Insurance

NSE Insurance index ranks next to banks in y/y performance

Ihesiulo Grace 13 March 2017 0

The insurance sector of Nigeria’s economy has shown signs of better investor appreciation as performance year to date has been significantly better than its performance in the same period 2016. Trends of sectorial performances in the Nigerian capital market for the week ended Friday March 10th

Insurance News

More Insurance Company to face sanction for late filling of 2016 results

Ihesiulo Grace 6 March 2017 0

… Challenged by N37m fine from NSE as at 2016 More insurance companies listed on the Nigerian Stock Exchange (NSE) seem to be positioned for below listing standard (BLS) classification with attendant fines, as the first quarter deadline for submission of 2016 audited financial statement rolls over gradually. The end of 2016 financial year, insurance […]

Insurance News

Market fire: NICON to settle N23.5m compensation balance in August

Ihesiulo Grace 6 March 2017 0

The NICON Insurance Company says it will soon pay the balance of N23.5 million being part of compensation owed the Benue Government over the burnt Makurdi Modern Market. It could be recalled that a portion of the market went up in flames in 2005, gutting down many shops, goods and property worth millions of naira. […]

Insurance News

NAICOM to reinstate sale of insurance products in banks

Ihesiulo Grace 6 March 2017 0

There are indications that some policy of Nigerian financial system may be reversed, one of which is incorporating insurance products marketing into banking businesses. This was revealed recently by the National Insurance Commission (NAICOM) which gave hope that Bancassurance may be reversed after its engagement with the Central Bank of Nigeria (CBN). The National

Insurance News

PENCOM cautions States against withdrawals from RSA

Ihesiulo Grace 6 March 2017 0

The Nigerian Pension Commission has warned on the negative consequences of state withdrawing from workers Retirement Savings Accounts (RSA). Pencom disclosed recently via publication on its website that state government have been asking for deductions from their state’s RSA. “It has come to the Commission’s attention that some State Governments, as employers, have

Insurance

Corporate Social Responsibility in economic recession

Ihesiulo Grace 27 February 2017 0

Corporate social responsibility (CSR) is usually associated with the term of competitive advantage. Companies compete among themselves to attract more customers to have the highest sales and maximize profits. The winner is the one who can offer cheaper goods; provide interesting and quality service, who can offer to the customer something not offered anywhere else. […]

Insurance

Benue Govt. pays N152m gratuity to 47 retired Perm Secs

Ihesiulo Grace 27 February 2017 0

The Benue Government says it has paid N152 million as gratuities to 47 retired permanent secretaries since 2016. Mr Inwata Adaikwu, Benue Head of Service (HoS), said this on Friday in Makurdi while giving account of his stewardship in the past two years. Adaikwu said that 33 of the beneficiaries retired during previous administrations while […]

Business Insurance

NAICOM to Screen Directors, Management Staff of Insurance Institutions

Ihesiulo Grace 8 February 2017 0

Directors and management staff of insurance firms, who lack relevant strategic and competent operational requisites may lose their positions in the current business year, as the industry regulator, the National Insurance Commission (NAICOM) is set to embark on screening to ascertain those who are qualified to serve as board members and management staff of insurance […]

Insurance

UK motor insurance premiums in record high, as cars go hi-tech

Ihesiulo Grace 6 February 2017 0

Car insurance premiums in the UK have hit a record high, partly because cars’ increasingly complex electronics have made repairs more expensive. The average annual comprehensive policy cost £462 in the last three months of 2016, according to the Association of British Insurers (ABI). Previously, the highest figure was £443 in the spring of 2012. […]

Insurance

NIA pledges prompt claims payment to policyholders

Ihesiulo Grace 6 February 2017 0

The Nigerian Insurers’ Association (NIA) has assured Nigerians that bought insurance policies of prompt claim payments. The Director-General of NIA, Mr Sunday Thomas, gave the assurance in an interview with the News Agency of Nigeria (NAN) in Lagos. According to him, the industry has improved because of increased enforcement of laws and regulations by its […]

