NAICOM sets 2 years limit for Bancassurance partnerships.

Nigeria’s National Insurance Commission (NAICOM) has placed a two year limit on bancassurance partnerships between insurance companies and banks. The regulator also pegged the referral commission to be paid by the insurer to a referral bank at 40 percent of the insurance brokers’ commission. These were contained in the bancassurance guideline recently released by the… Continue reading NAICOM sets 2 years limit for Bancassurance partnerships.

53 Insurance Companies Expend N116bn On Management From N324bn Income

Fifty three insurance companies in Nigeria expended a whooping N116 billion on their respective management, translating to 40 per cent of their premium income of N324 billion made in the last financial year, inside sources reveal. This happened while some of the affected insurance firms had not given good returns on investment to their respective… Continue reading 53 Insurance Companies Expend N116bn On Management From N324bn Income

Nigerian Reinsurers to reject under-priced risks in 2018.

From next year, reinsurance companies will no longer accept risks that are priced below the standard threshold of risk pricing by insurance companies. Investigations reveal that this move was prompted by sharp increases in industry claims ratio which has continued to outpace premium income, leading to dwindling profits. Accordingly, Nigeria’s National Insurance Commission, NAICOM, is… Continue reading Nigerian Reinsurers to reject under-priced risks in 2018.

Nigeria’s Federal Government Inaugurates Insurance Roadmap for Farmers.

The Nigerian Federal Government has inaugurated a road map to guide farmers in insuring their crops. According to the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, the road map will help ensure food security across the country with farmers insuring their crops and obtaining financial support in the event of occurrence of any… Continue reading Nigeria’s Federal Government Inaugurates Insurance Roadmap for Farmers.

30 Electronics shops destroyed in Calabar market fire.

A devastating fire recently wreaked havoc in an electronics market. Hopefully, their owners purchased appropriate insurance policies. New Post! Read, Comment & Share!!!

Nigerian Insurers seek additional capital in preparation for Risk Based Supervision (RBS)

Nigerian Insurance firms with inadequate shareholders’ funds have commenced moves to raise additional capital in preparation for the next phase of implementation of the Risk Based Supervision (RBS) by the National Insurance Commission, NAICOM. NAICOM plans to move to the next phase of implementation of the RBS which is determining the capital requirements for underwriting… Continue reading Nigerian Insurers seek additional capital in preparation for Risk Based Supervision (RBS)

Insurers groan as premium growth lags behind liabilities

THE insurance industry, during the nine months period ended September 2017, witnessed marginal growth in gross premium written while claims expenses went up significantly.This development may have put the badly affected underwriters in financial stress. While industry gross premium grew by 9.7 percent to N199.6 billion from N181.9 billion in the corresponding period of 2016,… Continue reading Insurers groan as premium growth lags behind liabilities