Insurance sector grows premium to N400bn
Businessam Staff
June 28, 2019
The Nigerian insurance sector’s premium rose by 10 per cent to N400bn in the 2018 financial period, according to the Nigerian Insurers Association. Tope Smart,the chairman, NIA, disclosed this while presenting the 2018 annual report of the Nigerian insurance sector during the association’s 48th annual general meeting in Lagos which was attended by chief […]
NAICOM approves Nigeria’s first full fledged micro insurance operator
Adesola AfolabiFebruary 20, 2019
The National Insurance Commission (NAICOM) has granted approval to GOXI Microinsuranoe Company Limited to operate as a state composite micro insurance company. The approval gives the company authority to transact life and general micro insurance business in Lagos State only. It also makes the company, Nigeria’s first full fledged stand alone micro insurance operator, according […]
NAICOM halts SIP program to please insurance brokers
Adesola AfolabiDecember 21, 2018
In a move to foster the growth and development of the insurance sector through insurance brokers, the National Insurance Commission (NAICOM) has ordered the immediate withdrawal and cancellation of operational guidelines on State Insurance Producers (SIP). NAICOM had earlier released the SIP guidelines, which it planned to commence January 1, 2019 and pegged the operational […]
Insurers to decide business size, submit operations profile to NAICOM this week
Adesola AfolabiSeptember 10, 2018
The board of directors of insurance companies in the country would be taking critical decisions this week on business size as they submit operational profiles to industry regulator, the National Insurance Commission (NAICOM), on their solvency capital latest Friday, September 14. This is coming on the heels of the tier-based minimum solvency capital (TBMSC) policy […]
Nigeria’s insurance regulator, NAICOM, to issue tier-1 level licences to new investors
Adesola AfolabiSeptember 5, 2018
The National Insurance Commission (NAICOM), Nigeria’s regulatory authority for the insurance sector, has announced that in line with the recently introduced Tier-Based Minimum Solvency Capital (TBMSC) policy, new licences are now available for tier 1 level in both the life and non-life business categories. The TBMSC, which is expected to kick off October 1, 2018, […]
Investment firm increases stake in NEM insurance, eyes board position
Adesola AfolabiSeptember 4, 2018
Eaton Acquisitions Limited, an investment company has increased its stake in NEM Insurance to 9 percent, days after it announced the acquisition of 4 percent of the insurance company, business a.m has learnt. Olaleye Adeyinka, Eaton Acquisitions’ managing director while expressing confidence in the ability of current NEM’s leadership, said his company is desirous of […]
AIICO to underwrite agriculture risks following NAICOM approval
Adesola AfolabiAugust 28, 2018
AIICO has said it is set to protect Nigerian farmers against risk, following an approval it has received from regulator, the National Insurance Commission (NAICOM) to underwrite agricultural insurance. The approval given to AIICO for underwriting agriculture insurance is precedent on the insurance firm’s competitive edge on understanding the exact needs of farmers, Edwin Igbiti, […]
Brokers urge FG to insure ‘rent to own building projects’ to deepen insurance uptake
Adesola AfolabiAugust 28, 2018
In a bid to combat the abysmal level of insurance penetration in Nigeria, which currently stands at 0.4 percent of the total population, the Nigerian Council of Registered Insurance Brokers (NCRIB) is urging the Federal Government to give insurance its rightful place while embarking on its rent to own projects designed to curb housing deficits […]
ATI 14 African member governments, shareholders to get $2.5 mn in dividends
Adesola AfolabiJuly 11, 2018
The African Trade Insurance Agency (ATI) has earmarked an initial $2.5 million in payments to its shareholders which include 14 African member governments. The approved dividend is the first ever payment made to shareholders, the agency declared at its recently held general assembly in Abidjan, where the company also announced its record-breaking 2017 financial results […]
Equity Assurance granted extension to submit quarter one result by end May, 2018
Businessam StaffApril 18, 2018
By Oluwaseun Afolabi Equity Assurance has announced that it has been granted approval by the Nigeria Stock Exchange for extension of time to file its 2018 first quarter unaudited financial statement not later than 31st May 2018. In a statement released by the company, John Akujieze, the company’s secretary, explained that “the extension was granted to […]