Banks, tech firms combat N2.19bn e-fraud with cyber-insurance.

Exposure to cyber attacks in the financial services sector is creating a growing demand for cyber-insurance. Banks and financial technology firms are beginning to see a need to explore cyber-insurance as a means of alleviating the impact of electronic payment fraud in Nigeria. Industry statistics show that Nigeria is losing about N127bn to cyber-fraud every… Continue reading Banks, tech firms combat N2.19bn e-fraud with cyber-insurance.

38 Firms Raked in N54.1bn from Oil and Gas Insurance Businesses in 2016.

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.

Risk Based Supervision: Four Nigerian insurance firms at sea over N14.8bn capital short fall.

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.

53 Insurance Companies Expend N116bn On Management From N324bn Income

Fifty three insurance companies in Nigeria expended a whooping N116 billion on their respective management, translating to 40 per cent of their premium income of N324 billion made in the last financial year, inside sources reveal. This happened while some of the affected insurance firms had not given good returns on investment to their respective… Continue reading 53 Insurance Companies Expend N116bn On Management From N324bn Income

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.