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Saturday, June 6, 2020

‘Insurance policy as low as N5000’

With only N5,000, an insurance policy can be purchased as it has been made affordable and easy to access, Chairman, Sub-Committee on Publicity and Communication, Insurers Committee, Mr Oye Hassan-Odukale has said. Hassan-Odukale, who is also the Managing Director, Leadway Assurance Ltd, made this known...

Insurance claims rise faster than premium income

Operators point to reckless competition By Rosemary Onuoha THERE are indications that insurance companies are groaning under the weight of a surging claims portfolio as more risks crystallize, despite efforts to stem the tide. The latest financial reports of leading insurers show...

Merger & Acquisitions looms in Nigeria’s Insurance sector over N15 bln new capital base

There are indications that the National Insurance Commission (NAICOM) may soon increase the capital base of insurance firms to about N15 billion, At present, the minimum capital requirement of life insurance firms is N2 billion, non-life N3billion and composite N5 billion. Sources within the industry...

Survey: Only 9% of Nigerians Have Health Insurance Cover

Despite efforts by federal and state governments to ensure that Nigerians embrace health insurance scheme, only nine percent of the country’s population have subscribed to the scheme, a survey has shown. As many as 89 per cent of Nigerians pay for their health care services...

NAICOM reiterates insurers’ role in adopting IFRS 9

As insurers grapple with preparing their 2018 financial results in compliance with the new account standard, the International Financial Reporting Standard (IFRS) 9, the National Insurance Commission (NAICOM) has continued to senstitise them on how to have a seamless transition. The commission made this known...

Nigerians must embrace insurance lifestyle for economic development

Governments at all levels, corporate entities and individuals need to embrace insurance for economic development, National Insurance Commission (NAICOM) Director, Rasaaq Salami, has said. He spoke during the launch of AXA Mansard Insurance Television Commercial (TVC) for Life Insurance products at the weekend in Lagos. The...

Over N300m group life insurance claims were paid to beneficiaries of dead police officers in 2017

A total of N319.8 million group life claims were paid in 2017 to beneficiaries of Nigeria Police officers who died in service in the period under review. File: Police officers According to the 2017 Nigerian insurance industry digest released by the Nigerian Insurers Association,...

Why N1tr insurance premium target failed, by NAICOM

The N1 trillion premium income projected target for the industry has not been successful because insurance operators failed to behave rationally, Deputy Commissioner for Insurance, Technical, Sunday Thomas has said. Thomas, who spoke at a forum in Lagos, stated that the commission proposed N1 trillion...

Nigeria’s insurance outlook: Stakeholders bullish on growth potentials

INSURANCE operators are entering year 2019 with great optimism, hoping that the year will turn out better than 2018.  Operators who spoke to Insurance Vanguard expressed optimism that the federal government’s plan to embark on developmental projects in 2019 will boost activities in the...