NCRIB seeks government focus on insurance

…sets agenda for federal ministers The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed that the cardinal place of insurance must receive the focus of the government. According to the council, insurance is one of the risk management strategies that could help the nation preserve its wealth and by so doing guarantee financial prudence […]

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, […]