In a media briefing on Sunday, Chowdhury Qamrul Ahsan, executive director of Delta Life Insurance, made the claim by presenting an audio clip between Hossain and Md. Mosharraf Hossain pertaining to renewing the contract of its chief executive officer along with other regulatory approvals.
This comes after the insurer on Sunday has brought an allegation of bribery involving Tk 50 lakh against the IDRA Chairman M. We were supposed to respond to the show-cause notice today but they did not give us that opportunity,” said a statement from the company. We earlier sensed that the IDRA is going to appoint an administrator to harass the company. “For the sake of policyholders, we are here today. However, in a virtual press conference on the day, the Delta Life Insurance management claimed the appointment was unlawful and intentional. In a statement, Delta Life acknowledged the appointment of the administrator. Molla will work with the company as per the insurance laws. “My main responsibility is to protect the policyholder interest and stop the anomalies,” Molla told Dhaka Tribune, adding that he has already started work. Sultan-ul-Abedine Molla, a former member of IDRA, has been appointed the administrator as per section 95 of the Insurance Act 2010. The Insurance Development and Regulatory Authority (IDRA) on Thursday dispatched an administrator to the Delta Life Insurance Company to protect policyholders after a special audit found financial irregularities in the country’s oldest insurer. Ilori said that the insurance inclusion targets 40 per cent whereas the industry is currently doing two per cent.Sultan-ul-Abedine Molla, a former member of IDRA, has been appointed the administrator as per section 95 of the Insurance Act 2010
Speaking also at the event, Director-General of the Nigerian Insurers Association (NIA), Yetunde Ilori, applauded the alumni for celebrating the Aduloju and his contributions to insurance and actuarial science development. He identified prominent micro-insurance products as life, disability, property and agriculture as areas of focus. There should also be strict enforcement of compulsory insurance by NAICOM to deepen market penetration,” he said. “Enforcement of NAICOM guidelines to encourage a single product line of operations (such as micro insurance specialisation) should be strictly applied. There is also a need to strengthen the governance, risk and compliance in the industry to meet customer-servicing needs. “Insurance companies should improve their customer service strategy. He called on the National Insurance Commission (NAICOM) to intensify the monitoring and enforcement of the current regulations to deter insurance staff from owning brokerage firms. He said while governments and insurance regulators would worry about insurance penetration and contribution to Gross Domestic Product (GDP), the real challenge for insurance practitioners is developing products that will effectively deal with the massive protection gap.Īdedipe stressed that findings from Efina has shown that 31.2 million Nigerian adults are not interested in using micro insurance, which means there are N37.4 billion untapped premiums at an average of N100 monthly premium payment. These make up 6.5 billion people that are generally referred to as low-income and emerging insurance customers.
Added to this are another 4.7 billion people that are not extremely poor but are highly vulnerable, he said. He said the gap was estimated by the Swiss Reinsurance Institute at a yearly value of $1.42 trillion being the economic value of health care, untimely death and climate disasters.Īccording to him, the real anxiety is about the 1.8 billion very poor people – those who do not have enough to eat. Citing the Micro Insurance Network (MIN), he said inclusive insurance targets about 6.5 billion people at the risks of sickness, job losses, business premise destruction, fire and floods.
He stated this while speaking on a paper, themed, ‘Insurance and Financial Inclusion: Developing Insurance Products for the Informal Sector’ at the University of Lagos Actuarial Science and Insurance Class of 89 Alumni symposium, held in honour of Professor Sunday Aduloju.Īdedipe said there is a huge gap in life and property insurance.
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