In compliance with the National Insurance Commission’s (NAICOM) September 30 deadline for payment of all outstanding claims by insurance firms, the new Management of NICON Insurance Ltd, said it has settled all outstanding claims in the company’s files. The claims settled by the company are a total of N400 million. […]
Insurance
Italy proposes common Eurozone unemployment insurance scheme
At yesterday’s Eurogroup meeting, Italian Finance Minister Pier Carlo Padoan proposed creating a common Eurozone jobless scheme that would be funded by the 19 EU member states sharing the single currency and could be tapped by countries experiencing sharp unemployment rate rises. The Italian government believes such a scheme could […]
Insurance firms show strength in half year
There is no fretting about the financial strength of insura nce companies in Nigeria, Africa’s largest economy as favourable combined ratios mean these firms are profitable without threats to going concerns. The average cumulative combined ratios (CR) of 15 quoted insurance firms stood at 89.37 percent in the first six […]
Jericho Broker Pleads Guilty to $830K Insurance Scam
A Jericho insurance broker pleaded guilty to stealing a total of $829,963.53 in insurance premiums and other funds from clients to pay for his personal expenses, acting Nassau County District Attorney Madeline Singas announced Monday. Joseph Koch, 57, was arrested in Aug. 2012 after an investigation revealed that he was […]
Plans on to offer free medical insurance to poor
State health department is planning to introduce a scheme offering free medical insurance for secondary care. Minister for health and family welfare U T Khader said that a scheme will be introduced in the state soon after cabinet approval. “We have been providing free medical insurance for tertiary care for […]
Insurance Broker Sentenced for Fraud
More than 800 commercial trucking companies in nearly a dozen states paid Atlanta-area insurance broker John Paul Kill approximately $3.7 million in premiums from 2013 to mid-2014 to purchase insurance that protected their livelihoods: their cargo and the trailers that carried it. There was only one problem—for the most part, […]
Insurance benefit – the poor or the rich?
Several times it has become issue of argument as to who needs insurance protection most. Is it the poor or the rich?. The truth is that everybody needs insurance, but the poor needs it most. A rich man that has plenty of cars in his garage may not feel it […]
Insurance firm to pay for delaying claim
The State Consumer Disputes Redressal Commission has directed United India Insurance (UII) to pay Rs 5.24 lakh insured declared value (IDV) to Jaswant Verma of Sector 44 at 12% interest from October 24, 2013, which is the date six months after filing of the original claim till realization. UII has […]
Crash-for-cash fraudster jailed for insurance scam
A second man has been sentenced for his part in a ‘crash-for-cash’ insurance fraud scam in west London, according to police. Mohamed Labre Chiadmi – also known as Adam Leno – had pleaded guilty to fraud by false representation and two counts of making false declarations to obtain motor […]
Pregnant woman filmed faking car crash for insurance payout
Australian police had arrived at a rain-soaked Sydney intersection in May to find two mangled vehicles and a dazed Fadel who was eight months pregnant and reportedly suffering stomach and back pains. She explained that after missing the stop sign, her car had ploughed into the side of another moving […]
