99 per cent of the Ombudsmen awards were honoured while only some of them were challenged in consumer courts Insurance Ombudsmen have sought more powers to settle higher claim cases as the number of complaints continue to increase. “Ombudsmen should be conferred with more powers and the Government was […]
Insurance
Women’s insurance market to touch $35 billion by 2030
Mumbai: Growing awareness of insurance products and increasing number of women in workforce is expected to result in two to four times growth in annual women’s insurance market in India by 2030. According to a study done by AXA in association with International Finance Corporation (IFC), the Indian women’s insurance […]
Micro insurance capacity building for the Nigerian insurance market
The ILO’s Impact Insurance Facility is holding a training titled Unlocking the demand for Micro insurance products: How to deliver what your clients see as value organised by the Facility together with the Centre for Insurance and Financial Management Studies with the support of the Global Index Insurance Facility and […]
NICON Insurance Pays Outstanding N400 Million Debts
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. […]
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 […]
