Nigeria’s Federal Government Orders Insurance Companies To Get Fresh Microinsurance Licence Within 18 Months

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

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