Chairman NIA, Eddie Efekoha Leave a comment and share Chuks Udo Okonta High management expenses incurred by some insurance firms seemed to be impacting their operations negatively, as the industry spent over N294.90 billion on management expenses in five years. Management expenses, include, underwriting expenses, salaries, rents and others excluding […]
Insurance
Car insurance premiums to rise to £600 after tax hike
Miles Brignall Car insurance premiums are set to break through the £600 barrier for the first time next year as insurers pass on higher costs and this week’s premium tax hike, experts are warning. On Wednesday the chancellor, Philip Hammond, announced he is to increase insurance premium tax (IPT) from […]
Fitch: Rating outlook remains negative for Brazilian insurance sector
Fitch’s rating outlook remains negative and sector outlook remains stable for the Brazilian insurance industry for 2017, according to a new Fitch Ratings report. The negative Rating Outlook for the Brazilian insurance sector mirrors the outlook on Brazil’s sovereign ratings (Long-Term Foreign and Local Currency Issuer Default Ratings ‘BB’/ Outlook […]
Expert seeks comprehensive insurance cover for sportsmen, women
A call has gone out for a sustained insurance cover for sportsmen and women to ensure the welfare of their defendants in cases of fatalities. An insurance expert, Chief Abel Ndu, said this while reacting to the plane crash in Medelin, Colombia on Tuesday which killed players and officials of […]
NAICOM: Sanitising the insurance sector
Kari IR: Cleaning the Augean stable in any society, sector, domain or country is an arduous task. This is so, because in most cases, corruption usually fights back and when it fights back, it fights vigorously in a bloody manner such that the reputation and good name of whoever is […]
NIA engages foreign firm to review annuity business
Efekoha Leave a comment and share Chuks Udo The Nigerian Insurers Association (NIA) has concluded plans to engage a South African based Actuarial firm to help review annuity business and align it with current global market practices. Its Chairman, Eddie Efekoha, who disclosed this at a media parley in Lagos, […]
Insurers assess Chapecoense air tragedy
By Raul Zorrilla The players of Brazilian soccer team Chapecoense who died in a tragic plane crash in Colombia Tuesday are covered by at least two life and accident insurance policies, one purchased by the Brazilian football federation CBF and one bought by Lamia, the company that owns the plane. […]
Brokers, agents get N44.16bn insurance commission
Chairman NIA, Eddie Efekoha Leave a comment and share Chuks Udo Okonta Insurance brokers and agents received N44.16 billion commission from underwriters in 2014, Inspen reports. The amount was stated in the Nigeria Insurance Digest 2014, published by the Nigerian Insurers Association (NIA). According to the digest, Non life operators […]
CPC to act against fake insurance policies, consumer complaints
The Consumer Protection Council (CPC), has concluded plans to address insurance products and services complains particularly, the sale of fake policies and delay in payment of claims, among others in the country. To this end, CPC is collaborating with key stakeholders in the insurance sector to proffer solutions to the […]
NIA faults Reps over N200bn insurance fraud
From left: Director Technical, Legal and Admin, Nigerian Insurers Association, Mrs Olawunmi Idewu, Chairman, Eddie Efekoha and Director-General, Sunday Thomas at the event. Leave a comment and share Chuks Udo Okonta Having been silent since the Ad-hoc Committee of the Federal House of Representatives started the probe on government’s insurance […]
