Nigeriare

Global Credit Ratings (“GCR”) has accorded the above credit ratings to Nigeria Reinsurance Corporation (“Nigeria Re” or “the reinsurer”) based on the following key factors: Nigeria Re’s capital base remained sizeable at N19.6bn at FY17, supporting robust risk adjusted capitalisation. In this regard, the reinsurer evidenced significant capital buffers, further supported by very limited underwriting risk. As such, shareholders’ funds covered net earned premium by 20.6x at FY17, while an adjustment for low yielding investment property (comprising a substantial 80% of FY17 consolidated capital) reduces the metric to 5.6x. Going forward, risk adjusted capitalisation is likely to remain within a very strong range, given a fairly stable risk profile, although significant risks could arise over the medium term if the quality of capital is not addressed. Despite a significant investment portfolio tilted towards property, liquidity metrics were maintained within a very strong range, supported by low exposure to underwriting risk. In this respect, cash covered net technical provisions by 3.6x at FY17, while the claims cash cover ratio equated to 41 months (FY16: 3.7x and 61 months respectively). Liquidity metrics may remain at similar levels over the rating horizon, underpinned by management’s commitment to place operating cash flows into liquid assets, coupled with limited technical reserves. However, headroom within the very strong range is likely to moderate over the medium term on the back of persistent efforts to substantially expand the risk base. Earnings capacity measured at a moderately weak level, with healthy investment income offset by limited underwriting performance.  In this respect, the investment yield equated to 3.2%, while an underwriting margin of -30.2% was recorded during the review year, with low earnings support provided by the life business. Notably, the reinsurer’s high operating expense ratio (review period average: 48%), coupled with a high and variable loss ratio represents a major constraint to an improvement in earnings capacity. In the absence of corrective action, these factors may continue to impact earnings over the medium term. Competitive positioning remained very limited. Although gross premiums grew by a robust 60% in FY17, buttressed by life premiums, the reinsurer’s market share remained low at 4.7%. GCR perceives potential for rapid premium growth over the medium term, supported by an accommodative capital base and the ongoing brand awareness campaigns. The reinsurer’s earnings profile is regarded to be sound, with four significant lines of business collectively accounting for 92% (FY16: 90%) of gross premiums. In line with norms, high value fire and accident risks, together with group life, dominate premiums, underpinning a moderately high aggregate product risk. Product risk is exacerbated by the reinsurer’s high risk retention on high value risks at a maximum deductible of 26% of net earned premiums, with the rest of the short term and the entire long term book written for the net account, albeit noting the intermediate aggregated level of credit strength exhibited by the retrocession panel. Given that the majority of the reinsurer’s assets are domiciled in Nigeria, and the bulk of the revenue is derived locally, the international scale rating is constrained by Nigeria’s sovereign rating. The rating may be adjusted upwards following a track record of profitable growth and an improved market share over the medium term. This would need to be supported by risk adjusted capitalisation and liquidity metrics remaining at strong levels. However, negative rating action may arise should the reinsurer record a sustained weakening in earnings capacity, material reduction in capitalisation and/or deterioration in the liquidity profile.

Nigeria Reinsurance Plc, the premier reinsurance company in Nigeria, has released a report, which contains a detailed review of the insurance market in 2015 with projections for 2016. The Report is segmented into 3 sections with the first section dealing on the following topical issues: Economic review for 2015, Economic outlook for 2016, Insurance industry review for 2015 and Insurance industry outlook for 2016. The second section dealt on economic review for 2015 and insurance outlook for 2016 in sub-saharan Africa while the third section captures Nigeria’s economic review for 2015, economic outlook for 2016, 2016 budget (Assumption) breakdown, Insurance industry review for 2015 Outlook for 2016” and insurance industry outlook for 2016. The Report with the title “Insurance Industry Outlook for 2016” retrospectively analyzed that the insurance industry in Nigeria had largely remained underpenetrated with insurance density (insurance premium as a percentage of GDP) at 0.225 per cent. It noted that the industry recorded an estimated growth rate of 10 per cent in 2015, and that insurance gross premium written rose to N300 billion (estimated) in 2015. Also captured in the Report was the appointment of new commissioner for insurance, Alhaji Mohammed Kari and a new president for the Chartered Insurance Institute of Nigeria, CIIN., Lady Isioma Chukwuma as well as the election of Mr. E. Okunoren as the new president of the National Council of Registered Insurance Brokers, NCRIB. The Report on the performance review of the Nigerian insurance industry in 2015 took note of 108 insurance brokers that were delisted by the National Insurance Commission, NAICOM, for failing to renew their licences. Similarly, it reported that NAICOM with the power vested in it in 2015 dissolved and reconstituted the board of an insurance company. Also mentioned in the report is the opening of 57 insurance company branch offices within the year under review in cities like Lagos, Port Harcourt and Abuja, thus bring the total number of insurance company branches to 853 in the country. It noted that NAICOM, within the purview of its regulatory role, directed all registered insurance companies to offset all their outstanding Claims on 30th September, 2015. It adds that few mergers and acquisitions were recorded in 2015 with most of the acquisition done by foreign companies.The report provides adetailed projections for the Nigerian Insurance Industry in 2016, commencing the positive outlook that if the federal government fulfills its promise of paying all its outstanding premium in 2016 (which worth N10b), insurance companies might have a better Gross Premium Income (GPI) in 2016. with a Global perspective and review of key African markets.It discusses the outlook for different sectors, inherent opportunities as well as strategies for navigating the financial market. On a sad note, it projected that that if some state governments go ahead with planned retrenchment exercises in 2016 that Non-life Premium (especially 3rd party motor insurance) may drop.Similarly, the Report projected that the unhealthy scramble for customers in the industry may further force the pricing in the industry to go down (ratecutting) except NAICOM intervene with minimum threshold for all classes of business. 

