*New regulations coupled with insurtech offerings will pave the way for significant growth Traditionally, access to micro-insurance in South Africa for lower income households has been restricted to life insurance products only, in the form of funeral insurance. However, barriers to uptake and opportunities for financial inclusion were less than […]
Insurance
Insurers shed N323bn annuity business for retail underwriting
Leave a comment and share Chuks Udo Okonta Some insurance companies are cutting down on their uptake of N323 billion annuity business because they considered it to be so volatile and probed to inflation, Inspenonline can report. Investigation by Inspenonline revealed that three life underwriting firms had drastically reduced their […]
Cornerstone Insurance berths comfortably in recapitalised zone
From left: Executive Director Institutional Business, Cornerstone Insurance Plc, Chidiebere Nwokeocha; Group Managing Director/CEO, Ganiyu Musa and Group Head, Strategy, Investor Relations & ERM, Adewale Foster-Aileru at the event. Leave a comment and share Chuks Udo Okonta At a time other insurance companies are still strategizing on how to meet […]
Mutual Benefits Assurance names Asenuga Managing Director as Omosehin retires
Asenuga Leave a comment and share Chuks Udo Okonta Following the retirement of Olusegun Omosehin as the Managing Director of Mutual Benefits Assurance Plc., the firm has appointed Femi Asenuga as the new Managing Director/Chief Executive Officer (CEO), subject to regulatory approvals. The firm said this in a statement signed […]
N300m insurance rebranding project hits rock as recapitalisation fever grips insurers in 2019
Mrs. Ilori The business operating environment this year seemed tough for companies, especially, in the insurance sector. Chuks Udo Okonta, in this report looks at major developments that shaped the underwriting sector. Insurance operators came into this year, with great expectations. They had hinged their belief on some initiatives rolled […]
FG takes away unwholesome tax burden from insurers
Smart Leave a comment and share Chuks Udo Okonta The Federal Government has through the Executive Finance Bill recently passed by the National Assembly relieved insurers of an unwholesome tax burden that had hitherto drained their earnings. The Bill, which is yet to be signed by President, Muhammadu Buhari, deleted […]
Kenyan startup launches insurance-as-a-service platform for underwriters
BY TOM JACKSON Kenyan startup Griffin has launched, offering an insurance-as-a-service (IaaS) digital management platform to insurers and a motor app for consumers. Launched in October after being seed-funded in early 2018, Griffin is an insurtech startup operating two commercial brands. Lami is its IaaS platform, which provides customers with […]
How Blockchain is disrupting the insurance industry
Most insurers have started exploring the opportunities the Blockchain can deliver to their business. With 81% of insurers globally familiar with the technology, some areas of focus are fraud prevention, the digital tracking of medical records and developing smart contracts. JC Oberholzer, Chief Systems Architect of SilverBridge Holdings, examines the […]
Insurance recapitalisation to cost N77bn
By Omobola Tolu-Kusimo The ongoing recapitalisation in the insurance industry will cost insurers about N77 billion, The Nation has learnt. Top industry sources who spoke on condition of anonymity said the recapitalisation cost was drawn from fees to be paid to the Nigerian Securities and Exchange Commission (SEC), tax and […]
Royal Exchange appoints Wale Banmore new GMD, Iwuajoku as Group ED
Banmore Leave a comment and share Chuks Udo Okonta The Board of Directors, Royal Exchange Plc, has announced the appointments of Olawale Banmore, as the new Group Managing Director, while John Iwuajoku has been appointed the Group Executive Director, Operations. Both appointments are effective, December 4, 2019, the firm said. […]
