Leave a comment and share Chuks Udo Okonta The transition to electronic submission of accounts by insurance companies will commence this year, the National Insurance Commission (NAICOM), has said. The Commission noted that it is going to leverage information technology to improve effectiveness and reduce regulatory burden of manual operations […]
Insurance
Apathy Grows As 86.6 Million Nigerians Are Without Insurance
By Bankole Orimisan Long before Nigeria was finally plunged into recession last year, it has been pretty challenging to get Nigerians to appreciate the benefits inherent in insurance products, with the sector contributing a meager 0.6 per cent to the nation’s Gross Domestic Product (GDP). Due to the high level […]
Insurer fined Rs 25,000 for rejecting claim
The Hyderabad III District Consumer Redressal Forum has directed a public sector insurance company to release a claim amount of Rs 3 lakh and also pay Rs 25, 000 as compensation to a customer for unjustified rejection of claim. C Sahadeva Rao had a stent implanted in Chennai’s Fortis Malar […]
Targeting UK Mass Affluents with Insurance
PRESS RELEASE The mass affluent population in the UK is growing, meaning the demographic is an opportunity for providers selling personal insurance. Mass affluents are more likely to be male, have higher household incomes, and be married compared to retail customers. The assets of mass affluents are higher value, making […]
A UK insurance firm will compensate people affected by the ‘unprecedented’ Trump travel ban
AXA Insurance UK promised to compensate customers for costs arising from President Donald Trump’s “unprecedented and unforeseen”executive order on Friday banning people from seven majority Muslim countries from travelling to the US. A spokesperson at AXA Insurance UK sent Business Insider the following statement over email: “In light of the […]
British insurers ‘will be more competitive after Brexit’
By Tim Wallace Britain’s powerful insurance industry has been hamstrung by EU regulations and will become stronger and more competitive once Brexit takes place, financial services bosses believe. Tough regulations called Solvency 2 have been implemented differently in each country around the EU, with the result that British firms have […]
Better insights critical for insurance industry
In a highly competitive market driven by challenging economic conditions, insurance companies must more effectively analyse data. This, says Kelly Preston, data analytics manager at SilverBridge, is critical if they are to improve the customer value proposition. “A consequence of this competitiveness is what is termed the underwriting cycle. When […]
New Head of Allianz’ PIMCO Takes on $2 Trillion Challenge with Gusto
Walk down a side alley in Munich, beneath apartments with net curtains in the windows, past figures of female superheroes on a cafe storefront, and you come to the unprepossessing headquarters of a $2 trillion asset manager. On the fifth floor, an elegantly dressed woman leans forward to field questions. […]
Bill: Senator proposes N20,000 as premium for third party insurance
CFI, Mohammed Kari Leave a comment and share Chuks Udo Okonta A bill to increase motor vehicle third party insurance premium from N5,000 to N20,000 has been read the second time and referred to Senate Committee on Banking, Insurance and Other Financial Institutions, Inspen can report. The bill which was […]
Foreign firms throng Nigerian insurance sector for green market – NIA
By Favour Nnabugwu WITH matured markets and intense competition in the developed economy, foreign companies have began to throng the country’s insurance sector for virgin market. The nation’s insurance industry in the last few years has been largely shaped by the influx of foreign investors, and growing enquiries by many […]
