Insurance

Insurance

Chairman ORC Elusakin unveils 5-point agenda

Elusakin Leave a comment and share Chuks Udo Okonta The Chairman, Office Representatives Committee (ORC) of the Chartered Insurance Institute of Nigeria, Gbenga Elusakin, has unveiled a 5-point agenda on which his is administration would leveraged to drive its set objectives. He unveiled the agenda during his investiture as the […]

Insurance

Exclusive rights offered local reinsurers stifle underwriting technical knowledge – IMF

Leave a Comment and share Chuks Udo Okonta Mandatory cession, preferential tax treatment and supervisory exemptions offered to local reinsurers create an unlevel playing field, hinder competition and deny insurers the benefit from the transfer of technical know-how from foreign reinsurance companies, hence should be reconsidered, the International Monetary Fund […]

Insurance

NAICOM supports FBS Reinsurance

Leave a Comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has thrown its supports behind the newly licenced FBS Reinsurance Limited by ensuring that underwriters recognise the firm as they embark on this year’s reinsurance treaties. Inspenonline gathered that underwriters which hitherto failed to recognised the firm […]

Insurance

IMF decries insurers’ poor accounting, auditing practices

° Says NAICOM’s supervisors spend more time verifying data than analysing them Leave a comment and share Chuks Udo Okonta The International Monetary Fund (IMF) has said supervisors from the National Insurance Commission (NAICOM) spend more time verifying data than analysing them due to poor accounting and auditing of Insurance […]

Insurance

Nigeria’s insurance sector capital base three to six times higher than other countries – IMF

Leave a comment and share Chuks Udo Okonta The International Monetary Fund (IMF) has said Nigeria’s insurance industry minimum capital requirements are three to six times higher than other developing countries. The IMF said this in a report entitled: Nigeria: Publication of Financial Sector Assessment Program Documentation – Detailed Assessment […]

Insurance

COVID-19: FG fails to make claims on dead medical pensonnel

Leave a comment and share Chuks Udo Okonta Nine months after the Insurance industry granted N11 billion life insurance cover to frontline health workers employed to combat COVID-19 pandemic, the Federal Government is yet to report any claim amid acclaimed deaths by the Nigerian Medical Association (NMA). Investigation by Inspenonline […]

Insurance

Sovereign Trust Insurance maintains A-rating with GCR

MD/CEO Sovereign Trust Insurance, Olaotan Soyinka Leave a comment and share Chuks Udo Okonta Sovereign Trust Insurance Plc has over a decade now, consistently maintained a confident A- rating with the international rating agency, Global Credit Rating, GCR based in South Africa. A statement by the Deputy General Manager Sales […]