Kingibe, influential Nigerian politician, to chair board of Regency Alliance Insurance as profit rises 40% to N411.7m

Insurance firm, Regency Alliance Insurance Plc has appointed Nigeria’s influential politician, Ambassador Baba Gana Kingibe as the chairman of its board of directors. This decision was made at the board meeting held July 27, 2017. Kingibe, 72, had earlier served as acting chairman of the board. A former Secretary to the Nigerian government who has […]

Insurance expert, Funmi Babington assumes CIIN leadership

Funmi Babington-Ashaye, the Chief Executive Officer (CEO) of Risk Analyst Insurance Brokers Ltd, has been elected to assume the leadership of the Chartered Insurance Institute of Nigeria (CIIN). Seun Banwo, the Corporate Affairs Manager of CIIN, told the News Agency of Nigeria (NAN) in Lagos, Thursday, that Babington-Ashaye would officially assume the seat July 25 […]

Nigeria insurers see premium income rise 22% to N380bn in 2016

Nigerian insurers saw their total gross premium income rise 22.2 percent to N380 billion in 2016, despite a wave of insurgency in the north east of the country, fall in global oil prices and a generally challenging business environment, the umbrella body of insurers, the Nigerian Insurance Association (NIA), said Thursday in Lagos. A combined […]

Egypt’s EFG Hermes targets global insurance acquisitions    

Nigeria may be on the radar of Egypt‘s top investment bank, EFG Hermes, as it begins global insurance acquisitions. Reports have it that it has already targeted a top-notch insurance company in Nigeria, which identity is yet to be revealed. Nigeria’s insurance industry, which hosts 57 insurance and reinsurance firms, and 350 insurance broking outfits, […]

Inflation, insurgency hampering insurers’ earnings

Inflationary trends on claims and insecurity in Nigeria’s North-east and South-south regions are taking their tolls on operations of insurance companies in the country, according to Cornerstone Insurance Plc. The company, which rode on the back of its retail market to increase its share of business in the Nigeria’s insurance market lamented that inflation and […]

23 insurers risk liquidation on non-rendition of accounts

No fewer than 23 Nigerian insurance firms risk sanctions, which include but not limited to the suspension of their operating licences for non-rendition of accounts to regulators. Mohammad Kari, Nigeria’s Federal Commissioner for Insurance, is said to have instructed the technical department of the commission to put the affected underwriting houses on notice on the […]