It is estimated that as much at 32% of all claims submitted in any year are fraudulent. Tough times tend to elicit desperate behaviour from people. The slow economic growth, coupled with macroeconomic uncertainty, of the past few years have resulted in a marked increase in the amount of insurance […]
Insurance
Insurers explain reasons for delay in filing 2017 accounts at NSE
Leave a comment and share Chuks Udo Okonta Insurance firms that could not meet the March 31, deadline for submission of their financial statements to the Nigerian Stock Exchange (NSE) said they were unable to submit due to delays arising from conclusions on the accounts. “The Management of AIICO Insurance […]
Economy GCR Affirms AIICO Insurance A(NG) Rating
Chairman AIICO Insurance, Bukola Oluwadiya By Dipo Olowookere Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to AIICO Insurance Plc of A(NG), with the outlook accorded as Negative. GCR explained in a statement yesterday that the rating was affirmed because the insurer’s assets continue to […]
Linkage Assurance to sell motor insurance online
Dr. Apere Leave a comment and share Chuks Udo Okonta Linkage Assurance Plc, has secured the approval of the National Insurance Commission (NAICOM) to distribute its motor insurance policies online through a robust technology platform that makes it more accessible to its customers anywhere in Nigeria. The firm said the […]
Underwriters pay over N942.26m claims on Dana Air clash
Leave a comment and share Chuks Udo Okonta Four years after a Lagos-bound Dana Air aircraft from Abuja, crashed into a two-storey building at Ishaga, at the Iju-Ishaga area of Lagos, insurance companies were still battling to settle the claims as four of them paid about N942.26 million in 2016 […]
Life Insurers hit by huge claims payments
.Net claims swallow net premium income Leave a comment and share Chuks Udo Okonta Some Life Insurance companies in 2016 paid huge net claims which gulped their net premium income, Inspenonline can report. Data obtained from the Nigerian Insurers Association (NIA) revealed that firms like Ensure Insurance Plc, had a […]
Old Mutual offers free financial education to over 15,000 persons
an Resources & Planning, American University of Nigeria, Nurha Bamalli; Acting Worksite Acquisition Manager, Old Mutual Insurance, Isaac Onaolapo at a Financial Education Workshop held recently at the American University of Nigeria, Yola, Adamawa State. Leave a comment and share Chuks Udo Okonta Old Mutual Insurance has in line with […]
29 insurance firms post negative reserves
Leave a comment and share Chuks Udo Okonta Twenty nine insurance companies have negative reserves a report by the Nigerian Insurers Association (NIA) has revealed. According to the 2016 Nigeria Insurance Digest, Produced by the association, the firms posted negative reserves amounting to N93.15 billion in 2016. The NIA report […]
Insurance firms borrow N68.57bn for expansion
Leave a comment and share Chuks Udo Okonta Some insurance companies had between 2013 to 2016 borrowed about N68.57 billion to support their operations, Inspenonline can report. Data obtained from the Nigerian Insurers Association (NIA) revealed that Non life operators borrowed N60 billion, while Life operators borrowed N8.57 billion. According […]
Investment portfolio in Nigeria’s insurance industry grew by 8% to N762 billion in 2017
The 2018 Nigerian Insurance Industry report by Agusto & Co. has revealed poor performance of the investment portfolio in the sector. The 206-page report which also ranked firms in the industry across various financial indicators, also highlighted major challenges contributing to the industry’s low performance, particularly its investment portfolio management […]
