Breaking News

Insurance

Toney Elumelu, Fola Daniel Start Insurance Business

Nigeria’s National Insurance Commission Friday has issued an operational licences to four new insurance firms and one reinsurance company According to the Commissioner for Insurance, Mr Sunday Thomas the new firms are: Heir Insurance Limited (General), chaired by Mr Toney Elumelu; Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise …

Read More »

NAICOM Deploys Technology to Tackle Fake Insurance

The National Insurance Commission (NAICOM) says it has rolled out some digitisation strategies through its new portal to transform the sector and improve insurance penetration. Mr Abiodun Aribike, the Deputy Director in charge of Information Technology in NAICOM, said this on Friday in Uyo at a seminar for insurance journalists …

Read More »

Royal Exchange Insurance Posts N10bn Premium for 2019

Royal Exchange General Insurance Company (REGIC), has declared a Gross Written Premium (GWP) of N10.58 billion for the financial year ended Dec. 31, 2019. The company’s Chairman, Alhaji Rabiu Gwarzo, made the declaration at the firm’s 12th Annual General Meeting held virtually in Lagos. Gwarzo explained that the financial results …

Read More »

NAIC, AFAN Partner to Insure 40mn Farmers Against Flood

The Nigerian Agricultural Insurance Corporation (NAIC) says it is partnering with All Farmers Association of Nigeria (AFAN) to insure over 40 million farmers across Nigeria against flooding and other disasters. The Managing Director of NAIC, Mrs Folashade Joseph, made this known at a meeting with AFAN on Friday in Abuja. …

Read More »

AXA Mansard Exits Pension Business, Divests 60% Stakes

One of the Nigeria’s stoke market listed insurance companies, AXA Mansard Insurance plc has divested its 60 percent stakes in AXA Mansard Pensions Limited in bid to prioritize insurance businesses. Though the company did not disclose details of the sales, it said the company with “the minority Shareholder entered into …

Read More »

Kenya Court Suspends VAT on Insurance Brokerage

The Kenyan High Court has on issued a ruling suspending value-added tax (VAT) on insurance agency and insurance brokerage services, pending the hearing and determination of a petition by the Association of Kenya Insurers (AKI). VAT was made effective by the Tax Laws (Amendment) Act 2020 on 25 April. In a …

Read More »

Buhari Suspends NSITF Boss, Directors over Misconducts

President Muhammadu Buhari has approved the immediate and indefinite suspension from Office of the Managing Director/Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Adebayo Somefun. The Minister of Labour and Employment, Chris Ngige, in a statement by Charles Akpan of the Press and Public Relations in the ministry, named …

Read More »