The average payout for a motor insurance claim is more than £2,000, new figures show About 99% of motor insurance claims are successful, according to industry figures. The Association of British Insurers (ABI), which analysed claims made in 2014 and 2015, said payouts were made in all but 1% of […]
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Insurance Cash-and-Carry – so far, so good
MAWULI ZOGBENU In an earlier publication on this subject two years ago, I did make reference to the positive impact the No Premium No Cover Policy (NPNC) has had on especially the Nigerian insurance sector and how its implementation in Ghana was going to inure to the benefit of the […]
Why insurers are not remitting 0.25% to fire service – Ajayi
Leave a comment and share Chuks Udo Okonta The former Chairman, Nigerian Insurers Association (NIA), Olusola Ladipo-Ajayi, has attributed insurers failure to remit the statutory 0.25 per cent to Federal Fire Service (FFS) to non enforcement of the fire law by the service. Ajayi who spoke at a forum in […]
Most school vehicles do not have insurance – FRSC
Leave a comment and share Chuks Udo Okonta The Federal Road Safety Commission (FRSC) has accused school proprietors for not insuring the vehicles used in conveying pupils to schools. Its Public Relations Officer, Paul Abiti, who said this at a forum in Lagos, noted that the Commission had discovered that […]
A.M. Best Releases Updated Draft of Best’s Credit Rating Methodology, Revised Best’s Capital Adequacy Ratio Criteria
FOR IMMEDIATE RELEASE OLDWICK – NOVEMBER 15, 2016 A.M. Best has released updated drafts of Best’s Credit Rating Methodology (BCRM) and the criteria procedure for the U.S. property/casualty (P/C) Best’s Capital Adequacy Ratio (BCAR). A.M. Best has also simultaneously released proposed revisions to the criteria procedures for the U.S. and […]
How Trump’s Win May Provide a Windfall for Bailed-Out Insurer AIG
The real estate mogul’s election is likely to buoy the stock prices of insurers like AIG and MetLife as well as asset managers since a key regulator will become dormant. By Ronald Orol Donald Trump’s election as president and the Republican sweep of Congress will probably buoy shares in the […]
AIG Agrees to Sell Japan Life Insurance Business to FWD Group
Press release AIG Agrees to Sell Japan Life Insurance Business to FWD Group American International Group, Inc. (NYSE:AIG) has announced that it has agreed to sell its Japan life insurance business AIG Fuji Life Insurance Company, Ltd. (AFLI) to FWD Group, the insurance arm of Pacific Century Group. The transaction […]
Multi-billion naira insurance fraud: ‘BPE breaches Procurement Act’
Members of the House of Representatives investigative panel on the multi-billion naira insurance fraud in Ministries, Departments and Agencies (MDAs) between 2013 and this year, were shocked yesterday when the acting Director-General (DG) of the Bureau of Public Enterprise ( BPE ), Vincent Akpotaire, said he was not aware of […]
FBNInsurance wins Best Life Insurance Company award
Executives of FBNInsurance/FBNInsurance General Leave a comment and share Chuks Udo Okonta FBNInsurance Limited, has been announced as the 2016 Best Life Insurance Company in Nigeria by World Finance, organisers of the prestigious World Finance Global Insurance Awards, making it the second time in three years. Shedding more light on […]
African Reinsurance market hits $64 billion
There are strong indications pointing to the growth of the Africa’s Reinsurance Market in the next five years. The latest reports from African Reinsurance pulse launched at the 21st African Reinsurance forum in Dakar Senegal have stated that the market is expected to benefit from strong underlying growth driven by […]
