Insurance

Ebuka Daniel The National Insurance Commission has announced that with effect from September 1st, all its operations will be carried out online including the processing of requests from insurance institutions. The announcement was contained in a circular issued on Wednesday by the Commission, dated August 27 and addressed to Managing …

Ebuka Daniel The National Insurance Commission (NAICOM) has vowed to take the success story recorded by the insurance sector in Lagos State to the Federal Capital Territory and 35 states of the federation. The Commissioner for Insurance, Sunday Thomas, said this during his visit to Mutual Benefits Assurance Plc in …

The Lagos State Government on Monday said over N2 billion had been paid as insurance premium for its workers in 2021. Dr Rabiu Olowo, Commissioner for Finance, made this known in Ikeja at a news conference, on the Lagos State Insurance Week. Olowo said Lagos State had over 73,000 employees …

Ololade Omosan-Agie The National Insurance Commission (NAICOM) has approved the new board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re). According to a statement, the change is to enhance the smooth running, efficient and effective management of the two firms. The statement added that the reason …

Kenyan insurers and reinsurers faced challenging economic factors in 2020 which made the year a difficult one as the market generated KSH233bn ($2.1bn) of gross written premium, according to a new report from AM Best. However, Kenya’s relatively stable economy and strengthening regulatory environment, compared with other markets in sub-Saharan …

Ebuka Daniel The National Insurance Commission has announced that Risk Based Supervision policy will take off in the Nigerian insurance market in the next two months. Speaking at the just concluded 2021 seminar for insurance Journalists in Lagos, the Commissioner for insurance, Sunday Thomas noted that RBS has become reality …

Ololade Omosan-Agie The Federal Executive Council presided over by the President, Muhammadu Buhari has approved the disbursement of N9.2bn as premium for insurance companies who will manage group life insurance coverage for federal civil servants. The Minister of Information and Culture, Lai Mohammed, disclosed this on Wednesday at the Presidential …

Ebuka Daniel The National Insurance Commission, (NAICOM) and the Federal Ministry of Transportation is to collaborate to ensure provision of adequate insurance for road transport owners and users within Nigeria and ECOWAS member countries. To this end, the Ministry and NAICOM have agreed to immediately establish a joint committee to …

The National Insurance Commission (NAICOM) has activated its machinery as part of efforts towards the launch of the new International Financial Reporting Standard 17 (IFRS 17) for Insurance Contracts scheduled for January next year. The International Accounting Standard Board (IASB) has since May 2017 given a new directive on IFRS …

Ololade Omosan-Agie  Out of the estimated 13 million vehicles in Nigeria, only about 2.9 million were registered as of April 26, the Nigerian Insurers Association has said. The Chairman, NIA, Mr Ganiyu Musa, disclosed this while speaking on the Nigerian Insurance Industry Database/Nigerian Insurance Industry Portal. He said the database …