Leave a comment and share Chuks Udo Okonta Anchor Insurance Company Limited has donated 150 cartons of facemask, 30 cartons of hand gloves and 45 cartons of hand sanitisers to the Akwa Ibom State Government, in support of the fight against COVID-19 pandemic in the state. Chairman, Board of Directors […]
Insurance
Global reinsurer reports billions in first half COVID-19 losses
Swiss Re has announced that claims and reserves related to COVID-19 in the first half of 2020 have amounted to $2.5bn before tax across the group, resulting in a net loss of approximately $1.1bn for the period. An estimated $1.5bn of the first half losses impacted P&C reinsurance and about […]
PILA partners Lagos State on rally to demand justice for rape, sexual harassment victims
From left: Mrs Joyce Ojemudia, President, Professional Insurance Ladies Association (PILA) and Mrs Bolaji Dada, Honourable Commissioner for Women Affairs & Poverty Alleviation Lagos State during a rally organized by PILA in partnership with the Ministry to demand for justice for victims of rape and sexual violence in Lagos. Leave […]
Kasaija elected new chairman of African Trade Insurance Agency
Kasaija Uganda’s Minister of Finance, Planning and Economic Development Matia Kasaija has been elected the new chairman of the African Trade Insurance Agency (ATI). Mr Kasaija’s election took place at the 20th virtual Annual General meeting of shareholders of the African Trade Insurance Agency at the weekend. Uganda is a […]
US retailer sues insurer for $28m for BI insurance coverage denial
By Ranamita Chakraborty Lawyers on behalf of Altar’d State, a national boutique in the US, are suing Hartford Fire Insurance for $28m after the insurer denied coverage for a business interruption (BI) insurance claim. The retailer was forced to close its doors due to COVID-19 resulting in a significant loss […]
Reinsurer announces around EUR700m COVID-19 related losses
By Ranamita Chakraborty Munich Re registered COVID-19-related reinsurance losses totalling about EUR700m ($800,00) in 2Q2020, according to an official statement from the reinsurer. The largest share of these losses is attributable to cover for major events with a lower impact reported in life and health business as well as other […]
UK financial regulator rebukes insurers over BI claims at court hearing
By Ranamita Chakraborty On the first day of an eight-day hearing regarding a case brought by the Financial Conduct Authority of UK (FCA), London’s High Court was told that some of the world’s biggest insurers are wrong to deny a pay-out to hundreds of thousands of small British businesses which […]
CIIN new president Oyegunle pledges to reinforce professionalism, ethics
Sir. Oyegunle Leave a comment and share Chuks Udo Okonta The newly elected President of the Chartered Insurance Institute of Nigeria (CIIN) Sir. Muftau Oyegunle, has pledged to take the institute to lofty heights by reinforcing professionalism and ethics. He said this today in Lagos, while giving his acceptance speech […]
NAICOM Academy coming soon
Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has said due to its concern for specialised regulators’ training it will be establishing the NAICOM Academy which will not only serve her training needs, but also those of other regulators in the West African sub region. […]
Shareholders suggest how to stem regulatory fines on insurers
Leave a comment and share Chuks Udo Okonta Regulatory fines on insurance firms are punishments on investors and not officers that are directly responsible, hence should be reconsidered, shareholders have said. They maintained fines do not really serve as deterrent, stressing that enforcing compliance doesn’t have to be monetary, as […]