Friday 21st August, 2015. BusinessDay newspaper Nigeria Re, the country’s premier reinsurance company has begun to achieve greater stability and growth, which has reflected on the firm’s bottom line in 2014. The firm had embarked on restructuring of its operations include service delivery, claims settlement and compliance on early returns to the industry regulator. Isioma Chukwuma, managing director/CEO of the Company said Nigeria Reinsurance Corporation, has secured the approval of the National Insurance Commission (NAICOM) for its 2014 accounts. This, she said, was contained in a letter dated 3rd July to Nigeria Re by the commission. Chukwuma, who was speaking in a statement issued by the company, noted that the corporation, has in the last two years, met the NAICOM June 30th deadline for submission of accounts for insurance and reinsurance operators in the country. According to her, this achievement reinforces the corporation’s strategy to be among the top rated and compliant companies in the industry. Nigeria Re boss further stated that at the beginning of year 2014, the firm objectively reviewed her operations and set a goal that is encapsulated in one phrase, which is ‘to be a Profitable Global Player in the Reinsurance Market.’ She affirmed that the corporation is set out to achieve the goal by restructuring her operations, focusing on service delivery and more specifically on prompt settlement of claims, deepening existing clients’ relationship, improving on the firm’s visibility, monitoring sector challenges within the industry and delivering superior returns. The approved accounts showed that Nigeria Re recorded an improvement in the Gross Premium Income of 18 percent from N629 million in year 2013 to N743 million in 2014.The account further reveals a strong balance sheet figure of N18.86 billion. Claim settlement was given priority during the year as part of the overall strategy to clean up the books and satisfy its clients. With the approval of the accounts and the rating in place, Lady Chukwuma said the corporation is set to soar. Nigeria Reinsurance Corporation was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1st, 1978 as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. The purpose for the establishment of the Corporation was to stem the outflow of funds in form of reinsurance premiums, by accepting legal cession of all local insurance policies and writing inward international reinsurance businesses. In line with the privatization policy of the Federal Government of Nigeria, the Corporation’s 51 percent equity was acquired in December 2002, by Reinsurance Acquisition Group – the Management buy-out vehicle, while the Government retained 49 percent interest. The former stake was later taken over by Jimoh Ibrahim who has since become the core investor. Modestus Anaesoronye

August 17, 2015   Vanguard Newspaper New President of the Chartered Insurance Institute of Nigeria, CIIN, Lady Isioma Chukwuma has said that her administration will focus on promoting insurance awareness by increasing the visibility of insurance in national consciousness. Giving her acceptance speech titled, “Consolidating the gains of the industry for national economic growth” at her investiture ceremony as the 47th president of the CIIN in Lagos, Chukwuma said that the theme is borne out of the conviction that they can achieve greater success for the Institute and the insurance industry as a whole if they consolidate on the gains the Institute has made in the last few years whilst leveraging on such gains of the industry for national economic growth. Chukwuma said that she will also focus on promotion of the ideals of the Insurance Industry Consultative Council, IICC, as the establishment of the IICC and its landmark success in enthroning insurance industry unity cannot be over-emphasized. She said that she will reinforce the huge potentials of the Centre for Insurance and Financial Management Studies as the Centre shall be given further prominence through sustained publicity geared at tapping fully into the opportunity for human capital development for the insurance industry. Chukwuma said, “Situating the CIIN on the global stage: this will involve articulated efforts geared at enhancing the Institute’s certificate for global acceptability, especially by up-scaling’ the collaboration with the Chartered Insurance Institute (UK). “Follow-up on the recognition of the CIIN Certificate by the Head of Service of the Federation: we will ensure that all necessary approvals are obtained so that our certificate holders are appropriately placed in the Civil Service structure. Further work on achieving wider coverage in the presentation and distribution of the Institute’s sponsored Insurance Textbook for Senior Secondary Schools; renewed pursuit of training for insurance teachers on a national scale; completion of the Institute’s examinations syllabus review; commencement of work on the Institute’s Victoria Island Property; pursuit of the expansion of the Institute’s examinations to countries in West, East and Central Africa sub-regions I.e. Ghana, Sierra Leone, Liberia, Kenya, Uganda, Zimbabwe etc; as well as promotion of CIIN members’ benefits, “Chukwuma said. She stated that the tasks are clearly the responsibility of all, adding, “I pledge to provide the right leadership in order to expedite action on all fronts. Fortunately, the Governing Council is blessed with committed members whose passion for growing our Institute cannot be over emphasized. As I accept the mantle of leadership, I wish to pledge with every sense of seriousness and commitment to promoting the goals and objectives of our great Institute.” http://www.vanguardngr.com/2015/08/our-focus-ll-be-on-promoting-insurance-awareness-ciin-president/

