All Posts in "Day: October 14, 2022"

NAICOM: Nigeria’s Insurance Assets Now N2.3tr

The National Insurance Commission (NAICOM)says Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter of 2022.

This indicates an increased growth rate of 11.9 per cent over the first quarter,NAICOM,disclosed this in a bulletin on Insurance Market Performance made available by its spokesman, Rasaaq Salami.

It said gross premium income in the second quarter of 2022 stood at N369.2.8billion,indicating a 20.1per cent growth rate compared to the same period of the previous year and an impressive 65.0per cent, quarter on quarter.

It added that the continued steady growth from the first quarter of the year correlates with the current performance of the period under review.

The market data reveals that the industry grew 20.1% higher than the national real Gross Domestic Product (GDP) of 3.5% during the same period,indicating the industry’s impressive performance given the recent trajectory.

The industry’s financial position indicated a total of N1.2 trillion in assets in Non-Life Insurance while Life Insurance stood at about N1.1trillion, while the insured recorded gross claims of N174.8 billion in the second quarter of the year, representing 47.3 per cent of premiums collected during the period,the statement said.

It also noted that gross claims made in the second quarter of the year indicated a 0.2 per cent growth compared to the corresponding period of 2021, which reflects the professional underwriting capacity of the industry driven by the intensified regulatory activities of the commission,’’ the report stated.

The market report indicated that net claims paid were N148.2billion, signifying 84.8 per cent of claims made during the period,adding that:“This reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission,’’ the bulletin stated.

The non-life segment maintained its primacy at 59.3% of the total premium generated. Insights in the segment show Oil & Gas was the leading driver at 32.5% with a distant second at 20.7% for Fire.

Motor Insurance stood at 14.8%, while Marine & Aviation, general accident and miscellaneous reported a share of 12.3%, 10.9% and 8.9% in this order.Life business on the other hand recorded 40.6% of the insurance market production as its share contribution, gradually closes up.

The share of Annuity in the Life Insurance business logged at about Twenty-Five per cent (24.7%) while individual Life held a major driver position at 41.8% of the premium generated during the period.

It added that the insurance business recorded a near-perfect point of 88.9 per cent of claims settlement in Life Insurance as against 76.8 per cent in a non-life segment which stood at 76.8 per cent, while motor insurance retained its vanguard position- posting a claims settlement ratio of 92 per cent.

“Progress was more noticeable in the oil and gas sector with 85.7 per cent of claims settlement ratio, an increase of some 43 points compared to its position of 42.8 per cent recorded in the corresponding period of 2021.General accident claims recorded 75 per cent, fire claims recorded 76.2 per cent, while aviation and Marine claims recorded 61.9 per cent,” it stated.

The bulletin added that sustained market development and growing confidence in the industry would eventually improve the negative peculiarities and challenges of the market.

admin by — October 14, 2022 in Business 0
NNPC’s Acquisition Big Boost For Our Business -OVH Marketing Boss

Huub Stokman,Chief Executive Officer of OVH Energy Marketing Limited,has emphasized that the recent acquisition of his company’s asset would turn it around.

Stockman,in a message to the company’s customers and stakeholders said the strategic move aims to create the leading downstream oil and gas company in Ngeria and West Africa, driven by
operational efficiency, best in class management and optimised physical infrastructure to deliver premium petroleum products and related services to our customers, in line with global standards.

He told the customers that the company’s branded retail service stations wil be rebranded NNPC, improving the retail footprint of the merged entity and enriching supply chain and product avaiability across our different locations.

According to him,the merged entity will build on the existing success of OVH Energy and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities combined with NNPC brand strength,adding that the company will continue to invest in networks and upgrades to grow the business.

He added:Until the successful integration of the merger, it is business as usual Our business will continue to run effectively, and existing contracts and agreements with you wll remain the same We will ensure to keep you updated on the integration process .These are excitng times for all of us believe our transformation into NNPC Retai Limited wil be beneficial for our business and the nation, whilst presenting a positive opportunity for our people, customers, and wider stakeholders in the region”.

admin by — October 14, 2022 in Oil&Gas 0
We’ll Investigate Oil Theft Claim In Our Facilities -Shell

Oil major Shell’s Nigerian subsidiary has hinted that it will  investigate reports that an illegal oil tap ran for nine years on a pipeline it operates.

A spokesperson of the multinational oil company,saying:“We are also conducting an investigation to establish where the theft lines end and whether there have been any breaches of the unmanned platform’s security barriers (locks etc.) or any unauthorised use of the equipment on it”

The company  said it had detected illegal connections as part of regular surveillance and would launch a joint investigation with regulators to “establish the nature and condition” of the lines before removing them.

The Nigerian National Petroleum Company, Limited, NNPCL, had claimed that the theft point extended from the Trans Escravos pipeline and that the Afremo platform, operated by the Shell Petroleum Development Company of Nigeria (SPDC), was the suspected exit point of the stolen crude.

NNPC identified the theft line discovery as evidence that Nigeria’s coordinated interventions, including contracts with companies owned by former militants, to crack down on theft were paying off.

admin by — October 14, 2022 in Oil&Gas 0