NAICOM chief questions adequacy of existing insurance policies, suggests review

November 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

April 21, 2020

Sunny Adela, aviation insurance expert and managing director of Alpha Choice Insurance Brokers

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 […]

April 9, 2020

The National Insurance Commission (NAICOM) has placed one of the oldest listed insurance companies, Niger Insurance Plc, under watch. After extensive review and discussions at a top-level meeting the board and management of NAICOM, the Commission ordered that Niger Insurance shall not dispose any of its assets without  its approval. Also, Niger Insurance shall submit […]

NCRIB seeks government focus on insurance

Adesola AfolabiAugust 27, 2019

…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

Businessam StaffAugust 8, 2019

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

Businessam StaffAugust 5, 2019

Elumelu’s Heirs Holdings, Stanbic-IBTC, Ghana’s Enterprise Group apply to NAICOM for new insurance firms

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

Adesola AfolabiAugust 1, 2019

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

Businessam StaffJuly 29, 2019

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, […]