The imperative of embracing health insurance

February 7, 2024 Martins Eke 0

In a world where uncertainties loom large and health is undoubtedly our most precious asset, the importance of embracing health insurance cannot be overstated. Yet, despite its critical significance, a huge portion of Nigerians remains uninsured or underinsured, exposing themselves to immense financial risks and potential health crises. One of the primary reasons why Nigerians must embrace health insurance is Read More

Crown Takaful Insurance secures NAICOM’s approval to commence operations

January 29, 2024 David Agba 0

Barely three months after the issuance of approval in principle by the National Insurance Commission (NAICOM), the management of Crown Takaful Insurance Limited on Monday, December 18, received the operating licence from the industry regulator authorizing the company to commence business for the benefits of Nigerians nationwide. As a modern concept of ethical insurance, Crown Takaful Insurance is entering the Read More

KADCHMA kicks off produce-4-health insurance scheme 

January 19, 2024 AbdulRaheem Aodu 0

The Kaduna State Contributory Health Management Authority (KADCHMA) has kicked off the pilot ‘Produce for Health Insurance’ (P for H I) programme, which enables farmers and other producers to use their produce in paying for their health insurance.  The Director General of KADCHMA, Malam Hassan Abubakar, said the scheme is in line with the ‘SUSTAIN Manifesto’ of Governor Uba Sani, Read More

Access Holdings acquires Megatech Insurance Brokers Ltd

January 15, 2024 Segun Odunewu 0

Access Holdings has announced its acquisition of Megatech Insurance Brokers Ltd, an insurance brokerage company licensed and regulated by the National Insurance Commission, NAICOM. In a letter to the Nigeria Exchange Limited signed by the Access Holdings Plc Company Secretary Sunday Ekwochi stated that the acquisition complements the Company’s bouquet of product offerings in pursuit of its vision of building Read More

NDIC and the need to strengthen Nigeria’s deposit insurance scheme

December 22, 2023 Admin III 0

Established out of the necessity to protect depositors who lost billions to bank collapse, the Nigeria Deposit Insurance Corporation (NDIC) has restored smiles to the faces of many depositors who hitherto were without the hope of getting back their hard-earned money lost or trapped in failed banks; BENJAMIN UMUTEME writes. Established in 1989 through the promulgation of Decree No. 22, Read More

CIIN attracting youth to insurance – Igbiti

December 22, 2023 Admin III 0

The President/Chairman of the Chartered Insurance Institute of Nigeria, Edwin Igbiti, has said the institute is attracting the youths into the profession. Igbiti spoke at the 2023 Induction Ceremony of fellows and associates at the College of Insurance and Financial Management, Asese, Ogun state. He said, “Over the years, we have raised high-standard professionals and increased the manpower needs of Read More

Cornerstone Insurance technology innovation attracts industry stakeholders

December 22, 2023 Admin III 0

One of Nigeria’s underwriting firms, Cornerstone Insurance Plc has received industry recognition for its capacity in technology innovations that are helping push its products and services to potential customers. The company bagged three awards at the Nigeria Technology Awards (NiTA) including innovative Insurance Company of the Year, Insurance Company Website of the Year, and Excellence in Technology Innovation – Insurance Read More

5, 000 tanker drivers get Leadway comprehensive health insurance

December 22, 2023 David Agba 0

Leadway Health, a prominent health management organisation in Nigeria, has joined forces with the Petroleum Tankers Drivers of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) to introduce a robust and reliable comprehensive health insurance plan for over 5,000 petroleum tanker drivers across Nigeria. This strategic partnership, officially launched in Lagos is aligned with the visionary priorities of Read More

FBN Insurance Brokers introduces First Cover, marks significant financial milestone

December 19, 2023 David Agba 0

As part of measures to boost insurance penetration in Nigeria, FBN Insurance Brokers (FBNIB) has launched the First Cover, a digital brokering platform aimed at deepening insurance penetration in the country. Speaking at the end of year party and launch of First Cover, the Managing Director of FBN Insurance Brokers, Olumide Ibidapo noted that despite the economic headwinds that prevailed Read More

AMCON has recovered over N1.8trn – Official 

December 14, 2023 Admin III 0

 The Asset Management Corporation of Nigeria (AMCON)  on Wednesday  said it has so far recovered over N1.8 trillion. A statement by its spokesperson, Jude Nwauzor, said the figures were made public by the Managing Director/Chief Executive Officer, Ahmed Kuru, during an interactive session with members of the 10th Senate Committee on Banking, Insurance, and Other Financial Institutions at the National Read More

Insurance: Elumelu proposes N30bn general business, N20bn capital for life

October 24, 2023 David Agba 0

The Chairman, United Bank for Africa and Heirs Holdings, Tony Elumelu, has proposed N20 billion capital base for life, N30 billion general and N50 composite insurance operation. He said this at the ongoing 2023 National Insurance Conference today in Abuja. Speaking on the theme of the Conference: ‘Redefining Safety: Insurance Solutions for Public Buildings and Buildings Under Construction’, Elumelu, noted Read More

No financial stability without insurance – Thomas

September 27, 2023 David Agba 0

The Commissioner for Insurance Sunday Thomas Monday said no economy can attain financial stability without insurance. He said this while presenting a paper entitled; ‘Rethinking Insurance as a Critical Economic Growth Strategy’ at the Lagos Chamber of Commerce and Industry (LCCI) Insurance Group 2023 Insurance Stakeholders’ Consultative Forum in Lagos, stating that insurance is the bedrock that manages the risks Read More

