Nigeria Council of Registered Insurance Brokers set to drive industry’s potential with brokerage firms

This was disclosed by the President of the Council, Shola Tiunubu, at the December edition of members evening hosted by AIICO Insurance Plc, who said the difference in commission rates and other benefits are aimed at justifying the remarkable differentiation in their competencies and experience. Tinubu said: “while sustaining the tempo of technical relations with… Continue reading Nigeria Council of Registered Insurance Brokers set to drive industry’s potential with brokerage firms

Nigerian Underwriters shun Takaful Insurance products.

Underwriters in the Nigerian insurance sector have shunned Takaful Insurance products due to a lack of confidence in the prospect for the business. Although the Nigerian National Insurance Commission, NAICOM, gave out the operational guidelines since 2013, insurers are still skeptical about venturing into it as there is a prevailing fear that most Takaful Insurance… Continue reading Nigerian Underwriters shun Takaful Insurance products.

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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Emir Sanusi launches Nigeria’s first Islamic insurance Company.

The Emir of Kano, Malam Muhammad Sanusi II, on Monday in Kano, launched the first Islamic insurance Company in Nigeria, tagged ‘Jaiz Takaful Insurance’. The Emir said at the event that the introduction of the system in Nigeria was a welcome development, especially as it would contribute towards boosting the country’s economy. According to him,… Continue reading Emir Sanusi launches Nigeria’s first Islamic insurance Company.

Nigeria’s National Insurance Commission to sack chief executives over unpaid claims

Nigeria’s National Insurance Commission (NAICOM) has revealed plans to work on statutory deposits of insurance firms to settle unpaid claims, while chief executives of companies whose deposits are applied to such would be discharged from official duty. Nigeria’s Commissioner for Insurance, Mohammed Kari, disclosed this at the ongoing Chartered Insurance Institute of Nigeria (CIIN) 2017… Continue reading Nigeria’s National Insurance Commission to sack chief executives over unpaid claims