The National Insurance Commission (NAICOM) is not broke, the Commissioner for Insurance, Mohammed Kari, has said. He spoke in Abeokuta, the Ogun State capital, while reacting to insinuations by some operators and shareholders that the Commission has resorted to penalising them with huge fines to raise funds. The operators believe […]
Spotlight
Fitch: Risks Emerge from Chinese Insurers’ Offshore Investments
(The following statement was released by the rating agency) HONG KONG/SINGAPORE, April 17 (Fitch) Rapid growth in overseas investment by Chinese insurers could lead to rising risks in a number of areas, including asset-liability duration and currency mismatches, asset concentration risks and execution risks from M&A, says Fitch Ratings. Chinese […]
High piracy attacks push up marine insurance rate
Comfort Oseghale Due to increased piracy attacks in the Niger Delta region of Nigeria, Protection and Indemnity insurers, a maritime insurance association, has raised the rate of war-risk insurance for Nigeria. SUNDAY PUNCH recently reported Nigeria’s classification among high-risk countries in doing international maritime business by the Philippine Overseas Employment […]
Nigeria to host 2016 WAICA AGM, Confab
NIA’s DG, Sunday Thomas The Nigerian Insurance market will host the 38th Annual General Meeting (AGM) and Education Conference of the West African Insurance Companies Association (WAICA), the three day event is billed for April 24 – 26, 2016 at Eko Hotels & Suites, Victoria Island, Lagos. A statement by […]
Stock market is a rocky foundation for pension funds
Since the beginning of the year I’ve cashed out of two small occupational pension schemes I accumulated earlier in my long career writing about money. Partly this was because of new UK legislation that allowed me to “retire” at 55, and also because I looked at the potential payouts and […]
Brexit bad for UK’s insurance business, say two-thirds of traders at Lloyd’s
68.7% of brokers and insurers believe leaving the EU would “hurt” Lloyd’s of London, a survey shows More than two-thirds of traders at Lloyd’s of London say Brexit would be bad for the UK’s £60 billion-a-year insurance business, according to a report. The survey, commissioned by City PR firm Haggie […]
Players Union to take insurance payout issue to ombud
Tiyani Wa Ka Mabasa PSL and Orlando Pirates chairman Irvin Khoza at the PSL offices in Parktown. File photo Image by: MOEKETSI MOTICOE The South African Football Players Union (SAFPU) will approach the insurance ombudsman to raise and deal with concerns regarding insurance for professional players in the country. This […]
Wapic Insurance’s capital base grown to GHȼ 17 million
Wapic Insurance has complied with the National Insurance Commission’s (NIC) recapitalisation requirement regulatory deadline of December 31, 2015, by injecting fresh funds into its operations. Arowojolu Mr Adedayo Arowojolu, Managing Director for Wapic Insurance said the Company’s capital base had grown to GHȼ 17 million, which exceeds the regulatory requirement. […]
New UK, African Trade Insurance partnership helps finance EA ambition
“The UK is a global leader in many of the sectors for which Kenya has greatest demand: infrastructure, advanced engineering, energy, ICT and defence and security. In these and other specialist areas, UK expertise can help accelerate Kenya’s development and economic growth”. Kenya is fast cementing its reputation for remarkable […]
Mariah Carey insures her legs and voice for $70 million
Normal people take out insurance policies on homes, cars and even their pets but there’s a whole world of insurance beyond that – when it comes to celeb-land, stars seem to have so much more at stake. The latest? Mariah Carey (in true Mariah style) has reportedly insured her body […]
