The National Insurance Commission, NAICOM, has automated insurance industry activities with the unveiling of a new platform to deepen the insurance market and increase the penetration. NAICOM had in July 2009, embarked on a comprehensive computerization effort tagged project e-regulation that was meant to transform its operational procedures and the conduct of its regulatory responsibilities by providing a robust, world Read More
The Chairman of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ), Mr Agboola Pius, Tuesday stated that insurance business is not done in isolation. Speaking during the second meeting of the college in Abuja, he said, “Insurance business evolved through the desire of entrepreneur to curtail the negative effects of the risk materializing. Hence, that is Read More
The West African Insurance Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ). This followed the concurrence of the Committee of Governors of the West African Monetary Zone at their 43rd meeting on August 26, 2021. Head, Corporate Communications and Market Development of NAICOM, Rasaaq Salami in a statement on Thursday in Read More
Determined to deepen insurance awareness in Nigeria to encourage more Nigerians to take up insurance, NSIA Insurance has launched a radio campaign. According to a statement from the firm’s Team Lead, Corporate Communications, Osarieme Igbinoba, NSIA Insurance kick off it’s operations in the second quarter of the year 2022 with the launch of its new radio campaign. “The organization launched Read More
The National Insurance Commission (NAICOM) has said it would soon unveil its sandbox to give room for innovative expansion of insurance reach out.The commission also said its web aggregators’ guideline is aimed at opening access to insurance and also a means of creating a convenient market for insurance. Commissioner for Insurance and CEO of NAICOM, Mr. Sunday Thomas made this Read More
Insurance in Nigeria has always been seen as fraudulent by many; however, the lack of understanding of its working, analysts say, is at the heart of the misunderstanding; BENJAMIN UMUTEME writes. Chidi Emeka, a resident of Jikwoyi, a suburb of the federal capital territory, at 2am in late January received a phone call from one of the vigilantes who protected Read More
NOVA Merchant Bank, a leading merchant bank in Nigeria, has said that its N20 billion Series 1 & 2 commercial paper issuance under the Nova Merchant Bank Limited N50 billion Commercial Paper Programme is open for subscription. The company said the offer, which opened on the FMDQ platform has a tenor of 182 days for series 1 while the Series Read More
The Kano State Government has resolved to use its new found compulsory insurance culture to attract foreign investment. The state government is optimistic that an entrenched insurance culture would assure investors of the safety of their investments. Secretary to the Kano State Government, Alhaji Usman Alhaji, who represented the state governor, Dr. Abudullahi Umar Ganduje, made this revelation in Abuja Read More
Stanbic IBTC Holdings plc has taken steps to ensure the Super Eagles of Nigeria wins the ongoing African football tournament, the African Cup of Nations (AFCON), in Cameroon with comprehensive insurance coverage. Late last year, the Nigerian Football Federation (NFF) announced a meaningful partnership that would see Stanbic IBTC, through its insurance subsidiary, Stanbic IBTC Insurance Limited, provide Group Life Read More
The Senate through its committee on Public Accounts has beamed its searchlight on alleged irregularities perpetrated by management of Nigeria Port Authority in the award of N7.5 billion contract in 2012. The contracts as contained in the 2017 audit report were for off shore erosion control work at Akipelai, Ayakoro and Otuoke in Bayelsa state. Queries raised by the Read More
The umbrella body for 61 licensed insurance companies in the country has revealed that none of its members has notified it of any form of insurance compensation for the 21-storey building that collapsed on Monday November 1 at Gerard Road, Ikoyi. So far, 44 bodies have been recovered from the rubble, including that of the owner of the structure, Mr. Read More
The House of Representatives has asked the National Health Insurance Scheme (NHIS), to provide details on the sum of three million naira unspent by the agency from its 2020 budgetary releases. Chairman of the House committee on Health Services, Hon. Tanko Sonunu gave the directive on Wednesday during a budget defence session with the agency. Executive Secretary of NHIS Prof. Read More
The Commissioner, National Insurance Commission (NAICOM) Sunday Thomas has expressed worries that most public buildings and buildings under construction above 2 floors are never adequately and appropriately insured. He started this at the sensitization workshop for federal fire service and state fire service officers on insurance of public buildings and buildings under construction above two floors in Abuja. He said, Read More
