The Nigerian Inter-Bank Settlement System (NIBSS), yesterday said the Nigerian banking industry lost the sum of N12.30 billion to frauds between 2014 and 2017. Managing director, NIBBS, Mr Adebisi Shonubi, disclosed this at the third annual Banking Security Summit organised by MAXUT Consulting in partnership with OneSpan, a global data security company in Lagos, Nigeria.… Continue reading Nigerian Banks Lose N12.30bn To Fraud In 4 Years.
Thirty eight underwriting firms in Nigeria generated N54.130 billion as gross premium from oil and gas insurance businesses in 2016; but expended only a paltry N4.642 billion as claims to companies. Data obtained from the Nigeria Insurers Association (NIA), the umbrella body of insurance underwriters in the country, showed that a total of N38.8 billion… Continue reading 38 Firms Raked in N54.1bn from Oil and Gas Insurance Businesses in 2016.
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
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
Sensors monitoring your everyday physical and digital life, artificial intelligence tailoring your insurance to fit your needs? Sound like the future? Sure—if the future is 2018. Nordic Director of Insurance in Accenture, Jacob Tovborg-Jensen, explains what’s in store—near-term—when it comes to innovation. Developments in insurance are moving at break-neck speed: 2017 saw a year that… Continue reading 2018: What insurance players can expect in the next 12 months
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.
Nigeria’s National Insurance Commission (NAICOM) has said that it will pay more attention to suitable premium rates for products in the insurance industry by 2018. The Commissioner for Insurance, Mohammed Kari, who disclosed this during the 2017 Annual Seminar for Insurance Journalists organised by the Commission in Kaduna, Kaduna State, said the decision became necessary… Continue reading NAICOM to beam searchlight on premium rating in 2018
Insurance companies in the country who fail to pay genuine claims, risk losing a substantial part of their cumulative N30 billion statutory deposits, while managing directors of the underwriting firms will also face removal, this was revealed by reliable inside sources. Findings revealed that the 58 registered insurance companies in the country have cumulative statutory… Continue reading Unpaid Claims: Insurance Companies To Lose N30bn Statutory Deposit
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 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.