NDIC explores ways to strengthen depositors’ insurance protections
Post AMUGE
December 4, 2023
Cynthia Ezekwe The Nigerian Deposit Insurance Corporation (NDIC) has announced plans to increase the maximum deposit insurance coverage as part of efforts to protect depositors’ funds and maintain the stability of the banking sector in the face of the evolving economic environment. The move is aimed at providing additional protection for depositors, while also supporting […]
Motor Insurance market experiences strong growth in 2022
Post AMUGEDecember 4, 2023
Premiums by top 10 motor insurers rise 15.3% Cynthia Ezekwe Analysts are seeing a surge in motor insurance premiums following the recent increase in rates by the National Insurance Commission (NAICOM), and the growth of the top 10 motor insurers in 2022. The 2022 financial statements of the top 10 motor insurers in Nigeria, compiled […]
AIICO partners ETAP to deepen car insurance penetration in Nigeria
Isaac JayeolaAugust 30, 2023
By Cynthia Ezekwe. AIICO Insurance Plc, a leading insurance, pensions management, and asset management firm has partnered with ETAP, a renowned technology company specialising in the development of innovative solutions for the vehicle insurance sector, to drive increased penetration of car insurance in Nigeria. Despite being Africa’s largest economy and one of the biggest automotive […]
PenCom mulls regulations to deepen securities lending for PFAs
Cynthia EzekweAugust 10, 2023
By Cynthia Ezekwe. The National Pension Commission (PenCom) said it is working on regulations to enable Pension Fund Administrators (PFAs) participate in securities’ lending in the Nigerian stock market. Ibrahim Kangiwa, head, investment supervision at PenCom, Ibrahim disclosed this recently at a workshop tagged “Business Facilitation Act 2023 as a Catalyst for Deepening Securities Lending […]
Pension investment in FG Securities jump 20.6% to hit N10.9trn in H1’23
Isaac JayeolaAugust 8, 2023
By Cynthia Ezekwe. Pension investments in the federal government securities by Pension Fund Administrators (PFAs),rose to N10.858 trillion in the first half of the year,representing a 20.6 per cent Year-on-Year increase from N9.007 trillion in the corresponding period of 2022 (HI ’22). This is according to a recent data presented by the National Pension […]
AIICO Insurance sees premium rise 24% to N56.4bn in H1’23
Cynthia EzekweAugust 7, 2023
By Cynthia Ezekwe. AIICO Insurance Plc has recorded a gross premiums written of N56.404 billion in its unaudited results for the first half (H1) of the year ended 30 June 2023, marking a significant increase from N45.5 billion it recorded in the first half of 2022. The insurance company, in its half year unaudited financials […]
Prestige Assurance grows GPW by 34% to N12.4bn
Isaac JayeolaJuly 31, 2023
By Onome Amuge. Prestige Assurance Plc has recorded 34 per cent growth in Gross Premium Written (GPW) to N12.4 billion for 2022 financial year from N9.27 billion recorded in 2021. The company also delivered a profit before tax of N143 million, while its total assets appreciated to N22.209 billion as against N21.579 billion in the […]
Nigeria’s pension assets to increase by N19trn in 2024, says Agusto
Cynthia EzekweJuly 26, 2023
By Cynthia Ezekwe. Agusto & Co, a pan-African credit rating agency and a leading provider of industry research and knowledge in Nigeria & sub-Saharan Africa has projected that Nigeria’s total pension assets will rise to N19 trillion by the end of 2024. The rating agency disclosed this in its recent report tagged “The Nigerian Pension […]
Insurance experts push negotiation, mediation as options for claims dispute resolution
Olivia NnoromNovember 28, 2022
By Olivia Nnorom Experts in the insurance industry have recommended negotiation and mediation as effective means of resolving claims-related disputes other than arbitration and litigation. The experts, who spoke at the maiden edition of the annual insurance claims advocacy conference (ICAC) organised by Care First Consult in Lagos on Thursday, said litigation should be the […]
Sigma Pensions eyes market dominance with Access acquisition
Rosemary IwualaOctober 31, 2022
By Rosemary Iwuala The management of Sigma Pensions has said the acquisition of the Pension Fund Administrator (PFA) by entities controlled by Access Corporation (parent company of Access Bank) will position it as the fourth-largest PFA in Nigeria after its proposed merger with First Guarantee Pensions, with its target set on attaining market dominance in […]