From left: Forthright Lady Margaret Moore – Deputy President, Professional Insurance Ladies Association (PILA) Forthright Lady Joyce Ojemudia, President, PILA; Hon Mrs. Bolaji Dada, Lagos State Commissioner of Women Affairs & Poverty Alleviation; Forthright Lady Abimbola Onakomaiya, Vice President, PILA and Mrs. Adegoke Funmi, Senior Special Asst. to the Lagos […]
Insurance
NSE fines six insurance firms N54.3m for contraventions
Leave a comment and share Chuks Udo Okonta Six insurance firms were fined N54.3 million by the Nigerian Stock Exchange (NSE) in 2019 for various contraventions, Inspenonline can report. Data obtained from the X-Compliance Report published on NSE website on July 10, 2020, revealed that the firm’s were sanctioned for […]
Reinsurers unlikely to recoup cost of capital this year — Fitch
The global reinsurance sector will fail to earn its cost of capital in 2020 due to the coronavirus crisis, Fitch Ratings says, following a sector ratings review.
Insurers face headwinds on mid-year reinsurance renewals — Aon
By AIR team Reinsurance capacity was generally available for June and July renewals, albeit with a range of outcomes for insurers driven by timing, structure, and peak zone capacity constraints, says Aon, a global professional services firm providing a broad range of risk, reinsurance, retirement and health solutions. In its […]
Capital expected to continue to be attracted to Lloyd’s – AM Best
By AIR team An operating performance assessment of Lloyd’s reflects the expectation that Lloyd’s will produce strong technical performance over the underwriting cycle and that capital will continue to be attracted to the market, says AM Best. The global credit rating agency says that technical performance is subject to volatility […]
BI claims do not pose systemic risk for South African insurers
By Anoop Khanna South Africa’s Prudential Authority does not expect business interruption claims linked to the pandemic to pose any major systemic risk to the country’s insurance industry. According to a report by Blomberg, the matter is a market-conduct issue, which the Financial Sector Conduct Authority (FSCA) of South Africa […]
Motor premiums in UK show largest quarterly drop since 2018
By Anoop Khanna British motor insurers, already struggling with high costs and tougher environmental rules, now face a drop premium rates due to the decline in accidents and claims. According to a report by Reuters the average premium for a comprehensive motor policy in UK is now £770 ($972) based […]
Sir Muftau Oyegunle now CIIN President
Oyegunle Leave a comment and share Chuks Udo Okonta The Chartered Insurance Institute of Nigeria, CIIN is set to inaugurate Sir, Muftau Oyegunle as its President and Chairman of Council after the tenure of Eddie Efekoha elapsed after two years at the helm of affairs. The virtual event which will […]
In pandemics InsurTechs can create opportunities from threats
By Anoop Khanna Researchers from Cass Business School in London have suggested that COVID-19 will act as a catalyst for the industry-wide adoption of new digital initiatives in the insurance industry. The new research has also suggested that the pandemic has promoted the value of firms having a chief risk […]
UK:Survey reveals struggle of paying insurance premiums
By Ranamita Chakraborty Six out of 10 insurance professionals in the UK have been contacted by consumers who have struggled to afford their insurance payments due to the impact of the pandemic, according to findings from a Chartered Insurance Institute (CII) study. A poll of 221 CII members in June […]