Mr. Bola Temowo is the outgoing President of CIIN. In this interview, he spoke on the personality of Lady Isioma Chukwuma and advised her to live up to expectations. What will be your advice to the next CIIN President, in terms of project continuity? When I was coming on board, the theme of my administration was the legacy of continuity. This is because part of the challenges we are facing, as a country, is neglect of the culture of continuity. The growth of any country or sector is built on the legacy of continuity. A lot of projects I did were actually started by my predecessors. The Centre for Insurance and Management Studies wasn’t started by me, it was only commissioned by me. It actually started about five years ago. So, for the centre, credit goes to Sunny Adeda, Wole Adetimehin and FK Lawal as well as Chief Bailey. We also need to appreciate the work did by the previous administration of Ogun State, under Gbenga Daniel. All I just did is to key in all that is already in place. I will also like to extend appreciation to the insurance industry because we have wonderful supports from corporate bodies and individuals within the industry and to the glory of God, where we are taking it to, and where we are today, without borrowing a dime from any bank, was a sponsorship from corporate bodies and individuals. Meanwhile, there is nothing I did under my administration that did not include her(Lady Isioma Chukwuma), since she was my deputy then. We worked together as a team and so, credit must also go to her on whatever I may have achieved. Now, my advice for the incoming president is just to continue to be who she is. Though, she might have new ideas she is bring on board, I know she will embrace the legacy of continuity, I have had the privilege of having known her for years. We are together in University of Lagos in the 1980’s and we have had series of projects together. So, she is a humble, dutiful person and an achiever. I have no doubt that she will get the kind of support I get because of the person she is. All I will just say to her is to continue to be who she is. Under your regime, the Insurance Institute Consultative Forum (IICC), a pet project of the insurance industry, started full operation, with the recently concluded mega conference. Moreover, the college of insurance was commissioned, even as there was the distribution of insurance text books to some secondary schools in the country. Looking back to your tenure, how do you feel? Whatever modest achievement I may have made, I give glory to God for using me. More importantly, I cannot, alone, take the credit for the achievement I may have made because I was able to achieve the feat as a result of cooperation from all arms of the industry. In the same vein, I have the support of wonderful people in the council as well as within the insurance industry. The mega conference was an outcome of cooperation, with various arms of the industry ready to work as a team. I was only a beneficiary of that cooperation, because the process actually started before me. It is something that has been in the pipeline for years, but by the grace of God, I was only opportune to witness the byproduct of such initiative. Unlike before, there seems to be harmony among operators and various associations in the industry. How is the industry able to achieve this? All the arms of the industry decided to work together as a team. Now, we are getting to realize, unlike before, that together we stand, divided we fall. If we work together as a team, definitely, we believe we will bake a bigger pie. The bigger the pie, the more it is for everybody to share. Working in opposite direction would not help anybody. So, we just decided to work on a common interest, which includes operators and the insuring public. I think we resolved to come together to resolve our differences in-house and that is the beauty of having IICC, which I do believe, has come to stay. We have issues that were amicably resolved in-house and we are speaking in one voice now. Even when we visited the Vice President of the country in Abuja as a group, he was very happy with the unity among operators in the industry, charging other sectors to emulate this. Over the last two years, underwriting firms have spent nothing less than N200 million naira on fines. What will you say is responsible for this and what is your advice to insurers to stem this trend? Let me just say I am a firm believer in the need for regulation, either self or government regulation. If there are no penalties, then, what form of deterrence will you put in place? I just believe penalty is a form of deterrence and I also believe that as the year goes by and operators begin to understand the requirements, the fines would reduce over time. This is just the trying period we are going through as an industry. On the other hand, I also believe in continuos dialogue between the regulator and the operators, so that once there is an understanding, those gray areas would reduce and the fines would also reduce as we go along. I just believe that what is going on now is because of lack of understanding of the roles of both parties. This year is a tough year for insurance industry. Do you think the projection for the year is still achievable? That question would be better answered when the federal government present its financial and economic blueprints. Though, there would be adjustment along the line, but the direction would actually be determined by the government roadmap. I don’t know, until we have the economic blueprint. What future do you foresee for insurance industry in the country? The insurance industry is likened to a situation whereby you send two marketers to the field to sell shoes. The first one get there and said they sent him to an environment that they don’t wear shoes, how do they expect him to sell shoes? The other guy goes there and see opportunity