U.S. regulators are preparing to sanction Wells Fargo for receiving commissions on auto insurance policies it helped force on more than half a million drivers, people with direct knowledge of the probes have revealed. last July, Wells Fargo blamed a third-party vendor for wrongly layering insurance policies on its auto borrowers. Wells Fargo did… Continue reading Wells Fargo faces sanctions for auto insurance payouts.
Nigeria’s Ibom Deepsea Port will accommodate up to 13 New Panamax Class container vessels and two very large feeder vessels upon completion and is estimated to grow from about 1.2 million (Ten Equivalent Units) TEUs in 2021 to about four million TEUs in 2040. This was contained in a statement issued by the promoters of… Continue reading Nigeria’s Ibom Deepsea Port to handle four million TEUs in 2040.
As the Nigerian insurance sector awaits the commencement of Risk Based Supervision, RBS, this year, four insurance companies are in dilemma over a N14.8 billion shortfall in their shareholders’ funds, which are far below regulatory requirement. The companies are Royal Exchange Prudential Life, International Energy Insurance Plc, Guinea Insurance Plc and Goldlink Insurance. In 2007,… Continue reading Risk Based Supervision: Four Nigerian insurance firms at sea over N14.8bn capital short fall.
The Insurance industry rebranding proramme aimed at creating more awareness, and deepening insurance penetration in Nigeria is expected to kick off this first quarter of 2018. The Managing Director, Custodian and Allied Insurance, Toye Odunsi, said the rebranding, also supported by industry regulator, NAICOM, and other stakeholders aims to change the perception of the public… Continue reading Nigerian Insurance Stakeholders target Q1-2018 for Industry rebranding project
Given the increasing prevalence of expensive household goods, cars and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Mobile phones and smartphones in particular, are no exception to this trend. Report has it that most major mobile operators, insurance specialists, retailers and even banks now offer insurance plans that… Continue reading Global telephony insurance market to hit $ 20.5 billion
The Nigerian Stock Market is on a roll. It has gained over 12% since the start of the year and it looks like nothing will stop its momentum. This is after gaining 43% in 2017 alone. We have put forward a theory about why the bulls are here and why they might be here for… Continue reading Look no further; Why the Nigerian stock market is in a frenzy
Nigeria’s National Pension Commission (PenCom) has issued compliance certificates to 83 companies which serve as approval to bid for Federal Government contracts this year. This was against 13,592 issued in 2017. PenCom noted that the reduction in number is due to the reluctance of federal government Ministries, Departments, and Agencies, MDAs, to cooperate with it.… Continue reading Nigeria’s Pension Commission (PenCom) clears 83 firms for Federal Government contracts