Nigerian, other West African insurers consolidate for business expansion.

Strong and positive moves towards enhanced integration by regional insurance players … Please Read & Enjoy!
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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.

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.