The Senate Wednesday considered a bill seeking to empower poor Nigerians in rural areas with guaranteed income and jobs that would provide 100 days of paid work per year. The Rural Employment Guarantee Bill, 2021, which scaled second reading on the floor was sponsored by Senator Mohammed Sani Musa (APC, Niger East). Leading debate on the general principles of the Read More
The fifth edition of Insurance September, an annual interactive event for insurance policyholders, is scheduled for Thursday September 30, 2021. The conversations at the conference with the theme “The Emerging Pace of Insurance” will be focused on shifting the work being done in the insurance sector in Nigeria from trying to correct the wrongs to remaking insurance into an effective Read More
Nigeria President Mohamadu Buhari, opened the 47th African Insurance Organisation Monday in Lagos via virtual platform with bundles of commendation for the African insurance market with a privilege endorsement of the Nigerian insurance market for the support and solidarity vent it opened for the government to draw from during the pandemic lockdown and up and until now. It is also Read More
The National Insurance Commission (NAICOM) has engaged online operations as it jettisons manual propelled operations. The Commission from Wednesday 1st September, 2021 transits from manual to online processing. NAICOM says all operational activities or issues concerning insurance institutions that requires the Commission’s attention, comment and approval will be submitted and processed via the NAICOM licensing system. A statement by Director, Read More
A Chief Magistrate Court sitting in Osogbo, Osun State, Monday, discharged a middle aged man, Adebayo Idowu, who was alleged to have driven without driver licence. The presiding magistrate, Dr. Olusegun Ayilara, after the defendant had admitted guilty of the allegations pressed against him by the police, said “because of economic hardship, the defendant Is hereby discharged and acquitted.” The defendant Read More
The states controlled by the ruling All Progressives Congress (APC) have all agreed to henceforth allocate and release 15 percent of their annual budget for the healthcare delivery in their states. The APC states also agreed to henceforth undertake establishment of sustainable health care financing system such as health insurance and health emergency trust fund in their states. In a Read More
The Lagos state Government has urged underwriting companies in the country to consider providing special cover for micro, small, and medium enterprises (MSMEs). Gov. Babajide Sanwo-Olu, made the call at a sensitisation workshop on insurance for MSMEs organised by the National Insurance Commission (NAICOM) in the state. The governor, who was represented by the Commissioner for Finance, Dr. Rabiu Olowo, Read More
As part of effort to minimise the high rate of maternal mortality in Kogi state, a lawmaker, Senator Smart Adeyemi, has launched a Healthcare Insurance scheme for 1000 pregnant women in western senatorial district of the state. Senator Adeyemi while flagging off the scheme in Lokoja Wednesday said the scheme was to complement the effort of Governor Yahaya Bello who Read More
Trading activities on the floor of Nigerian Exchange (NGX) yesterday returned to besrish trend as the two market indicators of the Exchange declined by 0.32 per cent. Specifically, The NGX All Share Index depreciated by 126.32 basis points to 38801.51 points from 38927.83 points recorded the previous day. Market Capitalisation of listed equities also declined by N65 billion to N20.216 Read More
COMMISSIONER FOR INSURANCE/CEO, NATIONAL INSURANCE COMMISSION (NAICOM) Mr. Sunday Thomas has expressed dismay at the near absence of insurance cover that would safeguard and word off failure of Micro Small and Medium Enterprises (MSMEs). Speaking at the sensitization workshop on Insurance for MSMEs and Stakeholders in Lagos Thursday, Thomas explained that, “In Nigeria, all development interventions of the current administration Read More
The Medical Director, Garki Hospital, Abuja, Dr Adamu Onu, has disclosed that in the last 14 years, the hospital has treated over two million patients. Onu, who spoke on Friday, during the facility tour of the hospital by the Executive Secretary, National Health Insurance Scheme (NHIS), Professor Mohammed Nasir Sambo, said the hospital was concessioned to Nisa Premier Hospital in Read More
The Asset Management Corporation of Nigerian (AMCON) Tuesday announced it has taken over Nicon Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re). The two companies belonging to the embattled businessman and politician, Jimoh Ibrahim, were ceased over an alleged N69.4 billion debt. To enhance the smooth running, efficient and effective management of the two firms, the board and management Read More
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