Leave a Comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has thrown its supports behind the newly licenced FBS Reinsurance Limited by ensuring that underwriters recognise the firm as they embark on this year’s reinsurance treaties. Inspenonline gathered that underwriters which hitherto failed to recognised the firm […]
Insurance
IMF decries insurers’ poor accounting, auditing practices
° Says NAICOM’s supervisors spend more time verifying data than analysing them Leave a comment and share Chuks Udo Okonta The International Monetary Fund (IMF) has said supervisors from the National Insurance Commission (NAICOM) spend more time verifying data than analysing them due to poor accounting and auditing of Insurance […]
Nigeria’s insurance sector capital base three to six times higher than other countries – IMF
Leave a comment and share Chuks Udo Okonta The International Monetary Fund (IMF) has said Nigeria’s insurance industry minimum capital requirements are three to six times higher than other developing countries. The IMF said this in a report entitled: Nigeria: Publication of Financial Sector Assessment Program Documentation – Detailed Assessment […]
COVID-19: FG fails to make claims on dead medical pensonnel
Leave a comment and share Chuks Udo Okonta Nine months after the Insurance industry granted N11 billion life insurance cover to frontline health workers employed to combat COVID-19 pandemic, the Federal Government is yet to report any claim amid acclaimed deaths by the Nigerian Medical Association (NMA). Investigation by Inspenonline […]
Sovereign Trust Insurance maintains A-rating with GCR
MD/CEO Sovereign Trust Insurance, Olaotan Soyinka Leave a comment and share Chuks Udo Okonta Sovereign Trust Insurance Plc has over a decade now, consistently maintained a confident A- rating with the international rating agency, Global Credit Rating, GCR based in South Africa. A statement by the Deputy General Manager Sales […]
CIIN to withdraw insurance professionals’ certificates over unethical deeds
Oyegunle Leave a comment and share Chuks Udo Okonta The Chartered Insurance Institute of Nigeria (CIIN) has threatened to withdraw professional certificates issued to insurance practitioners who engaged in unethical practices. The President of the Institute, Sir. Muftau Oyegunle, said this at the CIIN’s 2020 graduation and fellowship awards ceremony […]
FBN General Insurance gets N1.05bn capital injection from shareholders
Opadokun Leave a comment and share Chuks Udo Okonta The Shareholders of FBN General Insurance, a general insurance company have injected additional capital to the tune of N1,048,246,604.50 thereby bringing the total share capital of the company to N5 billion. “By this increased share capital, FBN General Insurance is set […]
CIIN moves to tackle dearth of Professionals in marine underwriting
Oyegunle Leave a comment and share Chuks Udo Okonta The Chartered Insurance Institute of Nigeria (CIIN) is set to align with other arms of the industry to attract professionals to tackle the dearth of competent marine underwriters. The President of CIIN, Sir. Oyegunle Muftau, who disclosed this in an interview […]
Insurers eye new insurance law to drive recapitalisation
Leave a comment and share Chuks Udo Okonta Poised to align their entire operations with current realities, insurance operators have expressed their desire to pursue the enactment of a new Act that would help resolve the impasse associated with the suspended recapitalisation exercise. Investigation by Inspenonline revealed that the operators […]
Suspension of recapitalisation good, insurers shouldn’t relent – shareholders
From left: Chairman, Nigerian Insurers Association, Ganiyu Musa and Commissioner for Insurance, Sunday Thomas at an event in Abuja. Leave a comment and share Chuks Udo Okonta Shareholders have shared their opinions on suspension of insurance industry’s recapitalisation, while a group believed that the suspension is a mark that the […]
