Money

Insurance sector embarks on historic N10bn, N15bn recapitalisation push

DailyTimesNGR DailyTimesNGR 27 December 2024 0

BY MOTOLANI OSENI Nigeria’s insurance industry is on the brink of a transformative recapitalisation as companies begin raising their minimum capital to meet new benchmarks set in the recently passed Consolidated Insurance Bill. Life insurers will increase their capital base to N10 billion,

Money

Insurance sector allocates 54% of income to claims in 2023, says NIA Chairman

DailyTimesNGR DailyTimesNGR 24 October 2024 0

BY MOTOLANI OSENI In the 2023 financial year, the insurance industry in Nigeria recorded over N1 trillion in Gross Premium Income, with insurers disbursing N536.5 billion—representing 54 per cent of their income—towards claims paid to policyholders. This figure underscores the industry’s commitment to fulfilling its obligations, according to Mr. Kunle Ahmed, Chairman

Business

Experts charge insurance ladies, others on retirement plans

DailyTimesNGR DailyTimesNGR 23 December 2023 0

Experts have charged insurance ladies and other Nigerians to start planning for life after retirement right from when they are in active service. The experts, who spoke at the 2nd Edition of Professional Insurance Ladies Association(PILA) Senior Ladies Forum sponsored by Cornerstone Insurance Plc in Yaba, Lagos, at the weekend, noted that, most people who […]

Business

How effective regulation, innovation deepening insurance penetration in Nigeria

Ihesiulo Grace 27 August 2023 0

BY MOTOLANI OSENI There is no doubt about the growth in the Nigeria’s insurance industry over the years, with the gross premium of insurance grew from N282.9 billion in 2015 to N726.2 billion in 2022, a modest 15 per cent annual growth over this period. MOTOLANI OSENI, in this piece, examined impacts of the National […]

Business

NDIC partners FCT in liquidation of failed banks’ assets

Ihesiulo Grace 3 June 2021 0

Philip Clement, Abuja Nigerian Deposit Insurance Corporation Board of Directors Chair, Mrs Ronke Sokefun, is seeking the cooperation of the Federal Capital Territory Administration in the liquidation of failed banks’ assets. The NDIC board chair, made the disclosure during a visit to the FCT minister in Abuja on Tuesday, a statement by the corporation has […]

Business

Insurance sector contributes 1 per cent of GDP – SEC DG

Ihesiulo Grace 11 December 2019 0

The director Nigerian Securities and Exchange Commission (SEC) Mary Uduk has stated that Nigeria’s insurance sectory contribute not less than 1 per cent of the country’s entire Gross Domestic Product.Uduk said the contributions of the sector to GDP was realizable due to the different reforms aimed at ensuring consistency and productivity. She stated this at

Business

Niger Insurance pays N1.4b claims in 9months

Ihesiulo Grace 6 December 2019 0

Niger Insurance Plc on Friday said it had paid over N1.4bn claims to its customers in the past nine months, while efforts were in top gear to settle all outstanding benefits soon. Mr Edwin Igbiti, Managing Director of the firm, made the disclosure during a media briefing in Lagos. Igbiti said that the delay in […]

Health

Obaseki launches Edo Health Insurance scheme on Oct 31

Ihesiulo Grace 29 October 2019 0

The Edo State Government has concluded plans for the launch of the state’s Compulsory Health Insurance Scheme on Thursday, October 31, which will ensure that affordable healthcare is accessible to residents in the state. In a statement, Special Adviser to the Governor on Media and Communication Strategy, Mr. Crusoe Osagie, said the governor, at the […]

World

Major shift as Trump opens way for Medicaid work requirement

Ihesiulo Grace 11 January 2018 0

In a major policy shift that could affect millions of low-income people, the Trump administration said Thursday it is offering a path for states that want to seek work requirements on Medicaid recipients. Seema Verma, head of the Centers for Medicare and Medicaid Services, said work and community involvement can make a positive difference in […]

Headlines News

‘12 million Nigerian motorists use fake insurance papers’- Insurance boss

Ihesiulo Grace 8 January 2018 0

Insurance Association (NIA) has said that it has discovered that over 12 million Nigerian motorists carry fake insurance papers thereby robbing it of such benefits. Expectedly investigations carried by stakeholders in the insurance sector, revealed that many motorists prefer patronizing fraudsters for Insurance papers to obtaining valid certificate that would provide

