DON'T BE CONFUSED LIKE TUNDE

Often, we see people carry burdens that isn’t theirs. Some pay for stuffs that should have been the responsibility of another. Do you know that the law doesn’t require you to pay for damages to another man’s vehicle or property while driving yours? What value does a third-party insurance offer you?

This and many more are questions Mr Tunde was faced with some months ago. Tunde, like most Nigerians, purchased a third-party insurance on his vehicle all in a bid to escape the harassment from police and road traffic officials.

Tunde is an upwardly mobile young professional in his thirties. He works in Victoria Island, hence must grapple with the habitual daily traffic in that part of the State. On his way to work this fateful day, in his car, he tried reversing but mistakenly hit a brand-new car. Unfortunately for him, the damaged car is a new one and owned by an oil & gas servicing firm.

Tunde came out of his car confused and bewildered as he never expected this accident to happen. But sometimes accidents happen without any prior notice. The company impounded his car and demanded he repairs their damaged car. This again increased Tunde’s anxiety and frustration as his account was already in red.

Reluctantly, he decided to speak with a friend to borrow some funds for this repair. While his friend questioned him on why he needed that amount, he narrated the accident to him. His friend, Bode, who works with an insurance firm had earlier helped him with his car insurance. Bode told Tunde his insurance will cover the damage on the third-party vehicle up to 1 million naira.

Tunde didn’t believe what he just heard. He had always assumed third party insurance is to allow one drive without police harassment. He thought this was one of Bode’s April fool jokes but realized the month was still February. The relief experienced by this news was surreal. Suddenly he need not borrow anymore or worry about the repair of the third-party vehicle.

To cut this story short, Tunde’s insurance company repaired the third-party car and Tunde’s car was released to him, at no cost. Tunde was so grateful to Bode for this enlightenment and for saving him the hassles and worries. He has since scaled up his insurance from third party to comprehensive cover.

The moral of this short story is to highlight the values that a third-party insurance cover provides. Click http://ow.ly/4nrZiT to see the benefits.

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HOW TO SAVE FROM YOUR SMALL SALARY?

Some days ago, Emeka and his friends had an argument. The bone of contention was, “Is it possible to save when your income cannot cover your basic needs?”. As expected, there were arguments for and against.  

Not minding which side of the divide you stand, it is certain that anything is possible if you want it hard enough. The questions are: “How bad do you desire to save?”. "What are you ready to give up to achieve your savings goal?"

Sure you will love to know 7 nuggets that can help you save money when you don’t make much. Take a seat and enjoy the ride. Let’s go!

1. HAVE A BUDGET

As the saying goes, "If you fail to plan, you plan to fail". This holds true till today. If your goal is to save from a meager salary, then there must be plan. the plan is laid out in a Budget. having a budget helps you decide where your money should go, before your feelings do.

Someone said, a budget tells you what you can’t afford but it doesn’t keep you from buying it. This leads to the second nugget.

 

2. BUILD SAVING INTO YOUR BUDGET

Let saving be part of the plan. It should be a non-negotiable item on the budget as food, power, rent and other basic survival needs. Incorporate savings contributions into your monthly budget and be just as committed to following through on those payments as you are to rent and food.

3. USE PERCENTAGES

When income is tight, even small savings contributions can feel like a large sacrifice.  To get into the habit of saving without feeling like you’re giving up too much, try implementing a percentage savings system.  While experts recommend setting aside between 20 and 30 of your income for savings goals, feel free to start smaller with as little as 3 to 5 percent of each paycheck and increase your contributions as you’re more able 

4. DOWNGRADE YOUR LIFESTYLE

You can’t eat your cake and have it. Simple reason you need to cut your coat according to the amount of material available. If downgrading your lifestyle will help meet your savings goal, why not?

5. PAY YOURSELF FIRST. 

Don’t wait to fund your savings until the end of the month.If you wait to set aside whatever money is left over, chances are, there won’t be any. Pay into your savings at the start of each month before it gets squandered on unnecessary expenses and impulsive purchases.

By making savings a priority, even when income is low, you’ll be better prepared for a healthy and stable financial future. There are ways you can subtly force yourself to save. One is by having a Direct debit mandate on our salary account and the other is by joining a Cooperative society. Remember, whatever you can keep aside in a month, is your own salary. 

