Nigeria’s insurance industry has over the years failed to get the buy-in of most Nigerians due to what many say is their inability to pay claims as and when due; BENJAMIN UMUTEME reports. A lot of Nigerians would readily say that the country’s insurance industry is a no- go area for them due to their past experiences or stories. And Read More
Transactions on the floor of Nigerian Exchange (NGX) on Monday closed in a positive note, gaining N93 billion as gains in shares of Nigerian Breweries, Cadbury lifted activities in the market. Market capitalisation of listed equities increased by N93 billion or 0.38 per cent to N24.326 trillion from N24.233 trillion reported the previous day. The NGX All Share Index also Read More
The National Insurance Commission (NAICOM) has declared that the insurance ecosystem is evolving rapidly, noting that underwriters can no longer lean on old familiar ways as the prevailing technological and strategic winds shift around them. Director, Supervision Directorate, NAICOM, Barineka Thompson, stated this in his paper titled: The Future of Nigerian Insurance Sector in a Shifting Landscape, at the recently Read More
Last week, I passed by the ever-busy Computer Village and saw shop after shop loaded floor to top with laptops. I thought to myself, what happens if there is an incident, say fire? Do they have insurance? I shuddered to think of the sheer loss. While insurance is not new in Nigeria, plenty of people disagree with its acclaimed importance. Read More
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM) Mr. Sunday Oludare Thomas has said insurance over the ages has always been seen as a business that exists for the survival of other businesses. He stated this in his keynote address at the seminar for insurance correspondents held in Lagos recently. “At this period of Read More
Section 3 (b) of the National Health Insurance Authority Act (NHIA Act) under the functions of the Authority, provides for the NHIA to ensure mandatory health insurance for every Nigerian and the country’s legal residents. No doubt, a basic feature of compulsory health insurance is that the rights of each individual (or each family member insured through them) are exercised Read More
Coronation Insurance Plc has announced the hosting of their webinar event on Small and Medium Scale Enterprises (SMEs) insurance requirements on Tuesday, November 1, 2022. The event which is expected to be virtual and themed, ‘Importance of Insurance for SMEs Insurance Requirements’, is expected to focus on the insurance requirements for a growing business as well as outline the risks Read More
Amidst hardship and the slow recovery of the economy, individuals and households are resorting to taking life insurance for the protection of future income and their defendants. Some of the consumers say they have decided to embrace insurance for long-term savings and capital accumulation, which could be used for future purposes, protection for children’s education and upkeep in the event Read More
Stakeholders in the insurance and technology sectors have called for partnerships, collaborations, and technology adoption as critical strategies for Nigeria’s insurance penetration. These were key points at the recently concluded Insurance Meets Tech 2022 convened by Modion Communications. Speaking at the Insurance Meets Tech (IMT) inaugural edition conference on the role of big data and cloud computing in bolstering the Read More
Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter of 2022, indicating an increased growth rate of 11.9 per cent over the first quarter. The National Insurance Commission (NAICOM) made this known during the week in a bulletin on Insurance Market Performance made available by its spokesman, Rasaaq Salami. Gross premium income in the second Read More
Stakeholders in the insurance sector have cautioned the federal government on the issues of unclaimed dividends in the capital market emphasizing that such funds should rather be channelled into reinvestment for affected firms. The concerned stakeholders argued that the government as regulators had no business in setting up a trust fund where those unclaimed dividends will be channelled because most Read More
As part of the IGP’s welfare initiatives to serving and families of deceased officers of the Nigeria Police Force, the Commissioner of Police, Zamfara state Command, CP Kolo Yusuf, on behalf of the Inspector General of Police, IGP Usman Alkali Baba, on Friday presented cheques worth over N30.5 million to 10 next of kins of deceased officers. It included one Read More
Regional deposit insurance leaders are billed to gather in Abuja to brainstorm on strengthen the implementation of deposit insurance systems on the African continent. In a statement by Director, Communication & Public Affairs Department of NDIC, Bashir A. Nuhu, on Sunday, the workshop with the theme; “Normality in Turbulent Periods: The Stabilising Role of Deposit Insurance”, will explore issues such Read More
Insurance stakeholders drawn from the private sector and the academia have advised Nigerians, including business owners, to subscribe to Takaful insurance as it remains the only ethical insurance that offers enormous benefits to all members of society. This was the submission echoed at the Takaful workshop organized by Noor Takaful Insurance Limited on Wednesday, September 28, 2022, in Ibadan, Oyo Read More
Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for the year ended 31st December 2021, recording a 75% growth in profit after tax (PAT) of ₦1.13b compared to the ₦646m recorded in the corresponding period in 2020. The results, which was approved by the Board of Directors of Prudential Zenith and the insurance industry regulator, the Read More
LandWey Investment Limited, one of the largest residential development companies in Nigeria has announced the launch of a new multi-million naira project tagged, ‘The Future City’ in its bid to tackle Nigeria’s housing deficit and expand to various locations within Lagos and its environs. The new project was officially unveiled in Lagos on Thursday, September 1, 2022 at the company’s Read More
Insurance industry operators say they are ready to conclude the ongoing recapitalisation exercise in the industry with clearer definition now of what constitutes capital requirement for insurance operations. This is following a provision in Finance Act 2021 that defines what constitutes capital requirement for insurance operations, as against what operators described as an obnoxious provision in the 2003 Insurance Act. Read More
In furtherance of its commitment to tackle Nigeria’s housing deficit, Landwey Investment Limited, Nigeria’s largest residential developer, has announced plans to deliver 1000 premium homes starting from the end of the second quarter of 2022. Shola Bello, managing Director, LandWey, made this known in a chat with newsmen on Monday. While speaking on the impact of the COVID-19 pandemic and Read More
The Finance and Insurance sector witnessed a growth of 23.24 per cent, higher by 23.70 per cent points from the rate recorded in the 2021 first quarter and down by 0.90 per cent points from the rate recorded in the preceding quarter. According to the first quarter Gross Domestic Product report released by the National Bureau of Statistics (NBS), the Read More
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
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