Cybersecurity experts have raised the alarm that cyber attacks on organisations was on the increase, with a possibility to cause a global financial loss of $1 trillion in the next few years, up from the $5.3 billion global loss recorded in 2017 and $9 billion in 2018. Cybersecurity experts who spoke at a breakfast meeting… Continue reading Cyber Attacks on the Rise, Experts Warn
From shirtsleeves to shirtsleeves in three generations. This popular American saying describes the well known phenomenon where family wealth is built up in one generation, is often frittered away in three generations. Read all about this phenomenon as well as expert tips to avoid such misfortune … #NewPost #Read #Comment #Share #BSLB #InsuranceBrokers
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.
Exposure to cyber attacks in the financial services sector is creating a growing demand for cyber-insurance. Banks and financial technology firms are beginning to see a need to explore cyber-insurance as a means of alleviating the impact of electronic payment fraud in Nigeria. Industry statistics show that Nigeria is losing about N127bn to cyber-fraud every… Continue reading Banks, tech firms combat N2.19bn e-fraud with cyber-insurance.
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.
A total of 42,851 relatives of deceased workers under Nigeria’s Contributory Pension Scheme (CPS) have been paid pension and insurance benefits from the commencement of the CPS till September 2017.Figures obtained from the National Pension Commission (PenCom) on approval of death benefits revealed that the deceased workers were from the private, state and federal sectors.… Continue reading Deceased workers’ relatives received N129bn pension, insurance settlements — Nigerian National Pension Commission.
Farmers in Nigeria will henceforth have good access to insurance coverage as the National Insurance Commission (NAICOM), is championing the course of a specialised and inclusive agric insurance scheme tagged Index based agric insurance(IBAI). The IBAI is an innovative and specialised insurance scheme that pays out benefits on the basis of a predetermined index (e.g.… Continue reading Index Based Insurance Scheme Kicks Off in Nigeria Soon
Nigeria’s National Health Insurance Scheme (NHIS) has been in operation for over ten years but it seems to have failed in the realization of the objectives for which it was established. Key among its failures is the non-realization of the objective of making health care available to Nigerians at affordable costs. As at today, many… Continue reading Failures of Nigeria’s Health Insurance Scheme: the way forward
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.