…Revenue up by 47% as private sector reawakens to insurance FOLLOWING the failure of public sector group life business segment in their income portfolio, Nigerian insurance companies may have created a bigger income stream in their group life policy in the private sector. Reports of some companies that have so far submitted their 2019 half… Continue reading Group life: Private sector earnings in Nigeria sustain insurers as public sector fails.
A total of 55,820 relatives of deceased workers under Nigeria’s Contributory Pension Scheme have been paid pension and insurance benefits since the commencement of the CPS till March 2019. Recently obtained Figures from the National Pension Commission revealed that the deceased workers were from the private and public sectors. According to the figures, between January… Continue reading Nigeria: Deceased workers’ relatives collect N173bn pension, insurance settlements
The Central Bank of Nigeria (CBN) has warned banks against the practice of compelling borrowers to patronise specific underwriting companies in order to buy insurance covers which are mandatory to access some loans. The apex bank gave this order in its consumer protection guidelines on ‘Responsible business conduct.’ Part of the guidelines read, “Financial institutions… Continue reading Central Bank of Nigeria warns banks against imposing insurers, valuers on borrowers
The recent increase in mass shooting attacks has highlighted a distinct lack of insurance coverage for violent events of this nature, according to A.M. Best. Insurance The rating agency noted that insurers have begun to respond to rising demand for active assailant insurance coverage, which carries unique features over traditional general liability policies, including risk… Continue reading Mass shooting exposes insurance coverage gap: A.M. Best
Primary insurers ceded about $260 billion to the global reinsurance markets in 2018, representing five percent of direct premiums written for the year. Insurance Swiss Re Institute disclosed this in a report which indicated that $200 billion of the amount ceded were from non-life premiums, which had a higher cession rate of around 8.4 percent.… Continue reading Insurers cede $260bn of global premiums to reinsurers in 2018.
Companies going public in the United States face insurance costs that have increased as much as 200% in the last three years to cover their executives against lawsuits alleging they misled investors. A rise in securities class-action cases involving initial public offerings is spurring IPO insurers to double and triple prices for directors and officers… Continue reading Insurance costs rocket for U.S. IPOs as twitchy investors take to courts.
Nigeria’s insurance sector may be far from meeting the local content agenda of the Federal Government, as indications emerged that it is currently loosing about 90 per cent of the big risks in the economy to foreign underwriters. Consequently, there is not only a huge amount of capital flight from the economy, but also lower… Continue reading Nigerian underwriters lose 90% of risks to foreign investors as local content flops