More than £25 million claims linked to fraud rings have been detected – with a further 3,000 under investigation over organised whiplash claims BY EMMA MUNBODHVICKY SHAW A major insurer detected nearly a quarter of a million pounds worth of bogus claims every day last year. Aviva saw a 9.5% […]
Insurance
NAICOM to release revised RBS guidelines
By: Omobola Tolu-Kusimo The National Insurance Commission (NAICOM) may release a revised priority guidelines on Risk Based Supervision (RBS) for insurance operators this week. Commissioner for Insurance, Mohammed Kari made this known to reporters at the just-concluded African Insurance Organisation (AIO) Conference in Kampala, Uganda. Kari said the Commission had […]
3 Insurance Firms To Raise N6bn Ahead Of Recapitalisation
By ZAKA KHALIQ, Three of the 26 listed insurance companies on the floor of Nigerian Stock Exchange (NSE) have initiated plans to approach their respective shareholders to raise N6 billion in a bid to recapitalise and become stronger to play active roles in insurance market by the time the new […]
FBNInsurance Brokers appoints Ibidapo MD/CEO
Ibidapo Leave a comment and share Chuks Udo Okonta FBNInsurance Brokers, an FBNHoldings company has announced the appointment of Olumide Ibidapo as its new Managing Director and Chief Executive Officer. A statement from the company noted that Ibidapo versed insurance practitioner, started his career with IBN/Marsh Brokers in 1990 and […]
NIA widens search for director general
Leave a comment and share Chuks Udo Okonta The Nigerian Insurers Association (NIA) has widened its net in search of an experienced director general to provide strategic leadership and direction for the umbrella body of underwriters. According to the association ideal candidates will be required to demonstrate highly advanced strategic […]
Nigeria emerges fifth largest insurance market in Africa
Soares NIGERIA has emerged one of the top five insurance markets in Africa, ranking fifth with overall market share of 85 percent of premiums in the continent. General-Secretary of the African Insurance Organization, AIO, Ms Prisca Soares at a press conference after the launching of the second Africa Insurance Barometer […]
Executive order: NAICOM to rejig capital verification, other initiatives
Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) in a bid to align with the executive order on ease of doing business, recently signed by the Federal Government, is working out suitable deadlines for all its priority initiatives. Inspen gathered that top management of the […]
Law Union and Rock Insurance grosses N3.93bn in 2016
From left: Managing Director/CEO, Law Union & Rock Insurance, Jide Orimolade; Chairman, Remi Babalola and Company Secretary, Stanley Chikwendu at the event. Leave a comment and share Chuks Udo Okonta Law Union and Rock Insurance Plc, posted a Gross Premium Income of N3.93 billion, in 2016, its Chairman, Remi Babalola, […]
AIO: Regulatory failings, skills shortage holding Africa back
Soares Africa’s insurance and reinsurance market shows signs of growth despite economic headwinds, according to the 2nd Africa Insurance Barometer report. Investment in infrastructure and a young population were touted by the study as strengths for the continent, with the $64bn insurance market outperforming the wider economy, which has been […]
Insurers hawk third party policy for N1000
Leave a comment and share Chuks Udo Okonta The quest to remain afloat might have forced desperate insurers to hawk third party motor insurance policies for a paltry sum of N1000. Inspen gathered that the insurance price war has heighten in recent times, a situation which might have stemmed from […]
