As you read ask yourself how well and prepared are you to face the future in case of unforeseen circumstances. It is wise to get an insurance policy today.Make your savings a cover for your future. See tabs below for life saving packages or call 08036411416

Protecting your future against the risk of Loss

By : Unknown
IF YOU MISSED MY PRESENTATION YESTERDAY
READ THE PDF FILE BELOW OR WATCH THESE 3 SHORT VIDEOS BELOW


If you don't have a long term savings for your future retirement call me: 08023782509
PLEASE WORK ME THROUGH A SHORT VIDEO I DON'T HAVE TIME TO READ
Part 1: What do you know about your future income? {What the law says about your income}



Part 2: What will you do with the money you get for retirement? Pension Vs Annuity and why?


Part 3: See Illustration of what a life time income means


Call me for clarification: 08036411416 or 08023782509, Email Bayo Mutual Benefits Life Assurance
bayomutualbenefit@gmail.com
With Us the Benefits are mutual

TO GET THIS PDF DOC, CLICK THE DOWNLOAD BUTTON BELOW
 DOWNLOAD RETIREMENT

Protecting your Future against Risk of Loss

By : Unknown
Tomorrow I'll touch and focus on these areas:
Ø Simple Financial  Future Planning for yourself, family and children 
Ø Adding to your financial worth and protecting the future of your beneficiaries or business in case of eventualities 
Ø Future Talk: How to increase what you get after retirement (Are you on the right track?)

BUT FIRST LET'S DISCUSS YOUR FINANCIAL LIFE-CYCLE TO SEE IF YOU'RE ON THE RIGHT PARTLifecycle
The above graph shows how and what your income expense ought to be like during the ages as seen above. Now, use your age to see if you're on track & Let's have a reality check. 
Why have you been working? I assume any of these:
  • To provide a sustainable income for yourself and family? Cool
  • Provide a better education for your child/children if you have any (God will provide but are you prepared?
  • To keep the body and brain active?
Which ever or whatever is your reason for working is fine but there are three things you must always have in our minds when working

* Have I made provisions for myself and family?
* The expense (School Fees) of my loved ones will keep increasing
* If you are currently working for someone, you most sort for what is guaranteed (e.g your own business) because nothing last forever.
Ask yourself

1. What will my retirement be like?: Meeting many people from my experience on the field, I have discovered people never want to talk about retirement at a young age but unfortunately only the wise start the planing now because your pension is never enough and investments are risk driven and uncertain. So where and how do yo get up an annuity if you don't plan your future now

2. What will be of my love ones if I pass away: In as much as I don't like talking death but this is inevitable, what time we die doesn't matter now but what plans are set to provide a sustainable income for your beneficiary long when you've gone

3. How do I pull funds to support and start my business?: If you haven't started your business, you need to begin to scout for a business you can start little with. Remember, every business requires financial obligations most especially your fixed cost. Let the planning start now. You are responsible for your future

4. If I have children, how do I manage the fact that school fees are on the increase on a daily basis. You definitely don't want to settle for less.

There are no magical ways of solving these challenges that stare you in the face but the solution is not to embrace fear but provide for your future through planing. The most common problems are we ourselves, we believe in miracles that somehow when the time comes we'll fix it (May be collect loans, take from ROI (returns on investment). Remember, you will have to service these loans with interest. What if investments and business isn't booming at that time? What if you loose your job (Godforbid)
Solutions to start with.
Draw up a simple realistic Plan in a sheet of paper and highlight the business, children education, & career financial implications. For instance, 6years from now I should start a business worth 10million or have an extra 10million for my child for business or school fees or upon retirement I must have gathered over 20million to support my pension and buy up an annuity that pays me salary for life

* Split these amounts through a number of months such that you can save to achieve the lump sum set as target. If what you can afford as savings can't get you the total lump sum estimated, calculate your savings to a specified year which you can take the lump sum to buy up an investment that will yield profits that could be pushed back to the savings to achieve your set target

* Get a Life Cover: This is a little amount of money given to an insurance company to buy up a large sum in case of eventualities such as death or permanent disability. e.g. N5,000 can be use to get 1,000,000 naira worth for your beneficiary in case of death. This life cover sometimes can be integrated to your savings if you start your savings with an insurance company. Long term savings and futuristic planing are best with insurance companies because one should factor eventualities and discipline to save

* Ensure your savings is not terminated. This is the most difficult part of it, most people end up diverting their savings for some variable expense that spring up. SMH# Expenses will definitely occur. A terminated savings, is a terminated destiny/financial goal... #princesage. You can choose an insurance company to prevent you from accessing it and tie it to a direct debit from your salary account or standing order if you are self employed. Have heard people that have screamed for their money and when they collect it, it is totally wiped off and they don't enjoy the benefits of savings and have had people who completed their savings, thanked me and converted it to a mega business or annuity

Future Talk: How to increase what you get after retirement (Are you on the right track?)



If you have all of these implemented, you are rest assured that you are on the right track never to regret in future

Written
Bayo MBLA

Why do I need to start or continue my savings plan with Mutual Benefits

By : Unknown
If you have a long term goal or financial plan this chat will help you

