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 […]

AIICO to underwrite agriculture risks following NAICOM approval

AIICO

AIICO has said it is set to protect Nigerian farmers against risk, following an approval it has received from regulator, the National Insurance Commission (NAICOM) to underwrite agricultural insurance. The approval given to AIICO for underwriting agriculture insurance is precedent on the insurance firm’s competitive edge on understanding the exact needs of farmers, Edwin Igbiti, […]

ATI 14 African member governments, shareholders to get $2.5 mn in dividends

Global Lenders

The African Trade Insurance Agency (ATI) has earmarked an initial $2.5 million in payments to its shareholders which include 14 African member governments. The approved dividend is the first ever payment made to shareholders, the agency declared at its recently held general assembly in Abidjan, where the company also announced its record-breaking 2017 financial results […]