WAICA Reinsurance said it has concluded plans to develop marine and aviation insurance in its training programme.

General attitude of Nigerians towards motor third party insurance. The attitude of Nigerians – the insurance buying public towards motor third party insurance is lukewarm and not in any way different from their general perception of insurance products and services as gambling, betting, fraud, or deceitful transactions. Quite often, buyers of the motor third party insurance are statutorily compelled to buy the third party cover under the provision of the Motor Vehicle Third Party Insurance ACT of 1945, before anyone could drive or put their vehicles to use on the highway.

Three months to the end of the year 38 insurance companies are yet to get approval for their financial accounts from the National Insurance Commission, NAICOM.

The Commissioner for Insurance, Fola Daniel, has called on insurance operators to allow the benefits obtained from the “No premium no cover’ policy impact on their claims settlement, staff remuneration and better returns on investment for shareholders.

The ‘no premium no cover’ policy of the National Insurance Commission, NAICOM, has thrown up a lot of challenges to insurance operators. In this interview, the General Manager/Chief Executive Officer of Wema Insurance Brokers, Mr. Gbenga Olawoyin, highlights how insurance operators are bracing up to the challenges.

Some of these militating factors would include – drastically low per capital income, unemployment & high incidence of job losses, poor and or dwindling economic environment and activities; poor pay and reward system within the Nigerian landscape including failure or ignorance of insurance buyers to appreciate the essence of premium payment and the implications of non-payment under an insurance contract among several other factors.

Deputy Director of the National Insurance Commission, NAICOM, Mr. Leo Akah has said that most Nigerian airlines prefer to do their aircraft insurance abroad, rather than Nigeria.

Premium in its simpliest term is the money or price paid by buyers of insurance for the risk transferred to insurers for the cover granted by them. In legal terms, and under an insurance contract, premium is the valuable consideration that must be present for it to be valid or enforceable by the insured (i.e. insurance buyers) and the insurers (i.e. insurance firms).