Saturday April 25th, 2015
Saturday April 25th, 2015
Latest

NAICOM may increase fines to sanitise insurance sector – Daniel

  /   in Insurance and You 12:30 am   /   Comments

insurance-pix

NAICOM is strategising on how to effectively deal with insurance operators that are bent on doing business unprofessionally. In this interview, Commissioner for Insurance, Mr. Fola Daniel speaks on this and other issues, excerpts.

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Transfer the cost of a potential loss to insurance

  /   in Insurance and You 12:12 am   /   Comments

insurance-pix

Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium.

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Insurers are imbibing spirit of prompt claims payment

  /   in Insurance and You 12:42 am   /   Comments

insurance-pix

The Nigerian insurance industry is entering a new phase in the form of transformation. Accordingly, insurers are imbibing the spirit of paying claims, even as the National Insurance Commission, NAICOM, is becoming more visible in its regulatory roles to ensure that claims are paid promptly.

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Honeywell group to list subsidiaries on NSE

  /   in Insurance and You   /   Comments

Nigerian-Stock-Exchange-(NS

There are indications that Honeywell group may to invest 150 billion naira ($750 m) over the next three years to fund growth across its businesses and also list one or two subsidiaries on Nigerian Stock Exchange, NSE.

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NCRIB’ll continue to place premium on professionalism —Shoderu

  /   in Insurance and You   /   Comments

insurance

President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Ayodapo Shoderu has said that the NCRIB will continue to place premium on professionalism in insurance broking practice and as such do all within the law to ensure that the thrust is sustained.

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Lawal is Inspen 2014 insurance man of the year

  /   in Insurance and You   /   Comments

Former President of the Chartered Insurance Institute of Nigeria (CIIN) Mr. Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

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Global insured catastrophe losses lowest for five years —Report

  /   in Insurance and You   /   Comments

DESPITE intense snowstorms in Japan, severe hail and windstorms in Europe, major flooding in parts of the UK and several aviation tragedies, global insured losses for 2014 were the lowest for five years, at roughly $33 billion, according to Guy Carpenter & Company, LLC.

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Amended pension act will accommodate previous loopholes – PenCom

  /   in Insurance and You 12:37 am   /   Comments

*One of the protester Mr. Felix Adewale Balogun, Chairman Shomolu Local Government Education Authority bin cary out, during  A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

The Pension Reform Act, 2004 was amended to become Pension Reform Act, 2014 so as to accommodate lessons learnt, identified loopholes and areas for improvement over the last ten years since the Contributory Pension Scheme, CPS, was instituted.

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If someone will suffer when you die, you need life insurance

  /   in Insurance and You   /   Comments

insurance-pix

If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.

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CRFFN takes up life insurance scheme for members

  /   in Insurance and You   /   Comments

The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, has taken up a life insurance scheme of N1 million, for its members in case of death.

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Is your insurer delaying your claims? Contact NAICOM

  /   in Insurance and You 12:58 am   /   Comments

File Photo: Aged Pensioners waiting for their entitlement

As an insurance consumer, if you suffer a loss and you send your claims demand to your insurance company, the company has a minimum of 90 days to settle your claims. However, many insurers have capitalized on this regulation to unnecessary delay genuine claims of insurance consumers. To this end, the National Insurance Commission, NAICOM, is out to ensure that genuine claims are not delayed unnecessarily.

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Experts seek better life for retirees

  /   in Insurance and You   /   Comments

Protesting-Pensioners

How to ensure a better life for retirees would be the focus in the 2014 Nigerian Insurance and Pension (Inspen) Award. A statement by the Chief Executive Office Inspen Media, Chuks Udo Okonta, said experts drawn from insurance and pension sectors would be on hand to seek solution to the plights of retirees and make contributions on how to improve retirement benefits operations.

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Fashola succeeds Olowude as IGI MD

  /   in Insurance and You   /   Comments

Board of Directors of Industrial & General Insurance Plc (IGI) has appointed Mr. Rotimi Fashola as the substantive Group Managing Director. He succeeds Mr. Remi Olowude, the company’s Executive Vice Chairman/Founder, who passed on last year.

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NAICOM leveraging on transformation agenda to change face of insurance

  /   in Insurance and You 12:53 am   /   Comments

insurance

The National Insurance Commission, NAICOM, said that the current Transformation Agenda is offering the insurance industry the opportunity to readjust its governance, operational structures and leverage on the interest and support provided in the policy direction of the Commission.

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NIA seeks to sustain enforcement of compulsory insurances

  /   in Insurance and You   /   Comments

insurance

The Nigerian Insurers Association, NIA, has appealed to the National Insurance Commission to sustain its efforts in the enforcement of the compulsory insurances listed in the Insurance Act of 2003.

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Your insurance should protect you

  /   in Insurance and You 12:42 am   /   Comments

insurance-pix

As an insurance consumer, your insurance company should protect you once your offer is accepted and until the expiry date of your policy or its written cancellation by you or them.

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Mansard acquires Penman, begins pensions operations

  /   in Insurance and You   /   Comments

Mansard Insurance plc, a member of AXA Group has announced the completion of its acquisition of 60 per cent of Penman Pensions Limited in a move aimed at consolidating the insurer’s position as one of Nigeria’s leading non bank financial services groups.

