Nigerian Underwriters settle over N207bn claims in 2018 – Nigerian Insurers Association.

The Nigerian Insurers Association, NIA, has said that the Nigerian insurance industry paid out over N207 billion as claims to policyholders in 2018. Director-General, NIA, Yetunde Ilori, who disclosed this at the second edition of the National Insurance Commission, NAICOM’s interactive session for major insurance consumers in Lagos also disclosed that the number of policyholders… Continue reading Nigerian Underwriters settle over N207bn claims in 2018 – Nigerian Insurers Association.

Nigerian Insurers battle ship owners over maritime insurance.

The moves by the Ship Owners Association of Nigeria, SOAN, to establish a specialist insurance outfit in Nigeria to cover all maritime related risks, has drawn the ire of the Nigerian insurance industry. SOAN has said it was moving to establish a maritime insurance outfit in the mode of the Protection & Indemnity, P&I, Club… Continue reading Nigerian Insurers battle ship owners over maritime insurance.

Nigeria’s Insurance sector recapitalisation: Foreign investors crowding out domestic investors.

There are indications that the recent upsurge in Foreign Portfolio Investment, FPI, in Nigeria’s stock market is driven by the ongoing recapitalisation exercise in the insurance sector. Some stock market dealers recently revealed that the foreign investors are taking advantage of low share prices of some targeted insurance firms in the Nigerian Stock Exchange, NSE,… Continue reading Nigeria’s Insurance sector recapitalisation: Foreign investors crowding out domestic investors.

178 year-old Thomas Cook collapses, leaving 600,000 stranded.

Thomas Cook, the world’s oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history. Chief Executive Peter Fankhauser said it was a matter of profound regret that the company had gone out of business after it failed to secure a… Continue reading 178 year-old Thomas Cook collapses, leaving 600,000 stranded.

Group life: Private sector earnings in Nigeria sustain insurers as public sector fails.

…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.

Nigeria: Deceased workers’ relatives collect N173bn pension, insurance settlements

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

Central Bank of Nigeria warns banks against imposing insurers, valuers on borrowers

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