6. OTHER COST-SAVING STRATEGIES

To a large extent, your savings is dependent on your ability to keep your expenses under control. So, having some cost-reducing plan will help your saving goals. Examples of such are planning your meals and shopping, staying out of restaurants and Insurance. Yes, Insurance.

For example, having a Car insurance will save you from unnecessary expenses via emergencies and this can derail your savings goal.

7. DILIGENCE IS KEY

Of course, there are plenty of ways to save money if you put your mind to it and get creative.But when it comes down to it, diligence is the key to save money on a low income.When you deploy any of these nuggets mentioned above, you have to be sure to stick with them for the long term.

Finally, when you determine how much you’re saving from each one, put that money in the bank as an emergency fund, or into investment accounts to provide for your future needs.

Experience shows that saving money on a low income can be a daunting task, but you CAN do it.Your goals are valid.

For more information about the other saving cost (Insurance), contact us on our twitter handle & facebook page - @con_hallmark & conhallmark respectively. 

Visit our website for tailor-made insurance policy at www.consolidatedhallmark.com
Disclaimer: names and event are fictional and do not reflect any real person.

Consolidated Hallmark excites clients with more claims payments

Customers of Consolidated Hallmark Insurance Plc had several reasons to be happy with the foremost underwriter during the Nine Months ended 30^th September 2016, as N1.296billion was expended on payment of claims to them during the period.

The amount paid out represents a 43% increase over the N902,208,592 paid out by the company during the corresponding financial period of 2015, a trend in line with the prompt claims settlement disposition of Consolidated Hallmark Insurance.

The Managing Director of the company, who is also the current chairman of the Nigerian Insurers Association, Mr. Eddie Efekoha has continually assured the numerous and rapidly growing clientele of Consolidated Hallmark of the very best in Customer Service delivery, culminating in prompt claims settlement.

A further glimpse at the results show a modest rise in Net underwriting income  from N2.558billion in 2015 to N3.02billion as at close of business on 30^th September, 2016.

The 18% increase (after provisions for reinsurance expenses and commissions/fees) is attributable to astute management by the firm, in spite of the prevailing economic situation in the country which has seen premium rates remaining stagnant or reducing while inflation spirals to double digit figures.

Consolidated Hallmark achieved a Gross Premium Income rise of N4.88bn when compared with the N4.65 recorded during the nine months period of 2015. 

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We don’t Pay Lip Service to Customer Care - E.D Operations

Our Executive Director, Operations, Mrs. Mary Adeyanju who spoke as part of the company’s activities to mark this year’s Customer Service week in various offices across the country said “our customers are our heroes – that’s why we don’t just pay lip Service to Customer Satisfaction; we go all out to meet and surpass their expectations.’

Mrs Adeyanju asserted that Consolidated Hallmark has a policy of putting customers first. She said they are the reason the company is in, and remains in business, hence their satisfaction through prompt claims settlement cannot be compromised.

According to her, “our policy is simple, we place high premium on our Customers’ Satisfaction on all fronts. We put our Customers ahead because we can’t afford to kiss them goodbye. This year’s Customers Service Week is yet another opportunity to show our Customers how much they mean to us”, she said, adding that the rapidly expanding clientele base of the company over the years has drawn largely from various referrals from satisfied customers who continually pass the message on.

Our customers, Our Heroes.

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Visit our website for more tailor-made insurance covers at www.consolidatedhallmark.com

10 SAFE DRIVING STEPS YOU MUST KNOW.

The rainy season is back and the risk factor while driving on Nigeria road would increase significantly as records have shown that more vehicle accidents takes place due to the heavy flood and faulty cars.These are some General tips which can ensure you are safe while driving in this season, they are:

1.  Drive slow on rainy days when the roads are still wet as the stopping distance usually increases considerably on wet roads. Also, brakes may be slightly less effective on rainy days as water generally seeps into the brake pads and disks.

2.   In case it is raining heavily and you cannot see ahead, turn on the headlights and fog lights and drive at a cautious speed.

3.    The Air conditioner should be maintained properly and to use the demister, set the fan speed to low, turn the vent control to windscreen, set control to fresh outside air, and turn on the AC and it will help the car glasses from fogging up.

