The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, has paid a working visit to the Director-General of the Bureau of Public Procurement (BPP), Dr Adebowale A. Adedokun, in Abuja to strengthen institutional collaboration. The visit focused on deepening cooperation between both agencies in line with […]
Nigerian loss adjusters have secured a long-awaited upward review of their professional fee structure, ending a 33-year period of stagnant rates that had significantly hampered the sub-sector’s operational efficiency. The adjustment, finalized in early 2026 following extensive negotiations between the Institute of Loss Adjusters of Nigeria (ILAN) and the Nigerian Insurers Association (NIA), marks a […]
Five insurance companies have projected N418.7 billion as revenue for the 2025 financial year ending December 31. The companies are Sunu Assurances Nigeria Plc, AIICO Insurance Plc, Linkage Assurance Plc, AXA Mansard Insurance Plc and Nem Insurance Plc They also projected N39 billion as their Profit Before Tax (PBT) during the same period. The companies […]
The market capitalisation of insurance stocks listed on the Nigerian Exchange (NGX) rose by N59.37 billion in the first half (H1) of 2025, reaching a total of N586.86 billion as of June 30. This marks a significant gain from N527.50 billion at the beginning of the year, reflecting renewed investor confidence in the sub-sector. Data […]
BY MOTOLANI OSENI The Shareholders’ Fund of Universal Insurance Plc rose to about N16.4billion in the first quarter of 2025 as against N13.25 billion reported in the 2024 financial year. This translates to an increase of approximately N3.2 billion between December 2024 and March 2025. Similarly, the company achieved a Gross Written Premium (GWP) of […]
BY MOTOLANI OSENI The Shareholders’ Fund of Universal Insurance Plc rose to about N16.4billion in the first quarter of 2025 as against N13.25 billion reported in the 2024 financial year. This translates to about N3.2billion increase between December 2024 and March 2025. Similarly, the company achieved a Gross Written Premium (GWP) of N8.07 billion, above […]
BY MOTOLANI OSENI Transparency Scape Insurance Brokers Limited has reaffirmed its commitment to modernising the insurance landscape by positioning InsurEase, its bold new InsurTech platform, as a game-changing solution that enables Nigerians to access insurance directly from their smartphones. InsurEase allows customers to purchase a variety of insurance policies, including health, devices, motor, and travel, […]
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, while non-life operators are required to meet a N15 billion threshold, marking […]
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 of the Nigeria […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 Insurance cover and compensation […]
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 […]
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 […]
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 […]