Nigeria’s safety record pushes premium on aircraft to $150k
Business a.m., Sade Williams
November 7, 2022
By Sade Williams/Business a.m. Down from $800k NASS committees want more funding for aviation Nigeria’s high safety record in the aviation sector ramped up in the last few years has seen it benefiting in lower insurance as premium paid in the country on wide body aircraft has gone down from $800,000 a year to between […]
AfDB, UK, 3 insurers close on risk-sharing deal for climate change
Business a.m.November 7, 2022
By Business a.m. The African Development Bank (AfDB), the UK government and three globally recognised insurance companies have closed on an innovative risk-sharing transaction known as the Room to Run Sovereign. The Room to Run Sovereign deal was structured with the intention of scaling up the AfDB Group’s commitments to climate finance by […]
Ethiopia’s central bank looks to loosen insurance market entry
Business a.m.November 7, 2022
By Business a.m. The National Bank of Ethiopia (NBE), the country’s central bank, is considering opening up the insurance and microfinance sectors. The proposal follows the government’s decision to open up the banking sector. “The question now is whether we have to open up other finance sectors too, or just begin with […]
NAICOM okays 16 insurers for agricultural insurance
Business a.m.November 7, 2022
By Business a.m. The National Insurance Commission (NAICOM) has given its nod to no fewer than 16 insurers to underwrite agricultural insurance across the country. They will add to the capacity now being offered by the state-owned Nigeria Agriculture Insurance Company (NAIC), according to a monitored report. It followed disclosure by Ken Aghoghovbia, […]
Coronation Insurance holds webinar on SMEs Nov. 1
Luther AnimashaunOctober 27, 2022
By Luther Animashaun Coronation Insurance Plc, a leading Nigerian insurance group, has announced plans to hold a webinar where experts will discuss the importance of insurance for Small and Medium Enterprises (SMEs). The webinar, themed “Importance of Insurance for SMEs: Insurance Requirements for a Growing Business”, comes up on Tuesday, November 1, 2022. […]
Universal Insurance gross premium rises 0.29% to N3.5bn in 2021
Onome AmugeOctober 18, 2022
By Onome Amuge Universal Insurance Plc has reported a 0.29 percent increase in its gross premium which rose to N3.5 billion in the financial year ended December 31, 2021 as against N3.4 billion posted in the corresponding period of 2020. Jasper Osita, chairman of the non-life insurance company, made the announcement during the company’s 52nd […]
Old Mutual CEO canvasses insurance for Nigeria to meet SDG on education
Anita OkoroMay 25, 2022
BY ANITA OKORO Nigeria’s education sector remains under the shadows of world beating levels despite recent improvements in budgetary allocations from 5.2 percent in 2021 to 7.2 percent in 2022. The percentage allocation falls below countries spending some 15 percent to 20 percent percent of their budgets on education. For Nigeria to raise its contribution […]
Cornerstone Insurance pays N1.3b claim in Q1, improves profit by 38.5%
Zainab IwayemiMay 25, 2021
Zainab Iwayemi Financial Statement seen by Business a.m. shows that Cornerstone Insurance has recorded total claim payout of N1.3 billion between January and March 2021. The amount represents N325 million high against the N1.63 year on year report. The insurer consequently improved profit for the year by a whole 38.5 percent, rising from […]
Cornerstone Insurance records a dip of 46.6% in profit despite improved GPW in 2020
Zainab IwayemiMay 18, 2021
Zainab Iwayemi Cornerstone Insurance Plc has recorded a decline in its profit for the year by 46.6 per cent despite a significant improvement in its gross premium written during the fiscal year 2020. Financial report made available on the Nigerian Exchange group shows. The insurer during this period saw its profit for the year […]
AXA Mansard’s Y-on-Y Q1 profit up 34%
Zainab IwayemiMay 17, 2021
Zainab Iwayemi AXA Mansard Insurance has recorded a 34 per cent uptick in its profit after tax (PAT), to N2.6 billion for the first quarter of 2021 compared to N1.96 billion it posted during the same period last year. As contained in the financial report the company released recently, the growth in […]