Yes, I had a chat with a friend yesterday which was suppose to be a friendly argument, but  turned out to be an educative chat  to both parties.You might be wondering why I decided to tell you. I'm telling you this because I know you might also share the same opinion with him or probably me.
My friend who works at Ecobank, is a little above average. Perhaps, we can say he's successful/well to do 
In the bid to sell Segun on my company's plan, I discovered he had several reason why he stopped running a savings plan with mutual benefits or why he feels he is not ready to start or continue any plan. He's reasons were as follows:
1. He believes, according to the previous savings plan he had with mutual benefits which allowed him withdraw 90% after a year. A 5% Compound interest does not make sense compare to having his savings with Eco Flexi which gives 13%.
My response:life assurance savings is a better platform for long-term financial planning compare to any other financial institution (Short Term Savings-Bank, Long-Term-Life Assurance). My Question is what was your initial financial goal before picking up a plan like that. Over time, we discovered many people pick up a savings plan without a future plan.  It is when you design a future plan/need you tend to value your savings. Imagine you design a plan; Say 5 years/10 years from now I should have started my mega spinning business and I want to start up with something little from my earnings every month by saving 20k to 50k which will pull a lum sum of say 6million naira  thereabout at maturity. Mutual Benefits/We will give you a compound interest of 7.5% prorated on a yearly basis depending on the plan with a life cover which no financial institution will give. What i was saying in a nutshell is this: you don't earn much interest saving for a shorter period and a smaller amount in the bank but having a life savings is spreading little drops of water to make an ocean. (That real estate business/That child's eduction, or that professional course etc). Some financial institutional plans are at flat rate but to enjoy Mutual Benefits compound rate, do not intercept your savings because it is prorated on a yearly bases. The reason why we give that 90% partial withdrawal is because we believe some needs might occur and you might need a withdrawal probably after a year. Secondly, you are sure while saving for a longer term, you are at the risk of death. What does the bank offer your beneficiary when you are no more, only what you saved, I guess! #raisedeyebrown (I stand to be corrected though) and that's if they have the time and document to possess their entitlement from probate registry but in the case of a life assurance the company will give the beneficiary what your little monthly contribution i.e. =N20k will amount to at maturity, say =N6million (Think wisely esp if you have a family) and if nothing happens to you, get you money back

2. Why will I just leave my money idle somewhere without any plans for it especially in this hard time(Dollar Palava lol)
My Response: Why won't you? Savings is never a waste. Its a smart decision. You should save first before spending in  this present Nigerian economy, even pay your tithe sef! lol. Whatever, your little savings gotten from your income and investments accumulates to something reasonable, you can then push back to investment or acquire fixed assets. Just imagine you were to send your child to that desired school or fulfill a 5 year financial goal now and you had no savings. You will definitely deep from your investment and income or even get a loan which you pay back with interest instead of benefiting interest from savings
3. Well, I have my hands fixed up financially. I don't have spare cash again.
My Response: I shooked my head! Biribiri. As long as you have earnings, you must have a long term and short term savings, otherwise you are still a fool (Sorry to say) #BitterTruth to my person!. Because if your salary was slashed by that amount, you will still work and survive
4. Abeg God will provide my future, I shall not die but live to declare the works of the Lord. I have set my goals and all are well structured. I don't need an additional long-term savings.
My Response: You won't die in Jesus name and none of my client will in Jesus name but even David that prophesied that in the bible where is he today? Remember, this a long-term savings. Yes, about your well structured plan, Great work! bro, but what if I pay you every month when you retire till you die to add up whatever little amount 25% you get from your PFA.
Interesting! Gbenga says!
My Response: Yes, that retirement age is not when you want to be a burden on your kids. Start now bro.... Start saving now to acquire that huge amount to buy up an annuity plan that allows my company pay  you whatever amount you desire till you die

Tell me more about Annuity
My ResponseClick here to see
Ok, I have heard you but its always interesting when you start but when it comes to collect my monthly renewall we don't see you guys. That discouraged me then
My Response  We are highly sorry about that but now, the good news is that you can pay via diverse convenient ways with or without seeing your account officer. See How

Many more to come later, I'm tired of writing jor lol will gist you later. But if you agree and desired to start that long term savings today. kindly contact me by replying this mail or call the number attached. The time is NOW!! START PLANNING TODAY
Tag : ,

EFFECTS OF NIGERIA’S HEALTH INSURANCE SCHEME YOU DON’T KNOW

By : Unknown
EFFECTS OF NIGERIA’S HEALTH INSURANCE SCHEME YOU DON’T KNOWEveryone, both young and old, desire good health and it is the responsibility of the Government to provide its citizens with excellent hospitals fully equipped with standardized apparatus. It was on this ground that the National Health Insurance Scheme (NHIS) was created by the Federal Government of Nigeria in May 1999.  NHIS sole objective is to provide universal health care for all Nigerians.
One group of people who should benefit from NHIS are children (I’m not saying that adults should not be properly taken care of health wise). This is because children are very different from adults and are incapable of taking decisions as it concerns their health thereby relying on their parents for healthcare services. Children’s growth and development are rapid compared to adults and as such, they are at peril to illnesses and sustaining injuries. Where their illnesses are undiagnosed and untreated, it could affect them physically, emotionally or mentally.
ROADBLOCKS ENCOUNTERED BY THE NATIONAL HEALTH INSURANCE SCHEME
Several years after the establishment of the Scheme, insurance in the nation is still been affected by several challenges such as misunderstanding of the standard of health insurance amongst both healthcare donors and patients, pre-authorization policy for getting primary healthcare, insufficient knowledge of the current NHIS Act, and lack of modern products and responsiveness, thus making about 160 million Nigerians (according to Nigeria Bureau of Statistics)  to be without health insurance cover. Only few State Governments have adopted the National Health Insurance Scheme in their States and there is need for other State Governments to join in this scheme.
Due to the increased rate of deaths especially amongst children, the Federal Government of Nigeria is about inaugurating a NHIS school programme for children between the ages of 6 years to 12 years.  The programme which is to kick off in September 2014 will help children get access to health care in the nation as the children will be given free treatment.
Also, women and children who are under five years living in the rural settlements or areas where drugs, good hospitals and health centres are not available will likewise benefit from this programme which was proposed to reduce preventable deaths.Statistics has shown that over 33,000 pregnant women benefited from NHIS in 2014 first quarter as opposed to about 11,000 that benefited in 2013. 
A CALL FOR GREATER SUPPORT
For the health system to deliver on its promise in providing access to healthcare for all class of people, it has to be sufficiently funded. So far, so much funds has been put in by the government to support the scheme, therefore it is pertinent that everyone (especially women) support this scheme. Though the populace has shared in financing government health services through the purchase of drugs and payment of consultation fees, there is still need to increase our assistance more than what we are presently doing. Also, the three tiers of government should create an efficient funding source for NHIS as this will reduce the pressure of funding by the citizens to the scheme and also it will address healthcare issues properly.

