Nigeria’s National Insurance Commission sets N600m capital base for national micro-insurance licence.

Nigeria’s National Insurance Commission, NAICOM, yesterday unveiled the revised guidelines for micro-insurance operations, which stipulates N600 million minimum capital base for national micro-insurance license. The Commission defined micro-insurance as ‘insurance developed for low income populations, low valued policies, micro and small scale enterprises provided by licensed institutions, run in accordance with generally accepted insurance principles,… Continue reading Nigeria’s National Insurance Commission sets N600m capital base for national micro-insurance licence.

Nigeria’s NAICOM Moves to Save Weak Insurance Firms from Collapse

 The Nigerian National Insurance Commission (NAICOM) recently took a decision that may serve as a final step to save  identified weak firms in the system from total collapse. The commission, was said to have written administrative letters to insurance firms that are presently undergoing financial challenges as revealed by published financial reports, guiding them on… Continue reading Nigeria’s NAICOM Moves to Save Weak Insurance Firms from Collapse

Nigerian Life Insurance Firms Posted N124.6bn Gross Premium in 2016

Life Assurance underwriting Companies in Nigeria generated a total of N124.6billion gross premium in the year 2016. The companies ceded a total of N7.3billion to their reinsurers while retaining N117.2 billion as net premium. Gross claim paid by the life operators during the period stood at N67.2billion while net claims stood at N54.6billion. Management expenses… Continue reading Nigerian Life Insurance Firms Posted N124.6bn Gross Premium in 2016

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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NAICOM sets 2 years limit for Bancassurance partnerships.

Nigeria’s National Insurance Commission (NAICOM) has placed a two year limit on bancassurance partnerships between insurance companies and banks. The regulator also pegged the referral commission to be paid by the insurer to a referral bank at 40 percent of the insurance brokers’ commission. These were contained in the bancassurance guideline recently released by the… Continue reading NAICOM sets 2 years limit for Bancassurance partnerships.

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