Saturday September 5th, 2015
Saturday September 5th, 2015

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2014 accounts: 17 insurance firms to pay daily fine

  /   in Insurance and You 12:32 am   /   Comments

insurance

Seventeen insurance companies are to face sanctions by the insurance industry regulator, the National Insurance Commission (NAICOM) for failure to meet the June 30 deadline for submission of their 2014 accounts.

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Brokers charge govt on lasting solution to avoidable accidents

  /   in Insurance and You 12:32 am   /   Comments

File: insurance

The Nigerian Council of Registered Insurance Brokers, NCRIB, has charged government at all levels to find lasting solution to incidents of avoidable accidents on major roads in the country.

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Buy genuine insurance, NIA urges motorists

  /   in Insurance and You 12:58 am   /   Comments

File: insurance

The Nigerian Insurers Association, NIA has appealed to motorists to make sure they buy genuine insurance certificates from insurance companies, brokers or accredited agents.

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Huge population a big opportunity for insurers — Hassan-Odukale

  /   in Insurance and You, News 12:45 am   /   Comments

Hassan-Odukale

Insurance is a business that is done with a large number of people. One of the things we have been accused of in Nigeria is not reaching large number of Nigerians. You grow penetration by selling insurance products to a larger number of people. Nigeria has a population of over 175 million people and where local insurers look at it that the Nigerian market is tough, foreign investors see opportunity in Nigeria because they look at the large population.

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IEI poised for repositioning

  /   in Insurance and You, News   /   Comments

energy

International Energy Insurance (IEI) plc says it is poised for repositioning to enable the company play leading role in the insurance industry, having all the potentials to do so. IEI, the Company says has some of the most competent hands in energy and general business underwriting, and an innovative business drive, which it believes are core competences it requires to deliver value to policy holders and other stakeholders.

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Leadway Assurance Limited, others win CAC corporate awards

  /   in Insurance and You, News 10:48 pm   /   Comments

File: insurance

Leadway Assurance Limited has received the “Above Basic Compliance” for its corporate leadership, sustainability programmes and corporate social responsibility, CSR efforts at the maiden Corporate Affairs Commission, CAC Corporate Citizens Awards in Abuja. The “Above Basic Compliance” category winners are the Leadway Assurance Limited and Nigerian Breweries Plc while the “Basic Compliance” award was won by the Yobe Investment & Securities Limited.

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Enforcement of group life will improve insurance penetration

  /   in Insurance and You, News 12:15 am   /   Comments

File: insurance

“Though belated, insurance companies now have paid-up capital in excess of N5 billion, turn over in excess of N25 billion and asset base of over N50 billion. By continuous constructive engagements, insurer inescapable position shall be surely appreciated,” he said. Ogunbiyi added that insurers’ advertisement through bill boards, radio jingles and television programmes will accelerate insurance acceptance, deepen pension practice and the spread of insurance benefits to all.

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‘Standing still in a changing market is to fall behind’

  /   in Insurance and You, News 11:46 pm   /   Comments

motor insurance

“Market relevance is clearly a goal with the majority of reinsurance firms eager to move beyond being seen as commoditised capacity providers.” These “value-added” approaches represent the traditional reinsurance market’s basic response to alternative capital, the analysts explain.

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NCRIB board member emerges LLTC President

  /   in Insurance and You, News   /   Comments

NCRIB MEMBERS EVENING: From left: Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr.  Ayodapo Shoderu; President, NCRIB, Laide Osijo and Group Managing Director, Cornerstone Insurance Plc, Mr. Ganiyu Musa at the August 2013 edition of NCRIB Members’ Evening, hosted by Cornerstone Insurance Plc, in Lagos.

The Lagos Lawn Tennis Club has elected a new President. He is Barrister Rotimi Edu, a Registered Insurance Broker and Chairman of the West African Insurance Brokers Association (WAIBA). Edu, a product of the Lagos State Polytechnic and the University of Lagos where he studied Insurance and Law respectively, has promised to bring to bear his repertoire of knowledge in taking the club to higher heights.

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Leadway Assurance launches funeral cover plan

  /   in Insurance and You, News 12:53 am   /   Comments

Product launch: Managing Director, Mr. Oye Hassan Odukale; Mr. Shadrack Sivhugwana, Head Life Actuary; and two member of staff all of Leadway Assurance Company Limited at the launch of Leadway Family Benefit Plan Plus (LFBPP) at the corporate head office in Lagos.

