PTAD pays N12.39bn arrears to 11,145 Nitel/Mtel pensioners
Luther Animashaun
December 21, 2022
By Luther Animashaun The Pension Transitional Arrangement Directorate (PTAD), has paid a total of N12,39 billion to clear a 15-month estimated arrears for 11,145 Nitel/Mtel pensioners. Chioma Ejikeme, the PTAD executive secretary, who made the disclosure, explained that the 15 months payment is part of the outstanding 63 months of inherited unfunded pension liabilities to […]
AGCS highlights key risk trends for D&O insurance market in 2023
Olivia NnoromDecember 19, 2022
By Olivia Nnorom A poor financial performance amid economic uncertainty, concerns of a global recession,lack of a robust robust cyber security, inadequate response to environmental, and social and governance (ESG) issues have been identified among the key risk trends in the Directors and Officers (D&O) insurance space, according to Allianz Global Corporate & Specialty […]
Construction in the age of greening
business AMDecember 19, 2022
By Business AM Building on new risks Fires, natural disasters and defective products are the top causes of claims on construction sites, but the nature of these risks is changing as the global economy strives to decarbonize. Here, Robert Ter Morshuizen, head, Energy and Construction, at Allianz Global Corporate & Specialty (AGCS) in South Africa, […]
FEC approves N9.24bn life insurance cover for public servants
Olivia NnoromDecember 14, 2022
By Olivia Nnorom The Federal Executive Council (FEC) has approved N9.24 billion for the 2022/2023 Group Life Insurance cover for public servants. Zainab Ahmed, the minister of finance, budget and national planning, disclosed this to newsmen after the week’s Council meeting, presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja. Ahmed, who […]
PenCom clears 34 licensed lenders to kick off RSA residential mortgage
Olivia NnoromDecember 12, 2022
By Olivia Nnorom Retirement Savings Account (RSA) holders wishing to access 25 percent of their RSA balance to be used for equity contribution towards residential mortgage can now apply to their Pension Fund Administrators (PFAs) as the the National Pension Commission (PenCom) has published a list of 34 approved licensed mortgage lenders (Primary Mortgage Banks) […]
Claims management in focus at Carefirst Consult advocacy conference
Olivia NnoromNovember 21, 2022
By Olivia Nnorom Low insurance uptake in Nigeria has remained a concern for stakeholders in the industry. With insurance penetration in the country below one percent, industry stakeholders are constantly in search of ways to change the narrative. To help stakeholders understand what the issues are and ways to navigate them, Carefirst Consult, a foremost claims management company concentrating on insurance […]
Life insurers tweak business models amid turbulence, McKinsey report
Olivia NnoromNovember 21, 2022
OLIVIA NNOROM Performance disappointing in recent years Industry struggling to generate returns in excess of cost of capital The life and retirement segment of the global insurance industry has seen disappointing performance in recent years, with nominal GDP growth far outpacing premium growth, the industry struggling to generate returns in excess of cost […]
Nigeria, South Africa, Zimbabwe most at risk of inflation, depreciation – ConRe
business AMNovember 14, 2022
A survey by Continental Re, the pan African reinsurer, has found that Nigeria, South Africa and Zimbabwe are the three out of 54 African economies most at risk from financial risks that include currency depreciation and inflation, the top challenges they face in the year ahead. The survey, which polled Africa’s leading insurance […]
Insurtech is driving direly-needed change in Nigeria’s insurance sector
Olivia NnoromNovember 14, 2022
By Olivia Nnorom Insurance penetration in Nigeria has for long remained abysmally low at below one percent as a result of, among other factors, the inability of operators in the sector to leverage the huge potentials inherent in the insurance markets. This has continued to be a concern to industry stakeholders. Due […]
African Alliance emerges claims excellence insurance firm of 2022
Olivia NnoromNovember 9, 2022
By Olivia Nnorom African Alliance Insurance Plc has been awarded the Claims Excellence Insurance Company of the Year 2022. The award came at the 2022 BusinessDay Banks and Financial Institutions (BAFI) Awards held in Lagos recently. According to the awards committee, “The Claims Excellence Insurance Company of the Year Award is granted to […]