*FCA is seeking clarity on disputed language in so-called business-interruption policies Insurers battered by coronavirus are about to find out how much worse the damage could get. A London court is set to rule Tuesday in a case involving about 370,000 policyholders, companies including Zurich Insurance Group AG and Hiscox […]
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PenCom to hammer PFAs barring PW retirees from moving into RLA
Leave a comment and share Chuks Udo Okonta The National Pension Commission (PenCom) has threatened to sanction Pension Fund Operators (PFOs) that are rejecting provisional Retiree Life Annuity (RLA) agreements presented by retirees already on Programmed Withdrawal (PW) seeking to transfer to RLA as their preferred mode of retirement benefits […]
Young woman deliberately saws off own hand to claim £1million in insurance fraud
Julija Adlesic Julija Adlesic, 22, told doctors she accidentally severed her hand while cutting branches, but a court found that she intentionally cut it off with a circular saw after taking out five insurance policies By Chris Kitching Senior News Reporter A young woman who deliberately sawed off her left […]
Afreximbank disburses $200m to Zenith Bank
The African Export-Import Bank (Afreximbank) has disbursed $200 million to Zenith Bank Plc Nigeria under its Pandemic Trade Impact Mitigation Facility (PATIMFA). According to a statement by Afreximbank on Friday, the funds will assist Zenith Bank in its maintenance of foreign currency trade flows impacted by the COVID-19 pandemic. Also, […]
US okays $1.5bln insurance for Mozambique gas project
The US has set aside US$1.5 billion for political risk insurance in the gas-rich northern Mozambique region ravaged by an Islamist insurgency for the past three years, its Maputo embassy said Thursday. The International Development Finance Corporation (DFC) has “agreed to provide up to $1.5 billion in political risk insurance […]
Continental Reinsurance takes full ownership of Botswana subsidiary
Leave a comment and share Chuks Udo Okonta Continental Reinsurance Plc has taken up a 40 per cent minority stake in its Botswana subsidiary (Continental Reinsurance Ltd), giving the company a 100 percent holding of the issued ordinary share capital in the local unit. The acquisition was conducted through its […]
Recapitalisation: Law Union & Rock Insurance Shareholders accept new investor’s offer
From left: Non-Executive Director, Law Union & Rock Insurance Plc, Mrs Onome Adewuyi; Managing Director/CEO; Ademayowa Adeduro; Chairman, Remi Babalola; Company Secretary, Stanley Chikwendu; and Executive Director, Olasupo Sogelola at the 51st Annual General Meeting of company held in Lagos. Leave a comment and share Chuks Udo Okonta Shareholders of […]
ILAN President pushes for more female in loss adjusting business
From left: Outgoing President Institute of Loss Adjusters of Nigeria, Alhaji Femi Hassan, Newly Sworn-in President ILAN, Mr. Reginald Egbuniwe, Administerer of Oath Odion Aideloje and Past President ILAN Chief Lebi Omoboyowa during the Investiture of Egbuniwe as the 12th President of the Institute of Loss Adjusters of Nigeria in […]
Expert applauds NAICOM, PenCom over new rules on retiree life annuity
Takor Leave a comment and share Chuks Udo Okonta A Legal Practitioner and the Executive Director, Centre For Pension Right Advocacy, Ivor Takor, has lauded the steps taken by the National Insurance Commission (NAICOM) and National Pension Commission (PenCom) in addressing challenging clogging the marketing of Retiree Life Annuity (RLA) […]
A new insurance fiddle was uncovered every five minutes last year, with cheats including a policeman and a trainee GP
*107,000 fraudulent insurance claims were uncovered by insurers in 2019 *A police officer and a trainee GP found to be among the cheats exposed *The rise was mainly due to increases in motor and property scams By GRACE GAUSDEN FOR THIS IS MONEY Some 107,000 fraudulent insurance claims, worth a […]