Leadway Assurance Company Limited has launched a new life product named the Leadway Family Benefit Plan Plus (LFBPP). The product is a multi-life policy designed to cover funeral expenses for the assured lives (spouse, parents and/or parents-in-law that are named in the policy) and the policy holder (person who purchased the policy). The policy helps to alleviate and bury the worries associated with the funerals for elderly loved ones.

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CPS: Most successful govt initiative —Dikko

  /   in Insurance and You, News   /   Comments

Mr. Aliyu Dikko, Chairman, Premium Premium

The Contributory Pension Scheme, CPS, is arguably the most successful government initiative in recent times and a clear testimony to the effectiveness of private-sector-driven rendition of service in critical sectors. Chairman of Premium Pension Limited, Mr. Aliyu Dikko, who made this assertion, noted that year 2014 marked 10 years of the introduction of the CPS in the country and it was a general consensus that the industry has recorded tremendous successes.

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AACN showcases Nigeria abroad

  /   in Insurance and You, News   /   Comments

Chief Obafemi Awolowo, Dr. Nnamdi Azikiwe and Alhaji Ahmadu Bello

The Association of Assets Custodians of Nigeria (AACN) has successfully concluded its fourth annual investor conference held on the 7th of May, 2015, in London, with the theme – Nigeria: Navigating changes, Extracting opportunities. The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, represented by the Director of Reserve Management, Mr. Lamido Yuguda, opened the event with the keynote address.

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IEI gets new board following dissolution by NAICOM

  /   in Insurance and You, News 11:38 pm   /   Comments

NAICOM

The National Insurance Commission (NAICOM) has dissolved the board of International Energy Insurance Plc. In its place, a three-member interim board has been appointed to oversee the affairs of the company while necessary investigation is being conducted. As part of this intervention, the Chief Executive Officer and some key officers will proceed on leave to pave way for a thorough investigation of the affairs of the company.

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Goldlink Insurance partners G31000 for first training in Nigeria

  /   in Insurance and You, News   /   Comments

Some ex-militants during a training session.

Goldlink Insurance Plc has sponsored the Certification Training and Examination in ISO 31000 Risk Management by the Global Institute of Risk Management Standard (G31000). President of Global Institute of Risk Management Standard headquartered in France, which is the global platform for ISO 31000, Alex Dali, was at the event to oversee the 3-day master class that had participants from Goldlink Insurance, Leadway Assurance, Renaissance Capital, First Bank of Nigeria, Sovereign Trust Insurance, International Energy Insurance and Calabar Microfinance Bank Limited in attendance.

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Proper planning should precede retirement – Ideva

  /   in Insurance and You, News 12:25 am   /   Comments

File Photo: Aged Pensioners waiting for their entitlement

“Enjoying a hitch-free retirement goes beyond receiving a lump-sum and regular programmed withdrawal from one’s Retirement Savings Account (RSA). It requires in-depth planning and profound mental and psychological conditioning of the retiring worker to equip him to seamlessly adjust to a different kind of life after decades of service to society.

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How insurance is taking over the communal way of living

  /   in Insurance and You, News   /   Comments

From left: First Custodian MD, Mr. Akin Faniokun; Musibau Yola, MD, Legacy Pension; Dave Uduanu, MD Pal Pension and Chairman of PneOp, at a briefing in Lagos.

Nigerians are communal people by nature. In the past, people of the same community do things in common to the extent that when a bread winner of a family dies, members of his community come together to bring up his children. Unfortunately, that kind of communal living is fast fading out. The world is changing fast and Nigeria is not left behind. As the world becomes a global village, the community living is disappearing and everyone is concerned about his immediate family and welfare.

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Sound regulatory system critical to stablility of insurance sector — NAICOM

  /   in Insurance and You, Technology 12:58 am   /   Comments

File: insurance

The National Insurance Commission, NAICOM, has said that a sound regulatory and supervisory system is necessary for maintaining a fair, safe and stable insurance sector for the benefit and or protection of the interests of stakeholders.

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Royal Exchange provides free cover for the blind

  /   in Insurance and You   /   Comments

As part of its Corporate Social Responsibility (CSR), Royal Exchange Plc is providing free health insurance to the staff and pupils of the Pacelli School of the Blind & Partially Sighted Children for a one year period at the first instance.

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NAICOM may increase fines to sanitise insurance sector – Daniel

  /   in Insurance and You 12:30 am   /   Comments

File: insurance

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

File: insurance

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

File: insurance

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

File: insurance

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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