The gee-whiz gadgets on new cars — the backup cameras, the large touchscreen controls, the blind-spot monitoring — make us all feel a little safer about navigating the roads. But high-tech, advanced safety features come at a fairly steep price, so they’re driving up car insurance rates, too. “If they’re damaged, they’re much more expensive to repair,”… Continue reading High-tech features on new cars drive up auto insurance rates
Nigeria’s National Health Insurance Scheme (NHIS) has been in operation for over ten years but it seems to have failed in the realization of the objectives for which it was established. Key among its failures is the non-realization of the objective of making health care available to Nigerians at affordable costs. As at today, many… Continue reading Failures of Nigeria’s Health Insurance Scheme: the way forward
Nigeria’s National Insurance Commission, NAICOM, yesterday unveiled the revised guidelines for micro-insurance operations, which stipulates N600 million minimum capital base for national micro-insurance license. The Commission defined micro-insurance as ‘insurance developed for low income populations, low valued policies, micro and small scale enterprises provided by licensed institutions, run in accordance with generally accepted insurance principles,… Continue reading Nigeria’s National Insurance Commission sets N600m capital base for national micro-insurance licence.
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