Business

Recapitalisation: 5 insurance coys project N418.7bn revenue, N39bn profit in 2025

Motolani Oseni 22 September 2025 0

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

Money

Insurance stocks add N59bn in H1 as sector capitalisation hits N586.86bn

DailyTimesNGR DailyTimesNGR 18 July 2025 0

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 […]

Money

Universal Insurance shareholders’ fund hits N16.4bn

DailyTimesNGR DailyTimesNGR 14 July 2025 0

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 […]

Business

Universal Insurance shareholders’ fund hits N16.4bn

Ihesiulo Grace 13 July 2025 0

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 […]

Money

Firm bets on InsurEase to disrupt Nigeria’s insurance market

DailyTimesNGR DailyTimesNGR 8 July 2025 0

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,

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, while non-life operators are required to meet a N15 billion threshold, marking […]

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 […]

News Top Stories

‘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 Top Stories

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 […]