of consistency with a lot of potentials for growth in the years to come. In terms of peer to peer performance the company is also doing very well when compared to other Insurers in terms of capital, assets, gross premium income, investment income and net premium income .Odamo urged NAICOM to emulate the on-going reforms in the banking sector by totally overhauling the insurance industry and shed it of all its negative attachments.
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Remedial Health Unveils New App with Digital POS to power operations for Africa’s Neighbourhood Pharmacies
Remedial Health, a health tech startup that develops solutions to make Africas pharmaceutical value chain more efficient has unveiled an updated version of its customer-facing app, designed to function as an operating system for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) across the continent.
The new app comes with a digital POS terminal to support payment collection, virtual business accounts to receive payments, an in-built barcode scanner feature for recording product sales and store-switch functionality to enable the seamless management of multiple stores, as well as inventory management solutions for restocking and easily identifying short-dated products.
The app also offers comprehensive financial reporting to manage profit and loss, and data analytics to inform decision making.
Despite accounting for 85 per cent of retail medicines sold in Africa’s pharmaceutical industry (projected to reach $70 billion market size by 2030), the absence of bespoke digital tools to manage their unique sales and inventory management needs means neighbourhood pharmacies and Proprietary patent Medicine Vendors (PPMVs) are unable to run their operations as effectively and profitably as possible.
At the same time, the reliance on paper-based inventory and sales management processes means manufacturers have limited empirical insights into customer behaviour to inform their decisions on production and distribution.
The new Remedial Health app has been designed specifically for healthcare businesses in Africa, with tailored features that have been designed to support effective decision making to drive business growth and profitability.
Starting in Nigeria, healthcare businesses can access vetted medicines, and manage their sales and inventory on one easy-to-use platform, freeing up time and capacity to effectively serve their customers and communities.
The app also enables Remedial Health to provide consolidated, real-time data on market behaviour to manufacturers for increased profitability and better decision-making across the value chain.
According to Samuel Okwuada, CEO, and co-founder of Remedial Health, “Neighbourhood pharmacies and PPMVs represent the frontline of healthcare delivery in Africa but they have historically been left to their own devices to figure out how to be efficient and profitable.
“Our mission is to empower these essential service providers with the tools they need to manage day-to-day operations and seamlessly run their practices effectively. We spent a lot of time interacting with our customers in the process of delivering this product and the feedback has been great.
“We are excited by the opportunity to get the app into the hands of pharmacies and PPMVs across the country to support their ongoing success, as well as the health and wellbeing of the nation”.
In 2023, Remedial Health sold more than 300 million individual packs of medicines to 7,500 hospitals, neighbourhood pharmacies and PPMVs across all 36 states of Nigeria.
Its customers also improved their profits by 30 per cent on average, with access to more than 8,000 vetted products at the same, or better than, open-air medicine market prices.
They can also access same-day delivery and leverage inventory financing to minimise cash-flow friction for routine orders and maximise sales opportunities.
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EnterpriseNGR Expands Financial Centres to Three African Countries
EnterpriseNGR has signed a Memorandum of Understanding to set up the Africa Roundtable of Financial Centres – a chapter of the World Alliance of International Financial Centres, in Mauritius, Morocco and Rwanda.
The MoU, signed recently in Mauritius, brought together EnterpriseNGR, the Economic Development Board of Mauritius, Casablanca Finance City Authority, and Rwanda Finance Limited to foster collaboration, promote investment opportunities, and drive sustainable development within the financial centres of its member countries and Africa at large.ort the exchange of best practices between members, enhance visibility regionally
A statement from EnterpriseNGR said that it was joining forces with the three countries to specifically pursue five key objectives.
These objectives include “Jointly strengthen the competitiveness of financial centres in Africa. Collaborate through projects, research papers, communiques, and events to position the African Continent, demonstrate the myriad of investment opportunities, and showcase the role that financial centres play within the African Continent.
“Conduct joint initiatives to supp and internationally, and provide African financial centres with a unified voice regionally and internationally.
“Facilitate the development of dialogue with major financial centres outside the African Continent and build communication channels with African institutions, including regulators and policymakers, as well as African financial services industry associations, and advocate for regulatory coordination amongst members of the Africa Roundtable to promote cross-border investments and financial services.”
Commenting on this collaboration, the Chairperson of the Africa Roundtable, Mr Ken Poonoosamy, said, “The signing of the Memorandum of Understanding for the Africa Roundtable of the WAIFC represents a pivotal stride in fostering synergy among financial hubs within the African sphere, with the shared objective of catalysing economic advancement across the continent.”
Ms Obi Ibekwe, the Chief Executive Officer of EnterpriseNGR, represented by the Director of Policy & Public Affairs, Mr Lami Adekola, expressed her excitement over the development.
