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.
Nigeria’s Pension Transitional and Arrangement Directorate (PTAD) is weighing up the possibility of taking legal action against some nine insurance companies still owing the Directorate about N3billion legacy funds, as was revealed by investigations. PTAD had earlier set a December 2017 deadline for defaulting insurers to pay their respective legacy Fund to the agency, which… Continue reading 9 Insurance Companies Face Legal Battle Over N3b Legacy Funds
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)
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
KPMG Head of Insurance for East Africa James Norman has described Africa’s hugely unexploited insurance market as a sleeping giant. According to him, there is a real buzz about the sector because of its plentiful or enormous opportunities. “There’s a real buzz about the sector because opportunities are immense,” he says. “There’s a young population,… Continue reading KPMG: Africa’s Insurance Market is a sleeping giant.
The Nigerian Federal Government has said that it will ensure adequate insurance of its assets. Nigeria’s Minister of Finance, Kemi Adeosun, said this during the National Insurance Conference of the Insurance Industry Consultative Council with the theme: ‘Nigeria open for business’, in Abuja on Monday. Mrs Adeosun said, “Foreign investors have shown great interest… Continue reading Nigeria’s Federal Government moves to insure national assets.