INSURANCEMARKETSTOP STORY

Experts urge FG to evolve friendly policies to aid insurance adoption

By ABDUL-KHALIQ OLALEKAN

Experts have called on the President Muhammadu Buhari-led administration to unveil friendly policies that will aid insurance adoption in the country, noting that his policies, since he took over the presidency was making Nigerians uncomfortable, as disposable income continue to drop on daily basis.

Mr. Lanre Sotunde, an insurance client said the policies of the current administration have made life difficult for the common man, while the elitists too were affected, as people have little or no disposable income, hence have little or nothing to budget for insurance.

He equally stressed that he was seriously considering suspending  some of his insurance policies, although, he later weigh up the consequence of such decision compared to renewing his insurances, saying, he has to denied himself of so many things to be financially empowered to do it.

He disclosed that some people had suspended insurance policies, at least for now, until the economy is prosperous again.

While imploring government to weigh the consequences of its policies before making them, he added that the economy was regressing.

President, Association of Registered Insurance Agents of Nigeria (ARIAN), Mr. Gbadebo Olameru, while speaking to Business247 said because what affects the economy affects every sector of the economy; the insurance industry is not isolated from the current financial crises.

“The little money in the economy make people have less disposable income, and this is reducing the level of insurance businesses underwriters are currently getting. People don’t have money to purchase insurance cover, while the existing customers are not finding it easy to renew their insurances. Operators, agents and all insurance stakeholders are seriously complaining of the hardship in the economy,” he said.

Since insurance is a business of integrity, he stated that the integrity of President Buhari, would in the long run, profit all sectors of the economy, including insurance industry, appealing to Nigerians to be a little bit patient with the current administration.

Insurance operators, he pointed out, are optimistic that the industry will grow in leaps and bounds, because of the commitment so far displayed by the Buhari-led government.

According to him, “Nigerians should just be a little bit more patient that the change they are clamouring for will soon go round the entire sectors and the insurance industry will be more active to participate in economic growth and development.”

The set up of insurance guidelines review committee by the Minister of Finance, Mrs. Keri Adeosun, he stressed, shows that the current administration is interested in insurance industry, hoping the ministry will ensure that the bill is passed into law, to change the landscape of insurance business in the country to the path of growth and profitability.

On her part, President, Chartered Insurance Institute of Nigeria (CIIN), Lady Isioma Chukwuma, said the industry is yet to feel the positive impacts of the Buhari-led government, because the country is passing through a tough time, and that people have no money to meet their immediate needs.

She noted that until the economy is buoyant enough, and that there is reduction in inflation rate and people have more disposable income, then, the impact of his policies would be positively felt.

“Where government should assist is in the area of awareness and sensitisation of the populace, because, it is when people are aware that they will buy insurance products and services,” she pointed out.

President, Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Kayode Okunoren, appealed to government to immediately commence the implementation of the 2016 National Budget which would definitely succour Nigerians. It is disheartening that up till now, at the expiration of the sixth month of the year, government has not started the implementation of the budget, he stressed.

Moreover, he said government needs to take insurance seriously in national discourse to create relevance for the industry.

Managing Director, Man-Mountain and Company Limited, Mr. Ayodapo Shoderu, called on government to embark on aggressive asset protection through public enlightenment about risk prevention and control in the country.

He challenged the President to start giving serious thoughts to strategies for growing the nation’s economy through the provision of infrastructural development and creation of jobs in order to enhance quality lives for Nigerians and by so doing increase their disposable income, so that people will have enough to budget for insurance cover.

Insurance industry in Nigeria, according to him, stands to play a catalytic role to national development if needed attention is given to it by the present administration.

According to him, “Insurance industry has the capacity to generate not less than 5,000 jobs annually, thus reducing unemployment rate greatly. I therefore suggest that President Buhari’s government should pay special attention to the insurance industry by eliminating all anti insurance practices across the strata of government. Among others, government must include insurance premiums in budgets of its agencies and encourage that all its insurances are insured against risks.”

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    now published annually. The digest includes statistical data on the state of affairs in each Canadian province: from overall revenues and quantitative characteristics on gambling businesses to revenue distribution and highly specialized data.

