Insurance

The House of Representatives’ Ad Hoc Committee on Unclaimed Funds in Nigerian Commercial Banks and the Infractions of the Central Bank of Nigeria has said the Nigerian Social Insurance Trust Fund owes the Federal Government about N3.8bn. The Chairman of the committee, Unyime Idem, who made this known at the …

Oluwasina Phillip The appointment of part-time chairman and members of the board of National Insurance Commission (NAICOM) has been approved by President Muhammadu Buhari.  The appointment was confirmed by a statement issued by Yunusa Tanko Abdullahi Special Adviser, Media & Communications to the Minister of Finance, Budget and National Planning. …

The National Insurance Commission (NAICOM) has approved Local Passengers’ Flight Welfare Scheme for Anchor Insurance Limited for deployment into the market in 2022. This is coming on the determination of the firm to expand its retail market that will subsequently increase premium earnings and deepen penetration. This is contained in …

The National Insurance Commission (NAICOM), has said that it would sanction any insurance firm that failed to upload its daily operational transactions into its regulatory portal.  This is just as the umbrella body of insurance underwriters, the Nigeria Insurers Association(NIA)  has expressed satisfaction at the rate of compliance of its member …

The President of the Nigerian Council of Registered Insurance Brokers, NCRIB,  Mr. Rotimi Edu, has called for appraisal of insurance practice in Nigeria with the view to addressing key challenges leading to large scale revenue loss. Edu, who was addressing first edition of the Members Evening in 2022, on Tuesday said …

Oluwasina Phillip The National Pension Commission (PenCom) has said that the Contributory Pension Scheme (CPS) has provisions that can address the challenges being faced by personnel of the Nigeria Police and other Federal Government Agencies on the administration of their retirement benefits. The Director General of PenCom, Aisha Dahir-Umar, said …

Ololade Omosan-Agie The insurance industry paid the sum of N238.05bn as insurance premium in the 2021 fiscal period. The figure was released by the Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami. The Nigerian insurance industry’s asset rose from N2.02trn in 2020 to N2.13tn in 2021. During the period, …

Chairman of the Nigeria Insurers Association (NIA), the umbrella body of insurance underwriters in the country, Mr Ganiyu Musa has said that the insurance sector in 2021 raked in N508 billion Gross Premium.He also disclosed that operators have so far paid a total of N11 billion claims to victims of …

The Central Bank of Nigeria has extended the five per cent interest rate on all of its intervention loans by one extra year. The apex bank governor Godwin Emefiele, announced the extension at the Bankers’ Committee press briefing held in Abuja on Thursday. In 2020 when the Covid-19 pandemic struck, …

The Nigerian Insurers Association has said insurance companies have paid N11bn claims on losses suffered during the 2020 #EndSARS protest. The Chairman, NIA, Mr Ganiyu Musa, disclosed this at a press briefing in Lagos. “As at January, insurers have paid over N11bn as claims that arose from the #EndSARS protest …