Zenith General Insurance’s profit before tax rises by 16% to N3.67bn

May 19, 2020 David Agba 0

Zenith General Insurance Limited has released its full-year financial statements for the year ended 31 December 2019 with profit before tax rising by 16% from N3.16 billion to N3.67 billion, while profit after tax rose by 10% up from N2.79 billion to N3.06 billion. The company also maintained a robust balance sheet closing the year with total assets of N40.1 Read More

Kyari’s death wake up call to revamp health sector – ULC

April 21, 2020 Editorial IV 0

The United Labour Congress (ULC) has urged the federal government to  take the death of Chief of Staff tonthe President, Mallam Abba Kyari as a wakeup call to revamp the nation’s health system.In a condolence letter by the president, Comrade Joe Ajaero, the group said the late Kyari’s death would afford the country the opportunity to also reflect and query Read More

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FBNInsurance trains retail managers, holds 5th customer forum

March 20, 2020 Editorial III 0

The FBNInsurance Limited recently held its quarterly retail managers training for its Area Sales Managers, Senior Sales Managers and Retail Sales Managers respectively in Uyo, the Akwa Ibom state capital. The firm undertakes the quarterly exercise to serve two purposes: to continuously improve the sales knowledge and capacity of its retail team, and also to align the sales team with Read More

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Consolidated Hallmark opens N1.05bn Rights Issue

March 5, 2020 Editorial III 0

Consolidated Hallmark Insurance Plc said it has received approval from the relevant regulatory authorities to raise additional sum of N1.05 billion through Rights Issue to boost its capital base. The Securities and Exchange Commission (SEC) gave the approval to the General Insurance and Special Risks underwriter to offer a total of 2,032,500,900 units of 50 kobo each at 52 Kobo Read More

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Senate probes withholding tax revenues on bank deposits, dividends

February 25, 2020 Editorial IV 0

  The Senate has directed its Committees on Banking, Insurance and other Financial Institutions; and Finance to jointly investigate non-remittance of taxes on bank deposits and dividends payments for enhanced state governments’ internally generated revenue (IGR). The upper legislative chamber also mandated the committees to ensure that all withholding tax revenues on both bank deposits and dividends are recovered while Read More

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Linkage Assurance reports 902% growth in Q4 2019

February 5, 2020 Editorial III 0

Underwriting firm, Linkage Assurance Plc has recorded a 902 per cent growth in profit before tax (PBT) for the fourth quarter (Q4) unaudited financial statement ended 31st December 2019. The figure rose to N1.4 billion as at the end of 31, December, 2019 as against N135 million in same period of 2018. The Underwriting firm, gross premium written also rose Read More

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Edo health scheme to enroll 1m by 2021 – Obaseki

December 17, 2019 Editorial IV 0

The Edo Health Insurance Scheme plans to enroll no fewer than one million persons  in the state at the end of 2021, out of which, 15 per cent will be vulnerable persons, Governor  Godwin Obaseki  said Tuesday . He stated this at a summit organised by the scheme with the theme “Health Insurance for All:Policy, Process and Framework: Developing All-Inclusive Read More

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West Africa gets EIB’s trade, insurance benefits

November 14, 2019 Editorial III 0

The European Investment Bank (EIB), has formally agreed to support the membership expansion of the African Trade Insurance Agency (ATI), with a concessional financing facility to cover the shareholding of three prospective members – Cameroon, Niger and Togo. This represents the first time the EIB has backed ATI’s membership expansion, as unlocking additional investment insurance is expected to transform public Read More

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Osinbajo lists challenges facing insurance sector, seeks partnership with NCRIB, brokers

November 4, 2019 Editorial III 0

Vice President Yemi Osinbajo at the weekend expressed concerns over the several risks associated with investment in the insurance sector, and the need for government and stakeholders to tackle the challenges that have nearly crippled the industry. The challenges, according to him, include lack of adherence to insurance practice which makes it difficult for government to achieve its objectives for Read More

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NEM Insurance wins best digital brand award 2018

October 18, 2019 Editorial III 0

NEM Insurance Plc has been honoured with the awards of Digital Insurance Brand of the Year 2018 and Most Innovative Underwriter of the Year 2018 at the just concluded Business Journal Magazine Awards 2019. The Business Journal Second Annual Lecture and Awards which took place in Lagos recently was Chaired by the Chairman, Nigerian Insurers Association (NIA) and Managing Director/Chief Read More

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British Columbians pay highest car premium in Canada

August 16, 2019 Editorial IV 0

Car owners in the province won’t be surprised, but British Columbians are still paying the highest auto insurance premiums in Canada. The General Insurance Statistical Agency released numbers Tuesday showing that British Columbians pay an average of $1,832 for car insurance per year. The organization gathering the information works behalf of insurance regulatory authorities that have private insurance options. B.C. is Read More

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CIIN 60th anniversary: Nigerian urged to shun corrupt tendencies

August 9, 2019 Editorial IV 0

Nigerians have been urged to shun corrupt tendencies; this is because when corruption reigns, all sectors of the economy suffer, just as it was advocated that there is need for the nation to assiduously work on redeeming the negative identity other nations tagged Nigerians. The stakeholders in the insurance industry were also called to close ranks, work as a team Read More

