NAICOM, Housing Ministry partner to enforce insurance of public buildings

October 20, 2023 David Agba 0

The National Insurance Commission ( NAICOM ) has unveiled collaboration with the Ministry of Housing and Urban Development to enforce compliance with the laws on public buildings and buildings under construction. Commissioner for Insurance/CEO National Insurance Commission (NAICOM) Mr. Sunday Olorundare Thomas speaking during a courtesy visit on the  Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa in Read More

Revalue your assets, NAICOM tells policyholders

September 1, 2023 David Agba 0

The National Insurance Commission (NAICOM) has advised policy holders to ensure the revaluation of their assets amid the current inflation headwinds to cushion its effect on their financial planning. The Commission counseled that policyholders should always review their policies and revalue their assets in the wake of current heightening inflation. It stressed the need for the insuring public to the Read More

FG partners NAICOM on new guidelines for government assets’ protection

August 29, 2023 David Agba 0

The federal government and the National Insurance Commission (NAICOM) have opened discussions to establish new guidelines for the insurance of government assets. The new strategy is being supported by the Secretary to Government of the Federation, Senator George Akume, who has already opened talks with the Commissioner for Insurance (CFI), Olorundare Sunday Thomas. There are indicators that the new government Read More

Shareholders, brokers urge NAICOM to probe firm battling claims, salary, commission payment

August 24, 2023 Content Administrator II 0

Shareholders and brokers have made a passionate appeal to the National Insurance Commission (NAICOM) to investigate an insurance company that has been hit by exodus of its marketers due to failure to pay commission, delayed claims and irregular salary payout to employees. The National Coordinator, Independent Shareholders Association of Nigeria (ISAN) Moses Igbrude, implored NAICOM to first call the firm 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

NAICOM, NITDA partner on cyber insurance to strengthen digital ecosystem

June 9, 2023 David Agba 0

The National Information Technology Development Agency (NITDA) has entered into partnership with the National Insurance Commission (NAICOM) to strengthen cyber insurance This was made known when NITDA management led by led by its Director General/CEO, Kashifu Inuwa Abdullahi, paid a courtesy visit to NAICOM recently. The team was received by the Commissioner for Insurance/Chief Executive Officer, Olorundare Sunday Thomas, and Read More

From N5000, FG jerks third party motor insurance to N15,000 in Nigeria

December 24, 2022 David Agba, Abuja 0

The Nigerian Insurance regulator, National Insurance Commission (NAICOM) has said as from January 1, 2023, third party motor insurance policy will go up from the current N5000 to N15000. The development is contained in a new circular titled: New Premium Rate for Motor Insurance: NAICOM/DPR/CIR/46/2022, dated December 22, 2022, signed by Director, Policy and Regulation, NAICOM, Leo Akah. Other approvals by Read More

2022: Insurance industry assets rises to N2.3trn in third quarter – NAICOM

December 21, 2022 Benjamin Umuteme Abuja 0

The National Insurance Commission (NAICOM) says the insurance industry has recorded total assets of N2.3 trillion, indicating 9.0 per cent increase, Year-On-Year (YoY) at the end of the third quarter. This is contained in a bulletin of the performance of the insurance market released on Tuesday in Lagos by Mr Rasaaq Salami, spokesperson for NAICOM. The commission said the industry’s Read More

Insurers get node to partner banks for retail business

December 16, 2022 Admin III 0

Insurance companies in Nigeria can now partner with more than one bank, according to the revised bancassurance guidelines released by the National Insurance Commission (NAICOM). The new guidelines will enable insurers to distribute their products through many banks’ customer base, which is expected to deepen penetration and increase retail insurance sales in Nigeria. Insurance penetration is less than one percent Read More

NAICOM applauds industry’s response to claims settlement

December 16, 2022 David Agba with agencies 0

The Commissioner for Insurance/CEO National Insurance Commission (NAICOM), Olorundare Sunday Thomas, has commended managers of the insurance industry for the positive response to claims settlement in the market. Speaking during the 13th session of the Insurance Industry Committee meeting in Lagos at the weekend noted that there has been positive changes in the market in response to claims settlement in Read More