President Buhari presenting the budget By Favour Nnabugwu The Presidency, ministries of Foreign Affairs, Education and the other Ministries, Departments and Agencies, MDAs, are to spend N22.4 billion on insurance premium this year, according to the 2017 budget. An analysis of the fiscal document, submitted by President Muhammadu Buhari, to […]
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Royal Exchange, others paid N234.6m to NNPC as group life claims
Leave a comment and share Chuks Udo Okonta Life insurance operators paid about N234.6 million as group life insurance claims to the Nigerian National Petroleum Corporation (NNPC) in 2014, Inspen can report. According to a report by the Nigerian Insurers Association (NIA) the claims which were paid for the death […]
Embrace rebranding project NIA urges insurance agents
Efekoha Leave a comment and share Chuks Udo Okonta The Chairman, Nigerian Insurers Association (NIA) Eddie Efekoha, has urged members of Association of Registered Insurance Agents (ARIAN) to embrace the industry’s proposed N300 million rebranding project which was conceived to change public perception on insurance business. Efekoha, who said this […]
Ghanaian insurance industry profitability still low– Commissioner
Lariba Lydia Lariba, Commissioner of the National Insurance Commission (NIC), has stated that even though the industry’s gross premium income has seen significant growth over the years, profitability has not increased commensurately. At a cocktail organised by SIC Life for its staff in Accra, the Commissioner said competition in the […]
FBNInsurance Group donates to Down Syndrome Foundation
From left: Shola Osho, Head, Alternative Distribution, FBNGI; Festus Izevbizua, Chief Financial Officer, FBNI; Bode Opadokun, Managing Director, FBNGI; Muyiwa Majekodunmi, Admin Manager, Down Syndrome Foundation; Supo Sogelola, Head, Corporate Distribution, FBNI; Elizabeth Agugoh, Head, Marketing and Corporate Communications, FBNI; and some children of the Down Syndrome Foundation during the […]
Insurance industry performed better in spite of recession – analysis
Kari In spite of the economic recession, the Nigerian insurance industry performed better in 2016 due to stricter enforcement of the Code of Corporate Governance. The improved performance was particularly due to enforcement of rules against unethical practices, under capitalisation and rate cutting, among others. Although the industry felt the […]
Cornerstone Insurance, 20 others pay N52.8m fine
Leave a comment and share Chuks Udo Okonta and agency report The Nigerian Stock Exchange (NSE) has imposed a fine of N52.8 million on Cornerstone Insurance Plc, Staco Insurance Plc and 19 other companies over default in filings financial statements. The NSE said the sanctions were applied in accordance with […]
Insurers pay N74.24m claims on death Police officers
Leave a comment and share Chuks Udo Okonta Life underwriters paid about N74.24 million claims to the Nigerian Police Force (NPF) for deceased officers in 2014, even as the government has refused to pay the over N5.4 billion premium for outgoing 2016. According to a report obtained from the Nigerian […]
FG fails to renew insurance of civil servants, others as year ends
Expose assets, workforce to uncertainties, hazards By Clement Nwoji With barely three working days left to the end of the 2016 business year, confusion continues to trail the Federal Government’s inability to renew the Group Life insurance coverage for its federal civil servants and insurance of its assets nationwide. This […]
Financial Account: NAICOM, NSE Fine 10 Insurers N50m For Non-compliance
By ZAKA KHALIQ The National Insurance Commission (NAICOM) said 49 insurance companies has so far submitted their 2015 accounts. Just as investigation shows that, about 10 insurance companies are yet to submit theirs, three days to the end of the year. The erring firms are already paying monetary fines to […]