I know your greatest fears

By : Unknown
(View the E-book I designed specially for you on how to manage your fears)



  Click the arrow next in the sideshow to view all slides 
  Your comments will be highly appreciated

Do you know your purpose on earth is to be responsible to those next to you?. What will you be worth at death? what happens to your beneficiary or kids?. ‪#‎ponderonthis. ‬ Research shows that life expectancy rate in Nigeria is 48years (‪#‎Sad‬)
The Bitter Truth! No one likes to discuss death but unfortunately this is inevitable. One of our greatest prayers is to spend more time on earth to fulfill our destiny. Yes, you will! but the question is, " What happens if death occurs now?". Do you know your purpose on earth is to be responsible to those next to you?

Happy new month (Share the Love)

By : Unknown
One (1) Month gone already, we thank God for his grace, love and protection. He didnt remove His Subsidy so we are grateful. May you enjoy d best of the next 30 days

You made it to the 'Ember Month"

Say this prayer:

Every Egyptian u saw in the past months u will see no more. For God shall Fight for u and U shall hold ur peace, all ur expectations from Jan 2 Date shall he fulfil In Jesus Name Happy New Month

Just like that, the new month is here And the new month whistle as gone off Don’t worry, Dis month and its days shall bring you good news all the way Apy New Month 

Raise Your Self Esteem

By : Unknown

Resources that are uplifting and help you take control of your world in positive ways.

Thoughts>>>>Belief>>>> Expectation>>>>> Attitude>>>>>> Behavior>>>>>>Others relate with you.

Have a great week ahead.



Beware: the material you allow to dominate your thoughts will soon take root and affect your behavior, the law of cause to effect confirms that.

If you overdose on negative reports, for example, you may gradually become more cynical and pessimistic.

Instead of filling your mind with negative news, expose yourself to more positive, motivating material.

Seek out resources that are uplifting and help you take control of your world in positive ways.

Thoughts>>>>Belief>>>> Expectation>>>>> Attitude>>>>>> Behavior>>>>>>Others relate with you.

Have a great week ahead.
Tag : ,

Important information to know on your plan

By : Unknown

PREMIUM CERTIFICATE

Premium certificate is the evidence of Life Assurance which is issued to the assured (You) solely for the purpose of rebate on income by the Inland Revenue Service. This is usually provided as evidence of payment of premium within one (1) calender year(JAN-DEC). 
 
Only premium certificate can be used and not a policy document, because policy document is the evidence of contract between the assured and the insurer. 
 
WHERE TO APPLY IT
Premium certificate is used solely for the purpose of tax rebate on income.
 
HOW DOES IT WORK?
It is written in PITAM that Life assurance premium are exempted from tax. This means that, premium paid on Life assurance policy would not be part of the income that is taxable. It then means that, amount paid as premium in a year(Jan- Dec) would be deducted from the total entitlement before the balance is being taxed.
 
This thereby reduce the amount payable as tax.
 
WHICH POLICY IS ELIGIBLE
Life assurance premium eligible for tax exemption are premium paid on PROTECTION POLICIES ONLY.

Protection policies are policies that provide life insurance cover. That is, policies that will pay Sum Assured on the occurrence of eventuality provided the policy is active.
In Mutual Life today, apart from Group Life, only the following can be used for the purpose of Tax rebate.

1. INDIVIDUAL SAVING AND PROTECTION PLAN (ISPP)
2. CHILDREN EDUCATIONAL PLAN (CEP)
3. MUTUAL MORTGAGE PROTECTION (MPP)
 Click the highlighted blue abbreviations you you need to know more on the plans
These products provides cover on death, provided the policy is active as at the time of death.
The application of any policy outside these could be termed as "Tax Fraud"
 
OPPORTUNITY;
If the policy you run at the moment is not listed above the listed 3, you cannot enjoy this rebate. The good news is this, you can change your policy to the first one or second on the list ( ISPP and CEP respectively). It is a 5 year plan though, you may wish to start up a new policy if you can afford it or you probably have a financial goal you wish to achieve in the nearest future. If you choose to change your existing policy, remember you are opened to 50% partial withdrawal only after two years on this plan, which the number of months you've done on your existing plan has been counted already. Also, you will enjoy full Life cover compare to the minimal cover you have on the existing plan you hold.
If you are running ISPP OR CEP please ignore this advise. The 3rd on the list (MPP) is a corporate plan.

You can reply this mail if you request further explanations to this and I would schedule a meeting time convenient for you to enlighten you more on this

Thanks for reading.
You deserve to know
Regards
Bayo Mutual
Your trusted account officer

How well do you love your job?

By : Unknown
Success is not an event or a result in isolation but an expression of the best within you
You must have a definite aim and purpose to succeed. You have to make your luck. Luck happens to those who greatly increases their chances to experience luck.
You must be a reader,
You must be generous. Tap into the ministry, the word of God and in the Man of God.
Learn the habit of leadership to achieve success in 2014
LEADERSHIP SKILLS
True leaders are interested in proving themselves
Leaders learn what is important to them in their every day life. True leaders don't deceive themselves
They Work hard, play hard and change the world
They possess self discipline
SELF DISCIPLINE, UNLOCKING GREATNESS
Your goals cannot turn into reality without backing it up with self discipline
Self discipline is self denial, success does not come with ease. It is the ability to muster courage and will power. It brings out the best in you. It separates failure from success. Ability to be accountable to someone that won't deceive you is discipline. With self discipline an average person can rise to the top. Above allo it kills procrastination.
RULES TO A GOOD SUCCESS
1. Desire
2. Back it up with progress or action
3. You must always avoid excuses
4. Stop using your incredible brain to think of impossibility, rather think on how possible things are going to work. Losers make excuses, winners make progress
POCKET REMINDER
Force yourself to be enthusiastic
Planing
Speed: success without speed is history
I hope have been able to lift your spirit as I have lifted mine. I don't know what your goals and targets are but mine has just been increased at work and only motivations and clients like you can make my dream a reality
God bless you

Agagu’s family to go ahead with his burial today (I'm thinking)

By : Unknown
Despite the great tragedy that occurred yesterday, where the plane carrying Agagu's corpse crashed and killed 15 people, members of the late governor's family have insisted that they will go ahead with his burial. The Chairman of Ondo State PDP, Mr. Ebenezer Alabi, made  this  known yesterday.


