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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Nigerian Insurers seek additional capital in preparation for Risk Based Supervision (RBS)

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)

Insurers groan as premium growth lags behind liabilities

THE insurance industry, during the nine months period ended September 2017, witnessed marginal growth in gross premium written while claims expenses went up significantly.This development may have put the badly affected underwriters in financial stress. While industry gross premium grew by 9.7 percent to N199.6 billion from N181.9 billion in the corresponding period of 2016,… Continue reading Insurers groan as premium growth lags behind liabilities

Lawyers to drive insurance growth, laws in Nigeria.

An interesting look at the role of Lawyers in enhancing insurance penetration as well as opportunities available to Lawyers in the Nigerian Insurance Industry.

KPMG: Africa’s Insurance Market is a sleeping giant.

KPMG Head of Insurance for East Africa James Norman has described Africa’s hugely unexploited insurance market as a sleeping giant. According to him, there is a real buzz about the sector because of its plentiful or enormous opportunities. “There’s a real buzz about the sector because opportunities are immense,” he says. “There’s a young population,… Continue reading KPMG: Africa’s Insurance Market is a sleeping giant.

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.

2017 Flood victims file claims as insurers pay over N168m for 2015 floods.

  INSURED victims of floods that ravaged some parts of Lagos State recently are already filing their claims, even as insurance companies paid N168.44 million claims on flood mishaps in 2015. Chairman of Nigerian Insurers Association (NIA), Mr. Eddie Efekoha, said that the insured victims have started turning in their claims to the insurance companies… Continue reading 2017 Flood victims file claims as insurers pay over N168m for 2015 floods.