4.   If you are to drive through stagnant water, do not panic. Put the car in first gear and move ahead gently. Do not drive fast and once you step into stagnant water do not stop your car, just keep moving or water might get into the tail pipe.

5.  Battery condition should be checked, and a coat of petroleum jelly should be applied to the terminals.

6.   Drive only if it’s necessary - Yes, you’ve heard it on the weather forecast all the time, but people say it for a reason. Put simply, if you don’t go out, you can’t come to any harm on the road. Is your journey really that urgent or important?

7.  Maintain proper following distance (3 seconds rule). This needs to be increased in wet weather.

8.    Be more alert watching for brake lights in front of you.

9.   Don’t follow large trucks or buses too closely, because the spray created by their large tires can reduce vision.

10. Drive in the tracks of a vehicle ahead of you.

We wish you safe and comfortable driving during the rains. However for a more comprehensive protection during this season and all year round, check out our variant motor insurance products: goo.gl/Cvv29y & goo.gl/4bk3th

Follow us on our twitter handle - @con_hallmark 

& facebook page - conhallmark

Visit our website for more tailor-made insurance covers at www.consolidatedhallmark.com

NEW NIGERIAN INSURERS ASSOCIATION CHAIRMAN, EDDIE EFEKOHA SETS FOUR POINT AGENDA TO RE-POSITION INSURANCE BUSINESS

The new Chairman of the Nigerian Insurers Association (NIA) Eddie Efekoha, has identified four key programmes his administration would focus to take insurance operations to lofty heights. He disclosed this today at the 45th Annual General Meeting of the association in Lagos, where the mantle of leadership was bequeathed on him.

According to him, his administration would promote stakeholders’ engagement with policy makers at the Judiciary, the Legislature and other relevant agencies of the government, as well as regulatory institutions and industry players; enforce market discipline amongst key industry players which will involve engagement with colleagues and partners in the industry to encourage market development and continuity in the industry; review the NIA constitution to make it more dynamic in response to the changing business environment and pursue other current projects embarked upon by the association most important of which is the NIA Building Project.

He noted that the theme of his administration is: “Sustainable Market Development Through Stakeholders Engagement”, stressing that his cabinet will deal with the identified programmes to the best of their abilities.

He commended the National Insurance Commission under the leadership of Mohammed Kari, the Commissioner for Insurance, for instituting the Insurers’ Committee, a platform for dialogue between the regulator and regulated entities for the growth of the industry.

“Every leader is born for his own time! It is my opinion that our industry at this time will benefit a lot from the openness to dialogue of the Commission as a means to addressing some of the ills of the market today for long term sustainability, growth and ease of regulation. This is in line with the theme of my chairmanship and therefore I will not hesitate to encourage our members to participate actively as they have done since the inauguration of the Committee,” he said.

The Managing Director of Consolidated Hallmark Insurance, Efekoha maintained that the NIA has and will continue to remain true to its legacy as an institution that exists to champion the cause of the insurance industry and that his administration will ensure that the founders’ sense of purpose is upheld at all times.

HAZARDS OF HAVING FAKE INSURANCE

There is always a feeling of joy when a product is bought. A product bought for the comfort it gives or the solutions it provides. More importantly, when this is done with hard-earned money. This feeling of joy escalates to a whole new level when this product fulfils the purpose for being bought. It is always beyond words. Can you imagine what happens when the product fails just because it is fake. A deep-seated rage engulfs the buyer. The rage at the thought of money wasted and service not received.

The internet is awash with news of car accidents, third property damage by motorist and hit & run drivers. These stuffs happen when it is least expected. Recently, the National Assembly posited that there are about 12million fake motor insurance policies in Nigeria. Are you part of the 12 million? This number seems scary. Do you know that it is a crime by law to drive a vehicle without insurance? Do you know that it is compulsory for all vehicles on Nigerian roads to be insured? Permit me to highlight what this means.

