Nigeria’s Federal Government targets insurance firms, others to fund national shipping fleet.

THE Nigerian Federal Government is targeting banks and insurance companies to finance the national shipping carrier, following the withdrawal of a Singaporean liner, Pacific International Lines (PIL), from the initiative. The Singaporean shipping company, with over a hundred ships in its fleet world-wide, had said that it would not be able to cope with the… Continue reading Nigeria’s Federal Government targets insurance firms, others to fund national shipping fleet.

Will your family wealth survive ‘three generations’?

From shirtsleeves to shirtsleeves in three generations. This popular American saying describes the well known phenomenon where family wealth is built up in one generation, is often frittered away in three generations. Read all about this phenomenon as well as expert tips to avoid such misfortune … #NewPost #Read #Comment #Share #BSLB #InsuranceBrokers

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.

Only four Nigerian states have insurance cover for workers.

Only four states in Nigeria have complied with the compulsory Group Life Insurance Policy (GLIP), which is stipulated in the country’s Pension Reform Act. According to the National Pension Commission, only Lagos, Niger, Osun and Rivers states have complied with the GLIP as of the end of September 2017. The commission added that the four… Continue reading Only four Nigerian states have insurance cover for workers.

Deceased workers’ relatives received N129bn pension, insurance settlements — Nigerian National Pension Commission.

A total of 42,851 relatives of deceased workers under Nigeria’s Contributory Pension Scheme (CPS) have been paid pension and insurance benefits from the commencement of the CPS till September 2017.Figures obtained from the National Pension Commission (PenCom) on approval of death benefits revealed that the deceased workers were from the private, state and federal sectors.… Continue reading Deceased workers’ relatives received N129bn pension, insurance settlements — Nigerian National Pension Commission.

High-tech features on new cars drive up auto insurance rates

The gee-whiz gadgets on new cars — the backup cameras, the large touchscreen controls, the blind-spot monitoring — make us all feel a little safer about navigating the roads. But high-tech, advanced safety features come at a fairly steep price, so they’re driving up car insurance rates, too. “If they’re damaged, they’re much more expensive to repair,”… Continue reading High-tech features on new cars drive up auto insurance rates