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.
The new world order where technology drives development is challenging economies to innovation and new thinking. However, the high risks associated with emerging technologies and the devastating distortion they are capable of bringing to world peace is beginning to raise serious concerns, particularly among the emerging economies where the impacts are predicted to be felt… Continue reading New trends, high risks: How new technologies support growth, threaten stability of emerging economies.
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.
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
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.
U.S. regulators are preparing to sanction Wells Fargo for receiving commissions on auto insurance policies it helped force on more than half a million drivers, people with direct knowledge of the probes have revealed. last July, Wells Fargo blamed a third-party vendor for wrongly layering insurance policies on its auto borrowers. Wells Fargo did… Continue reading Wells Fargo faces sanctions for auto insurance payouts.
Nigeria’s National Pension Commission (PenCom) has issued compliance certificates to 83 companies which serve as approval to bid for Federal Government contracts this year. This was against 13,592 issued in 2017. PenCom noted that the reduction in number is due to the reluctance of federal government Ministries, Departments, and Agencies, MDAs, to cooperate with it.… Continue reading Nigeria’s Pension Commission (PenCom) clears 83 firms for Federal Government contracts
The Nigerian Federal Government has inaugurated a road map to guide farmers in insuring their crops. According to the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, the road map will help ensure food security across the country with farmers insuring their crops and obtaining financial support in the event of occurrence of any… Continue reading Nigeria’s Federal Government Inaugurates Insurance Roadmap for Farmers.
Nigeria’s National Insurance Commission (NAICOM) has said that it will pay more attention to suitable premium rates for products in the insurance industry by 2018. The Commissioner for Insurance, Mohammed Kari, who disclosed this during the 2017 Annual Seminar for Insurance Journalists organised by the Commission in Kaduna, Kaduna State, said the decision became necessary… Continue reading NAICOM to beam searchlight on premium rating in 2018
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.