NAICOM clarifies policy stance on insurance firms’ capitalisation

The National Insurance Commission (NAICOM) at the weekend identified low capital base as one of the biggest challenges hampering the growth of the insurance sector and its contributions to the nation’s Gross Domestic Product (GDP). The NAICOM boss and Commissioner for Insurance, Mohammed Kari, gave this hint in his remarks on the sidelines of the […]

NAICOM restates commitment to deepening insurance penetration

The National Insurance Commission, NAICOM, has restated its determination to ensure that the unreached market in the nation’s insurance sector is explored to deepen insurance penetration and increase the sector’s contribution to the nation’s Gross Domestic Product (GDP) in the years ahead. The Commissioner for Insurance, Mohammed Kari, who gave the assurance at at the […]

NAICOM asks insurance firms to sustain operations on existing framework

The National Insurance Commission (NAICOM) on Tuesday advised insurance companies to continue to operate on subsisting regulatory framework prior to the issuance of the circular on Tier-Based Minimum Solvency Capital (TBMSC). The commission gave this charge in a circular titled ‘Update on the Implementation of the Tier-Based Minimum Solvency Capital Policy for Insurance Companies in […]

Recapitalization: Extend deadline till after 2019 elections, investors urge NAICOM

Industry investors have called on the National Insurance Commission (NAICOM) for extension of the Oct. 1 deadline for insurance companies to switch to Tier-Based Minimum Solvency Capital (TBMSC) based regime. The shareholders made the call in separate interviews on Saturday in Lagos. They posited that NAICOM should be seen to be supportive of the growth […]

Insurance claims’ payment hits N271bn in 3yrs – CIIN

The Chartered Insurance Institute of Nigeria (CIIN), on Monday confirmed a cumulative payment of N271 billion by insurers as insurance claims in three years. The President of the Institute, Mr Eddie Efekoha, declared the figures while expressing delight in ways product development in the insurance industry is positive impacting Nigerian lives. Efekoha told journalists in Lagos […]

Insurance premiums grow by N225bn in 10 yrs

Premiums in the Insurance Sector increased to over N300 billion in 2015 from a paltry N75 billion in 2005, the Director General of the Bureau of Public Enterprises (BPE), Mr Alex A. Okoh disclosed. This amounted to a growth of N225 billion in premiums in 10 years. Speaking at the investiture ceremony of the 23rd Chairman […]

Insurance sector records 6.07% growth in Q2, 2018 – NBS

The National Bureau of Statistics (NBS) has reported that the nation’s insurance industry recorded a 6.07 percent growth in the second quarter of this year and accounted for 16.02 percent share of the financial services market. The Bureau in its latest report on the finance and insurance sector’s performance in the quarter under review, stated […]

Firm raises stake in NEM Insurance to 9%

Eaton Acquisitions Limited, an investment company, has increased its stake in NEM Insurance to nine per cent, days after it announced the acquisition of 4 per cent of the insurance company. While the initial 130 million shares sold at N4 each, representing a premium of 40.35 per cent against the closing share price of N2.85, […]

Otedola bridge accident insured vehicle owners to get claims – NIA

Barely nine weeks after the unfortunate petrol tanker accident at Otedola bridge in Lagos in which scores of vehicles were burnt and 12 lives lost, insurance companies are already working out modalities on how insured vehicle owners involved in the accident will be paid their claims. The Nigeria Insurance Association (NIA), the umbrella body of […]

AIICO Insurance, Wema Bank partner on retail insurance

In a bid to deepen retail insurance in the country, an insurance firm, AIICO has announced its partnership with Wema Bank Plc. The hint on the collaboration was contained in a statement issued in Lagos by Ademola Adenekan, Manager Creative, Strategic Marketing and Communications of the insurance company. Adenekan stated that the aim was to encourage […]