By Rosemary Onuoha
THE African Insurance Organization, AIO, has suspended Prestige Assurance Plc, Standard Alliance Plc and Industrial and General Insurance (IGI) for failure to pay subscription fees for more than three consecutive years.
The suspension was contained in the report of the executive committee released at the just concluded 45th AIO annual general Assembly held in Accra, Ghana.
Other companies suspended from Nigeria are Cosmic Insurance brokers as well as National Cooperatives Insurance.
Companies suspended from Ghana are: Donewell insurance Company and Quality Insurance company while Jubilee Insurance from Tanzania was also suspended.
Angola’s A MUNDIAL Seguros S.A. was also suspended and Ethiopia’s Nib Insurance Company was not left out in the suspension.
Secretary General of AIO, Ms, Prisca Soares said, “The recent economic recovery, though still fragile in some countries, has added further momentum to the continent’s insurance outlook.”