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 Content Administrator II 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 Content Administrator II 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 Content Administrator II 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 Content Administrator II 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

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

Cash crunch: Insurance sector growth drops by 7.25% in Q1– NBS

May 31, 2023 David Agba 0

Insurance sector’s growth fell by 7.25 per cent in the first quarter of 2023, National Bureau of Statistics (NBS) has said. The NBS in its ‘Nigeria Gross Domestic Product Q1, 2023’ said the finance and insurance sector consists of two subsectors which are financial institutions and insurance. It noted that the former accounted for 91.75 per cent while the latter Read More

NAICOM issues guidelines to engender professionalism

May 13, 2023 David Agba 0

As part of its strategic objective to drive innovation of products and services, ensure operators are professional in the conduct of their businesses in line with best practices, the National Insurance Commission (NAICOM) has issued guidelines to that effect. A statement by the Head, Corporate Communication and Market Development, Rasaaq Salam, Thursday list the guidelines to include: According to the Read More

Ekiti state’s ambitious health insurance scheme

April 27, 2023 Victor Okeke 0

Health insurance and universal health coverage are critical components of any functioning healthcare system, and Ekiti State in Nigeria is no exception. In recent years, the state government has made significant efforts to improve healthcare access and affordability for its citizens through the implementation of health insurance schemes and universal health coverage programs. Health insurance is a type of insurance Read More

AIICO promotes health through corporate social responsibility

April 15, 2023 Admin III 0

AIICO Insurance Plc, a leading insurer in Nigeria, has over the years, been able to create better relationships and connect deeply with the community and its people via several socially impactful programmes and activities. One of the key areas of focus for AIICO’s Corporate Social Responsibility (CSR) is health and well-being. The company has established relationships with partner agencies, government Read More

Expert seeks increased budgetary allocation for insurance, pension sectors

April 6, 2023 Admin III 0

The Federal Government of Nigeria has been urged to increase budgetary allocations for insurance and pension to enhance growth in the two sectors. Government at all levels and it’s agencies were also enjoined to always comply with relevant laws and policies for the growth of the nation’s economy. Chief Executive Officer, Centre For The Promotion Of Private Enterprise [CPPE], Dr. Read More

Insurance penetration to decline as 9,000 agents battle license renewal

March 23, 2023 Admin III 0

Norrenberger, an investor in insurance, pension and other sectors, has taken equity stake of 60 per cent in The Infrastructure Bank (TIB), having concluded the acquisition which began in 2019. The integrated financial services group, Norrenberger, made this known in a statement. Chairman, Norrenberger Group, Alhaji Ibrahim Aliyu stated that the Central Bank of Nigeria (CBN) approved the acquisition of Read More

Ukraine to set up $500m insurance fund for cargo ships entering ports

March 3, 2023 David Agba 0

Ukraine will offer compensation for possible damages to civilian vessels entering its ports, Deputy Prime Minister Oleksandr Kubrakov said recently, as Kyiv tries to boost exports that are vital for its war-hit economy. Ukraine is a major producer and exporter of agricultural products, metals and chemical goods but has faced blockades of Black Sea ports since Russia’s invasion a year Read More

MIN targets 6bn people on inclusive insurance globally

March 2, 2023 Admin III 0

Inclusive insurance is targeted at about 6.5 billion people in the world who are vulnerable to illnesses; job losses; business premises destruction or damage by floods or fire, the Micro Insurance Network (MIN) has said. The Chief Consultant, B. Adedipe Associates Limited, Dr. Biodun Adedipe, made the disclosure while speaking on a theme; ‘Insurance and Financial Inclusion: Developing Insurance Products Read More

NCRIB sets insurance development agenda for Tinubu

March 2, 2023 Admin III 0

The Nigerian Council of Registered Insurance Brokers (NCRIB) has congratulated Asiwaju Bola Ahmed Tinubu on his victory at the presidential polls. Asiwaju Tinubu was announced as Nigeria’s President elect by the National Electoral Commission after the conclusion of results of the Presidential elections. The NCRIB in a statement by its President and Chairman of Governing Board, Mr. Rotimi Edu, also Read More

CIIN courts professionals in diaspora with chapters in UK, US, Canada

March 2, 2023 Admin III 0

The Chartered Insurance Institute of Nigeria (CIIN) is working to harness knowledge and other contributions from insurance professionals in diaspora who are in possession of its certificate by creating chapters in United Kingdom; United States and Canada. The President of CIIN, Edwin Igbiti, said that the institute’s secretariat is presently reaching out to members in the aforementioned countries as part Read More

KBL Insurance assures prompt claims payment

March 2, 2023 Admin III 0

KBL Insurance Limited, has assured customers and the insuring public of its resolve to make prompt claims settlement a number one priority, with the view to encouraging Nigerians insure their valuables, and deepen insurance culture in the country. The Executive Director, Business Development and Operations, Charles Ajawihe, said this in Lagos, while responding to a media inquiry on what the Read More

NIA: Third-party insurance hike’ll aid claim process

February 21, 2023 Admin III 0

Nigerian Insurers Association (NIA) has said the 200 per cent increment in third-party motor insurance premiums will facilitate claim payment. The Chairman of NIA, Olusegun Omoshein, stated this at a media briefing in Lagos. He said contrary to the perception of many Nigerians, the review would help the industry function more effectively. The reason some underwriting firms do not settle Read More