Insurance

Ebuka Daniel Insurance companies in the country have paid N4bn as compensation to over 2,000 businesses that were affected during the EndSARS protest. The chairman of Nigerian Insurers Association, Mr. Ganiyu Musa, disclosed this on Friday at an interactive session with journalists. He noted that operators are still collating claims …

Oluwasina Phillip The National Insurance Commission will from June 1 commence the implementation of new corporate governance guidelines for the insurance industry.  It said this in a notice issued on its website. The Commission urged insurance and reinsurance firms to comply with the guidelines along with the Nigerian Code of …

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 …

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 …

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 …

After becoming dean of the University of Illinois business school in 2015, Jeffrey Brown worried that politics or a virus would choke off a major source of revenue for his school: Chinese graduate students. So, in 2017, along with the engineering school, Brown bought insurance worth up to $61 million …

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. …

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 …

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 …

President Muhammadu Buhari has approved the appointments of Alhaji Sabiu Bello Abubakar as the Deputy Commissioner for Insurance, Technical, a statement from the National Insurance Commission (NAICOM) said on Monday. Sabiu Bello Abubakar, untill his new appointment, was the Executive Director (Operations and Training) since November, 2017 at Jaiz Takaful …