in the fact that the people there don’t wear shoes and all he needed to do is to persuade them to wear shoes. The industry is a case of what do you see? Do you see opportunities there? The insurance industry is still untapped. The penetration level is still very low. That tells me there is a lot of future in this sector. The market is still not saturated and that is why you have a lot of foreign investors coming in. If the opportunities are not there, definitely, money would not be coming in. Money follows where opportunities are abound. So, what I would always say is that, for the doubting Thomases, there is no better time to get on the trail than now, the future is bright. Look at the opportunities and let there be transparency and corporate governance in all we do because what we are selling is an intangible product. So, all we can always do is to reassure the stakeholders and when the reassurance is there, they will definitely tap into opportunities therein. Our readers would want to know who Mr. Bola Temowo is? Bola Temowo is a Nigerian, proudly Nigerian and proudly second generation insurance practitioner, who has been opportune to lead the insurance industry, and who by divine way, was also deemed fit to have been elected as the chairman of IICC. Temowo was also divinely favoured and who is wonderfully supported by the people in the industry. I have had wonderful people around me and I give God all the glory. _________________________________________________________________________ – See more at: http://www.mynewswatchtimesng.com/operators-must-support-new-ciin-president-to-succeed/#sthash.Hdokc857.dpuf

Just like the golden fish has no hiding place in water, the talents of Lady Isioma Chukwuma, the Managing Director of Nigeria Reinsurance Corporation, was exposed, and she was eventually elected to be the President of the CIIN for the next two years. In this interview, she shares her success story and speaks on prevailing issues in the insurance industry. The College is a pet project of the institute. What is the level of development and what is the qualification to gain admission into the college? The college has been renamed Centre for Insurance and Management Studies. The project is being handled in various stages. A lot of development has actually taken place in the college. For now, we have completed the admin/multipurpose block, the e-library, a 50 room students hostel, the guest chalet, the Administration/Director’s quarters, and blocks of about 10 lecture rooms of various capacity all fully furnished. However, the recreational facilities are yet to be developed. So, a lot has taken place in the centre. As regards qualification for admission into the centre, currently we have diploma programme. For that, the requirement is the first degree or Higher National Diploma (HND). Then, we intend to have Part-time Diploma Programme. We realized that a lot of companies are not ready to release their staff for full time programme, so, very soon, the Part-time programme would be introduced. There is also a plan to start a foundation programme. This one is aimed at getting students that has just finished secondary school, but are not able to get straight into the universities, to do a foundation programme. The requirement for that is school certificate with a pass in English and Mathematics, and at least three other subjects. The idea is that, when they are through with the foundation programme, they can be admitted into second year in universities. But we will work out which universities we are going to be collaborating with, in this regard. CIIN is in educational arm of the insurance industry. As you take up the mantle of leadership of the institute, in what area do you think you can assist to develop manpower in the sector? Incidentally, I am the current chairman of the Centre for Insurance and Management Studies. So, the purpose for which the centre was set up is to provide long lasting solution to the manpower needs of the industry. As I take up the mantle of leadership of the institute, I am going to ensure that the motive for setting up the centre is realised. Low awareness is the major bane of insurance industry. In what capacity will you try to promote insurance education and sensitization, as the president of CIIN? Yes, it has been a challenge to all practitioners in the industry and the past presidents have embarked on series of awareness campaign to increase insurance acceptance. I know that the past presidents tried to do a live radio programme, but because of cost, it could not be sustained. So, as I come in, in the spirit of continuity and the spirit of consolidating the gains of the industry, I also intend to continue, but not with the radio programme, but with the print media. I intend to initiate a project whereby, on a daily basis in the newspapers with wide coverage, there would be discussion on insurance issues. That way, we will be able to create awareness in the country. The unified mega conference that took place last month, is an idea of CIIN, Nigeria Insurers Association (NIA), Institute of Loss Adjusters of Nigeria(ILAN), National Council of Registered Insurers Brokers(NCRIB), to make it a yearly event. Do you think of sustaining it, and which area do you think there should be improvement in the near future? Definitely, the purpose is to bring all the arms of the industry to act and speak in one voice. It’s a very laudable idea and I will do everything within my power to sustain it. What I will do is to encourage more participation. Whatever challenges we discovered in this one, will be corrected in subsequent ones. That way, we can sustain the tempo. Most importantly, we want to make sure that the participation is wide spread and that all arms of the industry are well represented. What plans do you have to increase insurance