The South African insurance industry has been undergoing significant changes this year, with more to be enacted early next year. On 17 April 2015, the National Treasury and the Financial Services Board issued a request for public comment on the Draft Insurance Bill, 2015 (“the Bill”). The Bill is in […]
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Insurance: FCA plan to make firms show former premiums
By Kevin Peachey Personal finance reporter Households receiving insurance renewal quotes will be told how much they paid the previous year to compare prices, under new proposals. A trial by the Financial Conduct Authority (FCA), found that including the previous year’s premium on renewal notices prompted people to shop around. […]
1 in 10 insurance claims turns out to be a fraud
By Mayur Shetty Insurance claim frauds – which are growing in number and getting more innovative – have put insurers in a dilemma. Companies want to simplify the claims process and wipe out the trust deficit faced by insurers. But this is turning out to be tough when frauds are […]
African Risk Capacity to double coverage
Fiona Robertson Catastrophe insurance pool African Risk Capacity (ARC) is planning to double the insurance coverage it offers by opening up to UN agencies and non-governmental organisations. The pool already offers nine governments about $180mn of coverage and it hopes other organisations will take out cover to match this existing […]
Insurance agents re-elects Gbadebo, celebrates Irukwu, others
Mrs Adenuga receiving the award on behalf of Prof. Irukwu from Gbadebo, others are members of ARIAN at the event. Leave a comment Chuks Udo Okonta Insurance Agents under the umbrella of Association of Registered Insurance Agents of Nigeria (ARIAN) today re-elect Olamerun Gbadebo as President, even as Prof. Joe […]
Passing Revised Insurance Bill into law
Five years ago, the current Insurance Act 2003, was revised and passed to the Executive arm of the industry, specifically, the Finance Ministry, but as it stands, it is yet to leave the Ministry to the National Assembly, although there are steps being taken to get the bill passed under […]
Canada’s Sun Life Boosts Indian Insurance Venture Stake
By Judy McKinnon Sun Life Financial Inc., Canada’s third-largest insurance company by assets, said Wednesday it will boost its stake in its Indian insurance joint venture to 49% from 26%, expanding in what it considers a key growth market. Toronto-based Sun Life said it would pay about 340 million Canadian […]
EU Tells 14 Countries to Put Deposit-Insurance Rules in Place
Infringement letters sent to 18 nations, 14 now need to comply Bank resolution rules still need action from nine countries The European Union is pursuing infringement proceedings against 14 member countries that haven’t changed their national laws to comply with the bloc’s new rules for deposit guarantee systems. Belgium, the […]
Obama unveils $30 mln for climate risk insurance to protect poor
Climate deal needed if Bill’s billions are to help poor nations BY MEGAN ROWLING PARIS,(Thomson Reuters Foundation) – The United States will contribute $30 million to climate risk insurance schemes in the Pacific, Central America and Africa, President Barack Obama announced at a meeting with leaders of small island nations […]
CIIN to align syllabus with CII UK
Ahmed Leave a comment Chuks Udo Okonta The much expected syllabus of the Chartered Insurance Institute of Nigeria (CIIN) when completed would feature relevant parts of that of Chartered Insurance Institute of the United Kingdom, Inspen has learnt. It was gathered that the syllabus which work is at the final […]