We have just consulted with the family and it has been decided that they would go ahead with the burial. This is more so that his  son, and son-in-law survived the crash. We are also aware that the casket bearing Agagu’s  body  was not affected by the crash. While we  sympathise with the families of  those who lost their  loved ones  in the crash, we  will go ahead with the burial.”
He said Agagu will be buried today at his home town in Iju-Odo, Okitipupa LGA of Ondo state. St. Paul’s Anglican Church, Iju-Odo has been and renovated for the burial service while major roads leading into the town had been rehabilitated. The  grave where Agagu will be  buried  in the church cemetery has also  been decorated to give him a befitting farewell, News Agency of Nigeria reports. 
There is a lesson to take home
What happens to the family of others (Let the dead bury the dead), Who provides financial support?, whose gonna bury them?, What is the faith of their family and loved ones. SMH!!. They never expected this unfortunate occurrence. The deceased, I'm sure never had the thought of death. Obviously most of those present in this crash are bread winners. Why don't you have a cover for yourself or the bread winner of your family or organization. Death is inevitable and in the end times like this we should expect more occurrence. May God help us

Pick Life Cover Assurance Today
Term Assurance: For low income earners, and young students. (Anyone)
Keyman Assurance: For organizations and Family's with one strong bread winner
Or if you want an assurance and still get your money back in full with interest Click plans at the top tabs of this sites e.g ISPP MEGA, MPIP etc

For more questions and clarification please contact us
By : Unknown
Mutual Benefits Assurance Plc has said that it paid a total of N3.9bn to claimants in the 2012 financial period.
In a statement on Friday, the firm said N1.13bn was paid on non-life insurance business; while N2.8bn was paid on the life arm.
A breakdown of the non life figures revealed that N518.9m was paid on motor insurance; N430m on accident insurance; N45.97m on marine insurance; and N37.58m was paid on fire insurance.
The firm said it paid N6.53m claims on bonds, while N99.56m was paid on special risks.
The Group Managing Director, Mutual Benefits, Mr. Akin Ogunbiyi, said firm was in business to ensure that it settled claims promptly to give relief to its policyholder when they suffered losses.
“At Mutual Benefits, we are concerned about our customers and we will always continue to fulfil our obligations by responding to their claims timely,” he said.
Ogunbiyi also reiterated that Mutual Benefits Assurance remained a strong, well capitalised and profitable leading brand in the Nigerian insurance industry.
The Mutual Benefits boss said the company would continue to create wealth and value for its stakeholders.
He also reiterated the firm’s commitment to the development of retail insurance in the industry.
Ogunbiyi added that retail insurance policies would help to alleviate the sufferings of the low income earners and add value to them.
“We are out to ensure that insurance is available on the table of everybody in the country, we know the significance of insurance and what it can actually do for the national economy,” he said.
According to him, this segment of the market has become a major source of growth for the firm in the last few years.
He stressed the need for operators to pay more attention to the development of retail insurance, just as corporate businesses had been receiving attention from the industry.

IG orders arrest of policemen in camouflage

By : Unknown


Inspector- General of Police, Mohammed Abubakar
Inspector-General of Police Mohammed Abubakar has allegedly ordered the arrest of policemen caught wearing their new camouflage all over the country.
The directive is said to be in response to a petition written against Abubakar to the Presidency concerning the sale of the camouflage.
Police source said on the condition of anonymity that violators were being arrested by the IG’s monitoring team and taken to Abuja.
The source said, “This incident began sometime last month when some concerned policemen wrote a petition to the Presidency concerning the sale of these camouflage uniforms. The camouflage, which is available at all police stores nationwide, were being sold at either N10,000 or N15,000 and then sewn for N5,000.
“Normally when there is a new uniform, a set ought to be issued to every policeman free of charge. As a matter of fact, the Federal Government, last year, approved new camouflage uniforms not just for the police but also for the navy and army. While the military has gone ahead to issue these uniforms to their men, the NPF has yet to do same.”
The PUNCH had on March 14, 2012 reported the introduction of a new uniform for the police force as part of the FG’s reformation and image laundering agenda for the force.
Abubakar reportedly described the new police camouflage as a testrun for the force as one of its operational outfits.
“The new police camouflage is cost effective; operationally durable; highly customised with security features to forestall impersonation and environmentally-friendly,” Abubakar had said then.
It was gathered that currently, the camouflage were only being worn by a select few.
Another source said the camouflage was initially meant for police officers from the rank of commissioners.
He said, “Later, the camouflage came down to the assistant police commissioners, deputy police commissioners and some state police public relations officers.
“Eventually, some junior police officers started buying the uniforms and it is not as if this is a new trend. Policemen always buy and sew their uniforms including all other accoutrements.  The development caused some disaffection between the junior officers who had access to the uniforms and some senior officers who were yet to get them.”
Deputy Force Police Public Relations Officer, Frank Mba, a chief superintendent of police, dismissed the allegation.
He said, “There is no iota of truth in that assumption or rumour. This uniform has come to stay and is an integral part of the force. Therefore, the IG cannot sanction the arrest of policemen who wear this uniform.
“That would mean all CPs and every other person including the IG himself who wear the uniform would be arrested. If indeed the uniforms are being sold, what the IG monitoring team has been doing is going about as decoy to get anyone who would sell the camouflage uniforms to them. If such happens, then we would act appropriately.
“There is no way the IG can order the arrest of policemen for doing the right thing

