MyCover.ai secures $1.25m pre-seed funding to expand insurance footprint in Africa
Onome Amuge
July 20, 2023
By Onome Amuge. MyCover.ai, the insurtech startup building Africa’s digital insurance infrastructure, has announced the close of a $1.25 million pre-seed funding round, led by Ventures Platform, aimed at expanding insurance penetration in Africa. The round included participation from Founders Factory Africa and TechStars, who are making a follow-on investment after the startup’s participation in […]
Reinsurance to cushion ARC as Fitch predicts earnings to remain volatile
Business a.m.July 12, 2023
Business A.M Reinsurance will help African Risk Capacity (ARC) Group to cushion a projected earnings volatility, Fitch Ratings has said. The cushion would come by way of helping the company limit its net exposure to losses, it said. Fitch said the parametric insurance provider to African sovereigns will see earnings continue to stay volatile due […]
NAICOM says premiums from oil & gas remain industry’s biggest in Q1’23
Business a.m.July 12, 2023
Business A.M The National Insurance Commission (NAICOM) says premiums from the oil and gas sector of the economy have remained the biggest following its data compilation on the insurance industry activities in the first quarter of 2023. Business from oil and gas contributed the biggest share to total non-life gross premiums, the Commission said. In […]
Sanlam, aYo partner to revolutionise insurance in Nigeria
Cynthia EzekweJune 12, 2023
By Cynthia Ezekwe Sanlam, a pan-African insurance company has partnered with aYo Holdings, a micro-insurance fintech company, to revolutionise insurance in Nigeria in support of Sanlam’s drive to offer local consumers affordable life and hospitalisation cover. A statement from the company disclosed that aYo will act as a technology service provider to Sanlam in Nigeria, […]
Global outlook positive for insurance in 2023, say execs
Onome AmugeJanuary 16, 2023
By Onome Amuge Michele Trogni, chairman/CEO, Zinnia In 2022, the insurance industry was struck by a myriad of challenges which ranged from inflationary pressures and slow economic growth to rising claims and premiums, according to industry executives in the sector. Despite being presented with much of the same, or similar challenges of the previous year, […]
Nigeria’ insurance industry opens conversation on ESG integration
Olivia NnoromJanuary 16, 2023
By Olivia Nnorom Baby steps begin to understand concept Over the years, Environmental Social and Governance (ESG) has become a key concern for major sectors and industries in Nigeria. Increased focus and pressure from investors, regulators, employees and other stakeholders make ESG a topic that is not only critical at the board level, but also […]
Royal Exchange appoints Ebele Nwachukwu as managing Director & CEO
Cynthia EzekweJanuary 10, 2023
By Cynthia Ezekwe Royal Exchange General Insurance Company (REGIC) has announced the appointment of Ebele Nwachukwu as its new managing director and chief executive officer, with the goal of expanding into the retail insurance space. Ike Chioke, REGIC chairman, disclosed this to the media recently, stating that the company is set to transform the retail […]
FGN releases ₦13.89bn for 2022 pension retirees
Chisom NwatuJanuary 5, 2023
By Chisom Nwatu The Federal Government of Nigeria (FGN) has released ₦13.89 billion for payment of accrued pension rights for Contributory Pension Scheme (CPS) retirees who retired in the year 2022. The National Pension Commission (PenCom) made the announcement in a statement seen by business a.m, stating that the accrued pension rights represent an employee’s benefits […]
Ship insurers to cancel war cover in Russia, Ukraine, and Belarus
Cynthia EzekweDecember 29, 2022
By Cynthia Ezekwe Following the exit of reinsurers from Russia, Ukraine, and Belarus, as a result of losses related to the lingering Russian-Ukrainian war, ship insurers have notified the insurance community of their cancellation of war risk cover in the regions effective from 1 January, 2023. This was disclosed on the websites of some of […]
Jaiz Takaful records 93% rise in 2021 Gross premium written
Olivia NnoromDecember 23, 2022
By Olivia Nnorom Jaiz Takaful Insurance Limited has recorded a gross premium contribution of N1.8 billion in the 2021 financial year, representing a 93 per cent increase from N944 million posted in the corresponding period of 2020. This was disclosed in the company’s 2021 financial report, which was approved by the board of directors at […]