Efekoha 2016 is a year of recession that affected every sector including insurance industry, but hopes are high that 2017 could be a new dawn for insurance sector as well as the country if government harmonise its fiscal and monetary policies. Moreover, the commencement of Risk Based Supervision (RBS) which […]
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Insurance firms suffer dwindling shareholders’ funds
Kari Leave a comment and share Chuks Udo Okonta Many insurance firms need to urgently embrace consolidation and recapitalisation to remain afloat as their shareholders’ funds have dropped below statutory requirement, Inspen can report. Investigation by Inspenonline revealed that the shareholders’ funds of seven firms are presently below statutory capital […]
Happy Christmas from Inspenonline
NAICOM to sanction insurers over local content infraction
CFI/NAICOM boss, Mohammed Kari Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has threatened to sanction insurance operators that contravene local content policy by ceding businesses offshore, without fully utilising local capacities. The commission in a circular entitled: Utilisation of In-Country Capacities of Nigerian Insurers, […]
EXCLUSIVE: China insurance regulator tightening new license issuance – source
By Sumeet Chatterjee and Michelle Price China’s insurance regulator is making it much tougher for insurers to get new licenses as it seeks to reduce risks resulting from the aggressive business and investment practices of some players, said three people with knowledge of the matter. Concerns about the kinds of […]
Insurers await N224bn windfall from Budget lift on infrastructure
Insurers are waiting with bated breath for a potential N224 billion windfall from a stimulation of the industry by government’s record 30.7 percent capital expenditure in the 2017 budget that will trigger activity in infrastructure. Analysts’ expectations are based on the effective implementation of the total budget of N7.2 trillion […]
Mutual Benefits Assurance staffer docked for N4.5m fraud
Peters An insurance supervisor with Mutual Benefits Assurance Plc, Emmanuel Peters, has been docked at an Igbosere Magistrates’ Court sitting in Lagos State for the allegedly stealing N4.5 million belonging to customers. Punch reports that the 30-year-old Peters, who lived on Ojelade Street, Jibowu area of the state, was employed […]
Guinea to hold AGM
Leave a comment and share Chuks Udo Okonta Guinea Insurance Plc has announced plans to hold its 58th Annual General Meeting (AGM) having secured approval for 2015 financial accounts from National Insurance Commission (NAICOM). A statement from the Team Lead, Corporate Communications of the firm, Ufot Hanson, the development is […]
African Trade Insurance Agency to help Benin attract US$15 million by 2021
In 2013, Benin became the first West African country to join ATI, a pan-African institution that provides political, investment and commercial risk insurance products Benin is a country on the rise led by a newly appointed businessman-come President, H.E. Patrice Talon. Last week, the President launched a five-year program that […]
PenCom, NAICOM continue discussions on annuity today
Leave a comment and share Chuks Udo Okonta The National Pension Commission (PenCom) and National Insurance Commission (NAICOM) would today continue deliberations on how to resolve the impasse on transfer of annuity assets from life insurance companies to Pension Fund Custodians. Inspen gathered that the parties held their first meeting […]
