By Emele Onu Nigeria’s insurance industry is poised to enter a period of consolidation as companies struggle to raise cash to meet new regulatory requirements amid the worst economic contraction in more than two decades. With markets largely shut for companies to raise equity or debt, takeovers by foreign insurers […]
Insurance
Universal Insurance eyes four new branches
From left: Executive Director, Universal Insurance Plc, Reginald Anyanwu; Managing Director, Ben Ujoatuonu; Head Technical/CRO, Offorzor Oluchukwu at the event. Leave a comment and share Chuks Udo Okonta Universal Insurance Plc, as parts of strategic plans for expansion, is working towards opening four new branches before the end of second […]
FBNInsurance commits to deepen insurance penetration
Ojumah Leave a comment and share Chuks Udo Okonta FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group South Africa, as part of her strategic plans for the year, has restated her commitment to taking insurance to the nooks and crannies of the country. Addressing journalists at the company’s […]
Linkage Assurance strengthens tie with brokers for bigger market share
From left: Deputy President, Nigerian Council of Registered Insurance Brokers, Shola Tinubu, President, Kayode Okunoren and Managing Director, Linkage Insurance Plc, Pius Apere at the event in Lagos. Determined to increase its market share and compete effectively for growth, Linkage Assurance Plc has moved to strengthen its relationship with insurance […]
Government cuts discount rate: Insurance sector says “crazy” decision will cost the industry billions
The UK’s insurers were left reeling this morning after the government announced changes to a key insurance sector discount rate, costing them hundreds of millions of pounds Direct Line said annual profits for 2016 would be cut by up to £230m, while motor insurer Admiral estimated it will take a […]
Separation from UK business will not affect Ghana operations – Barclays Africa assures
Barclays Africa says the focus and strategy of its subsidiaries in Ghana and others in the continent will not be affected despite separation from its UK business. Barclays Africa Group announced that it has agreed on terms for operational separation with UK-based Barclays PLC, which is reducing its shareholding in […]
A.M. Best Assigns Credit Ratings to FAIR Oil & Energy Insurance Syndicate
A.M. Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb+” to FAIR Oil & Energy Insurance Syndicate (FOEIS) (Bahrain). The outlooks assigned to these Credit Ratings (ratings) are positive. FOEIS is one of the four reinsurance vehicles formed by the Federation […]
Nigerian insurance market bigger than South Africa’s – Old Mutual
By Michael Eboh Old Mutual Insurance has disclosed that the Nigerian insurance market is far bigger than the South African and Ghanaian insurance markets. Speaking in an interview in Abuja, during the relocation to a new office space in the Federal Capital Territory, FCT, Mr. Zomunoda Chizura, Chief Executive Officer, […]
Cornerstone Insurance, three others pay N24.9m fine
African Alliance Insurance Plc, Cornerstone Insurance Plc, Equity Assurance Plc and Great Nigeria Insurance Plc have paid a total fine of N24.9 million fine to the Nigerian Stock Exchange (NSE) for filling their audited and interim financial statements after the expiration of the regulatory due date of March 31, NSE […]
NAICOM shutdown website for maintenance
Kari Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has shutdown its website to carry out routine maintenance, Inspen has learnt. Visitors to the website for the past one week have not been able to access the site, a development that has denied them necessary […]
