Industry experts and stakeholders have attributed the lull in the economy to infrastructure deficits, explaining that the ecosystem calls for a deliberate effort to close the existing gap between the sector’s contribution and need for economic growth.   The experts, who gathered at the Business Journal’s 10th anniversary lecture, unanimously agreed that there is a link existing among…

Leadway Assurance Company Limited has paid N27.4 billion claims to policyholders in 2017, an increase of 18.95% from the N23 billion paid in 2016, in demonstration of commitment to meet its obligations to policyholders.   This was disclosed at the company’s 46th  yearly meeting in Lagos, where the insurer presented its 2017 financial year results to shareholders across the…

Despite the fragility of the economy in 2017, Law Union & Rock (LUR) Insurance, said its gross premium written stood at N4.252billion. This was disclosed at the 49th Annual General Meeting, in Lagos, by the Chairman of the Company, Remi Babalola, while it grew its profit by 66.8 per cent. According to him, the company…

Underwriting firm, Leadway Assurance Limited, has expressed its determination to promote insurance awareness by increasing industry visibility in national growth. The Head, Compliance and Enterprise Risk Management, Temilolu Aduloju, said this yesterday during a courtesy visit to the Rutam House of The Guardian in Lagos. Aduloju explained that the move is borne out of the…

Despite the benefits from motor insurance cover, the Nigerian Insurance Association says over 12 million Nigerian motorists carry fake insurance papers. Investigations by stakeholders in the sector, revealed that many motorists prefer patronizing fraudsters for insurance papers rather than obtaining valid certificate that would provide cover and compensation in times of accident. Nigerian Insurance Association…

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.…

The Federal Mortgage Bank of Nigeria (FMBN) has blamed banks and insurance companies for non-compliance with provisions of the National Housing Fund (NHF) Act since its inception. The FMBN Managing Director, Mr Ahmed Dangiwa spoke on Tuesday in Abuja at a public hearing on “A Motion on the Need to Ensure Full Compliance with the…

It added that SecondFloor has great experience working for European insurance regulatory authorities and operators in driving risk-based supervision and solvency migration.

Stakeholders in the industry have said that insurance penetration will not deepen until the needs and expectations of customers are met and delivered. They described insurance as engaging customers and investors to begin to bring in new ideas into the insurance business.

The National Insurance Commission (NAICOM) said it recently met with the management of Lagos State Safety Commission (LSSC) to enforce compulsory insurance in the state.

The Nigerian insurance sector would soon witness a revolution as ATB TechSoft Solutions, a renowned software developer hopes to launch a device that enables vehicle owners pay insurance only for their driving time.

This implies that by next year, at least N100.8 billion would be required for the Group life insurance coverage and premiums payment alone for the two consecutive years of 2016 and 2017.