education? With regards to insurance education, the former president successfully commissioned textbooks for secondary schools and about 2,000 insurance textbooks were distributed among public secondary schools in the country. Even, the outgoing president embarked on training of teachers on insurance to train these students. I intend to follow up the programme to continue to create awareness among secondary schools, reach out to more schools and create awareness for them to take up insurance as a career. I also intend to cover other geopolitical zones that have not been covered in terms of Training the Trainers for insurance. I believe this will create the needed awareness in the country. It seems there is no serious harmony among associations in the industry. How are you going to ensure that the industry is united? I don’t think there is no harmony in the industry. It is not a true statement that there is no harmony among trade unions in the industry. There has always been mutual collaboration among the bodies in the industry. It is in that spirit of collaboration that IICC was established to further strengthen the collaborative effort among the trade associations. As you are aware, the president of CIIN is also the Chairman of IICC. So, as the president and chairman of IICC, all I can do is to strengthen the existing relationship and to further encourage collaboration among practitioners. In Nigeria, women are somehow not allowed to occupy some sensitive position in the society. In your emergence as the president, do you encounter any of such? Fortunately, no. On the contrary, I have always enjoyed the support and respect of my colleagues, right from the time I joined the council in 1999. I have always enjoyed their support. So, when I become the president, it just come naturally, they don’t consider whether I am a male or female. It didn’t really matter my gender. The insurance industry is trying to achieve a N1 trillion premium income in the next three years. Taking into consideration, the fact that the industry recorded N303 billion premium income in 2014, do you think this target is realizable? Sincerely speaking, I don’t think it is realistic enough, because the penetration of insurance is still very low in the country. But that is not to say we are not trying, I am optimistic that we can improve on what we already have, but N1 trillion is unrealistic. The continuous late passage of budget is regarded as a dent on the renewal of government insurances, especially, with the implementation of the No Premium No Cover in insurance industry. How will you access government compliance to this directive? The late passage of budget, as far as I am concerned, should not have anything to do with the renewal of government insurances. It depends on the priority they placed on insurance. If they are serious about insurance, there should be adequate plans and measures put in place to renew the policies as they expire. So, the issue of budget, whether it is passed earlier or not, should not affect insurance renewal of government. As regarded compliance to No Premium No Cover, I want to think that the government should know better and it is very clear, if you don’t pay your premium, there will be no cover. Over the years, some underwriting firms are fond of submitting their accounts late to the regulatory authorities, thus, they pay huge fines running into millions of Naira, thereby, depriving shareholders of dividend. What is your advice to your colleagues to improve in this aspect? I think the whole confusion and conflict, as regards the submission deadline, is responsible for the delay. In the first instance, the Nigerian Stock Exchange (NSE) deadline is on or 31st of March, whereas, NAICOM says on or before June 30. Usually, companies will rather wait for their accounts to be approved by NAICOM, before they submit to NSE and because of the delays they usually experience with NAICOM, they don’t usually meet up stock exchange deadline. So, that is why they find themselves paying those huge fines. But luckily, NAICOM has now reviewed its own date; instead of June, it is now April. Even though, the NSE is 31st of March, I understand that companies still have a grace period of one month, after the deadline, to submit. What most companies now do is to submit their accounts in good time, so that whatever issues they have with the account are resolved before the deadline date. What I would advise my colleagues to avoid such delays, is that companies should do interim audit just like we do in Nigeria Re. They need to start the auditing of the account early enough, you don’t have to wait till very last minute before you start rushing to submit.. Do internal audit, may be quarterly internal audit, so that by year end, what they will just do is to compile all the quarterly accounts they have audited. That way, they won’t run into any delay. The regime of sanctions adopted by NAICOM seems not to go down well with some operators. What is your reaction to this? I will say that sanctions are only applied when deadline are not met and when infractions are made. So, what I will advise is that all the operators should have compliant officers that should be very well abreast of NAICOM’s regulations and the timeline for submission of all the reports. They should try as much as possible to beat deadline set by NAICOM. Rate-cutting is regarded as an illegal attempt by some underwriters to lobby for insurance businesses in the country, yet, it seems it has become a perennial act. Proffering solution, some are calling for uniform ratings. Do you agree to this measure? I don’t agree that uniform ratings should be the solution, because right now, there is uniform ratings on motor business, for instance, yet operators come up with different forms of discount which still negates the essence of