With 12 million fake motor insurance policies in Nigeria, it means there are 12 million criminals driving on our roads. According to law, ignorance is not an excuse. That you are not aware your insurance is fake is no excuse. It also means there are 12 million prospective hazards on our road. If one of these is involved in an accident, resulting in death or damage to other people’s assets, nothing can be recovered from this fake insurance. He would have succeeded in killing an innocent pedestrian with no insurance to pay for the death. The ‘reckless’ driver would have been arrested and prosecuted. However, this could have been different, if he had genuine insurance.

Anyone who drives with a fake insurance, risks being jailed and prosecuted. He risks paying for damages cause to other people’s car, assets & properties. And when he cannot pay, he risks having his vehicle impounded or charge to court. Third party insurance is designed specifically to cater for third party liabilities due to the use of the vehicle. Therefore, when a vehicle is not insured, it is a criminal offence and it also exposes pedestrians to vary degrees of risk. These are few of the consequences.

However, you can confirm if your insurance is genuine by clicking www.askniid.org or send *Policy Number*Reg. No. to 33125. Instantly the status of your car insurance is revealed. Don’t put yourself in an awkward situation. Protect yourself and other pedestrians. Be Smart, don’t allow road officials harass you. You can buy your third party insurance in 5mins here www.motorthirdpartyonline.com

Click http://ow.ly/4nrZiT to see the benefits of third party motor insurance.

Follow us on our twitter handle - @con_hallmark              
                      & facebook page - conhallmark

Visit our website for more tailor-made insurance covers at www.consolidatedhallmark.com

CONSOLIDATED HALLMARK INSURANCE'S PROFIT SPIKES BY 182%

Consolidated Hallmark Insurance Plc’s profit surge to end 2015 financial year has validated the Nigerian insurer’s growth strategy amid a low premium environment.

For the year ended December 2015, the company’s PROFIT BEFORE TAX spiked by 182.70 percent to N545.81 million from N193.07 million in December 2014.

                                                                                 

The growth in profit was due to the upward trajectory at the top lines, stoked by the contributions from premium incomes. The stellar performance by the company also means its risk controls and innovative products have paid off.

Consolidated Hallmark underwriting capacity was efficient as underwriting profit moved by 58.7 percent to N1.369 billion in December 2015 compared with N863.24 million as at December 2014.

The Nigerian insurer's profitable products such as Oil and Energy and Motor vehicle insurance may have contributed in bolstering underwriting activities.    

Despite challenges such as poverty, lack of awareness about the advantages of taking a cover and cultural beliefs holding back the growth of insurance firms, Consolidated Hallmark recorded a 30.88 percentage growth in gross premium written (GPW) to N6.03 billion in 2015 from N4.62 billion in December 2014.

Gross premium income (GPI) also followed the same upward trajectory as it moved by 25.58 percent to N5.87 billion in the period under review, while net premium income jumped by 26.06 percent to N3.18 billion in December 2015 from N2.53 billion as at December 2014.

Despite Consolidated Hallmark’s impressive performance in the period under review, industry experts posited that 2016 would be a tough year for insurance companies as a slow economy are expected to dampen premium income.

This is because rising inflation on the back of soaring food price and fuel hike as a result of scarcity means many people will be left with little money in their pockets to buy a policy.

Inflation in Africa’s largest oil producer and most populous nation accelerated to 11.4 percent in February, the highest in a decade.

Growth slumped to 2.8 percent last year, the slowest since 1999, and will decelerate to 2 percent in 2016, according to Morgan Stanley.

The insurance industry contributed less than one percent to an economy of N80 trillion ($510 billion), according to the National Bureau of Statistics in its 2014 rebased estimate.

There are positive prognoses for the sector as NAICOM; the body that regulates insurance business has made insurance cover compulsory for employers with more than 5 staff.

Also, the regulator has implemented policies such as TakaFul and ‘No Premium No Policy, in order to deepen penetration in Africa’s largest oil producer and most populous nation.

The 2015 audited financial statement of Consolidated Hallmark showed the insurer is in a strong financial position, as combined ratio (CR) reduced to 61.35 percent in December 2015 from 73.91 percent in December 2014.

A Combined Ratio lower than the 100 percent threshold means an insurance company has a solid underwriting capacity. Consolidated Hallmark’s total claims expenses reduced by 1 percent to N958 million in December 2015 compared with N967 million at December 2014. Claims ratio dropped to 30.03 percent in December 2015 as against 38.22 percent in December 2014.