OGUNBIYI SEEKS PROACTIVE MEASURES ON ECONOMY

By : Unknown


The Group Managing Director, Mutual Benefits Assurance Plc, Mr. Akin Ogunbiyi, has expressed the need for the government to take more proactive measures to protect the economy against crisis as done by developed countries.
Ogunbiyi gave the advice during the company�s annual thanksgiving service in Lagos.
�Considering the global economic crisis that has ravaged everywhere, the Nigerian government should take a cue in making conscious efforts and formulating policies to help in reverting the declining trend of the national economy like the developed economies are doing,� he said.
Ogunbiyi said insurance was the bedrock of any economy.
According to him, insurance is an avenue where long-term funds can be pulled together for investment.
While speaking on Mutual Benefits, performance, he said the firm�s approach to growing the business had actually assisted it in moving the company forward.
The Mutual Benefits boss said the firm, especially its life arm, had over 40 products that were investment linked, and afforded the people the opportunity to save money.
He said the company was able to invest in other sectors of the economy.
�Our investment in transportation in Lagos State alone created over a thousand jobs. We employed many graduate and HND holders,� Ogunbiyi said.
He explained that this was part of efforts aimed at using insurance as a value creation instrument.
While speaking on the global objectives of Mutual Benefits, he said one clear objective was to internationalise operations by taking the firm beyond the shores of the country.
He said, �That was what led us to opening office in Liberia. Liberia operations are very successful to the glory of God; in Cameroun, we have our operations, we are exploring the possibility of opening insurance operations in Niger Republic, and we are quite happy with the kind of reception the government gave us,� the GMD said.
Ogunbiyi said the company was not just taking risks but calculated risks based on strategic planning and credible partnerships.

INSURERS LAMENT LOSSES FROM FIRE INCIDENTS

By : Unknown


Fire outbreak in both public and private institutions in different parts of the country, boosted insurers renewed appeal to the insuring public to take advantage of the Occupiers Liability Insurance Policy to mitigate these losses.
The call is coming at the backdrop of increasing fire disaster in various parts of the country. For instance, the Boxing Day explosion at Jankara market, a fire incident that gutted the biggest plank market in Ebutte Metta, all in Lagos, resulting in loss of goods worth millions of naira.
Report also indicated that 607 cases of fire disaster were recorded in Oyo State last year, according to the director of Oyo State fire service, Kareem Oyekunle, and property worth over N1 billion were lost to the inferno. Similar cases of fire havoc were reported in other parts of the country involving several millions of naira loss of property.
To check this menace, section 65 of the 2003 Insurance Act provided for Occupiers Liability Insurance Policy, which stipulates that all business and office premises (government, corporate, private), guest houses, hostels and residential estates, among others must take this compulsory policy cover for protection.
Industry chieftains who spoke to The Guardian, lamented these losses, regretted that the public are not taking advantage of the compulsory policy to protect themselves against unexpected risks.
According to the risk managers, every outbreak of fire poses serious threat to the national economy, as it leaves in its wake enormous material damage, injury to persons, disruption of economic and commercial activities of the people affected.
The economic implications of these losses, industry chieftains believe the ideal alternative is for Nigerians to buy insurance policy and transfer this burden to the insurers, who are the professional risk bearer.
The risk managers said that this would surely ease the burden of government since insurance is a social device providing financial compensation to cushion the effects of unexpected misfortune. Where adequate fire insurance exists, property destroyed by fire can be reinstated with minimum delay.
The Group Managing Director, Mutual Benefits Assurance Plc, Akin Ogunbiyi said that compliance with the compulsory insurance products had over the years presented both opportunities and challenges to the entire insurance industry in Nigeria.
He said that a large percentage of Nigerians are not aware of these insurances, the advantages and benefits that they will get from insuring their property. What we need to do as an industry, he said, is to come up with products and services that will meet the needs of 160 million Nigerians.
�We need to look at the products that meet the needs of the common man, create value addition for them and make it affordable. The industry must rise up to create awareness that these products are available and is for the benefit of policyholders in the local government areas, state governments, and this thing you are talking about will be taken care of.
The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Laide Osijo, lamenting the impact of losses from recent fire incidence in the country said, �the NCRIB is pained by the loss and we seize this opportunity to underscore the need for adequate preventive measures against fire disasters.�
The council reiterated the call for compulsory insurance of historical and important public edifices as enshrined in the legal provision under Insurance Act 2003 (sections 64 and 65) on insurance of public buildings, as well as avail themselves the benefits of insurance, particularly those that relates to property.

ICAN ASSURES MUTUAL BENEFITS OF SUPPORT

By : Unknown

ICAN ASSURES MUTUAL BENEFITS OF SUPPORT
The President, Institute of Chartered Accountants of Nigeria, Mr. Adedoyin Owolabi, has identified Mutual Benefits Assurance Plc, as a reputable organisation that ICAN is willing to support.
He said this when he led a delegation of the institute on a courtesy visit to the head office of Mutual Benefits in Lagos. Owolabi said, �In ICAN, we deal with recognised brokers and insurance companies, like Mutual Benefits Assurance.�
He commended the firm, saying Mutual Benefits had been proving to the world that it was doing what insurance should be doing in the financial system by controlling other sectors of the economy, through its investment in areas like oil and others.�
While speaking on awareness about the International Financial Reporting Standards, he said that insurance industry should not only be interested in compliance with this accounting system alone, but also in awareness of the changes in the society.
In as much as Mutual Benefits had been committed to protecting its assets, the ICAN president assured the firm that it would always pay its premium promptly.
The Group Managing Director, Mutual Benefits, Mr. Akin Ogunbiyi, said that the company produced IFRS-compliant consolidated balance sheet for 2011. According to him, Mutual Benefits is now a conglomerate with diverse interest outside insurance in other sectors of Nigerian economy. He added that it achieved that with strategic alliance with firms that it identified with both professionally and ethically,
Ogunbiyi said, �Today, there is staff strength of over 5000; but 3,000 are agents, who are graduates that we took off the road and we trained them on the art of sales and marketing, and today, they are doing very well.�
The group managing director said that the company has 75 chartered qualified practitioners in the industry, adding that in the last five years, it had sold about 250,000 policies, a reason, according to him, the National Insurance Commission values Mutual Benefits today. At present, he said that Mutual Benefits had full operations in Liberia and Cameroun
�We have a new target called project one, which is to lead us to become the clear leader in the insurance industry given all variables and parameters in 2015. We want to deepen insurance in the country and we really want to use insurance as a means of poverty eradication to build the living standard of the people,� Ogunbiyi said.