uniform ratings. So, even if you have a uniform ratings, you will still find some people coming up with one form of discount or the other to bring down the premium all in a bid to get that business, hence, I don’t think it would work. All I will just encourage the regulators to do is to continue to find out ways of trying to beat, monitor and supervise these ratings. It is really a challenge in the industry. During rainy season, people are exposed to various forms of risks. What is your advice to Nigerians to adopt insurance, especially, during this period? More enlightenment programmes are needed to tell people the risk, the dangers they are exposed to during the rainy season. On the topography of the area they live, for instance, you can make them realise the risk they are exposed to, which is flooding. They should be encouraged to clear their drains, when drains are cleared, there would be less flooding, except in some natural prone areas. But that way, there should be control measures to be able to contain or minimize the risk of flooding. For building collapse, I will just encourage the professionals, estate surveyors, and quantity surveyors to study the topography of whatever area they are putting up building or construction and then to make sure the right mixtures of materials are used. What you find out is that substandard products are used in the construction of buildings which is usually responsible for the collapse. In most cases, they don’t use the right mixture of cements, sands and so on. And then, to the insurance practitioners, they should encourage contractors to suspend constructions during rainy seasons to avoid collapse. Most importantly, the public should take up insurance policy, because when they take up insurance policy, and even if you take all these measures, the risks are still bound to occur. But when they take up insurance policy, then, when the risk occur, the insurance industry is there to mitigate effect of the risk. Insurance industry, over time, has been least represented in the national discourse and planning. Now that we are having a new government, what will be your advice to the Federal Government to ensure that insurance is given the needed prominence? The IICC is proactive and they are taking measures to ensure that insurance is given the right its deserves in the country and in the new administration. The institute has put up a paper to that effect and we hope when the new government settles down, they will look into the proposal we have put before them, and hopefully, insurance will be one of the first they will listen to. As one of the two reinsurance companies in the country, how will you rate the performance of Nigeria Reinsurance Corporation? Nigeria Re has had its fair share of challenges in the past few years, but the cooperation is gradually overcoming that and I am proud to say that today, Nigeria is doing not too badly. Nigeria Re is one of the companies that had its accounts approved before the deadline set up by NAICOM expired. Despite the difficulties encountered by some of your colleagues to submit their accounts, how were you able to meet deadline? I am very glad over the quick approval of our account. I want to attribute this to the computerization of our operation, the commitment of the staff and our determination to beat NAICOM’s deadline and not to pay any penalty. I will want to encourage my colleagues to try to do the same. Like I said earlier, if you do interim audit of your accounts and you don’t wait until the year runs out, you will not be fined. Start early enough, so that you can conclude on time. And luckily, NAICOM has also put measures in place to speed up the checking process and they have also assured that all things been equal, if you submit your account for approval, within one or two weeks at most, the account will be approved. All we just have to do is that, before the account gets to NAICOM, necessary steps should be taken to ensure that it is not returned. The delay starts from when an account is returned back to the company. But once it gets to NAICOM and everything is in order, within two weeks, your account is approved. Now that your account has been approved, what should your customers and shareholders expect from the management? Let me first of all appreciate our shareholders and the customers for their supports and for believing in us. What I will assure them, especially, our shareholders is better returns on investment. And to our customers, I will assure them of continued improved service delivery. In the areas of claims settlement, it seems you have been able to make some appreciable claims? I am proud to say Nigeria Re has been, and will continue to meet all genuine claims as it is our obligation to do so. The records are there for verification. We are able to achieve that because it is part of our strategy at repositioning the company, since we realised that in the past, the issue of outstanding claims has always worked against us. So, as a strategy, we decided that we will not, henceforth, waste time paying genuine claims that has been properly processed. Luckily, that is how we have been able to maintain almost more or less zero claims payment ability. Nigeria Re is an age long brand. What are you doing to sustain the brand as well as how will you rate reinsurance business in the country? Reinsurance business is very vital for survival of insurance business. Resinsurance is very essential for direct insurance companies . Reinsurance companies are there to provide cover for insurance companies, to enable them have confidence to underwrite business above there capacity. Nigeria Re is one of the reinsurers and we have been providing backup capacity for insurance firms. With the national election, change in government, devaluation of Naira, drop in the price of international