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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
By Adedapo Adesanya
The Naira depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 17, by N3.67 or 0.25 per cent, closing at N1,455.49/$1, in contrast to Tuesday’s closing price of N1,451.82/$1.
Also, the local currency weakened against the Euro in the official market at midweek by 98 Kobo to close at N1,706.72/€1 versus the previous session’s price of N1,705.74/€1, but improved against the Pound Sterling by 75 Kobo to trade at N1,943.28/£1 compared with the N1,943.98/£1 it traded a day earlier.
At the GTBank forex counter, the Nigerian currency lost N3 against the greenback to finish at N1,463/$1 versus N1,460/$1 and in the parallel market, it remained unchanged at N1,475/$1.
Thin US dollar inflows from exporters, non-bank corporate, foreign portfolio investors and absence of immediate intervention of the Central Bank of Nigeria (CBN) to strengthen supply triggered fresh pressure.
This is coming off the back of decline in inflows through the Nigerian Foreign Exchange Market which decreased to $716.3 million last week from $844.70 million in the previous week , a 15 per cent drop in a week.
The intervention comes as the CBN expect inflows from Detty December to alleviate need for FX demand, but exorbitant local prices may be keeping spending at bay.
Regardless of the seasonal demand, positive FX support for the local currency through 2025 signals a deliberate action to ensure the local currency maintains the trading range amidst growing external reserves. Latest data showed that gross external reserves position advanced to $45.47 billion, reflecting a 11.2 per cent Year-to-Date (YTD) gain.
In the cryptocurrency market, there was selling pressure as traders liquidated positions amid a short-rally, leading Litecoin (LTC) to slip by 5.2 per cent to close at $75.12m, as Cardano (ADA) depreciated by 5.0 per cent to $0.3619, and Dogecoin (DOGE) lost 4.8 per cent to finish at $0.1247.
In addition, Ripple (XRP) depreciated by 4.7 per cent to $1.83, Solana (SOL) crashed by 4.1 per cent to $122.62, Ethereum (ETH) went down by 3.9 per cent to $2,826.62, Binance Coin (BNB) fell by 3.4 per cent to $833.07, and Bitcoin (BTC) tumbled by 0.5 per cent to sell at $86,436.66, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn