INSURANCE

  The Insurance sector life annuity fund portfolio stood at about N323 billion at the end of the second quarter of 2019. The information was made available by Mr Rasaq Salami, Head, Commissioner for Insurance Directorate of the National Insurance Commission (NAICOM) in a statement on Saturday in Abuja. Salami...

Mr Sunday Thomas, Deputy Commissioner for Insurance (Technical), National Insurance Commission (NAICOM), has said that the recapitalisation policy for the country’s insurance sector will enhance the emergence of stronger underwriting firms. Thomas made this known at a seminar organised by NAICOM for newsmen on Saturday in Ijebu-Ode, Ogun State. He...

Mr Mohammed Kari, the Commissioner for Insurance National Insurance Commission (NAICOM), has stressed  the need to reform and digitise the country’s insurance industry to boost the economy. Kari said this at the National Insurance Industry Consultative Council’s 2019 National Conference in Abuja on Monday. The theme of the conference is:...

  The Managing Director, Sunu Assurances Nigeria Plc, Mr Samuel Ogbodu, said the company would comply with the N10 billion new capital base recommended by the National Insurance Commission (NAICOM) for general insurance business by June 2020. Ogbodu disclosed this at the Capital Market Correspondents Association of Nigeria (CAMCAN) quarterly...

An  Insurance  expert, Mr Ekerete Gam-Ikon, says the move by the insurance regulator, National Insurance Commission (NAICOM), to increase the capital base for insurance companies in the country lacks significant plan. Gam-Ikon said this in an interview with the News Agency of Nigeria (NAN)  in Abuja. He said rather than...

Losses from Boeing 737 Max 8 aircraft operated by Ethiopian Airlines have been speculated to be between 50 million dollars and 60 million dollars, Willis Towers Watson (WTW) said. The Insurance firm said this on Tuesday. The aircraft heading to Nairobi crashed on March 10, after take-off from Addis Ababa,...

The National Insurance Commission (NAICOM) has suspended Guinea Insurance Plc from doing new businesses, it was gathered on Wednesday. Sources within the insurance industry said the suspension took effect from January 29 this year. Going forward and until the suspension is lifted, the firm cannot take new businesses except to...

The National Insurance Commission (NAICOM) on Thursday withdrew State Insurance Producer (SIP), a new insurance distribution channel it newly evolved. The commission announced the withdrawal in a circular signed for the commissioner for insurance (CFI), Mohammed Kari, by the director, policy and regulation, Agboola Pius. The circular entitled, “Withdrawal Circular”...

  The National Insurance Commission (NAICOM) has withdrawn and canceled the circular on Tier Based Minimum Solvency Capital (TBMSC) policy meant to recapitalize and reclassify insurance companies. The circular has since sent shockwaves within the insurance companies and observers across the continent. While some operators who have expended millions on...

  By  our Correspondent ...Commend management over 2017 performance The shareholders of AXA Mansard Insurance Plc has approved a total dividend of N630 million for the year ended December 31, 2017. The shareholders gave their approval yesterday at the company’s 26th Annual General Meeting (AGM) held in Lagos. The approved...