Insurance companies claim payments rise to N79bn in 2018

In a bid to compensate insured Nigerians for the misfortunes they experienced in 2018, ten underwriting firms have paid the claims of N78.6 billion. The affected firms are: Leadway Assurance Company Limited, AIICO Insurance Plc, FBN Insurance Limited, Consolidated Hallmark Insurance Plc, Sunu Assurance Nigeria Plc, African Alliance Insurance Plc, Staco Insurance, Nigerian Agricultural Insurance […]

NAICOM says insurance companies cannot take loans for recapitalisation

The National Insurance Commission (NAICOM) says insurance companies cannot take loans to meet the newly introduced capitalisation requirement. Speaking on Saturday at a seminar organised for journalists on Saturday, Pius Agboola, NIACOM’s director of policy said the recapitalisation exercise will change the negative image of the sector and increase its contributions to the country’s gross […]

NCRIB chief calls for underwriter, broker synergy to grow insurance sector

While ongoing policies geared towards improving the performance of the insurance sector in Nigeria is underway, Fatai Adegbenro, executive secretary and CEO of the Nigerian Council of Registered Insurance Brokers (NCRIB) has hinted the need for a solid synergy between the underwriters and brokers. This, he said, will facilitate speedy progress in meeting the diverse […]

New capitalisation rules set to hand over insurance sector to foreign investors

The new minimum capitalisation policy for insurance companies set by the the National Insurance Commission (NAICOM), and the lackadaisical attitude of indigenous investors to insurance stocks, may have paved the way for the take over of the insurance sector by foreign investors. Since the new capitalistation requirements were unveiled by NAICOM, foreign investors from Europe, […]

NAICOM approves Nigeria’s first full fledged micro insurance operator

The National Insurance Commission (NAICOM) has granted approval to GOXI Microinsuranoe Company Limited  to operate as a state composite micro insurance company. The approval gives the company authority to transact life and general micro insurance business in Lagos State only. It also makes the company, Nigeria’s first full fledged stand alone micro insurance operator, according […]

NAICOM halts SIP program to please insurance brokers 

In a move to foster the growth and development of the insurance sector through insurance brokers, the National Insurance Commission (NAICOM) has ordered the immediate withdrawal and cancellation of operational guidelines on State Insurance Producers (SIP). NAICOM had earlier released the SIP guidelines, which it planned to commence January 1, 2019 and pegged the operational […]

Insurers to decide business size, submit operations profile to NAICOM this week

NAICOM

The board of directors of insurance companies in the country would be taking critical decisions this week on business size as they submit operational profiles to industry regulator, the National Insurance Commission (NAICOM), on their solvency capital latest Friday, September 14. This is coming on the heels of the tier-based minimum solvency capital (TBMSC) policy […]

Investment firm increases stake in NEM insurance, eyes board position

NEM Insurance

Eaton Acquisitions Limited, an investment company has increased its stake in NEM Insurance to 9 percent, days after it announced the acquisition of 4 percent of the insurance company, business a.m has learnt. Olaleye Adeyinka, Eaton Acquisitions’ managing director while expressing confidence in the ability of current NEM’s leadership, said his company is desirous of […]