Insurance

Stakeholders in the insurance industry said granting operational licence to the Nigeria Police Force (NPF) will compromise enforcement of the six compulsory insurance products in the market.

The industry experts have called on the National Insurance Commission (NAICOM) to work closely with the Association of Registered Insurance Agents of Nigeria (ARIAN) to raise the number of licensed agents from the current 50,000 to 300,000, to increase the sector penetration from less than one per cent.

Determined to intensify insurance penetration in the country, an underwriting firm, Cornerstone Insurance Plc, has created new innovative products that can be easily accessed through its tech Apps.

The Nigerian Insurers Association (NIA) has demanded speedy finalisation of the Consolidated Insurance Bill and the implementation of the industry’s 10-year strategic plan.    

The National Insurance Commission (NAICOM) said that the insurance industry's contribution is vital to the realisation of the one trillion-dollar economy target of the federal government by 2026.

The Nigerian Insurers Association (NIA) has introduced a new Unified Nigerian Insurance Industry Portal (NIIP) to increase the adoption of third-party insurance policies.

The federal government has pledged to continue to support the insurance industry through mutual initiatives that would sustain growth.

The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Ministry of Marine and Blue Economy to make clear to the government the roles of insurance in stimulating and sustaining the economic development of the country.

If the moves by insurance technology (Insurtech) companies are anything to go by, there are glimmers of hope for the insurance industry, which has suffered neglect over the years.

Friday, December 22, 2023, was indeed a remarkable day in the annals of Regency Alliance Plc as the number 1 man of the trailblazing Insurance Company, Mr. Biyi Otegbeye retires and passes the baton to Mr. Bode Oseni asthe new Managing Director.

Stakeholders in the insurance industry have assured those affected by the explosion in Ibadan, Oyo State, that they would receive adequate compensation from their underwriters if they were insured.

In consideration of the current economic situation in Nigeria, experts in the insurance industry have stressed the need for underwriting firms to examine risks, consolidate gains and invest in new technologies.