Increasing awareness for compulsory insurance

By : Unknown

Commissioner for Insurance and CEO, National Insurance Commission, Mr. Fola Daniel and Group Managing Director, Mutual Benefits Assurance Plc, Mr. Akin Ogunbiyi
Compulsory insurance policies are well established in the country’s statutory laws, but a few take them seriously. NIKE POPOOLA reports on the new approaches to change the situation
The National Insurance Commission has developed about five major compulsory insurance policies in the country’s statutory laws, using the Market Development and Restructuring Initiative.
They include: motor vehicle third party insurance, builders liability insurance, statutory group life insurance, occupiers liability insurance, and health care professional indemnity insurance.
After the inauguration of the policies in some states, NAICOM commenced the enforcement of compulsory insurance in November, 2011.
So far, the exercise has been successfully carried out in Ibadan , Oyo State and Ilorin, Kwara State.
The commission has been working with the enforcement team comprising the Nigeria Police, Federal Road Safety Corps, Federal Fire Service, among others.
The Consultant, National Insurance Commission, Mr. Yemi Soladoye, said that the market restructuring initiative was a project of NAICOM geared towards the development of insurance in this country.
He said, “MDRI is a process of presenting the Nigerian insurance market to Nigerians and engineering the cost of the market to a leadership position in Africa.”
According to him, the objectives include increasing the industry’s gross premium from N164.5bn in 2008 to N1.1tn by 2012; creating about 250,000 new jobs in the insurance industry; building consumer trust and confidence in the sector and lowering the insurance gap from 94.0 per cent to about 70 per cent.
Soladoye also said that it was aimed at attaining an increase in insurance contribution to Gross Domestic Product from the 0.72 per cent to over 3.0 per cent.
It also sought to increase insurance premium per capital from the current N1,200 to N7,500 by 2012.
Others, he added, were to increase the relevance of insurance as a tool of stimulating growth of other sectors of the economy; and to raise funds for project of national development.
The Group Managing Director, Mutual Benefits Assurance Plc, Mr. Akin Ogunbiyi, emphasised a more collaborative approach to the enforcement of the policies.
He said that there were about 450 registered insurance brokers in Nigeria, quoting the NAICOM’s statistics.
He observed that 80 per cent of the insurance market was being controlled by just about 15 of the brokers.
The insurer said that the brokers could explore the opportunities in the neighborhood because there were lots that they could be done in maximising the opportunities in the compulsory insurance policies.
Ogunbiyi said that there were about 22m family units in Nigeria, with Lagos alone having close to 250,000 housing units.
He stressed that the law provided that every house must have insurance certificates, adding that getting the landlords associations’ cooperation would do a lot in boosting the income of the industry.
“Our people should wake up if we want to get to the trillion naira income; government has given us the opportunity to do the right thing, and it is not what a single company can do, all of us should come together,” he said.
He also suggested a situation where all the operators could have a unified policy for the compulsory insurance policies.
He urged the Nigerian Insurers Association to come out with a comprehensive list of all registered insurance companies, and stressed the need to agree on the share of the compulsory insurance policies for each firm as well as a single platform for the underwriting.
This, he explained, would help to avoid the situation where fake insurance certificates would be issued.
The President, Nigerian Council of Registered Insurance Brokers, Mrs. Laide Osijo, said that with the MDRI, the industry was now better positioned to contribute more significantly to the nation’s Gross Domestic Product. 
The implementation of compulsory insurance, she added, would give risk protection to the nation’s individual and national assets and yield more dividends for the industry.
She also said that the active involvement of all the insurance bodies in the initiative would give it the platform to excel.
For a more effective enforcement of the policies, Osijo said that the cooperation of all stakeholders in the initiative was required.
“The insurance practitioners, regulatory bodies for all building professionals and government should be involved in the enforcement process,” she added.
She explained that the campaign should not be continuous all over the country, in order to drum it deeper into the consciousness of the people across the country.
The NCRIB boss also added that when there was a proof of sanction, people would tend to comply.
The Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji, said that there was the need for the industry to do more education for the public on the compulsory insurance policies.
He said, “We need to educate the public more, but more importantly, I think stakeholders should know that insurance is part of financial plan and management; insurance should not be the last thing somebody should think about.”
The reinsurer encouraged the public to protect themselves with insurance because there were several uncertainties in the world.
According to him, insurance is about protecting people from uncertainties.
Oyetunji, who observed that NAICOM was doing a lot in creating awareness in that regard, urged stakeholders to support it.
Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr. Fola Daniel, said that the MDRI would help in the sanitisation, modernisation and expansion of the insurance agency, wiping out of the fake insurance institutes in Nigeria, adoption of risk-based supervision and solvency-focused regulation by the industry.
According to him, the initiative will also look into issues such as bridging the skill gaps among the young insurance practitioners as well as building consumer trust and confidence in the insurance mechanism.
He said, “The enforcement of compulsory insurance in Nigeria is one of the commission’s initiatives aimed at fulfilling its statutory responsibilities of opening and developing the insurance market.”