    The digest itself represents a nicely crafted document with
    dozens of tables, charts and trends that characterize the development
    of the industry. The Gambling Digest is released publically, and available for download
    on the official CPRG website.
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    Kahnawake is a Mohawk Indian Reservation in Canada.

    Due to the special status granted to Indian lands,
    many of them legally allowed to host gambling, which provided a good supplement to the local budget.
    Kahnawake Gaming Commission, responsible for the regulation in this area,
    was established in 1996, and within as little
    as 3 years it began to issue licenses for this type of business on the Internet.
    Being the pioneer of gaming industry niche, the jurisdiction has
    become one of the most well-known among phenomena of the kind.

    The Canadian KGC consists of three organizations assigned by
    Mohawk Council of Kahnawake. They are mandated to deal with all the regulation issues of online gambling, including licensing.
    A system of rules and standards that guides the
    commission is based on the experience of Australian colleagues.
    The basic principles of KGC are aimed at reduced to fair business conduction, transparency, data security and timely payouts.

    The Commission has developed the requirements, ensuring high reliability and excluding the possibility of fraud in online gambling business.
    When considering an application the agency examines the following aspects:

    the formal grounds for issuing the license
    the reliability and integrity of software
    the capital adequacy for timely payouts

    How Online Roulettes Appeared In Ontario

    With an eye on the successful experience of Quebec, Ontario government raised the question of further legalization of online gambling in the province.
    Taking drastic measures was dictated by Toronto
    budget deficit of CA$24.7 billion.

    Dalton McGuinty, the former Prime Minister of the province, proposed to fill the gap by raising taxes on the sale of alcohol.

    However, armed with a calculator and enlisted with the
    support of like-minded people, the Prime Minister gave the green light to local online gambling resources.

    The neighboring Quebec earned about CA$50 million annually from online gambling enterprises, Ontario,
    the largest Canadian province, could count on even larger
    revenue.

    ‘Legalization of gambling sites will benefit the entire province.
    Ontario residents annually spend up to CA$1.9 billion on gambling online,
    though the funds go to other regions and offshore
    sites’, Paul Godfrey, head of the Committee on gambling
    in Ontario, commented on the situation.

    Jeff Derevensky, the head of the International Centre that strives to limit gambling activities in Canada, indicated
    the young population was not ready for such global changes.
    However, the head of the center saw no particular
    obstacles to legalization: he offered to introduce a special course in local schools to protect
    the younger generation from the dangers of Internet gambling.

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    The anthem of Canada sounded in Rio All-Suite Hotel and Casino in Las Vegas again and again as the
    six weeks poker season ended with a triumph of Canadian players,
    who managed to win 10 bracelets. In addition, Daniel Negreanu, a resident of Toronto, was
    so good in Australian and US competitions that earned the WSOP 2013 ‘Player of the year’ title.

    When in late June Kristen Bicknell from Ontario won the women’s tournament, it a new achievement has been recorded: the bracelets have been awarded to
    ten players from Canada, which is a huge progress after three bracelets
    received in 2012. The previous record of the country was
    six bracelets won in 2010.

    As usual, the majority of players represented at the WSOP were the U.S residents:
    57,040 out of a total number of 79,471. Thus, 71.8 % of American players was more then enough to
    secure the leadership, as Canadian representation equaled as
    little as 5.2% (4,118 poker players). No surprise that the U.S.
    won a better part of WSOP bracelet in 2013 (41), almost two-thirds of
    the total number of awards and is slightly less than its percentage of participation. At
    the same time, ten Canadian bracelets represent 16.1% of awards, which is three times higher than the percentage of participation of
    the country.
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    In his address on Twitter, the Canadian resident, Daniel Negreanu, ranked the best poker player of the decade,
    wished his fans all the best and gave a little advice: ‘I
    hope that you will fulfill your dreams. Dream – declare – execute.
    The formula really works!’

    In the life of 39 -year-old Canadian pro this formula really works as clockwork, especially recollecting about his goals for 2013.
    Negreanu planned to enter the tournaments and win at least CA$1.5
    million, grab his fifth WSOP bracelet in career and a find himself in the Top 10 race Player
    of the year Bluff.

