AIICO staff distributing to people in the community Leave a comment and share Chuks Udo Okonta MD/CEO, Babatunde Fajemirokun AIICO Insurance Plc, in partnership with We Stand Foundation, recently organised a Feeding Relief Programme to cater to the needs of underprivileged people in Lagos. Three hundred (300) families within the […]
Insurance
NAICOM to bar insurers with outstanding claims from scaling recapitalisation hurdles
Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) is going to factor in all outstanding claims before adjudging any insurance company to have attained the recapitalisation requirements, the Commissioner for Insurance, Sunday Thomas. Has said. He said this in an interview with NAIPCO Trumpet a […]
Significant COVID-19 impact on marine insurance
IUMI president Richard Turner By Ranamita Chakraborty The uncertainty stemming from the coronavirus pandemic has significantly affected the global insurance industry and, inevitably, that has impacted the marine sector, according to IUMI president Richard Turner. Mr Turner was speaking during a keynote address to the International Union of Marine Insurance […]
Insurance policyholders win Covid-19 UK high court test case
UK holders of business interruption insurance have won a “significant” victory in a high court test case to determine whether the coronavirus pandemic should trigger payouts under their policies. Lawyers acting for the financial conduct authority (FCA) , which brought the case on behalf of the policyholders, said the judges […]
Firms partner to launch intelligent insurance claims solution
SilverBridge and Astute Financial Services Exchange have partnered to deliver a fully automated intelligent claims processing solution. The system uses Artificial Intelligence (AI) modelling of insurer expert decision-making which enables claims to be processed in real-time while providing maximum risk oversight. “Astute has a proven reputation within the insurance industry […]
5,453 firms seeking govt jobs remit N14.56bn pension contributions
Leave a comment and share Chuks Udo Okonta The National Pension Commission (PenCom) said N14.56 billion was remitted to 70,982 employees’ Retirement Savings Accounts (RSAs) by the 5,453 organisations, that sought government contracts/jobs as third quarter of 2019. PenCom noted that it received a total of 5,600 applications for the […]
5G technology to propel insurance industry transformation
5G technology will play an increasingly role in the insurance industry, used at the beginning to the end of insurance-related processes and transforming the sector, says the secretary general of the Office of Insurance Commission (OIC) , Dr Suthiphon Thaveechaiyagarn. 5G technology will play a role in the process of […]
World’s insurers await UK COVID ruling with billions at stake
*FCA is seeking clarity on disputed language in so-called business-interruption policies Insurers battered by coronavirus are about to find out how much worse the damage could get. A London court is set to rule Tuesday in a case involving about 370,000 policyholders, companies including Zurich Insurance Group AG and Hiscox […]
Young woman deliberately saws off own hand to claim £1million in insurance fraud
Julija Adlesic Julija Adlesic, 22, told doctors she accidentally severed her hand while cutting branches, but a court found that she intentionally cut it off with a circular saw after taking out five insurance policies By Chris Kitching Senior News Reporter A young woman who deliberately sawed off her left […]
US okays $1.5bln insurance for Mozambique gas project
The US has set aside US$1.5 billion for political risk insurance in the gas-rich northern Mozambique region ravaged by an Islamist insurgency for the past three years, its Maputo embassy said Thursday. The International Development Finance Corporation (DFC) has “agreed to provide up to $1.5 billion in political risk insurance […]