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CHI encourages research in students, gives automatic employment to winners

  /   in Insurance and You   /   Comments

Miss Gbemisola Atinukeola Abiola of the Federal Polytechnic, Ibadan has emerged the winner of the 4th edition of the essay competition organised by Consolidated Hallmark Insurance, CHI, Plc for tertiary institutions in the country, instituted to encourage research among students. Accordingly, Gbemisola went home with N250,000 from the initial N100,000 which previous winners got.

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NAICOM inaugurates 14 coys to run energy pool

  /   in Insurance and You 12:55 am   /   Comments

The National Insurance Commission, NAICOM, has inaugurated fourteen insurance companies to operate the Technical Management Board of the Energy and Allied Risks Insurance Pool of Nigeria (EAIPN).

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Disciplined underwriting key in overcapitalised global reinsurance sector – A.M. Best

  /   in Insurance and You 12:20 am   /   Comments

insurance-pix

Current conditions in the global reinsurance sector, which remains overcapitalised, demand that disciplined underwriting, be the focus of reinsurers, suggests a new report by A.M. Best.

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Whether Okada, danfo or airplane, you have right to compensation

  /   in Insurance and You 12:22 am   /   Comments

File photo: Okada riders

Are you a passenger on okada, commercial bus, airplane, ship or other means of transportation? Are you a worker or vulnerable member of the public at a building construction site? Are you a regular visitor to a completed building used as business premises including government offices? Are you an employee of an organisation that employs more than 14 staff?

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SA pledges improvement in service delivery to customers

  /   in Insurance and You   /   Comments

insurance-pix

Managing Director of Standard Alliance Insurance Plc Mr. Tom Imokhai, has assured that as a service organisation, his company will continue to improve on service delivery to customers and business partners through value-added service delivery for customers’ satisfaction.

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Reinsurance rates decline in Jan

  /   in Insurance and You   /   Comments

Point of Sales, POS, facilities

Reinsurance broker Willis Re said that January 2015 reinsurance renewals, the key market renewal for much of the globe, natural catastrophe reinsurance rates have continued to decline. The brokers renewals report, Willis Re 1st View states that catastrophe reinsurance rates have declined by around 10% for the renewals.

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Federal, state pensioners in Ogun tell tale of woes

  /   in Insurance and You 12:52 am   /   Comments

*One of the protester Mr. Felix Adewale Balogun, Chairman Shomolu Local Government Education Authority bin cary out, during  A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

Best of time for both the federal and state pensioners in Ogun State, as unpaid gratuities and irregular payment of pension have made life very miserable for the senior citizens.

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Amosun spends N27bn on pensions, gratuities

  /   in Insurance and You   /   Comments

Amosun-tour

Responding, the state government said it had spent about N22billion as payment of pensions and N5billion as gratuities in the last three and half years and pledged that it would neither owe the pensioners nor its workers.

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Let your PFA know your next-of-kin

  /   in Insurance and You 12:00 am   /   Comments

insurance-pix

It is important that you introduce and confirm your Next-of-Kin to your Pension Fund Administrator for record purpose because no one knows when Mr. Death may come calling.

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You have a choice to modify your vehicle’s comprehensive cover

  /   in Insurance and You   /   Comments

The-burnt-vehicle-360x225

As a vehicle owner in Nigeria, you have the option to choose between third party motor insurance cover and comprehensive motor insurance cover. If you opt for the comprehensive cover, you should know that a basic comprehensive motor insurance policy covers; third party insurance; fire damage to your vehicle; theft of your vehicle; collision or overturning damage to your vehicle; medical expenses incurred on you or your family members arising from injury sustained from accident to your motor vehicle subject to the limit specified by your insurer; towing expenses incurred on your motor vehicle following accident and up to the limit specified by your insurer.

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When you can access your retirement savings account

  /   in Insurance and You 12:12 am   /   Comments

*One of the protester Mr. Felix Adewale Balogun, Chairman Shomolu Local Government Education Authority bin cary out, during  A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

The Contributory Pension Scheme, CPS, seeks to, amongst others, ensure that every worker receives his retirement benefits as and when due.

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Stakeholders intensify efforts to boost insurance awareness

  /   in Insurance and You   /   Comments

insurance-pix

In recent times, stakeholders in the insurance industry have taken various steps to enlighten the public on the workings and benefits of insurance.

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Odua retired staff decry non-payment of pension

  /   in Insurance and You   /   Comments

The aged and retired staff of Odua Printing Ltd, a subsidiary of Odua Investment Ltd has decried non-payment of their pensions appealing to the company to save them from dying in suffering.

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Obasanjo frowns at insurance firm’s refusal to settle claims

  /   in Insurance and You 7:00 am   /   Comments

Chief Olusegun Obasanjo

Former President of Nigeria, Mr. Olusegun Obasanjo has decried the action of some fraudulent insurance companies who try to avoid payment of claims in the event of a disaster.

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It is your duty to manage your risks — Fashola

  /   in Insurance and You   /   Comments

Babatunde Raji Fashola

Governor of Lagos State, Mr. Babatunde Fashola has said that individuals have a responsibility to manage risks for the betterment of their lives.

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