oil price, among others, all taking place in the current year, do you think the projections for the current year in the insurance industry is still achievable? Well, the industry will record some level of growth, but not as much as one will expect. And because of the low awareness and penetration of insurance, people don’t accord insurance that much importance. With the austerity measures, things are hard, insurance would be one of the things they can quickly say they can do without. So, unfortunately, that is how it is going to negatively affect the industry. Can our reader knows who Lady Isioma Chukwuma is? Lady Isioma Chukwuma is from Asaba, Delta State. I had my primary education in Lagos and went to my town in Asaba for my secondary school education. Thereafter, I came to Universiity of Ibadan for my first degree. I had a degree in French, went on to University of Lagos to do my Masters in Public Administration. I joined Nigeria Re in January 1980 and incidentally, I have had my whole career life in Nigeria Re. I have worked virtually in all departments of the corporation, and by the glory of God, I have risen from a Graduate Trainee to become the Managing Director of Nigeria Re. Anybody in my shoe should be satisfied, because it is like I have gotten to the peak of my career. How do you spend your time off from work? You will be amazed at the things I like doing. I like to play computer games, I like to play puzzles and I like to watch Nollywood home movies. That is how I spend my time off from work. ——————————————————————————————————————————- http://www.mynewswatchtimesng.com/centre-for-insurance-management-studies-to-start-part-time-diploma-soon/

Chukwuma Takes Over as New CIIN President Thisday Newspaper, 10 Aug 2015. By Ebere Nwoji The Chartered Insurance Institute of Nigeria (CIIN) will on Tuesday hand over its baton of leadership to Mrs Isioma Chukwuma as its 47th president. Chukwuma, a revered insurer with decades of experience, currently Managing Director Nigerian Reinsurance Corporation will at her investiture ceremony in Lagos take over the leadership of CIIN from the incumbent Bola Temowo. The event will take place at Federal Palace Hotel Victoria Island Lagos. Addressing journalists as part of the preparation for the programme, Chairman of the investiture committee, Mr. Kayode Lawal said preparations for the event are in top gear, adding “this press conference is mainly to avail you of the major highlights as well as solicit your co-operation in giving the event due coverage and the required publicity.” He said the occasion will be chaired by Chairman of Elizade Motors and Custodian and Allied Insurance Plc, Chief Ade Ojo. Chukwuma anchors the theme of her administration on “Consolidating the Gains of Insurance Industry For National Economic Growth“. Lawal said the theme was borne out of the need to consolidate on the gains the institute has made during the tenures of its Past Presidents He itemised some of the means by which  Chukwuma’s tenure hopes to achieve the objectives of her theme as bringing the insurance institute on global stage, enhancing the institute’s certificate for global acceptability, upscaling collaboration with Chartered Insurance Institute UK, consolidating the existing collaboration with the  UK  institute on cross accreditation of courses and using the CIIN Certificate to apply for fellowship of the CII, UK. According to Lawal, others are promoting insurance awareness by increasing the visibility of insurance through publications in the print medium such that at least four or five Newspaper houses have a day dedicated to coverage of insurance related news, courtesy visits to the newspaper houses and support them with funds. Follow-up on CIIN Certificate recognition by the Head of Service (HOS) of the Federation, Renew pursuit of training of insurance teachers on a national level focus on states with the South-South, South East and North Central geo-political zones. Chukwuma also said she will Work on achieving wider coverage in the presentation /distribution of the institute’s sponsored insurance textbook for Senior Secondary Schools, greater pursuit of Osun, Delta, Imo, Enugu, Anambra, Abia, Niger, Kogi, Benue, Plateau States to be targeted, completion of the institute’s exams syllabus review, commencement of work in the institute’s Victoria Island property. Also pursuit of extension of the institute’s Professionals to countries in West and East and Central African Sub-regions, such as Ghana, Sierra Leone, Liberia, Kenya, Uganda, Zimbabwe as well as promotion of members’ benefits. Chukwuma is currently Deputy President of the institute and has worked closely with the outgoing President, Mr. Bola Temowo. She has served the institute in various capacities over the years and has remained steadfast in her commitment to its course since her election into the CIIN Council in 1999. She joined Nigerian Reinsurance Corporation in 1980 and has steadily risen through the ranks till she was appointed Managing Director in 2009. Born in Asaba in Oshimili South Local Government Area of Delta State Chukwuma attended Our Lady of Fatima Primary School, Surulere, Lagos and Anglican Girls Grammar School, Asaba for both her Primary and Secondary education respectively. She proceeded to the prestigious University of Ibadan for her Bachelor’s degree and graduated with Honours in 1978. She enrolled for and obtained a Master’s in Public Admin. (MPA) from the University of Lagos in 1985. Lady Chukwuma qualified as Associate of Chartered Insurance Institute, London in 1990. She joined Nigeria Reinsurance Corporation as a Graduate Trainee in 1980 and worked virtually in all the Technical Departments of the Corporation, She was confirmed Managing Director/Chief Executive Officer of the corporation in 2009, a position she held till date.

