Given the increasing prevalence of expensive household goods, cars and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Mobile phones and smartphones in particular, are no exception to this trend.
Sector’s GDP contribution may undermine growth projections
Despite efforts by stakeholders in the nation’s insurance industry to grow insurance penetration in Nigeria, and boost sector’s contributions to the Gross Domestic Product (GDP), the sector merely recorded 0.32 per cent growth in first nine months of 2017.
Mutual Benefits provides N1.5 billion free cover to AFIPT
Underwriting firm, Mutual Benefits Assurance, has provided free insurance cover worth N1.5 billion for the Armed Forces International Polo Tournament.
Legacy Pension Managers gets new chairman, others
In a move to deliver seamless service to its customers in the nation’s pension industry, Legacy Pension Managers Limited (PFAs) has reshuffled the management structure in order to move the firm to a great height. According to the firm, the appointments of Ladi Balogun, and James Ilori, to the Board of Legacy Pension Managers come…
Foreign investors push Nigeria’s reinsurance market with 65% share
The low capacity and shareholders’ funds of local reinsurers, which make them insufficient to carter for the size of risks exposures in the country, has offered foreign investors opportunities of about 65 per cent share of the Nigerian reinsurance market Meanwhile, Africa Re, a continental reinsurer, said it enjoys about 20 percent of Nigeria’s reinsurance…
NAICOM partners states on market development
The National Insurance Commission (NAICOM) has reiterated its plan to further grow the Nigerian insurance industry by 2020, by collaborating with state governments to ensure the effective implementation of the second phase of the Market Development and Restructuring Initiative (MDRI). The Deputy Commissioner, Technical, NAICOM, Sunday Thomas, who disclosed this, said the Commission is working…
‘Low awareness, customer apathy stymie insurance industry growth’
Moruf Apampa is the Managing Director/Chief Executive Officer, Equity Assurance Plc. In this interview with BANKOLE ORIMISAN, he spoke on partnerships among stakeholders that would unlock potential in the insurance industry, to make it more competitive among other sectors in the economy. Excerpts: Roughly a year ago, you were appointed the Managing Director of the company.…
Lagos State retirees receive N1 billion in November
Governor Akinwunmi Ambode has again, delighted Pensioners in Lagos State Public Service, inclusive of Local Government and SUBEB by releasing the sum of N1,075 billion into the Retirement Savings Account (RSA) of 301 Contributory Pension Scheme (CPS) retirees in the month of November.
PTAD eyes security agencies to recover over N25b from insurers
The Executive Secretary, Sharon Ekeazor, said this in Lagos. She stressed that following the consolidation of treasury funded parastatals’ pension by PTAD in August, 2015, the Federal Government discontinued the release of pension intervention funds to insurance companies.
NCRIB, NIPSS to drive industry efficiency with government institutions
Determined to drive acceptance of insurance policies in Nigeria, the Nigerian Council of Registered Insurance Brokers (NCRIB) has taken the industry awareness to the Nigerian Institute of Policy and Strategic Studies to unlock potentials in the nation’s insurance sector.
Sovereign Trust profit rises by 352% in Q3 2017
Sovereign Trust Insurance Plc has shown a consistent rise in its profitability after it recorded 352 per cent Profit After Tax (PAT) increase in third quarter (Q3) 2017.
CIIN charges new members, others, on integrity
In line with plans to register fresh 3,000 members that would spread the gospel of insurance benefits to the doorsteps of Nigerian before the end of the year 2018, the Chartered Insurance Institute of Nigeria (CIIN), has inducted more fellows and associates into the fold. CIIN at the institute’s 2017 Graduation and Fellowship Awards Ceremony,…