Underwriting expenses were up by 10.25 percent to N1 billion in December 2015 compared with N907 million in December 2014. Underwriting expenses ratio increased to 31.60 percent in December 2015 from 35.88 percent in December 2014.

The company’s reinsurance premium expenses grew by 25.02 percent to N2.68 billion in December 2015 from N2.14 billion in December 2014. Operating expenses were up by 12.80 percent to N1.16 billion in December 2015 as against N1.03 billion in December 2014.

Consolidated Hallmark has a total asset of N7.02 billion as at December 2015, while shareholder’s fund stood at N4.26 billion on the same day. The company’s return on equity (ROE) spiked to 16.52 percent in the period under review as against 5.35 percent the previous year.

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Visit our website for more tailor-made insurance covers at www.consolidatedhallmark.com

TIPS FOR A SMOOTH EASTER ROAD TRIP

The holidays are our favourite times for visits and family get-together. However, whether you are heading to your home-town, family-house, or a choice vacation spot to celebrate the holidays with family or friends, or if your holiday destination is a short distance or across the country, it is very important to guarantee a smooth drive for you and your family to arrive at your destination safely and without incident. 

Here are some tips to ensure that your car and your family are prepared for the holiday adventure.  

SCHEDULE A CHECKUP. Perform basic maintenance on your vehicle before you head out such as checking wipers and fluid levels. Also, schedule any necessary service such as oil changes or tune ups. If maintenance is not up to date, have your car and tires inspected before you take a long drive. A vehicle in top shape will have a better chance of staying reliable and efficient.

STAY CHARGED. Check your battery to make sure it’s strong and has clean terminals. The holiday trip is no fun if your car won’t start.

READ THE RUBBER. Inspect your tyres for any tears or bulges in the side wall. The tyres should have a good amount of tread left. Make sure the tyre pressures are set to the figures that are printed on the placard on the driver’s door jam, or what’s listed in your car’s owner’s manual.

GIVE IT A BREAK. Have your service station inspect your car’s brake pads to make sure they aren’t worn or need replacing.

BE PREPARED. Bring supplies in the event of an accident or medical issue. Stock your car with an emergency kit—especially a flashlight, blanket, first-aid kit, and some basic tools. Also, bring water and extra snacks, just in case.

PACK SMART. Check your vehicle’s load capacity to make sure you aren’t putting too much weight in the car. On most new cars, the total weight you can carry is printed on the door placard inside the driver’s door jam. This load rating includes all the passengers and cargo. Be aware that fuel economy is reduced with extra cargo. Roof-top cargo boxes should only be filled with light bulky items. Heavy loads on the roof can make the vehicle more difficult to handle in emergency situations and increase the risk of a roll over. Keep anything of value in the boot or covered storage area.

KID PREP. If you’re driving with kids, make sure you pack enough snacks, water, games, videos, and music to keep them comfortable and occupied during your journey. Remind your children, not to talk to strangers. Go with them on bathroom breaks and give them whistles to be used only if the family gets separated.

BE PATIENT & BE SAFE. During the holiday travel times expect to hit traffic. It may make sense to drive early in the morning to avoid the rush and ensure you get to your destination on time and with minimal stress. Make sure you count on stops for refreshment and restroom breaks. Ensure you are driving safely and obeying the rules of the road.

AVOID TRAFFIC GRID. Map your route in advance and be prepared for busy roads during this holiday. If possible consider leaving earlier or later to avoid heavy traffic.

With these little preparation ideas, you can leave the road-trip stress at home and enjoy your holiday with family and friends. Have a safe journey and wonderful holiday. 

Follow us on our twitter handle - @con_hallmark 

& facebook page - conhallmark

Visit our website for our tailor-made insurance covers at www.consolidatedhallmark.com

Sources:

http://exchange.aaa.com/automobiles-travel/automobiles/holiday-road-trip-travel-tips/#.VvOgg-IrKM8

http://www.independenttraveler.com/travel-tips/none/10-tips-for-holiday-travel

http://www.iol.co.za/travel/travel-tips/travel-tips-for-easter-weekend-1999507

http://www.travelchannel.com/interests/travel-tips/articles/top-10-survival-tips-for-holiday-travel