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
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 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
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, 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 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
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
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
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
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
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
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
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
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
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
Insurance companies in Nigeria are looking forward to growth in premium income in the first quarter of 2023. The expectation is based on the compliance level noticed so far with the reviewed motor premiums as confirmed by members of the Nigerian Insurers Association (NIA) and broker partners. This is as insurers have also promised to improve their services and claims Read More
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
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
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 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
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
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
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 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
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
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