9 Insurance Companies Face Legal Battle Over N3b Legacy Funds

Nigeria’s Pension Transitional and Arrangement Directorate (PTAD) is weighing up the possibility of taking legal action against some nine insurance companies still owing the Directorate about N3billion legacy funds, as was revealed by investigations. PTAD had earlier set a December 2017 deadline for defaulting insurers to pay their respective legacy Fund to the agency, which… Continue reading 9 Insurance Companies Face Legal Battle Over N3b Legacy Funds

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

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.