The Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday said all insurance companies have to report compliance on Indian ownership and control criteria by January 18, next year. In a letter to chief executive officers of all insurance companies in the country on Wednesday, V.R. Iyer, member (finance […]
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Revocation of insurance brokers cuts 1000 jobs
Kari • NCRIB seeks NASS intervention Following the revocation of 108 insurance brokers, about 1000 employees have lost their jobs, causing untold harship to them and their family members. This is coming at a time Nigeria’s unemployment rate is about 35 per cent and harsh economic outlook persists. The National […]
Insurance firm turns to planting trees in South Africa to combat drought risk
Farmer Pieter Kruger stands smiling on a large weir built on a river in the Baviaanskloof area that provides water to South Africa’s fifth largest city. Tall and lean, he looks out over a gathering pool, delighted at the first time it has filled up enough to have the water […]
NAICOM dares Insurers to publish unwarranted charges
Leave a comment Chuks Udo Okonta The Commissioner for Insurance Mohammed Kari, has dared aggrieved insurance operators to make public the charges paid to the National Insurance Commission (NAICOM) that has culminated in their inability to pay dividends to their shareholders. He disclosed this at an event organised by Champion […]
FBNInsurance donates N.1m to motherless, old people home
Leave a comment Chuks Udo Okonta FBNInsuarnce Limited as part of activities to round off its 5th anniversary celebration, today paid a visit to Heritage Homes & Orphanages, Anthony and the Lagos State Old Peoples’ Home, Yaba, Lagos and donated N250,000 each to the Homes amounting to N500, 000. Chief […]
Insurance now works in Nigeria, FBNInsurance Sure4Life claimant testifies
Leave a comment Chuks Udo Okonta “I feel very happy and excited that insurance now works in Nigeria particularly because FBNInsurance responded and paid my medical claims benefit very fast.” These were the words of Taofik Yahaya, the first claimant under the Sure4Life mobile insurance product of FBNInsurance Limited. Yahaya, […]
NAICOM accuses insurers of using shareholders to cover gross financial mismanagement
Leave a comment Chuks Udo Okonta The National Insurance Commission (NAICOM) today said shareholders are deliberately being misinformed, misled and used as stooges by management of some insurance companies to cover up their gross financial mismanagement. The Commissioner for Insurance Mohammed Kari, said this at the 2015 Champion Newspaper Insurance […]
Man kills brother for insurance money, passes it off as accident
The mystery over the death of a physically handicapped person found lying on the road near Shikaripur six months ago has been resolved. Police had earlier concluded that it was a hit-and-run case but following a tip-off, reopened the case and found the killer to be the victim’s own elder […]
Fitch: UK Annuity Resale Plan May Fail, But Won’t Hurt Insurers
(The following statement was released by the rating agency) LONDON, December 16 (Fitch) The UK government’s plan to allow pensioners to sell their annuities will not affect the credit profile of insurers, but the complexity of pricing and managing transactions suggests any secondary market is likely to remain small, Fitch […]
Fitch: UK Non-Life London Market Insurance Continues to Face Pricing Pressures
(The following statement was released by the rating agency) Link to Fitch Ratings’ Report: 2016 Outlook: London Market Insurance here LONDON, December 18 (Fitch) Fitch Ratings says in a new report that London market insurers will continue to face pressure on their underwriting margins due to fierce competition. The London […]