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IIF investment hits N3.6bn stake in Royal Exchange

August 2, 2019 Editorial III 0

Royal Exchange General Insurance Company (REGIC) has revealed that the 39.25 per cent acquisition by the InsuResilience Investment Fund (IIF) in the firm, represents a N3.6 billion capital injection. This development was mentioned at a briefing in Lagos, where the Managing Director of REGIC, Benjamin Agili, said that with the investment, the company would be able to achieve its key Read More

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TBMSC: Shareholders group to continue case against NAICOM

March 21, 2019 Editorial IV 0

The Independent Shareholders’ Association of Nigeria (ISAN) has said the court action instituted against the National Insurance Commission (NAICOM) was to save the insurance industry and people’s investments. ISAN President, Sunny Nwosu while speaking with an online medium recently in Lagos noted that the association is not in a hurry to withdraw and close the case despite NAICOM’s withdrawal and cancellation of Read More

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Ghana: CIIG seeks power to sanction insurance professionals

February 10, 2019 Editorial IV 0

The Chartered Insurance Institute of Ghana (CIIG) is seeking for the power to impose sanctions on insurance professionals who engage in unethical behaviours. This is because the CIIG is working on submitting a bill which will regulate the activities of insurance practitioners to parliament before the end of February. Also known as the Chartered Insurance Bill, the President of the Read More

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NAICOM withdraws circular on tier based solvency capital policy

November 24, 2018 Editorial III 0

  Pursuant to the powers conferred by the enabling laws, the National Insurance Commission on Friday withdrew and cancelled the circular dated August 27, 2018 with reference number NAICOM/DAPCIR/14/2018 and titled Tier Based Solvency Capital Policy for Insurance Companies in Nigeria. statement signed by the Director, Policy and Regulation, Agboola Pius in Abuja said: “This withdrawal and cancellation takes immediate Read More

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Herdsmen kill 9, abduct woman, injure 16 others in Benue

June 4, 2018 Editorial IV 0

Nine persons have been killed and 16 others injured when Fulani herdsmen in the early hours of yesterday invaded Tse -Adough in Mbachom, Yaav council ward in Kwande local government area of Benue state. The herdsmen who were said to have invaded the area around 2am yesterday also abducted one woman and burnt several houses. One of the locals, Gwaza Read More

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Campaign to rebrand insurance industry kicks off

June 1, 2018 Editorial IV 0

Owing to the low contribution of the insurance sector to the Gross Domestic Product (GDP) and the poor perception by the general public, a nationwide campaign to rebrand the industry is set to kick off in June, 2018. The rebranding campaign, which is being championed by the Insurers Committee, is geared towards changing the negative perception of the public towards Read More

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Nigeria begins insurance industry reforms

June 1, 2018 Editorial IV 0

Stakeholders in the Nigeria insurance sector have begun the reform strategy to give a new face to the industry that has suffered decades of non-performance. Vice Chairman Sub Committee Publicity of the Insurers Committee, who is also the Managing Director NSIA Insurance Company Limited, Ebelechukwu Nwachukwu, said in Lagos, that the long awaited rebranding initiative will begin Friday June 1. Read More

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2018 FIFA World 018 FIFA World Cup special: up special: Mikel Obi ikel Obi leads 25 eads 25 Eagles to agles to London

May 31, 2018 Editorial IV 0

Skipper Mikel John Obi was joined on the chartered fl ight from Abuja to London on Wednesday afternoon by deputy skipper Ogenyi Onazi, defender Kenneth Omeruo, pacy winger Ahmed Musa and 21 other players as the Super Eagles headed for the 2018 FIFA World Cup finals. There will be stop-overs in London and Austria. Mikel, Onazi, Omeruo and Musa all Read More

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Experts tip blockchain tech to grow GDP through insurance

May 25, 2018 Editorial IV 0

With the nation’s insurance industry contributing less than 0.1 per cent to Nigeria’s Gross Domestic Product (GDP), experts have suggested the Blockchain Technology (BT) to be the catalyst of growth to the insurance industry. Specifi cally, the insurance and financial experts maintained that BT can drive and sustain the level of GDP growth desired by the government leveraging on the Read More

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Insurance businesses groan under rising fraud claims

May 18, 2018 Editorial IV 0

The Nigerian Insurers Association (NIA), has said that fraud claims in the industry is on the increase and is adversely affecting the business. Director – General of NIA, Mrs. Yetunde Ilori, who disclosed this at a media briefing in Lagos, said that the prevailing harsh economic situation is propelling the incidences. She stated: “Due to the harsh economic situation, this Read More

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Budget 2017: FG’s capital spending exceeds N1.5trn – Adeosun

May 14, 2018 Editorial IV 0

As Nigerians await the passage of 2018 budget by the National Assembly, the federal government has said its capital expenditure for the 2017 fiscal year was in excess of N1.5 trillion. Minister of Finance, Kemi Adeosun, disclosed this yesterday through her officially verified Twitter handle, @HMKemiAdeosun. Mrs Adeosun was excited the expenditure was higher than the level attained in 2016 Read More