Business Features Insurance

Deepening Nigeria’s Insurance Penetration for Economic Growth

Ihesiulo Grace 2 January 2018 0

The discussion surrounding deepening Nigeria’s insurance industry has been ongoing since the reforms in 1997. However, a look into the financial sub-sector, listed on Nigerian Stock Exchange (NSE), show that investors still wait to get meaningful returns on their investment in insurance stocks. Diverse challenges persist and show no signs of abating unless drastic actions

Business

577 Firms bid for NNPC’s Insurance renewal programme

Ihesiulo Grace 11 December 2017 0

The Nigerian National Petroleum Corporation (NNPC) said that 577 firms have indicated interest to secure the insurance renewal contract for its oil and non-oil assets. In a statement signed by Mr. Ndu Ughamadu, Group General Manager, Group Public Affairs Division, on Sunday on Abuja, it said the bidding was part of corporation’s effort to ensure […]

World

Trump China visit: US leader strikes warmer tone with Xi Jinping

Ihesiulo Grace 9 November 2017 0

US President Donald Trump has lavished praise on Chinese leader Xi Jinping, a marked contrast to his previous criticism of China on the flashpoint issues of North Korea and trade. But he also urged Mr Xi to “work very hard” on persuading North Korea to denuclearise. On China’s trade surplus, Mr Trump surprised many when […]

Business Headlines

Islamic Insurance: Kano inaugurates Sharia compliance scheme

Ihesiulo Grace 30 October 2017 0

The Emir of Kano, Alh. Muhammadu Sanusi II has inaugurated Islamic compliance insurance scheme on Monday, in Kano, the state capital, to serve as an alternative to conventional insurance in the country. The Islamic insurance or Takaful, is a unique Islamic concept of Sharia compliance insurance. He added that the system of Takaful insurance is […]

Insurance

Royal Exchange total net claims drops by 10 % in H1 2017

Ihesiulo Grace 28 August 2017 0

….As Profit rises by 19% Royal Exchange Insurance Plc has recorded a 10 per cent drop in net claims for the period ended June 30 2017. This was contained in the company’s first half 2017 result released recently by the Nigerian Stock Exchange. The result, which showed growth in key indices, just as challenges persist […]

Insurance

Insurance firms charged on opportunities in sector

Ihesiulo Grace 14 August 2017 0

The insurance sector in Nigeria has been urged to end the continued dialogue on prevailing opportunities inherent in the country; and actualize the opportunities that the industry provides for local and global investors, Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah made the call recently in Abuja, at the 2017 National Insurance Conference organized

Labour News Nigeria

Pension scheme not compulsory for all workers – Umahi

Ihesiulo Grace 25 February 2017 0

Governor of Ebonyi State, Engr. David Nweze Umahi, has said that it is not compulsory for all Ebonyi workers to participate in the state’s new pension scheme. He announced this during meeting with the Nigeria Labour Congress and its affiliate bodies over the controversy surrounding the new pension law at the Government House, Abakaliki on […]

Business Insurance

Wapic’s 5yr-Plan Targets Industry Top Spot

Ihesiulo Grace 7 May 2015 0

In a move to set pace for other insurance companies in Nigeria, Wapic Insurance Plc has set out plans to be among the top two insurance companies in the country by 2019. Aigboje Aig-Imoukhuede, Chairman of the firm, stated this at the Company’s 56th Annual General Meeting (AGM) held in Lagos. Aig-Imoukhuede, revealed that the […]

Headlines Insurance Money News

How Insurance Industry grossed nearly N1 trillion under Jonathan’s administration

Ihesiulo Grace 7 May 2015 0

Without mincing word, the growth in the Nigeria insurance industry under President Goodluck Jonathan’s administration is highly commendable as it recorded almost N1 trillion in its Gross Premium Income (GPI) between 2011 and 2014. The GPI, which amounted to N965 billion, grew by 14.8 per cent, from the N840 billion recorded within a period of […]

Business Insurance

Standard Assurance General, Life Companies Merged

Ihesiulo Grace 1 May 2015 0

Following a deliberate and strategic decision to play a leading role in the nation’s insurance sector, the boards of SA Insurance Plc and SA Life Assurance Limited have approved the merger of both companies to form a frontline composite insurance company.   According to the organisations’ spokesman, Mr. Nelson Egboboh who disclosed this to our […]