Cut in compensation for serious injuries will see insurance premiums rise, with young drivers the worst hit, says a report By Julia Kollewe Britain’s car insurers suffered combined losses of £3.5bn last year due to controversial new compensation rules for serious injuries, according to a report which predicts further sharp […]
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AIG teams with IBM to use blockchain for ‘smart’ insurance policy
By Suzanne Barlyn Insurer American International Group Inc (AIG.N) has partnered with International Business Machines Corp (IBM.N) to develop a “smart” insurance policy that uses blockchain to manage complex international coverage, the companies said on Wednesday. AIG and IBM completed a pilot of a so-called “smart contract” multi-national policy for […]
NAICOM approves 33 firms’ queried Standard Alliance 3 others
Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has approved the 2016 financial accounts of 32 insurance firms and one Reinsurance. According to the status of financial statements of insurance companies as at 13, June 2017, made available to Inspenonline by NAICOM, 41 firms have […]
Leadway Assurance grosses N52.7bn, pays N23bn claims
.Announces appointment of new directors Leave a comment and share Chuks Udo Okonta Leadway Assurance Company Limited, said its assets grew from N137.3 billion 2015 to N166 billion in 2016. Gross Premium Income (GPI) also rose by 13 per cent from N46.6 billion to N52.7 billion, an increase largely attributable […]
NAICOM endorses approval of four insurers to sell annuity
Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) says it is comfortable with the approval granted to four insurance companies to sell annuity. Head, Corporate Affairs NAICOM, Rasaaq Salami, told Inspenonline that the four companies received the blessings of the commission. The National Pension Commission […]
Mutual Benefits posts N10.7bn underwriting income in 2016
. Pays N3.3bn claims Mutual Benefits Assurance Plc, grew its underwriting income by 27 per cent from N8.3 billion to N10.7 billion in 2016, despite the challenging economy and consumer apathy towards insurance. A statement by the firm’s Head, Corporate Communication, Ellen Offo, stated that this was revealed in the […]
Cross River Govt. partners brokers on assets, investments
Governor Ayade Leave a comment and share Chuks Udo Okonta Cross River State Government has pledged to patronise insurance brokers in the insurance of its numerous assets and investments to sustain the state’s economic growth. The Executive Governor of the State, Professor Benedict Ayade, made the promise while declaring open, […]
Insurers resume sales of annuity amid low patronage
Leave a comment and share Chuks Udo Okonta Life Insurers cleared by the National Pension Commission (PenCom) to sell annuity have resumed sales, amid claims that the patronage for now remains low. Inspen interacted with some of them yesterday in Lagos at the 12th Retirement Benefits Documentation Seminar organised by […]
Sovereign Trust Insurance wins award
R-L: Head of corporate communications and brand management, Sovereign Trust Insurance Plc, Mr. Segun Bankole Receiving the company’s award from the Permanent Secretary, Civil Service Pensions Office, Lagos state, Mr. Senayon Adeola at the event. Sovereign Trust Insurance Plc has been named the Most Innovative Insurance Brand of the year […]
Allianz launches new insurance product for British workers abroad amid Brexit concerns
By Vicki Owen Fears that British workers abroad could lose access to free or reduced cost medical treatment in the EU after Brexit have prompted the launch of a new international insurance product for small and medium-sized enterprises. Allianz Worldwide Care’s Andy Seale said: ‘There’s a huge number of people […]
