Business
Insurance: Amaechi Prescribes Stiffer Penalties For Defaulters
Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi, has called for stiffer penalties for defaulters in the insurance industry as a way of restoring consumers’ confidence.
Governor Amaechi made this call yesterday during the flag-off of Compulsory Insurance Product in Nigeria for the South-South zone at Hotel Presidential, Port Harcourt.
Represented by his deputy, Engr. Tele Ikuru, Governor Amaechi observed that “for Nigerians to have confidence in the Insurance sector there has to be punishment for offenders,” adding that “this would serve as a deterrent to others, calling for a review of the insurance policies in the country.
He expressed happiness over the restructuring of the sector, saying that such development will have positive impact on the people, urging the National Insurance Commission (NAICOM) to strengthen its regulatory arm to improve efficiency in the sector.
Earlier, Chairman of the Governing Board of NAICOM, Hajia Maryam Ciroma, represented by a member of the Board, Mr. Boye Oluwatayo, said that “the flag-off represents the berthing of a great initiative by NAICOM in the Niger Delta region which signifies the beginning of the revival of the Insurance industry and actualising the gains of the Federal Government’s reforms”.
Hajia Ciroma noted that “the Nigerian environment and its people deserve more than they presently receive in terms of protection of life and property through Insurance,” calling on all stakeholders to key in into the objectives of the Compulsory Insurance programme, saying that Insurance “protects the future of our citizens and the resources of our great nation”.
Speaking, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Fola Daniel, lamented the lack of enforcement of Insurance policies in the country, declaring that “henceforth any corporate body that fail to pay genuine claims will face stiff penalties,” expressing optimism that “Insurance in Nigeria is changing for the better due to the restructuring and reorganisation of the sector”.
He noted that the choice of Port Harcourt, the Rivers State capital is based on the significant position it occupies in the geopolitical zone, stressing that it plays a key role in the economy of the region, thanking the State Government for the support given to the event.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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