AIICO partners ETAP to grow vehicle insurance in Nigeria
Business a.m.
September 4, 2023
AIICO Insurance Plc, a leading insurance, pensions management, and asset management firm has partnered with ETAP, a renowned technology company specialising in the development of innovative solutions for the vehicle insurance sector, to drive increased penetration of car insurance in Nigeria. Despite being Africa’s largest economy and one of the biggest automotive markets on the […]
Full insurance cover for Nigeria’s steel projects, says minister
Business a.m.September 4, 2023
Aim to boost steel industry The federal government has taken significant steps to provide comprehensive insurance coverage for all ongoing steel projects within the country to attract investments into the steel sector. Shuaibu Audu, the minister of steel development, stated this during a crucial meeting with key agencies under the ministry. Audu noted that the […]
FX crisis, inflation dampens insurance despite 15% growth
Cynthia EzekweAugust 31, 2023
By Cynthia Ezekwe. The National Insurance Commission (NAICOM), says the country’s prevailing foreign exchange crisis and high inflation have negatively impacted the insurance sector with the life insurance segment being the worst hit. Sunday Thomas, the commissioner for Insurance, disclosed this recently, at the 2023 seminar for insurance journalists, held in Uyo, Akwa Ibom State. […]
Reps summon 54 insurance companies over unremitted N267bn
Cynthia EzekweAugust 30, 2023
By Cynthia Ezekwe. The House of Representatives Ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilization of the funds from 2011 has summoned concerned chief executive officers of 54 insurance companies over N267 billion unremitted workers’ investment in NHF in 2019. Dachung Bagos, the chairman of the committee issued the summon […]
Steel sector set on positive trajectory as FG unveils insurance coverage
Cynthia EzekweAugust 30, 2023
By Cynthia Ezekwe. The federal government has taken significant steps to provide comprehensive insurance coverage for all ongoing steel projects within the country to attract investments into the steel sector. Shuaibu Audu, the minister of steel development, stated this during a crucial meeting with key agencies under the ministry. Audu noted that the deliberate policy […]
Life insurers urged to embrace software to boost operations
Cynthia EzekweAugust 21, 2023
By Cynthia Ezekwe. Life insurance companies have been urged to adopt Customer Communications Management (CCM) software to boost operations, given the pace of technological advancements, dynamic shift in the policy and regulatory environment and evolving insurance landscape. Gartner Peer Insights, a research and advisory firm defines CCM software as a collection of computer programmes […]
FBS Re grosses 110% premium growth to N16.6bn in 2022
Isaac JayeolaAugust 18, 2023
By Cynthia Ezekwe. FBS Reinsurance Limited (FBS Re), a recently established reinsurer company, recorded a stellar performance of N16.6 billion gross written premium in its second year of operation, a significant increase of 110 per cent from N7.906 billion it recorded in 2021. The reinsurer company disclosed this in its 2022 financials, noting that underwriting […]
NAICOM eyes $25trn global Takaful to deepen insurance penetration
Cynthia EzekweAugust 15, 2023
By Cynthia Ezekwe. The National Insurance Commission (NAICOM) said that it is navigating the global Takaful insurance market, which is projected to hit $25 trillion in 2025 to deepen Nigeria’s insurance market penetration. Sunday Thomas, the commissioner for insurance, stated this recently at a two-day conference, organised by Noor Takaful Insurance Limited, tagged […]
Pension investment in FG Securities jump 20.6% to hit N10.9trn in H1’23
Isaac JayeolaAugust 8, 2023
By Cynthia Ezekwe. Pension investments in the federal government securities by Pension Fund Administrators (PFAs),rose to N10.858 trillion in the first half of the year,representing a 20.6 per cent Year-on-Year increase from N9.007 trillion in the corresponding period of 2022 (HI ’22). This is according to a recent data presented by the National Pension […]
Nigeria’s pension assets to increase by N19trn in 2024, says Agusto
Cynthia EzekweJuly 26, 2023
By Cynthia Ezekwe. Agusto & Co, a pan-African credit rating agency and a leading provider of industry research and knowledge in Nigeria & sub-Saharan Africa has projected that Nigeria’s total pension assets will rise to N19 trillion by the end of 2024. The rating agency disclosed this in its recent report tagged “The Nigerian Pension […]