How insurance firms settled N76b claims
About nine out of the 57 insurance companies in the country have settled a cumulative claims of N76 billion by policyholders, who suffered insured risks, in the 2018 financial year. This was as an improvement from what was witnessed in the 2017 financial year, as virtually all the nine companies recorded an increase in claims…
Insurance sector seeks N463 billion fresh capital
Insurance and reinsurance firms operating in the country in line with the new capital regime announced by the National Insurance Commission (NAICOM) would have to shop for N463 billion to enable them remain afloat.
How insurers’ N37 billion tax affects industry growth
About 55 life and non-life underwriting companies in the country have paid N36.5 billion as tax to the government through the Federal Inland Revenue Service (FIRS) in the last five years. The Guardian reliably gathered that between 2013 and 2017 financial years, these underwriters generated N100.4 billion as Profit Before Tax (PBT) and were left…
CIIN, NIIA tasks operators on insurance awareness
The Chartered Insurance Institute of Nigeria (CIIN), has stressed the need for operators to tackle the issue of low awareness, which has been a major set-back on patronage in the Nigerian market. The President, of the institute, Eddie Efekoha, who spoke to The Guardian on recent developments in the industry, said: “The level of insurance…
CIIN leads stakeholders to promote insurance education in Delta
The Chartered Insurance Institute of Nigeria (CIIN) has urged the Delta State government to support the promotion of insurance education and facilitate the inclusion of the topic as a subject in secondary schools across the state.
IICC to drive compulsory policy awareness with training
The Insurance Industry Consultative Council (IICC) has vowed to intensify efforts in the promotion of insurance awareness in Nigeria. To this end, it would start with a training on compulsory insurance scheduled to hold on February 6, 2019, at Asaba, Delta State. The training, which is one of the initiatives of IICC, is aimed at…
How budget delay jeopardises insurance growth
The delay in passage of the 2019 national budget is currently posing some difficulties on targeted operations that are designed to raise the bar for Nigeria’s troubled insurance sector.
Experts charge operators to shore up capital base for bigger deals
With the cancellation of the Tier Based Minimum Solvency Capital (TBMSC) framework by the National Insurance Commission(NAICOM) late in 2018, the capital base of the industry remains the same.
How underwriters with N3 billion capital will lose big ticket deals
Despite the cancellation of the Tier Based Minimum Solvency Capital (TBMSC), insurance companies with N3 billion capital base will still lose the businesses they used to underwrite, as policyholders are now attracted to insurers with requisite financial strength.
Experts optimistic on insurance industry’s growth
Insurance underwriters and regulators who spoke at the 2018 end of year workshop organised by the National Insurance Commission (NAICOM), said they are optimistic...
Operators review insurance sector’s challenges, policy conundrum
As the insurance year 2018 came to an end few days ago, industry experts have taken deep retrospect of activities in the period and listed major challenges to the growth...