The Nigerian Federal Government has issued an 18 month ultimatum to 17 insurance companies selling microinsurance products to acquire fresh microinsurance licences or suspend the selling of these products. The Federal Government, which gave this deadline through its agency, the National Insurance Commission(NAICOM), added that, in a case where any of the concerned insurance firms… Continue reading Nigeria’s Federal Government Orders Insurance Companies To Get Fresh Microinsurance Licence Within 18 Months
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
An interesting look at the role of Lawyers in enhancing insurance penetration as well as opportunities available to Lawyers in the Nigerian Insurance Industry.
The latest report from African Reinsurance pulse launched at the 22nd African Reinsurance Forum in Port Louis, Mauritius last week, indicated that the market is expected to benefit from strong underlying growth driven by an expansion of its primary markets with insurance premiums of $68 billion. Oil For 2018, the senior reinsurance and brokerage executives… Continue reading Africa’s reinsurers’ premium may hit record high in 2018
The economy of sub-Saharan Africa is seen growing more slowly this year than previously forecast, largely due to weak investment and productivity, the World Bank said on Wednesday. In a report, it forecast growth in the region to be 2.4 percent in 2017, down from the 2.6 percent that it projected in April. But growth… Continue reading Sub-Saharan Africa to grow at a slower rate this year, World Bank says
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.
INSURANCE OPERATORS DEPLORE PLANS TO MOVE N164.7BN TO PENSION SECTOR Life insurance operators in Nigeria may have to brace up to imminent liquidity challenges as they have to move over N164.7bn to the pension industry following a recent joint statement issued by regulators of the pension industry , the National Pension Commission… Continue reading INSURANCE OPERATORS DEPLORE PLANS TO MOVE N164.7BN TO PENSION SECTOR