    It’s unbelievable, but Negreanu not only achieved
    his goals, but also exceed them dramatically (and yes, he managed to be ranked the player of the year by Bluff Magazine).

    The famous player won his bracelet in April, when he triumphed at the WSOP Asia-Pacific (APAC) Main Event and earned
    CA$ 1,087,160. In October, he was able also to duplicate the result,
    winning the competition of a high roller at the WSOP Europe, and get over CA$979,955.
    Along with other payments, during the year Negreanu one
    of the best players of Canadaso far collected winnings of CA$3,208,630 and the amount of his
    winnings throughout the career increased to CA$19,549,209.

    Mobile Casino

    Enhanced capabilities of information technology and personal
    gadgets fueled a breakthrough in the development
    of e-commerce sector. The brand-new opportunities contributed to drastic changes in all spheres of business, and gambling is no exception. Naturally
    the expansion of changes into the online segment adjusted the balance of power in the global
    gaming sector and deepened the conflict between ‘conservatives’ and ‘reformers’.

    According to Firebear Studio, a prominent IT company, global e-commerce market in 2014 was estimated at a
    trillion dollars, while its growth rate equaled 19.4% according to the
    research.

    Another investigation carried out by Goldman Sachs Group Inc.
    indicates that due to the increasing popularity of smartphones and tablets
    the concept of mobile commerce (m-commerce) acquires its relevance.
    According Firebear Studio, last year the number of transactions from mobile devices
    grew up to 18% of all purchases on the web. The percentage of
    operating on mobile devices has increased from 38% in 2012 to 53% in 2014.

    This direction couldn’t have left online gambling untouched, which is evidenced by comprehensive researches
    of the authoritative H2 Gambling Capital and iGaming Business.
    Online market is not consolidated and it is being developed still.

    Until now, there is even no single terminological apparatus: the same phenomenon called different companies in different
    ways. The concept of ‘online gambling’ causes misunderstandings.

    H2 Gambling Capital and iGaming Business, for example, referred to
    as the entire online gaming market segment, First Gaming distinguishes it from mobile segment.
    Others, such as The European Lotteries Association and Scientific Games,
    do not refer online lotteries to this notion.
    Nevertheless, the industry is rocketing.

    H2 Gambling Capital and iGaming Business projected the total revenue from online gambling
    winnings (including betting) in 2014 amounted to C$30,6 Bln. According to the study, the total income of
    the global online gaming industry will grow from C$6,6 billion 2003
    to C$ 32,5 billion in 2015-m and C$42,8 billion 2018.
    By that time, in terms of profitability Europe will continue
    to lead, although the gap with other continents will be reduced, especially with
    Asia. A doubling of revenues from online gambling in the United States is
    expected.

    Betting will retain its leading position on the Internet, but will gradually show a
    slowdown. In this case, the yield is expected to increase the online
    casino, which by 2018 will also double their performance.
    Such growth will be observed in all sectors, except for online bingo. http://www.nbso.ca/casino-bonuses/

  • Best Online Casino Platforms Bring Up The Champions

    The anthem of Canada sounded in Rio All-Suite Hotel and Casino in Las Vegas again and again as the six weeks poker season ended
    with a triumph of Canadian players, who managed
    to win 10 bracelets. In addition, Daniel Negreanu, a resident of Toronto, was so good in Australian and US competitions that earned the WSOP 2013 ‘Player of the
    year’ title.

    When in late June Kristen Bicknell from Ontario won the
    women’s tournament, it a new achievement has been recorded: the
    bracelets have been awarded to ten players from Canada,
    which is a huge progress after three bracelets received in 2012.

    The previous record of the country was six bracelets won in 2010.

    As usual, the majority of players represented at the WSOP were the U.S residents:
    57,040 out of a total number of 79,471. Thus, 71.8 % of American players was more then enough to secure the leadership, as Canadian representation equaled as little as 5.2%
    (4,118 poker players). No surprise that the U.S.
    won a better part of WSOP bracelet in 2013 (41), almost two-thirds of the total number of awards and
    is slightly less than its percentage of participation. At the same time, ten Canadian bracelets represent 16.1% of awards, which is three times higher than the
    percentage of participation of the country. http://www.nbso.ca/blackjack/

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