The Insurance Council of New Zealand announced today that private insurers have paid out nearly $19 billion to settle commercial and residential claims since the Canterbury earthquakes in 2010 and 2011, of which nearly $9 billion was for domestic claims. Chief Executive Tim Grafton said “insurers have now fully settled […]
Spotlight
S-Africa’s strained social networks open doors for life insurers
* In Africa, communities act like insurance policies * As social ties fray, life insurance gains customers * Kenya, Ghana attract insurers, markets still modest * Paying for funerals still main focus of policies By Katharine Houreld NAIROBI, Oct 31 Families gather at Nairobi’s Garden Square restaurant each evening seeking […]
Old Mutual Emerging Markets CEO quits, joins MTN
Ralph Mupita, CEO of Old Mutual Emerging Markets (OMEM) has tendered his resignation, in order to pursue interests outside of the financial service industry. The search process for his successor will be launched immediately. Mupita will join MTN as its Group Chief Financial Officer and Executive Director from 3 April […]
‘Undercutting premiums a threat to insurance sector’
The Insurance Institute of Zimbabwe will in November host an annual conference in Victoria Falls. Businessdigest reporter Fidelity Mhlanga (FM) caught up with conference guest speaker Delphine Maidou (DM), the CE of Allianz Global Corporate & Specialty (AGCS) Africa, to discuss various issues pertaining to the insurance industry ahead of […]
Reps uncover N640 million paid to unlicensed insurance brokers
By Ndubuisi Orji and Kemi Yesufu Oyefeso The House of Representatives ad-hoc committee investigating the return on premiums paid to government officials by insurance companies has uncovered N640 million paid as commission to two unlicensed brokers. The payment was made by insurance companies that provided services to some Ministries Department […]
NAICOM to open 6 new branches
From left: Commissioner for Insurance, Mohammed Kari and Director Administration and Human Resources Directorate, NAICOM, Adamu Balanti at the event. The National Insurance Commission (NAICOM) said it would open six branches before the end of 2016 as part of efforts to improve insurance penetration and relationships with state governments. The […]
NAICOM Vows to Expose Fraudulent Insurance Directors
James Emejo and Ebere Nwoji Insurance industry regulatory authority, the National Insurance Commission (NAICOM) has said that in carrying out its oversight functions on insurance industry operators, it will leave no stone unturned in exposing directors and managers of firms who have defrauded their individual firms for self-enrichment. The commission […]
NCRIB refutes alleged misconducts by VIO
Leave a comment and share Chuks Udo Okonta The Nigerian Council of Registered Insurance Brokers (NCRIB) has described as untrue a story published by a national newspaper, credited to Vehicle Inspection Office (VIO) on the roles of Insurance Brokers in the issuance of vehicle insurance policies. It was reported that […]
11 insurance companies underwrite NNPC Group’s life for N2.4bn
By Favour Nnabugwu Eleven insurance companies have indemnified the Nigerian National Petroleum Corporation, NNPC, group’s life insurance for N2.4 billion with a cover period that commenced in April this year to March 31, 2017, Vanguard investigation can reveal. The sum assured for the NNPC group’s life scheme for 2016/2017 stands […]
Multiple taxation cripples growth in insurance, says expert
By Bankole Orimisan The government’s multiple taxes have directly and indirectly stunted business development in Nigeria, just as the Companies’ Income Tax (CITA) Act 2007, is further crippling performance in the insurance sector. CITA imposes minimum tax on companies where they have no taxable profits or taxable profits resulting in […]
