FBN Insurance pays N16.1bn claims in 2021, CEO says customer’s king
Charles Abuede
May 12, 2022
BY ANITA OKORO FBN Insurance, which underwrites life insurances, paid out N16.1 billion in claims to its insured customers in 2021, Val Ojumah, the company’s managing director and chief executive Officer, has disclosed. Ojumah, speaking to the media about the company’s claim profile in Lagos recently, said that the company is committed to delighting and […]
Allianz toughens oil and gas policy to help meet climate goal
Businessam StaffMay 2, 2022
Allianz SE, the biggest insurer in Europe, says it plans to take a harder line on insuring the oil and gas industry as part of efforts to align its underwriting policies with the world’s climate goal, the company said at the weekend. The move is the latest by a major insurer to curtail insurance to […]
West Africa to benefit as WFP expands insurance programmes
Businessam StaffMay 2, 2022
The World Food Programme (WFP) will expand its insurance programmes in East and West Africa, as well as Asia, this year while continuing to scale up investments in existing programme countries. Gernot Laganda, chief of climate and disaster risk reduction programmes at WFP, said this in his foreword to the WFP’s “Climate risk insurance – […]
Insurtech ETAP in $1.5m Toyota, CFAO’s VC-led pre-seed funding
Charles AbuedeApril 19, 2022
BY CHARLES ABUEDE In Nigeria, it is no longer news that only 1 in 5 cars are insured currently as a result of the complexities involved in buying and claiming insurance, which has led to widespread apathy for traditional insurance companies and products, with many car owners opting to go without insurance. And this is […]
Better days ahead! Insurance firms see big profits amid crises in 2020
Zainab IwayemiApril 12, 2021
· Prestige, Linkage, Consolidated Hallmark swim in high earnings Zainab Iwayemi The Nigerian insurance industry, for the first time in a long while, appears to present a clearer atmosphere, offering stakeholders an opportunity to have a good glance into what experts see as the bright future ahead for insurance in the country. A study […]
Linkage Assurance declares an increase in PAT by 65% for FY ’20
Zainab IwayemiApril 7, 2021
Zainab Iwayemi Linkage Assurance has improved its Profit After Tax, PAT for the fiscal year 2020 by 65 percent to reach N2 billion against the N1.5 billion it recorded the previous year while the profit Before Tax, PBT for the same year was valued at N2.5 billion, an amount depicting an 89 percent […]
NAICOM sensitizes MDAs on adequate insurance coverage for government assets, liabilities
Zainab IwayemiMarch 30, 2021
Zainab Iwayemi The National Insurance Commission, NAICOM has commenced an awareness program to sensitize various ministries, departments and agencies (MDAs) on the importance of insurance and how it can help protect government assets and liabilities in the event of loss. The Commissioner for Insurance, Sunday Thomas disclosed this during a workshop on Market Development […]
NAICOM calls for aid in completing 3-decade-old CIIN office building
Zainab IwayemiMarch 30, 2021
Zainab Iwayemi The National Insurance Commission, NAICOM has appealed to all operators in the insurance industry to assist in the completion of the Chartered Insurance Institute of Nigeria, CIIN office building in Victoria Island, foundation of which was laid over thirty years ago. The Commissioner for Insurance, Sunday Thomas, made this appeal when commissioning […]
NAICOM chief questions adequacy of existing insurance policies, suggests review
Onome AmugeNovember 19, 2020
By Onome Amuge Sunday Thomas, Commissioner for Insurance and chief executive officer, National Insurance Commission (NAICOM) has expressed displeasure that most losses arising from the pandemic were not adequately covered by existing insurance policies. As a result, he suggested a review of conventional insurance products to upscale a new value proposition for the Nigerian […]
Insurers to refund airlines’ premium over flight cancellations
Businessam StaffApril 21, 2020
With the cancellation of local and international flight operations to check the spread of the COVID-19 pandemic, aviation insurers are beginning to count their losses. This is because aviation insurers would have to cough up part of the premium paid to them by airlines operators at the end of the pandemic in accordance with aviation […]