Leave a comment and share Chuks Udo Okonta Linkage Assurance Plc in the 2021 financial year recorded a 34 per cent growth in gross premium written (GPW) despite the challenging business environment. The underwriting firm grew its GPW from N8.33 billion in 2020 to N11.16 billion in the review year […]
Insurance
NAICOM pegs web aggregator registration fee at N3m
Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has pegged the minimum share capital of a web aggregator at N5 million and registration fee, N3 million. This was contained in the operational guidelines released by the regulatory body to serve as a working document to […]
NCRIB, CIIN partner to accelerate enforcement of law on compulsory insurances
Leave a comment and share Chuks Udo Okonta The Nigerian Council of Registered Insurance Brokers (NCRIB) has forged synergy with the Chartered Insurance Institute of Nigeria (CIIN) to accelerate enforcement of the law on compulsory insurances. A statement by the Corporate Affairs Manager, NCRIB, Dele Ayeleso, said though, there have […]
Private health insurance accounts for less than 3% of Nigerian population – Dr. Falaiye
Leave a comment and share Chuks Udo Okonta No fewer than 19 States of the federation are at various stages of implementing universal health coverage through establishment of their respective health insurance schemes However, Anambra, Delta and Lagos states have particularly made significant progress in enrollment of people on this […]
Sovereign Trust Insurance gets A Rating from GCR with stable outlook
Leave a comment and share The International Credit Rating Agency, Global Credit Rating Limited, (GCR), has in its recent rating carried out in 2021, confirmed Sovereign Trust Insurance Plc as an A rated underwriting firm in the insurance sector of the Nigerian economy. Before now, Sovereign Trust Insurance Plc was […]
Casava secures $4m pre-seed funding to provide microinsurance for millions of Nigerians
Leave a comment and share Chuks Udo Okonta Casava, Nigeria’s first 100 Per cent digital insurance company, has secured $4 million in pre-seed funding to provide affordable and accessible insurance products for millions of Nigerians. Starting with income protection and health insurance, the insurtech startup is leveraging artificial intelligence and […]
Unfavourable investment policies dip annuity business by N29.2bn
Leave a comment and share Chuks Udo Okonta Drops on yields from bonds and treasury bills, as a result of government policies, had significantly affected retiree life annuity business as it dipped by N29.2 billion, sliding from N230.2 billion in 2019 to N220.5 billion in 2020. Data obtained from the […]
Insurers generate N388.03bn premium from Lagos, Yobe N17.18m
Leave a comment and share Chuks Udo Okonta Of the insurance industry’s N508.44 billion total gross premium written in 2020, N388.03 billion was generated from Lagos state, Inspenonline reports. Data obtained from the Nigerian Insurers Association (NIA) annual publication, Nigeria Insurance Digest 2020, revealed that while Lagos State provided the […]
African average insurance penetration rate drops to 2%
Leave a comment and share Chuks Udo Okonta African average insurance penetration rate dropped from 2.78 per cent in 2019 to 2 per cent in 2020. This is even as the the global average penetration rate was 7.20 per cent in 2019 and went up to 7.40 per cent in […]
Nigerian firm wades into murky legal waters with North Korean insurance policy
Experts say Kaztec Engineering’s $50 million ship insurance from the DPRK likely violated UN sanctions regime Ethan Jewell January 31, 2022 A Nigerian engineering firm insured at least one of its vessels through an obscure North Korean company, documents reviewed by NK Pro show, a transaction that may have run […]
