The IRDAI has constituted a six-member committee to examine various aspects of index-linked products in the life insurance segment, the regulator announced in a statement. The IRDAI said that it formed the panel following requests from various life insurance companies to allow them to sell index-linked products. Current regulations do […]
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Demand spike for new COVID-19 insurance products
By Jimmy John Over 1.5m people have been covered under the recently introduced Corona Kavach and Corona Rakshak insurance plans. With around 3.7m COVID-19 cases in the country, the pandemic has led to more people buying health insurance policies. The two COVID-19 specific policies were launched by insurance companies in […]
FBNInsurance-Sanlam meets brokers, pledges quality service delivery
Ojumah Leave a comment and share Chuks Udo Okonta FBNInsurance together with its subsidiary, FBN General Insurance and the new owners, the Sanlam Group, recently hosted brokers in a virtual Brokers Forum, pledging to provide excellent services to teeming clients. The Forum was aimed at welcoming the Brokers to the […]
South Africa’s Santam fights claims of avoiding COVID-19 pay outs
By David Whitehouse Businesses in Cape Town brought to their knees by COVID-19 are taking Santam, South Africa’s leading general insurer, to court in what they hope will lead to a landmark judgement for liability. Ma-Afrika Hotels and restaurant company Stellenbosch Kitchen have brought the case against Santam which is […]
Reinsurers post weak half-year earnings amidst surging COVID-19 claims
By Ranamita Chakraborty A new report from Moody’s Investors Service noted that while investment returns rebounded, global reinsurers reported anaemic earnings during the first half of 2020 as COVID-19 claims increased. Nevertheless, one positive aspect of 1H2020 results was strong pricing momentum and capital levels remaining healthy even though a […]
AIICO Insurance to float N3.5bn rights issue
Leave a comment and share Chuks Udo Okonta AIICO Insurance Plc, is taking another giant leap forward in its recapitalisation journey with the launch of its N3.5 billion rights issue, which will open tomorrow, Wednesday, September 2, 2020 and will run through to Wednesday, October 7, 2020. A statement by […]
PenCom, NAICOM move to tackle de-marketing by pension, insurance operators, sign MoU
From left: Acting Director-General, National Pension Commission, Mrs. Aisha Dahir-Umar and Commissioner for Insurance, Sunday Thomas at the event. Leave a comment and share Chuks Udo Okonta The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) in an epoch-making ceremony today in Abuja, signed off the Revised Regulation […]
China mulls adding coronavirus-related medicines to insurance list
Chinese authorities are planning to officially include medicines used in the treatment of diseases related to the novel coronavirus in the country’s medical insurance programs. The National Healthcare Security Administration said Friday that one priority of this year’s adjustment to the medicine reimbursement list is providing coverage for medicines for […]
Insurance sector contracts by 28.15% in Q2 2020
Leave a comment and share Chuks Udo Okonta The insurance sector contracted by 28.15 per cent in the second quarter of this year, the National Bureau of Statistics (NBS), has said. The NBS disclosed this in its Gross Domestic Product (GDP) report for the second quarter of 2020. The bureau […]
Life insurers register 2357 annuitants in three months
Leave a comment and share Chuks Udo Okonta Life insurance companies registered 2,357 annuity subscribers in three months the National Pension Commission (PenCom), has said. PenCom stated this in a recent report, stressing that it approved a total of 2,357 applications for retirement under life annuity between July to September […]
