Insurance News: NHIS kicks off Coverage Scheme with Corps Members In Osun

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In this edition of Octamile’s Africa Insurance news, “NHIS kicks of Coverage Scheme with Corps members in Osun”, “Egypt Government Denies Privatizing Universal Health Insurance”, “South African Company Partners with Asain Company for Insurance Tech Venture” and many more….

NHIS Kicks Off Coverage Scheme With Corps Members in Osun

The National Health Insurance Scheme (NHIS) has mentioned that all arrangements to provide health care coverage for National Youth Service Corps (NYSC) members in Osun is done.

Mr Hamed Yahaya, the Director of NHIS, Osun Office, made this known during the NHIS enrollment sensitisation lecture organised for corps members serving in Osun, at the Osogbo Township Stadium.

He said that the corps members in Osun were lucky to be part of the first set of beneficiaries of the NHIS-NYSC corps members healthcare cover tagged GIFSHIP


Egypt: Government Denies Privatizing New Universal Health Insurance System.

Previously, reports on the government partnering with the establishment of “Reayat Misr” holding company to privatize the universal health insurance system. 

The Government’s cabinet media centre has denied these reports. The Ministry of Health and Population dismissed the reports as baseless.

The “Reayat Misr” holding company, affiliated to the General Authority for Healthcare, is aimed to engage in various healthcare fields, the ministry said.



Experts Urge Nigerians To Embrace Insurance Brokerage Services

Experts in the insurance industry have advised Nigerians to patronise duly-licensed insurance brokers for professional counselling in buying insurance products.

The Chairman, Boff & Company Insurance Brokers Limited, Babajide Olatunde-Agbeja, gave the advice during a workshop in Lagos.

He argued that due to the complex nature of insurance contracts, policyholders are served better by brokers who understand the nitty-gritty of the business.


South Africa’s Discovery Ltd To Partner For An Asian Insurance Tech Venture.

South Africa’s Discovery Ltd has confirmed that they would set up an Asia focused health insurance techology business in partnership with Hong Kong company, AIA Group Ltd.  

The joint venture is to be named Amplify Health and 25% of this venture will belong to Discovery Ltd.  


Stakeholders Decry Unimpressive Growth Of The Insurance Industry

Stakeholders in the insurance sector have condemned the stunted growth of the industry in Nigeria, warning that urgent measures must be taken by the government to educate and enlighten the people on several advantages that a robust insurance sector has for the growth of a nation’s economy.

According to them, “It is disheartening that as of today, data obtained from the National Insurance Commission (NAICOM) indicates that just a little over 5,000 public buildings have so far been insured across the country, which is very well insignificant compared to several public buildings in Nigeria.

“The concerns have become necessary owing to the frequent cases of fire disaster as well as increasing cases of building collapse across the country.”


Beijing Adds Fertility Services To Insurance Coverage

Beijing will include more than a dozen fertility services in a government-backed medical insurance scheme for the Chinese capital, state media reported on Monday.

This is to support those seeking to have babies with China’s birth rate at a record low.

The new reproductive coverage could help lower out-of-pocket costs and benefit couples in lower-income brackets seeking to have babies and those with little or no access to private medical insurance.


Ignorance Deprives Motorists Of N1m 3rd Party Insurance Claims

Low awareness of the benefits of N5,000 third party motor insurance policy has denied motorists in the country N1million third party claims. With N5,000 annual motor insurance premium, a motorist can actually claim N1million third party damages.

Of the 12 million vehicles on Nigerian roads, about 8.6million are uninsured, while the remaining 3.4 million are insured.

But out of the 3.4million insured vehicles, it is believed that about 2million carry third party motor insurance policy being sold at N5,000 while the remaining 1.4million have a comprehensive motor insurance policy which is sold at between 5 to 10 per cent of the cost of a vehicle.


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