Kari In spite of the economic recession, the Nigerian insurance industry performed better in 2016 due to stricter enforcement of the Code of Corporate Governance. The improved performance was particularly due to enforcement of rules against unethical practices, under capitalisation and rate cutting, among others. Although the industry felt the […]
Insurance
Cornerstone Insurance, 20 others pay N52.8m fine
Leave a comment and share Chuks Udo Okonta and agency report The Nigerian Stock Exchange (NSE) has imposed a fine of N52.8 million on Cornerstone Insurance Plc, Staco Insurance Plc and 19 other companies over default in filings financial statements. The NSE said the sanctions were applied in accordance with […]
Insurers pay N74.24m claims on death Police officers
Leave a comment and share Chuks Udo Okonta Life underwriters paid about N74.24 million claims to the Nigerian Police Force (NPF) for deceased officers in 2014, even as the government has refused to pay the over N5.4 billion premium for outgoing 2016. According to a report obtained from the Nigerian […]
FG fails to renew insurance of civil servants, others as year ends
Expose assets, workforce to uncertainties, hazards By Clement Nwoji With barely three working days left to the end of the 2016 business year, confusion continues to trail the Federal Government’s inability to renew the Group Life insurance coverage for its federal civil servants and insurance of its assets nationwide. This […]
Financial Account: NAICOM, NSE Fine 10 Insurers N50m For Non-compliance
By ZAKA KHALIQ The National Insurance Commission (NAICOM) said 49 insurance companies has so far submitted their 2015 accounts. Just as investigation shows that, about 10 insurance companies are yet to submit theirs, three days to the end of the year. The erring firms are already paying monetary fines to […]
Optimism as insurance recapitalisation, rebranding headlines 2017
Efekoha 2016 is a year of recession that affected every sector including insurance industry, but hopes are high that 2017 could be a new dawn for insurance sector as well as the country if government harmonise its fiscal and monetary policies. Moreover, the commencement of Risk Based Supervision (RBS) which […]
Insurance firms suffer dwindling shareholders’ funds
Kari Leave a comment and share Chuks Udo Okonta Many insurance firms need to urgently embrace consolidation and recapitalisation to remain afloat as their shareholders’ funds have dropped below statutory requirement, Inspen can report. Investigation by Inspenonline revealed that the shareholders’ funds of seven firms are presently below statutory capital […]
Happy Christmas from Inspenonline
NAICOM to sanction insurers over local content infraction
CFI/NAICOM boss, Mohammed Kari Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has threatened to sanction insurance operators that contravene local content policy by ceding businesses offshore, without fully utilising local capacities. The commission in a circular entitled: Utilisation of In-Country Capacities of Nigerian Insurers, […]
EXCLUSIVE: China insurance regulator tightening new license issuance – source
By Sumeet Chatterjee and Michelle Price China’s insurance regulator is making it much tougher for insurers to get new licenses as it seeks to reduce risks resulting from the aggressive business and investment practices of some players, said three people with knowledge of the matter. Concerns about the kinds of […]