Mutual Benefits records N916.9m profit

By : Unknown


Managing Director, Mutual Benefits Life Assurance, Mr Femi Asenuga
Mutual Benefits Assurance Plc has said that it made a profit before tax of N916.9m during the 2011 financial period.
The Chairman of the company, Chief Chamberlain Oyibo, disclosed this during the company’s 16th Annual General Meeting in Lagos on Thursday.
Oyibo said, “The company performed fairly well against all odds during the year, profit before tax rose from N892.2m in 2010 to N916.9m in 2011, while profit after tax rose from N758.4m to N763.8m in the years under review.”
According to the financial report presented by Oyibo, claims incurred by the firm rose from N731.5m in 2010 to N1.02bn in 2011 financial period.
The chairman said that Mutual Benefits was still investing in the construction of the N3bn Mutual Alpha Courts at Costain, Lagos .
Currently, he added that the project had reached about 75 per cent completion stage and that all the 60 units had been sold out.
The company’s investment in oil marginal field, he said, was almost at its completion stage, while other investments were yielding returns in line with its projection.
He said that there would be possible change in its investment portfolio through its subsidiaries next year.
This, he added, had become necessary in view of the compliance requirements of the International Financial Reporting Standard.
He said that the concept of Enterprise Risk Management framework had also become a tool for business survival and a benchmark for measuring the operational efficiency of any entity.
At Mutual Benefits, he said the implementation of and ERM initiative was consistent with the company’s business philosophy to embed sustainable global best practices towards preserving the value of the entity.
He said, “We are a risk intelligent enterprise that focuses on realising maximum value on our stakeholders. We believe an enterprise risk management philosophy that is understood by all personnel facilitates employee’s ability to recognise and effectively manage the risk.”
According to him, the company considers sound risk management as a foundation of a long lasting financial institution and will institute a robust and proactive enterprise wide risk management framework in compliance with global and local regulatory practices while sustaining commensurate returns to its stakeholders.

Mutual Benefits named the Insurance Company of the Year

By : Unknown
The Management of Inspenonline, Nigerian�s first insurance and pension online media channel, has named the President Nigerian Council of Registered Insurance Brokers, Mrs Laide Osijo, the Insurance Person of the Year 2012.
In a statement on Friday, she emerged top, out of many insurance operators considered for the award. It stated that within the short period she had been on the saddle with the leadership of the largest insurance brokers� fraternity in Africa , she had distinguished herself and had used her wealth of experience to reposition insurance practice.
Also, the Commissioner for Insurance, Fola Daniel, was awarded the Good Leadership Award, for his steps in repositioning the industry and providing adequate security for policyholders.
Mutual Benefits was named the Insurance Company of the Year. The company was picked due to its stride in retail insurance through well-developed micro-insurance channel.
According to the statement, Osijo, who is the first female president of the NCRIB, recorded some major achievements in the last one year, which included the considerable improvement in the relationship between the National Insurance Commission and the NCRIB and the entrenchment of ethical standards amongst operators.
The two bodies, it stated, saw the need to uphold the position of the law by recognising and asserting that registration with the NCRIB was a condition precedent to its licensing by NAICOM.
According to the statement, this step wiped out the usual discrepancies in the record of members being kept by the NAICOM and those registered with the NCRIB. It stressed that the implication was an attendant improvement in the image of the council in the eyes of the public and the elimination of unethical practitioners.
Also, it added that the council had played up its voice in advising government and its agencies on the benefits of patronising insurance brokers for their insurances. It was also noted that it had been more vociferous in advocating for due payment of insurance premium by government agencies and the need to shift, when necessary, the renewal periods of government parastatals to avoid delayed premium payment. The statement said this campaign had been taken unrelentingly to several government institutions and parastatals of government across the country.

Fire guts MRS storage facility at Tin Can Island Port

By : Unknown


Breaking News: Explosion, fire at Apapa seaport
LAGOS — EXPLOSION,  yesterday, rocked the Apapa storage facility of  MRS  Oil and Gas Company, as a result of a fire that damaged part of the facility.
Bayo Mutual Benefit's reporter gathered that the fire started from a hose used for the discharging of Premium Motor Spirit (PMS).
It was further gathered that one of the hoses was being rolled back into the barge when a spark occurred and caused a fire that spread to the vessel. This led to the explosion that shook the entire Tin-Can port area in Lagos.
The explosion led to a commotion as the fire spread  to other parts of the facility, including the loading gantry, generating plant house and vehicles parked in the premises.
An official of the security department, who did not disclose his name, said there was no casualty, adding that the fire was contained within the MRS facility.
Sources at Department of Petroleum Resources, DPR, said  the barge had finished discharging its content  and was disconnecting the hoses when the incident occurred, adding that no death was recorded. Vanguard, however, gathered that two staff who sustained non life threatening injuries are currently receiving treatment at an undisclosed hospital in Apapa.
The source added that DPR needed to carry out further  investigations into the incidence.
An official of the unit branch of  the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, said the fire was brought under control by firemen from the Nigerian Ports Authority, NPA.
Meanwhile, Managing Director of NPA,  Mallam Habib Abdullahi, has ordered full investigations into the blast.
Abdullahi, who gave the instruction to the Health Safety and Environment Department in conjunction with Marine and Fire Service to ascertain the immediate and remote causes of the incident, also appealed to stakeholders, especially port users to go about their normal businesses as the blast did  not in any way affect port operations.
When  Bayo Mutual Benefit's reporter  visited the MRS facility, a crowd of onlookers and staff of the company were seen at the gate.
Executive Director, Ship and Trading, MRS, Mr. Marco Straphi, who spoke to reporters outside the gate said: “There are no injuries and no life was lost. We are still investigating the cause of the fire. There are no casualties except for some damages to our office complex. We don’t know the reason for the fire. You know it happened at the waterfront. Nobody is allowed into the premises because of the state of the fire. I can’t say what I don’t know. We will investigate the cause of the fire and report to the appropriate authorities.”
Also speaking to Bayo Mutual Benefit's reporter on the incident, General Manager, Lagos State Emergency Management Agency, LASEMA, Mr Femi Oke-Osanyintolu, said his men and other agencies succeeded in putting out the fire without any loss of life.
He said: “The Lagos State Fire Service was on ground and other agencies. We were allowed access into the facility to combat the fire. You must understand that LASEMA coordinated  the exercise.”

