Economy
Universal Insurance Introduces Product for Okada Riders
By Adedapo Adesanya
Universal Insurance Plc has introduced the first-ever insurance products or commercial motorcycle riders (Okada) called the Okada Personal Assurance & Safety Scheme (Okada Pass).
This new product from the underwriting company is mainly to ensure the safety of commercial motorcycle riders and their passengers in Nigeria.
The Okada Pass plan was uniquely designed to provide cover for personal accident to the insured Okada rider. The product will also be sold as an individual policy and as a group scheme to the riders.
The plan is a compensation plan for riders in case of an accident. The premium amount to pay will, however, depend on the type of plan chosen by the policyholders.
The Okada Personal Assurance & Safety Scheme comes in five different plans namely Jeje Cover, Carry-Go Cover, No-Shaking Cover, Confaam Cover, and Digital Bike Cover.
The Jeje Cover, with as low as N2,300 yearly premium, a rider can get paid up to N50,000 for medical expenses; N100,000 for permanent disability; N100,000 for death; N50,000 for third party liability and 10,000 for repair assist (owned damage).
For the Carry -Go Cover, it enables the rider to get paid up to N75,000 for medical expenses; N150,000 for permanent disability; N150,000 for death; N65,000 for third party liability and N15,000 for repair assist. This cover attracts a yearly premium of N3,400.
On the part of the No-Shaking Cover, it comes with an annual premium of N4,000 and it enables the rider to get paid up to N80,000 for medical expenses; N200,000 for permanent disability; N200,000 for death; N70,000 for third party liability and N20,000 for repair assist.
Under the Confaam Cover, riders are expected to get N80,000 for medical expenses; N200,000 for permanent disability; N200,000 for death; N70,000 for third party liability; N20,000 for repair assist and N20,000 for passengers medical expenses. The premium for this cover is N4,400 per year.
The Digital Bike Cover allows policyholders to pay a yearly premium up to N10,400 which qualifies them to get paid up to N100,000 for medical expenses; N250,000 for permanent disability; N250,000 for death; N75,000 for third party liability; N50,000 for repair assist; N50,000 for passengers medical expenses and N250,000 for goods/parcel (annual limit).
Speaking on the product, the Managing Director/CEO of Universal Insurance, Mr Benedict Ujoatuonu, said the Okada Pass is an innovative product that provides benefits to Okada riders.
According to Mr Ujoatuonu, “If you take a look at the level of accidents that involve the Okada riders every day on Nigerian roads, they are high and most often you discover they are left without any form of benefits that come from insurance. So, this is what our Okada Pass is coming to take care of”.
“We provide them with personal accident cover that makes sure that when they sustain any injury that requires medical attention, they will get it from the policy. Even if it is a disability which is very rampant in Okada business, they will be covered by our policy. We will compensate the family of the rider if it results in death. Our Okada Pass is an innovative insurance product which has everything they need in the cover,” the insurance expert added.
He urged Okada riders and their groups to embrace the new products to enable create benefits for their members which will, in turn, sustain their business.
Universal Insurance is a general business organisation registered to underwrite general insurance business. It has an asset base of over N11 billion, authorized, share capital of 16Billion units and N8 billion paid-up respectively.
The CEO revealed that the company was now fully computerized to drive excellence in service delivery, adding that they are widely known for providing peace of mind to their clients and enriching their quality of life through their partnership in the management of the risks they face.
By Dipo Olowookere
A 1.08 per cent growth was further printed by the Nigerian Exchange (NGX) Limited on Friday on improved appetite for Nigerian stocks.
Data showed that the insurance sector lost 0.61 per cent yesterday due to profit-taking as the energy space gave up 0.08 per cent, while the commodity counter closed flat.
However, the industrial goods landscape appreciated by 2.06 per cent, the banking index improved by 1.31 per cent, and the consumer goods sector expanded by 0.83 per cent.
At the close of business on Customs Street, the All-Share Index (ASI) increased by 1,563.92 points to 147,040.07 points from 145,476.15 points and the market capitalisation went up by N996 billion to N93.722 trillion from N92.726 trillion.
UAC Nigeria led the advancers’ log yesterday after it grew by 10.00 per cent to N96.80, Transcorp Hotels jumped by 9.71 per cent to N172.80, Royal Exchange appreciated by 8.89 per cent to N1.96, Ikeja Hotel soared by 8.74 per cent to N31.10, and Veritas Kapital leapt by 8.07 per cent to N1.74.
On the flip side, Union Dicon declined by 10.00 per cent to N6.30, ABC Transport slipped by 9.88 per cent to N3.10, AXA Mansard depreciated by 7.19 per cent to N12.90, FTN Cocoa lost 4.62 per cent to trade at N4.75, and Guinea Insurance dropped 3.36 per cent to finish at N1.15.
A total of 38 stocks ended on the gainers’ table and 17 stocks finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.
Traders transacted 361.6 million equities for N14.8 billion in 21,051 deals yesterday versus the 1.9 billion equities worth N19.2 billion traded in 23,369 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 80.97 per cent, 22.92 per cent, and 14.20 per cent, respectively.
The busiest stock for the session was Zenith Bank with 59.5 million units worth N3.6 billion, Access Holdings traded 46.1 million units valued at N973.0 million, Fidelity Bank exchanged 29.4 million units for N560.4 million, FCMB transacted 27.9 million units worth N293.9 million, and Tantalizers sold 13.0 million units valued at N29.8 million.
By Adedapo Adesanya
Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.
The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.
Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.
The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.
Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.
During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.
InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.
The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.
Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.
Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.
As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.
However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.
As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.
With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.
Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.
Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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