From next year, reinsurance companies will no longer accept risks that are priced below the standard threshold of risk pricing by insurance companies. Investigations reveal that this move was prompted by sharp increases in industry claims ratio which has continued to outpace premium income, leading to dwindling profits. Accordingly, Nigeria’s National Insurance Commission, NAICOM, is… Continue reading Nigerian Reinsurers to reject under-priced risks in 2018.
Nigerian Insurance firms with inadequate shareholders’ funds have commenced moves to raise additional capital in preparation for the next phase of implementation of the Risk Based Supervision (RBS) by the National Insurance Commission, NAICOM. NAICOM plans to move to the next phase of implementation of the RBS which is determining the capital requirements for underwriting… Continue reading Nigerian Insurers seek additional capital in preparation for Risk Based Supervision (RBS)
The latest report from African Reinsurance pulse launched at the 22nd African Reinsurance Forum in Port Louis, Mauritius last week, indicated that the market is expected to benefit from strong underlying growth driven by an expansion of its primary markets with insurance premiums of $68 billion. Oil For 2018, the senior reinsurance and brokerage executives… Continue reading Africa’s reinsurers’ premium may hit record high in 2018
In the internet age, the sharing economy and the popularity of apps like Uber – which allows users to hail a ride from their phone, usually within minutes – come hand-in-hand with a change in consumer expectations. When it comes to insurance, aggregators have long had an effect on the landscape and the means… Continue reading How have Uber, Airbnb affected insurance?
The Annual Conference of the British Insurance Brokers Association (BIBA) was held recently at Manchester Central, United Kingdom from 10th to 11th May, 2017. Arguably, the largest gathering of insurance professionals in any part of the world, the Nigerian delegation which included the CEO of BSL Insurance Brokers Limited, Mr. Okey Odu was led by… Continue reading Conference Report: British Insurance Brokers Association (BIBA) 2017 Annual Conference, Manchester Central, United Kingdom
NIGERIA RECORDS 79,875 ROAD ACCIDENTS IN THREE YEARS: THE IMPERATIVE FOR STRICT REGULATION OF ROAD TRANSPORTATION Official documents obtained from ECONOMIC CONFIDENTIAL showed that no fewer than 79,875 road accidents occurred in Nigeria between 2013 and 2015. This was reported in THISDAY, Monday February 27, 2017. Out of this alarmingly high figure, a total… Continue reading The Imperative For Strict Regulation In The Road Transport Sector
As the saying goes, “no one ever really knows tomorrow”. Life is like a journey with risk and uncertainty facing us every step of the way. The beauty of insurance lies in its design which is intended to eliminate most of these risks and bring more certainty into life thereby empowering us to take… Continue reading Unemployment Insurance