Fire razes Alaafin’s palace, destroys artifacts

By : Unknown


Alaafin  Palace, Oyo
The ancient Oyo town was on Wednesday thrown into confusion as about 21 rooms in the Palace of the Alaafin of Oyo, Oba Lamidi Adeyemi III, were razed by fire.
It was learnt that the fire was caused by electrical surge in one of the rooms.
Three apartments occupied by the Alaafin’s wives and the rooms – Ile Ori and Ile Ifa -  where artifacts were kept were affected.
However, no life was lost and nobody sustained injury.
The monarch’s wives and princesses Folasade (a.k.a Iyaa Meta), Rukayat and Abibat lamented that they lost all their valuables to the inferno.
Alaafin’s Media Assistant, Alhaji Azeez Fehintola, said, “The extent of the damage is beyond my imagination. I broke down in tears when I saw the havoc. The fire outbreak was caused by electrical surge, it started around 6am and lasted three hours.
“The fire-fighters came at some minutes past seven. The apartments were completely razed.”
When contacted on the telephone, the Police Public Relations Officer, Oyo State Command, Mr. Ayodele Lanade, said he was on his way to Abuja and could not  react because he was driving.
Meanwhile, Oyo State  Governor Abiola Ajimobi, lamented the fire that wreaked havoc in Alaafin’s palace.
He said the fire destroyed artefacts, ornaments and traditional relics of the people of Yorubaland.
He made this known in a statement on Wednesday after paying a visit to the monarch in Oyo.
He said, “It is in our own definition, a disaster, moreso, having gone round the whole palace on inspection of the damage. The fire touched virtually everywhere and it was very devastating. It consumed virtually everything, including traditional attires, ornaments.
“The lesson here is that, one, our fire support services should be more efficient. Second, the reactions of the Kabiyesi and the entire family were very commendable and immediate. That they were able to put out the fire is commendable.
“As a government, we are going to support the Kabiyesi and the Kabiyesi, as you know, has been at the forefront of support for the present administration.”  

Insurance firms opt for merger to avoid closure

By : Unknown
MUTUAL BENEFITS NOT LISTED AMONG 10 WEAK INSURANCE COMPANIES DECLARED BY NAICOM TO OPT FOR MERGER.(CLICK HERE TO KNOW HOW LARGE WE ARE)

 NAICOM reports 10 weak companiesNIACOM
WEIGHED down by a heavy debt portfolio and the threats of sanction by their regulatory body, the nation’s underwriters have embraced the option of corporate merger to stay in business.
Already, Custodian & Allied Insurance Plc and Crusader Insurance Plc have applied to a high court for approval to merge their operations.
The Guardian learnt at the weekend that the realignment became necessary following inspectorate reports by the National Insurance Commission (NAICOM), which observed the insurance companies’ deficiencies relating to their solvency margin.
Specifically, the report indicated that about 10 underwriting firms were very weak and operating below the minimum paid up capital of N3 billion for general insurance business, N2 billion for life offices, as a result of sanctions and penalties on outstanding premium/bad-debt, which impacted seriously on the balance sheet and capital base of these companies.
Following the 2005 reforms, the   industry¢ s minimum capital increased from N150 million to N2 billion for life business offices, N200 million to N3 billion for general insurance business, while minimum paid up capital for reinsurance business was jerked up from N350 million to N10 billion.
Industry operators agree that this capitalisation level in the industry is the highest in the Africa insurance market, but with the lowest penetration level of below six per cent on the continent.
Sources at the commission confirmed that merger talks were ongoing in the industry for companies to realign their operations to meet observed deficiencies in the minimum capitalisation level in accordance with the statutory requirements.
The development may have been informed by the directives of the industry regulators in November last year banning underwriting of insurance contracts on credit with effect from January this year to enhance the industry service delivery including prompt payment of all genuine insurance claims.
The new order may have been meant to put a stop to the increasing volume of unpaid premium, write- offs and agency debts, which have continued to pose serious challenges to the insurance industry.
The commission in 2010 had introduced guidelines on code of good corporate governance to stop unethical practices in the industry.  It required underwriting firms to make general allowance for outstanding premium/bad debt in the company’s book.
For instance, for an outstanding premium/bad debt of up to three months and one year, an insurance company must make an allowance of between 25 and 50 per cent in its book of account within the financial year and must be written off in the profit and loss account when the extent of loss has been determined.
The impact of the requirement made nearly all the underwriting firms to record losses in their operations in the past two years. However, the policy did not deter the underwriting companies from giving insurance cover on credit as a result of competition.
The Commissioner for Insurance, Fola Daniel, told The Guardian that the industry was structurally and financially deficient and that was the major reason for the unprofessional misconduct in the industry, and that was the major reason the commission was doing everything possible to ensure that operators conduct the business according to the law.
“As you are aware,” he said, “the industry has continued to suffer from inadequate capital and limited human capital. The challenge relating to inadequate capital may continue for some time, as the industry is not known for self-induced capitalisation.  But if practitioners are sincere in their approach to the game and we have, for instance, about 20 strong underwriting companies in the industry, it will be very good for the market.”
He confirmed, however, that a number of institutional and private investors have made enquiries at the commission, indicating keen interest in the investment potential in the insurance industry in Nigeria.  The investors, he said, were free to buy into the existing insurance companies and bring in their expertise into the industry especially in the oil and gas insurance, individual life, micro-finance insurance, among others.
According to Daniel, although the commission is not ready to issue new licences for underwriting business, potential investors, both local and foreign, could buy into the existing insurance and reinsurance companies, as there are huge investment opportunities in the oil and gas portfolio, life assurance, micro insurance and the market development initiative (MDRI), among others.
“With a huge population of 168 million, the insurance industry in Nigeria has capacity to become the biggest market in Africa and among the biggest in the world, and that is the reason we are doing everything to grow the insurance market in this country”, he said.

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