Analyst sees NAICOM adopting Tier-based minimum capital structure earlier proposed
Zainab Iwayemi
November 17, 2020
By Zainab Iwayemi As recapitalisation deadline draws near It is less than 60 days left to the big day when Nigerian insurance and reinsurance companies are expected to present at least 50 per cent and 60 per cent of their respective capital bases as prerequisites from the Nigerian Insurance Commission (NAICOM). Consequently, it […]
Coronation Insurance plans fast-tracking claims arising from protest looting, vandalism
Charles AbuedeOctober 28, 2020
Charles Abuede Coronation Insurance Plc has unveiled its claims response platform put in place to ease the challenges experienced by customers and fast-track its response to claims arising from losses encountered by customers from vandalisms and looting activities across the country. Coronation Insurance, formerly Wapic Insurance, in a statement signed by Mary Agha, the […]
Anambra moves for interstate travel insurance
Businessam StaffOctober 7, 2020
Anambra State has instituted an insurance scheme to cover passengers who travel from the state to other states of the federation with a view to ensuring that they are covered against unforeseen road accidents that might happen to them. Afam Mbanefo, the commissioner for transport, said recently in Awka, the state capital, that the launch […]
Lasaco Assurance appoints former commissioner as non-executive director
Businessam StaffOctober 5, 2020
Maria Olateju Phillips, a former commissioner in Lagos State, has been appointed to the board of directors of LASACO Assurance Plc as a non-executive director. Her appointed, announced by the company followed the resignation on September 8 this year of Aderinola Disu, the former chairman of the board of directors. Her appointment was made along […]
McKinsey sees positives for life insurance, after decade struggling with growth, profitability
Aderemi OjekunleOctober 5, 2020
Digital, mobile improvements raise bar for service quality Charles Abuede After a past decade that presented global life insurance underwriting business with a tough time struggling with growth and profitability, a new report recently released by McKinsey & Co states that the next decade has several patterns showing guarantee for the life insurance industry. The […]
Performing within the one percent space
Ekerete Ola Gam-IkonSeptember 10, 2020
Many business analysts have continued to see the dim light of the insurance industry in Nigeria and often wonder why it is underperforming when compared to other sectors or climes, especially looking at the contribution to our Gross Domestic Product (GDP). While it may be easy to allude to the negative impact of the COVID-19 […]
Reps probe NNPC’s $100m insurance policy on non-existing assets
Aderemi OjekunleAugust 18, 2020
BY: Moses olajuwon Obajemu The House of Representatives is worried over a $100 million insurance policy taken by the Nigerian National Petroleum Corporation (NNPC) and Joint Ventures (JVs) for non-existing assets overseas. Darlington Nwokocha, chairman, house committee on insurance & actuarial matters, expressed sadness over the matter when the committee flagged off and presided over […]
NAICOM talks tough, liquidates two insurance firms
Businessam StaffJanuary 7, 2020
Insurance sector operators will face stricter supervision in 2020, the National Insurance Commission (NAICOM) has said, announcing its liquidation of two firms. The regulator also said it would enhance its supervisory roles through the strict implementation of rules, the introduction of new reforms and initiatives that are in line with international best practice. Sunday Thomas, […]
NAICOM approves two new takaful insurance firms for take off
Adesola AfolabiSeptember 9, 2019
The National Insurance Commission (NAICOM) has granted approval in principle (AIP) to two new firms. A statement issued by Rasaaq Salami, head, corporate affairs of the Commission, revealed the names of the firms as Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd. The companies will operate as composite Takaful operators to transact […]
Consolidated Hallmark Insurance hints N4bn capital raise to meet recapitalisation requirements
Adesola AfolabiAugust 27, 2019
Eddie Efekoha, chief executive officer Consolidated Hallmark Insurance Plc., has disclosed that the company will visit the market towards raising N4 billion to meet its capital requirements. In his address to brokers at the 2019 August members evening held Tuesday in Lagos, Efekoha said the recapitalisation directive from the NAICOM requires that the company has […]