INSURANCE

The House of Representatives on Wednesday passed the bill to reform the insurance sector in Nigeria, seeking the recapitalisation of insurance companies in the country, while providing stiffer penalties for defaulters. The law, which recognizes two classes of insurance in the country (life and non-life insurance), increase minimum capital requirement...

The National Insurance Commission (NAICOM) has initiated discussions with the World Bank to explore opportunities for collaboration aimed at addressing key challenges and driving growth in Nigeria’s insurance sector. During a courtesy visit by the World Bank delegation, the Commissioner for Insurance, Olusegun Ayo Omosehin, identified the insufficient actuarial capacity...

The National Insurance Commission (NAICOM) has given life insurers companies in Nigeria a six-month deadline to comply with a new annuity guideline. According to the Commission, any of the companies that will not be able to meet the new requirement within a period of 180 days, equal to six months...

    The House of Representatives on Wednesday charged its Committee on Insurance and Actuarial Matters to conduct a forensic investigation into over N30 billion in unsettled insurance claims tied to the Nigeria Police Force, the Head of Service, and the Ministry of Defence. The House noted that the unsettled...

The Nigeria Content Development Monitoring Board (NCDMB) has craved the understanding and support of the insurance sector to strengthen the Boards desire towards the implementation of the Nigerian Oil and Gas Industry Content Act (NOGICD) in the sector. The Executive Secretary of the Board, Simbi Wabote, who made the call...

  Leadway Assurance, a leading Nigerian insurance company, recorded a total premium collection of N104.4 billion, becoming the first in the nation insurance sector  to cross three digit billion mark in 2022. The company said that it grossed a Written Premium of N92.5 billion, Savings and Investment income of iN10.8...

  Agents are gradually taking over the underwriting space through retail practice which has placed them top in life business premium drive. This is despite the challenges confronting them. According to data obtained from the latest edition of the Nigeria Insurance Digest 2020, published by the Nigerian Insurers Association (NIA),...

  The National Insurance Commission (NAICOM) has raised Third Party insurance cover for motorists from N5,000 to N15,000 yearly, with effect from January 2023. The approval is contained in a circular signed by the Director, Policy and Regulation, NAICOM, Leo Akah and addressed to insurance companies. Numbered NAICOM/DPR/CIR/46/2022, the circular...

The National Insurance Commission (NAICOM) has disclosed that the total assets Nigeria’s insurance industry grew to about N2.3 trillion in the second quarter (Q2) of 2022, representing an increase of 11.9 per cent over the first quarter. The disclosure was made at the weekend in a bulletin on Insurance Market...

The National Insurance Commission (NAICOM) has said that more insurance companies may be sanctioned through liquidation as part of moves to reposition the industry. The Deputy Commissioner, Technical, NAICOM, Mr. Sabiu Abubakar, made this known at the Chartered Insurance Institute of Nigeria (CIIN), Second Edition of 2022 Business Outlook Seminar...