Global outlook positive for insurance in 2023, say execs
Onome Amuge
January 16, 2023
By Onome Amuge Michele Trogni, chairman/CEO, Zinnia In 2022, the insurance industry was struck by a myriad of challenges which ranged from inflationary pressures and slow economic growth to rising claims and premiums, according to industry executives in the sector. Despite being presented with much of the same, or similar challenges of the previous year, […]
Nigeria’ insurance industry opens conversation on ESG integration
Olivia NnoromJanuary 16, 2023
By Olivia Nnorom Baby steps begin to understand concept Over the years, Environmental Social and Governance (ESG) has become a key concern for major sectors and industries in Nigeria. Increased focus and pressure from investors, regulators, employees and other stakeholders make ESG a topic that is not only critical at the board level, but also […]
Royal Exchange appoints Ebele Nwachukwu as managing Director & CEO
Cynthia EzekweJanuary 10, 2023
By Cynthia Ezekwe Royal Exchange General Insurance Company (REGIC) has announced the appointment of Ebele Nwachukwu as its new managing director and chief executive officer, with the goal of expanding into the retail insurance space. Ike Chioke, REGIC chairman, disclosed this to the media recently, stating that the company is set to transform the retail […]
FGN releases ₦13.89bn for 2022 pension retirees
Chisom NwatuJanuary 5, 2023
By Chisom Nwatu The Federal Government of Nigeria (FGN) has released ₦13.89 billion for payment of accrued pension rights for Contributory Pension Scheme (CPS) retirees who retired in the year 2022. The National Pension Commission (PenCom) made the announcement in a statement seen by business a.m, stating that the accrued pension rights represent an employee’s benefits […]
Ship insurers to cancel war cover in Russia, Ukraine, and Belarus
Cynthia EzekweDecember 29, 2022
By Cynthia Ezekwe Following the exit of reinsurers from Russia, Ukraine, and Belarus, as a result of losses related to the lingering Russian-Ukrainian war, ship insurers have notified the insurance community of their cancellation of war risk cover in the regions effective from 1 January, 2023. This was disclosed on the websites of some of […]
Jaiz Takaful records 93% rise in 2021 Gross premium written
Olivia NnoromDecember 23, 2022
By Olivia Nnorom Jaiz Takaful Insurance Limited has recorded a gross premium contribution of N1.8 billion in the 2021 financial year, representing a 93 per cent increase from N944 million posted in the corresponding period of 2020. This was disclosed in the company’s 2021 financial report, which was approved by the board of directors at […]
PTAD pays N12.39bn arrears to 11,145 Nitel/Mtel pensioners
Luther AnimashaunDecember 21, 2022
By Luther Animashaun The Pension Transitional Arrangement Directorate (PTAD), has paid a total of N12,39 billion to clear a 15-month estimated arrears for 11,145 Nitel/Mtel pensioners. Chioma Ejikeme, the PTAD executive secretary, who made the disclosure, explained that the 15 months payment is part of the outstanding 63 months of inherited unfunded pension liabilities to […]
AGCS highlights key risk trends for D&O insurance market in 2023
Olivia NnoromDecember 19, 2022
By Olivia Nnorom A poor financial performance amid economic uncertainty, concerns of a global recession,lack of a robust robust cyber security, inadequate response to environmental, and social and governance (ESG) issues have been identified among the key risk trends in the Directors and Officers (D&O) insurance space, according to Allianz Global Corporate & Specialty […]
Construction in the age of greening
business AMDecember 19, 2022
By Business AM Building on new risks Fires, natural disasters and defective products are the top causes of claims on construction sites, but the nature of these risks is changing as the global economy strives to decarbonize. Here, Robert Ter Morshuizen, head, Energy and Construction, at Allianz Global Corporate & Specialty (AGCS) in South Africa, […]
FEC approves N9.24bn life insurance cover for public servants
Olivia NnoromDecember 14, 2022
By Olivia Nnorom The Federal Executive Council (FEC) has approved N9.24 billion for the 2022/2023 Group Life Insurance cover for public servants. Zainab Ahmed, the minister of finance, budget and national planning, disclosed this to newsmen after the week’s Council meeting, presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja. Ahmed, who […]