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.

Global telephony insurance market to hit $ 20.5 billion

Given the increasing prevalence of expensive household goods, cars and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Mobile phones and smartphones in particular, are no exception to this trend. Report has it that most major mobile operators, insurance specialists, retailers and even banks now offer insurance plans that… Continue reading Global telephony insurance market to hit $ 20.5 billion

Nigeria’s Insurers pay N100m as fraud claims to 5 banks.

Nigeria’s insurance sector paid over N100 million as fraud claims to five Nigerian banks in 2015. Nigerian Insurers Association (NIA) disclosed this in a report obtained by Financial Vanguard. The banks include Ecobank Plc, which received over N15 million claims from Custodian & Allied Insurance; Wema Bank Plc, received over N29.97 million from Great Nigeria… Continue reading Nigeria’s Insurers pay N100m as fraud claims to 5 banks.