Amiable woman would be my simple response if asked to describe the Managing Director and Chief Executive Officer of Nigeria Reinsurance Corporation before March 3rd, 2014. But if asked now, without hesitation, I would add ‘meticulous’ and ‘conscientious’ to her attributes. Well, some may refer to her as a transformational leader and silent achiever; definitely it would be a perfect description. Most of the chief executives of Energy Group often refer to her as our one and only Lady Chukwuma. The very day I resumed, after greeting her, I patiently waited for response. Madam told me politely, please sit down. She had a chat with me briefly and asked the Head, Admin to take me round the offices. There I knew this is one of the few CEOs that Jim Collins mentioned in book, ‘Good to Great’ as a level five leader. The leaders in this class paradoxically blend humility with professionalism, which is a rear quality. Bravados are often associated with successful CEOs – the character trait that has sent many of “too big to fail” companies to oblivion. Lady Isioma Chukwuma is one of the people in the mold of Darwin Smith of Kimberly Clerk. Lady Chukwuma was born on 6th June, 1952 into the family of Pa Michael Okolie, an astute banker from Asaba, Delta State. Last year when we went for the burial of her father at Asaba, I discovered while reading through the Grand Pa’s biography where my MD actually inherited the attention to details at work. Without missing words, this quality has greatly contributed to her success in various leadership positions she has held. Lady Isioma Chukwuma is a 1978 Second Class Upper Division graduate of French of the University of Ibadan. As destiny would have it, her first job was with Nigeria Reinsurance Corporation. Shortly after joining Nigeria Reinsurance Corporation on 2nd January, 1980, she was motivated to enroll for professional certification in insurance, a core condition for promotion in the Corporation. She put in for the professional course and completed it within three years and became an associate member of the Institute. To brighten her chances in her chosen career, she put in for the Public Administration post graduate programme of the University of Lagos and bagged Masters Degree in 1985. In her career enhancement pursuits, she gave her best not only to the growth of her company but was also committed to the growth of insurance industry in Nigeria. This and other reasons made the management of the company to nominate her as its Office Representative at Chartered Insurance Institute of Nigeria (CIIN). This opportunity and her commitment were catalyst to her great feat in the industry, where she is currently the Deputy President of CIIN. Prior to this appointment, she had served the Institute as chairman of the Offices Representative Committee, chairman of the Mandatory Continuous Professional Development Committee, member, Activities Committee, and Treasurer of the CIIN. She has equally served as President, Professional Insurance Ladies Association (PILA) between 2001 and 2003. In her current status as Deputy President of the Governing Council of CIIN, Lady Isioma Chukwuma doubles as chairman, Accreditation Committee and member, Education Committee of the Institute. Notwithstanding the enormity of her responsibilities, which require frequent travelling locally and internationally, Lady Isioma Chukwuma has been able to strike the balance between her commitment to her family, her corporation where she is Managing Director/CEO and the Institute. Her doggedness and innovative thinking were salient ingredients for the success recorded at the Nigeria Reinsurance Corporation after it was privatized and she made the Managing Director. The three essential qualities expected from a successful CEO – Integrity, Intelligence and Innovation – are found abundantly in her. It is equally worth saying that Lady Chukwuma is a God fearing woman and committed Anglican decorated with the title “Lady”. She was the immediate past President, Ladies Progressive Society of All Saints Anglican Church, Yaba, Lagos. Lady Isy, as she is fondly called by her friends in the industry, enjoys the support and respect of her colleagues, the loyalty of her staff, and more importantly the love of her family. It is our prayer at Nigeria Re that God Almighty will continue to protect you, grant you the wisdom to continuously excel in this life. May you never lack favor, divine direction and sound health; your strength shall never fail you in Jesus name. I wish you a long life and many prosperous years ahead. And congratulation in advance Ma, as we earnestly await your investiture come 11th August, 2015, as the 47th President and Chairman of the CIIN Council by the grace of God.