From left: Company Secretary, Donald Kanu; Executive a Director,Babatunde Fajemirokun; Managing Director, Edwin Igbiti; Head Retail Business, Sola Ajayi, all of AIICO Insurance Plc at the event in Lagos. By Peter Egwuatu AIICO Insurance Plc, has condemned alleged unethical practice by its agents, just as it reaffirmed its commitment to […]
Insurance
NAIC struggles with dissatisfied customers
Binji Leave a comment and share Chuks Udo Okonta The Acting Managing Director and Chief Executive Officer, Nigerian Agricultural Insurance Corporation (NAIC), Bashir Binji, says the firm has a lot of dissatisfied customers. Binji, who said this in an interview with a national newspaper, noted that the firm is also […]
Guinea Insurance posts N1.01bn gross premium income
Fro left: Mrs. Isioma Omoshie-Okokuku, Ag. MD; Godson Ugochukwu, Chairman BOD; Abdulkerim Oshioke Kadiri, Independent Director Leave a comment and share Chuks Udo Okonta Guinea Insurance Plc, posted a Gross Premium Income of N1.01 billion in 2015, its Chairman, Godson Ugochukwu, has said. He disclosed this during the company’s 2015/58th […]
NAICOM urged to level playing field for Nigerian reinsurers
Author: Luke Gallin Pan-African reinsurance company Africa Re has an unfair, dominant share of the Nigerian reinsurance market, which is causing local reinsurance companies to perform below expectations, according to reports from the region. This is according to online Nigerian insurance and pension news reporting website Inspenonline, which, citing an […]
Funding Stalls N300 Million Insurance Rebranding Project
By ZAKA KHALIQ The inability of most of the 58 insurance companies in the country to commit fund to the proposed N300 million insurance rebranding project is stalling the initiative, LEADERSHIP exclusively learnt. The project, which was to start initially in October, 2016, could not commence, hence, the commencement date […]
‘Drivers will pay over £1,000 for car insurance on average by 2018’
Car owners, look away now – one industry insider has warned that the average motor premium could rise to over £1,000 next year. The worrying prediction was made Confused.com, which estimates that premiums will creep up from the current £767 average due to hikes in insurance premium tax in June […]
British regulator to focus more on protecting insurance policyholders
By Huw Jones The Bank of England said it will devote greater effort to ensuring more consistent protection for those who would suffer most if their insurance policies do not pay out as promised. The move follows a review by the central bank’s Independent Evaluation Office (IEO), published on Monday, […]
Firms pay 28% of N356b premium income as claims
Chairman, Nigerian Insurers Association, Eddie Efekoha Of an estimated Gross Premium Income (GPI) worth N356 billion generated by the insurance industry last year, 28 per cent was paid out as claims to help individuals and businesses to recover from their losses, a report by Agusto & Co has shown. Agusto, […]
Govt to Review Group Life Insurance Policy for Civil Servants
By Favour Nnabugwu The federal government has still not payed the N5.4billion premium of its civil servants in the country six months after it was due for renewal. The Head of the Civil Service of the Federation, HOCSF, and the Bureau of Public Procurement, BPP, have selected 20 underwriters and […]
Big names dominate as Nigeria’s insurance sector seeks next growth phase
By BALA AUGIE Nigeria’s insurance sector is dominated by a few big company’s meaning it is increasingly difficult for smaller players to compete and ultimately push the sector to its next growth phase. For instance, recent report have it that African Reinsurance, a Pan African insurance company controls 65 percent […]
