PenCom clears 34 licensed lenders to kick off RSA residential mortgage
Olivia Nnorom
December 12, 2022
By Olivia Nnorom Retirement Savings Account (RSA) holders wishing to access 25 percent of their RSA balance to be used for equity contribution towards residential mortgage can now apply to their Pension Fund Administrators (PFAs) as the the National Pension Commission (PenCom) has published a list of 34 approved licensed mortgage lenders (Primary Mortgage Banks) […]
Claims management in focus at Carefirst Consult advocacy conference
Olivia NnoromNovember 21, 2022
By Olivia Nnorom Low insurance uptake in Nigeria has remained a concern for stakeholders in the industry. With insurance penetration in the country below one percent, industry stakeholders are constantly in search of ways to change the narrative. To help stakeholders understand what the issues are and ways to navigate them, Carefirst Consult, a foremost claims management company concentrating on insurance […]
Life insurers tweak business models amid turbulence, McKinsey report
Olivia NnoromNovember 21, 2022
OLIVIA NNOROM Performance disappointing in recent years Industry struggling to generate returns in excess of cost of capital The life and retirement segment of the global insurance industry has seen disappointing performance in recent years, with nominal GDP growth far outpacing premium growth, the industry struggling to generate returns in excess of cost […]
Nigeria, South Africa, Zimbabwe most at risk of inflation, depreciation – ConRe
business AMNovember 14, 2022
A survey by Continental Re, the pan African reinsurer, has found that Nigeria, South Africa and Zimbabwe are the three out of 54 African economies most at risk from financial risks that include currency depreciation and inflation, the top challenges they face in the year ahead. The survey, which polled Africa’s leading insurance […]
Insurtech is driving direly-needed change in Nigeria’s insurance sector
Olivia NnoromNovember 14, 2022
By Olivia Nnorom Insurance penetration in Nigeria has for long remained abysmally low at below one percent as a result of, among other factors, the inability of operators in the sector to leverage the huge potentials inherent in the insurance markets. This has continued to be a concern to industry stakeholders. Due […]
African Alliance emerges claims excellence insurance firm of 2022
Olivia NnoromNovember 9, 2022
By Olivia Nnorom African Alliance Insurance Plc has been awarded the Claims Excellence Insurance Company of the Year 2022. The award came at the 2022 BusinessDay Banks and Financial Institutions (BAFI) Awards held in Lagos recently. According to the awards committee, “The Claims Excellence Insurance Company of the Year Award is granted to […]
Nigeria’s safety record pushes premium on aircraft to $150k
Business a.m., Sade WilliamsNovember 7, 2022
By Sade Williams/Business a.m. Down from $800k NASS committees want more funding for aviation Nigeria’s high safety record in the aviation sector ramped up in the last few years has seen it benefiting in lower insurance as premium paid in the country on wide body aircraft has gone down from $800,000 a year to between […]
AfDB, UK, 3 insurers close on risk-sharing deal for climate change
Business a.m.November 7, 2022
By Business a.m. The African Development Bank (AfDB), the UK government and three globally recognised insurance companies have closed on an innovative risk-sharing transaction known as the Room to Run Sovereign. The Room to Run Sovereign deal was structured with the intention of scaling up the AfDB Group’s commitments to climate finance by […]
Ethiopia’s central bank looks to loosen insurance market entry
Business a.m.November 7, 2022
By Business a.m. The National Bank of Ethiopia (NBE), the country’s central bank, is considering opening up the insurance and microfinance sectors. The proposal follows the government’s decision to open up the banking sector. “The question now is whether we have to open up other finance sectors too, or just begin with […]
NAICOM okays 16 insurers for agricultural insurance
Business a.m.November 7, 2022
By Business a.m. The National Insurance Commission (NAICOM) has given its nod to no fewer than 16 insurers to underwrite agricultural insurance across the country. They will add to the capacity now being offered by the state-owned Nigeria Agriculture Insurance Company (NAIC), according to a monitored report. It followed disclosure by Ken Aghoghovbia, […]