Insurance

Expert lauds NAICOM’s new rules for insurance firms

Ihesiulo Grace 6 February 2017 0

An Insurance expert, Mr Mufutau Oyegunle, has commended the National Insurance Commission (NAICOM) for its new rules to protect policyholders and beneficiaries of insurance contracts against loss. Oyegunle, who is the Managing Director of LAKED Insurance Plc, Lagos gave the commendation in an interview with the News Agency of Nigeria in Lagos. He said that […]

Insurance

NAICOM resolves N5bn claim disputes in 2016

Ihesiulo Grace 6 February 2017 0

The National Insurance Commission (NAICOM) on Friday said it resolved claims worth N5.5 billion for aggrieved policyholders in 2016. Mr Rasaaq Salami, the Head, Corporate Affairs, NAICOM, told the News Agency of Nigeria (NAN) in Abuja that the paid claims were among complaints the commission resolved last year. “In 2016, NAICOM resolved 218 complaints resulting […]

Insurance

New helmsman for Equity Assurance

Ihesiulo Grace 23 January 2017 0

The has approved the appointment of Mr. Morufu Olakunle Apampa as Managing Director and Chief Executive of Equity Assurance. Until the regulatory approval conveyed in a letter dated 20th December 2016, Apampa had provisionally been in office following the resignation of Mr. Ekpe Ukpabio on 30th November from the responsibility. Apampa is a fellow of […]

Insurance

Pension for Nigerians in the Diaspora, good omen – Dabiri-Erewa

Ihesiulo Grace 23 January 2017 0

The Senior Special Assistant to the President on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, has described the proposed pension scheme for the Diaspora pensioners as a good development and unique in Nigerian history. Dabiri-Erewa said this in a statement in Abuja by her media aide, Mr. Abdur-Rahman Balogun. Dabiri Erewa commended unique efforts by the […]

Insurance

Assets base: NIA wants insurance firms focused on N16trn target

Ihesiulo Grace 23 January 2017 0

The Nigerian Insurers Association (NIA) has urged insurance firms to remain focused in order to meet the sector’s N16 trillion asset base target by 2020. The Director-General of NIA, Mr. Sunday Thomas, made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos. Thomas said that meeting the target would require […]

Insurance

Distribution channels will deepen insurance penetration – NAICOM

Ihesiulo Grace 23 January 2017 0

The National Insurance Commission (NAICOM) says that the introduction of distribution channels would help in deepening insurance penetration in the country. Mr Rasaaq Salami, Head Corporate Affairs of NAICOM, said this in an Abuja interview with the News Agency of Nigeria (NAN) Salami said that the channels were measures by the commission to enhance penetration […]

Business Insurance

Why more Nigerians need insurance policies – PILA

Ihesiulo Grace 15 January 2017 0

Mrs Justine Okoror, the President, Professional Insurance Ladies Association (PILA), has urged Nigerians to go for more insurance policies this year, despite the recession. Okoror told newsmen in Lagos that payment of insurance premiums to secure life and properties had enormous advantages. “Many think insurance business thrives on the economy and that it is a […]

Business Insurance

Linkage Assurance profit down 5.5 percent in 9’M 2016

Ihesiulo Grace 15 January 2017 0

Linkage Assurance has released its interim financial statements, for the period ended 30th September 2016, showing a profit of N616.1 million. The profit represents a 5.5 percent decline from N651.8 million posted as profit for the corresponding period of 2015. The results released on the Nigerian Stock Exchange (NSE) also showed that net premium income of N2.3 […]

Business Insurance

Insurance: Rector identifies unethical practices as bane of growth

Ihesiulo Grace 15 January 2017 0

The Rector, College of Insurance and Financial Management (CIFMS), Lagos, Mrs Yeside Oyetayo, has identified unethical practices as bane to the growth and development of the industry. Oyetayo, who spoke to newsmen in Lagos, said that the college would not trade high ethical standards of its students with anything. She said that the students on […]

Business Insurance

Japanese insurance firm replaces 34 staff with AI

Ihesiulo Grace 15 January 2017 0

Science fiction has long imagined a future in which humans are ousted from their jobs by machines. For 34 staff at a Japanese insurance firm, that vision just became a reality. Fukoku Mutual Life Insurance is laying off the employees and replacing them with an artificial intelligence (AI) system that can calculate insurance payouts. The […]