Press Release The African Reinsurance Corporation (Africa Re) is pleased to announce entries for the third edition of the prestigious African Insurance Awards. This is an opportunity to celebrate CEO’s and the performance of companies over the past year. In line with its purpose, Africa Re initiated these awards to […]
Spotlight
Insurers, motorists disagree over proposed N20,000 on third party policy
By Bankole Orimisan Motorists in Nigeria are vehemently opposed to the proposal to increase Third Party Motor Insurance policy from the current N5,000 premium to N20,000, above workers’ minimum wage, The Guardian has learnt. The proposed increase is coming at a time Nigerians are still battling with recession that has […]
Global Insurers targets $14bn cyber risks by 2022
By Favour Nnabugwu WITH the global cyber insurance market expected to reach $14 billion by 2022, according to Allied Market Research, Nigerian insurers appear not yet ready to take on the market though they desire its development. The National Association of Insurance Commissioners in a statement weekend weighed in on […]
Fed Govt owes 105, 920 retirees N705b, says PenCom
The Federal Government owes 105,920 retirees about N705 billion, the National Pension Commission (PenCom), has said. It urged the National Assembly to intervene by appropriating the needed fund to enable the government to meet up its obligations to its former employees. In a memorandum submitted by the Director-General, National Pension […]
IEI shareholders petition House of Reps over audit report, questionable loans
SHAREHOLDERS of International Energy Insurance, IEI, Plc have petitioned the House of Representatives over the failure of the interim Board and management team appointed by the National Insurance Commission, NAICOM, in 2015 to audit the company’s 2012, 2013, 2014 and 2015 accounts to publish and implement the audit report before […]
British woman who ‘faked death in Zanzibar in £140k insurance fraud bid’ arrested along with teenage son
Martin Evans, crime correspondent A mother and son have been arrested for allegedly faking her death during a luxury holiday to Zanzibar in a plot to claim a £140,000 life insurance payout. The pair, from Walsall in the West Midlands, claimed she had died in a car crash on the […]
World Bank & Africa Re to cap weather index-insurance loss ratios
By ARTEMIS The World Bank’s Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have teamed up to provide a facility that will help to cap insurers loss ratios on weather index-insurance schemes in Africa. Index-insurance, or index based insurance, typically involves protecting policyholders from weather and climate […]
China’s First Mutual Insurer Opens
By Yang Qiaoling and Han Wei (Beijing) — China’s first mutual insurer has opened in Beijing, representing a step toward the country’s goal of diversifying its insurance industry. Zhonghui Property Mutual Insurance, with initial working capital of 1 billion yuan ($146 million) from 12 founding members, will offer credit insurance […]
Guinea Insurance chairman decries non enforcement of compulsory insurances
Ugochukwu Leave a comment and share Chuks Udo Okonta The Chairman of Guinea Insurance Plc, Godson Ugochukwu, has called on the government to provide necessary regulatory mechanisms, conducive business environments and ensure full enforcement of compulsory insurances which would help drive the growth of the sector and also, contribute significantly […]
CAMCONIA eyes Online Media to deepen insurance
Bayagbon Leave a comment and share Chuks Udo Okonta The Corporate Affairs and Communications Managers of Insurance companies (CAMCONIA) under the auspices of the Nigerian Insurance Association (NIA), has engaged the immediate past Editor of Vanguard Newspaper, Mideno Bayagbon, to deliver a paper at its February monthly meeting. A statement […]
