To break the poverty cycle and ill-health in Nigeria, there is a need for federal government to make insurance adoption a priority, stakeholders in the industry have said. The stakeholders, who spoke at just concluded 2018 National Insurance Conference, with the theme: “Insurance Industry & Financial Inclusion,” in Abuja, noted that insurance remains one of…

In line with her corporate strategy to grow the insurance retail market, the management of FBNInsurance has been given awards to her top retail agents at her Yearly Retail Awards held in Aba, Abia State. At the event, Ndubueze Onyekachi of the Aba Sales Region won a brand new car as the overall winner in…

Operators in insurance industry have been charged to imbibe the culture of transparency and accountability in the discharge of their respective business activities.   The Chief Imam, Magodo Central Mosque, Abdul Semi’ Olatunji Alkhelany, said this at the 2018 Ramadan Tafsir Lecture, organised by the Chartered Insurance Institute of Nigeria (CIIN), in Lagos.   According…

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.