AXA Mansard, AIICO, other insurance firms grapple with surge in claims

September 11, 2023 Segun Odunewu 0

Leading insurance companies in Nigeria grappled with a significant surge in net claims by customers in the first half of 2023, amounting to N49.158 billion, a substantial increase of 25.47 per cent compared to the N39.178 billion recorded in the same period in 2022. The companies, including Custodian Insurance, NEM Insurance, Sovereign Trust Insurance, AXA-Mansard Plc., AIICO, Mutual Benefits Assurance, Read More

Sanlam drives motor insurance with new sales outlet

September 7, 2023 Admin III 0

Sanlam General Insurance, a subsidiary of Sanlam Life Insurance and a member of the Sanlam Pan African group, has opened a new sales outlet in Agidingbi, Ikeja to enhance access to her motor insurance plans. This is in addition to various channels by which the firm’s products can be purchased without stress. Speaking at the official opening ceremony, Bode Opadokun, Read More

NAIPE’s confab opens with 30 insurance, pension firms sponsoring

September 7, 2023 Admin III 0

African Reinsurance Corporation (Africa Re), Stanbic IBTC Pensions, Sanlam Nigeria as well as NEM Insurance have emerged gold sponsors of the 2023 edition of the annual conference of Nigerian Association of Insurance and Pension Editors (NAIPE). Other gold sponsors are Royal Exchange General Insurance, African Alliance Insurance Plc, Anchor Insurance, as well as Linkage Assurance. The 2023 NAIPE Conference is Read More

Heirs Insurance Group posts N20bn in 2022 revenue

September 6, 2023 Benjamin Umuteme 0

Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), announced a record-high 226% jump in Gross Written Premium (GWP), from N6.1bn in 2021 to N19.9bn for the financial year ended December 31, 2022. With the strong performance sustained in its second year of operations, the Group has become the fastest-growing insurance group in Nigeria. Heirs Insurance Read More

Inadequate insurance cover: NCAA vows severe sanctions against airlines, others

August 15, 2023 Suleiman Idris 0

Inadequate insurance cover: NCAA vows severe sanctions against airlines, others The Nigeria Civil Aviation Authority (NCAA) has warned it will ground specific aircraft in the fleet of airlines and enforcement action against operating airlines or service providers that failed to comply with the new industry insurance cover regulations. The regulatory agency demanded for full compliance with Nigerian Civil Aviation Regulations Read More

$2trn Global Takaful Insurance: NAICOM embarks on market expansion

August 11, 2023 Admin III 0

Poised to help push further the nation’s insurance market penetration, National Insurance Commission (NAICOM) said that it is exploring the global Takaful insurance market, which is expected to grow to $25 trillion in 2025. Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM) Sunday Thomas, made this known at a two-day conference with the theme; ‘Leveraging Read More

CIIN seeks innovative insurance solutions to climate risks

August 11, 2023 Admin III 0

The Chartered Insurance Institute of Nigeria (CIIN) is working to ensure insurersprovide innovative insurance solutions to vulnerable citizens often affected by disasters from climate risks. The President of CIIN, Edwin Igbiti, said this at the 2023 edition of CIIN/LBS Seminar themed; ‘Climate andDisaster Risk Management: The Role of Nigerian Insurance Industry/Sector, held yesterday in Lagos. He noted that without any Read More

Comparing health Insurance laws in Nigeria and South Africa

June 29, 2023 Victor Okeke 0

South Africa’s National Assembly recently approved a groundbreaking law that paves the way for the introduction of universal health insurance. The National Health Insurance Bill, passed on June 13, 2023 has generated both praise and criticism from various stakeholders, including businesses, opposition political parties, health-care professionals, and activists. In this article, we will compare this landmark legislation with Nigeria’s National Read More

Only 6% of Nigerians have health insurance – Care providers

June 23, 2023 Admin III 0

Health Care Providers Association of Nigeria (HCPAN) has decried low uptake of wellness cover in Nigeria 19 years into the establishment of the National Health Insurance Scheme (NHIS) and one year after the plan was made mandatory by virtue of existence of the National Health Insurance Authority (NHIA) in 2022. Chairman, Lagos chapter of the association, Mrs. Biola Paul-Ozieh, at Read More

2023: Insurance, Bayelsa Queens win Federation Cup

June 22, 2023 Editor 0

Imade Osarenkhoe’s strike from six yards on the dot of half time, after handball in the box by Rangers’ defender Chinemerem Ugwueze, handed Bendel Insurance this year’s NFF-TINGO Federation Cup title and a ticket to represent Nigeria in next season’s CAF Confederation Cup competition. The ‘Flying Antelopes’ threw in all they could muster in an interesting encounter at the Stephen Keshi Read More

Federation Cup: NFF postpones Rangers, Insurance final clash

June 10, 2023 Admin III 0

The Grand Finale of this year’s NFF Federation Cup Competition slated for the Stephen Keshi Stadium, Asaba has now been moved to Wednesday, 21 June 2023. “A couple of issues have come up for us to deal with and we are doing that speedily. The Grand Finale will still take place in Asaba and we are determined to make a Read More