She said, “It is a historic achievement, and EnterpriseNGR fully endorses the Africa Roundtable of the WAIFC and is excited for the immense opportunities it represents for Nigeria and the African continent. Our collaboration with the four African countries promises to bolster financial competitiveness on the Continent and amplify Africa’s global presence.
We will leverage this Roundtable to unlock the full potential of African financial centres to drive prosperity and development for our nations and beyond.”
EnterpriseNGR became a member of WAIFC in 2023 during the WAIFC board meeting hosted by TheCityUK in London.
The MoU, which was signed recently in Mauritius, brought together EnterpriseNGR, the Economic Development Board of Mauritius, Casablanca Finance City Authority, and Rwanda Finance Limited, to foster collaboration, promote investment opportunities, and drive sustainable development within the financial centres of its member countries.
A statement from EnterpriseNGR said that it was joining forces with the three countries to pursue five key objectives.
According to the group, these objectives include “jointly strengthen the competitiveness of financial centres in Africa. Collaborate through projects, research papers, communiques, and events to position the African continent, demonstrate the myriad of investment opportunities, and showcase the role that financial centres play within the African continent”.
It added that it would enable it to “Conduct joint initiatives to support the exchange of best practices between members, enhance visibility regionally and internationally, and to provide African financial centres with a unified voice regionally and internationally.
Facilitate the development of dialogue with major financial centres outside the African Continent and build communication channels with African institutions, including regulators and policymakers, as well as African financial services industry associations, and advocate for regulatory coordination amongst members of the Africa Roundtable to promote cross-border investments and financial services”.
Commenting on the collaboration, the Chairperson of the Africa Roundtable, Mr Ken Poonoosamy, asserted, “The signing of the Memorandum of Understanding for the Africa Roundtable of the WAIFC represents a pivotal stride in fostering synergy among financial hubs within the African sphere, with the shared objective of catalysing economic advancement across the continent.”
Ms Obi Ibekwe, the Chief Executive Officer of EnterpriseNGR, represented by the Director of Policy & Public Affairs, Mr Lami Adekola, expressed her excitement over the development.
She stated, “It is a historic achievement, and EnterpriseNGR fully endorses the Africa Roundtable of the WAIFC and is excited for the immense opportunities it represents for Nigeria and the African continent.
“Our collaboration with the four African countries promises to bolster financial competitiveness on the Continent and amplify Africa’s global presence. We will leverage this Roundtable to unlock the full potential of African financial centres to drive prosperity and development for our nations and beyond.”
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5 Emails You Should Delete Instantly
Amidst the daily influx of emails flooding into your inbox, it’s crucial to remain vigilant for signs of potential cyber threats. Keep a lookout for these seemingly innocent phrases that could spell trouble for your cybersecurity.
Trevor Cooke, the online privacy expert at EarthWeb, identifies five phrases you can search for in your inbox to weed out dangerous messages.
1. “Urgent Action Required”
Trevor advises, ‘This phrase often indicates an attempt to create a sense of urgency and pressure the recipient into taking immediate action without thoroughly considering the consequences.’ Cybercriminals may use this tactic to trick individuals into clicking malicious links or downloading harmful attachments.
Example: “Your account has been compromised. Urgent action required to secure your account. Click here to verify your login credentials.”
2. “Account Suspension”
Emails claiming that your account will be suspended unless immediate action is taken should raise suspicion. Cybercriminals often employ this tactic to coerce recipients into providing sensitive information or credentials under the guise of resolving a purported issue.
Example: “Your account will be suspended within 24 hours due to suspicious activity. To avoid account suspension, please confirm your account details by replying to this email.”
3. “Congratulations! You’ve Won”
Beware of emails proclaiming unexpected winnings or prizes, especially if you haven’t participated in any contests or lotteries. Trevor says, ‘Such emails often serve as bait to lure recipients into divulging personal information or clicking on malicious links.’
Example: “Congratulations! You’ve won a luxury vacation package. Click here to claim your prize by providing your personal details.”
4. “Click Here For A Special Offer”
Phrases enticing recipients to click on links for exclusive deals or offers should be approached with caution. Cybercriminals frequently use this tactic to redirect users to phishing websites designed to steal login credentials or install malware on their devices.
Example: “Don’t miss out on our limited-time offer! Click here to claim your 50% discount on all purchases.”
5. “Unusual Login Activity Detected”
‘Emails alleging suspicious or unauthorized access to your accounts aim to incite panic and prompt immediate action,’ notes Trevor. However, legitimate service providers typically communicate such notifications through their official platforms rather than through email.
Example: “We detected unusual login activity on your account. Click here to verify your identity and secure your account.”
How To Respond
Trevor recommends, ‘Upon encountering emails containing red flag phrases indicative of potential threats, the best course of action is to delete the email immediately and block the sender. Refrain from clicking on any links or downloading attachments to safeguard your personal information and maintain tight cybersecurity.’
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