Insurance companies will soon be allowed to partner Microfinance Banks on the Bancassurance arrangement in a bid to deepen insurance penetration in the country.
Insurers, IFC and push for multi-billion naira agric cover
Agriculture in Nigeria is a critical aspect of the nation’s economy, providing direct employment for about 30 per cent of the population, while the sector contributes about 24 per cent to the Gross Domestic Product, according to the Nigerian Bureau of Statistics. But climate change is threatening this important industry, as its direct effects include…
Insurers restate plans for industry’s recapitalisation
As insurers show commitment to the ongoing recapitalisation exercise in the industry, they explain that a process is a form of a corporate reorganisation, which involves making substantial changes to a company’s capital structure.
Insurers raise shareholders’ hopes as 2018 renenue increase
Determined to increase the shareholders’ confidence in the nation’s insurance industry, the 2018 underwriting performance of the sector operators, particularly Profit Before Tax (PBT) are taking an upswing.
How Nigeria’s marine insurance mirrors global situation
The Nigerian maritime insurance, like the global market, is fraught with challenges. While the local market is battling the prevalence of fake operators and fake certificates, causing the industry to lose huge premiums
Insurers settled N207.4b claims in 2018
Underwriters may have settled claims worth N207.4 billion to policyholders, who suffered losses in 2018, as operators recorded increase in value of insured assets against premium paid.
West Africa gets EIB’s trade, insurance benefits
The European Investment Bank (EIB), has formally agreed to support the membership expansion of the African Trade Insurance Agency (ATI), with a concessional financing...
Police seek waiver on industry ‘no premium no cover’ for officers
The Federal Government’s inability to promptly pay insurance premium for group life cover of officers of the Nigeria Police has caused a call on the National Insurance Commission...
NDIC inaugurates anti-corruption unit
Nigeria Deposit Insurance Corporation (NDIC), as a key component of the Nigerian financial safety-net arrangement, has zero tolerance for corruption and all forms of malpractices within the Corporation and in the implementation of its mandate and activities.
Low financial literacy, inadequate technology, others slow pension plan
Seven months after the commencement of the Micro Pension Plan (MPP), an initiative designed to attract over 20 million workers from the informal sector within five years, and add over N11 trillion to Nigeria’s pension asset, implementation of the scheme has been slow.