By Anoop Khanna General insurance industry losses due to COVID-19 could surpass the claims from the World Trade Center attacks in 2001. A report by Willis Towers Watson (WTW) released on 1 May 2020 estimates the general insurance losses due to COVID-19 in the US and UK alone to be […]
Insurance
Shareholders, operators welcome appointment of Thomas as Commissioner for Insurance
Thomas Leave a comment and share Chuks Udo Okonta Shareholders, insurance practitioners and other stakeholders have welcomed the appointment of Sunday Thomas as the Commissioner for Insurance. They lauded President Muhammadu Buhari for giving the insurance industry a commissioner who understands the feeling of all stakeholders and is determined to […]
Mutual Benefits Assurance pays over N399m claims amid COVID-19 lockdown
* Resumes operations May 4th, deploys mobile app for efficient service delivery to customers Leave a comment and share Chuks Udo Okonta Mutual Benefits Assurance Plc said in spite the COVID-19 lockdown, it paid claims in excess of N399 million to various customers across her businesses. The firm in a […]
Buhari appoints Thomas Commissioner for Insurance,CEO of NAICOM
Thomas Leave a comment and share Chuks Udo Okonta President Muhammadu Buhari has approved the appointment of Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer (CEO), National Insurance Commission (NAICOM). Thomas appointment was disclosed in a statement dated May 2, 2020 and signed by the Special Adviser, Media […]
COVID-19:Sanwo-Olu doubles life insurance for Lagos health workers
Leave a comment and share Chuks Udo Okonta The Governor of Lagos State, Babajide Sanwo-Olu, today said the State Government had procured additional life and health insurance for all frontline health workers to cater for the hazard they face in the ongoing battle against coronavirus, bringing it to two-level protection. […]
COVID-19: Unaccredited health workers not covered in insurance sector N11bn palliative – NAICOM
Thomas Leave a comment and share Chuks Udo Okonta Health workers that are not accredited by the Government in the fight against COVID-19 pandemic are not cover in the N11 billion free life cover offered by the insurance industry, the Acting Commissioner for Insurance, Sunday Thomas, has said. Thomas said […]
AIICO to feed over 130 people daily for 14 days amid COVID-19 lockdown
Some of the beneficiaries Leave a comment and share Chuks Udo Okonta AIICO Insurance Plc. has embarked on a relief programme that entails the daily feeding of over 130 people that are within underprivileged communities in Lagos amidst the COVID-19 lockdown. A statement by the firm’s Head, Strategic Marketing & […]
Designing pandemic catastrophe insurance is difficult, says Swiss Re
By Vincent Liu Liang Insurers face an uphill task in trying to provide pandemic catastrophe cover due to several factors including difficulty in estimating the economic losses stemming from a pandemic like COVID-19, according to Swiss Re China president Chen Donghui who was speaking at an online seminar on the […]
IASB decisions on IFRS 17 to impact insurers, users of accounting data
Leave a comment and share The International Accounting Standards Board (IASB) has been considering amendments to the published IFRS 17 accounting standard for insurance contracts. An exposure draft was published by the IASB in June 2019 which acted to re-open the standard. The IASB has reached a series of important […]
Linkage Assurance sustains claims payment amidst COVID-19 lockdown
Braie Leave a comment and share Chuks Udo Okonta Linkage Assurance Plc said it has continued to meet claims obligation to individual and corporate clients despite the COVID-19 lockdown across the country. It noted that this has become possible following full implementation of its business continuity plan, which has enabled […]
