The National Insurance Commission, NAICOM, has said that the country is much likely to attain a sustained economic growth and development if it can adapt its insurance industry with innovative ways that will bring on board the generality of the country’s population.Read More
The National Insurance Commission,NAICOM, said it successfully facilitated claims payment of over N2 billion in 2013.
In a statement, NAICOM said the move is in line with its continuing efforts at ensuring adequate protection of policyholders and insurance consumers over settlement of genuine insurance claims.
As at end of December 2013, only 39 insurance companies were able to get the National Insurance Commission, NAICOM’s, approval for their International Financial Reporting Standard, IFRS, compliant financial results.
Accordingly, 20 firms were unable to scale through the IFRS hurdle.
A couple of representatives of the federal flood insurance program came to College of Coastal Georgia to discuss new higher rates that will be phased in coming years.Read More
All but two life insurers made a profit in the year to June 30, according the latest data from the Australian Prudential Regulation Authority.
Scor Global life reported a $1 million loss, while Gen Re lost $23 million.
Custodian & Allied Insurance Plc has unveiled a new group structure following a successful merger between it and Crusader (Nigeria) Plc.
In a statement, the Company disclosed that it is pleased to inform the investing public of the new structure of the resulting entity.
The insurance sector witnessed some positive developments in 2013. However, inadequate infrastructure continued to plague insurers all through the year which resulted in the late and zero submission of financial results by some companies to the National Insurance Commission and other regulatory bodies.Read More
The Director General of the Nigerian Insurers Association, NIA, Mr. Sunday Thomas, has said that the best way for life insurance companies to thrive is to operate on a stand-alone basis rather than being in a composite setup.
According to Thomas, life insurance businesses rarely thrive in a composite company.
The Nigerian Insurers Association, NIA, said that the insurance sector may witness reduced profitability in the next financial year due to the implementation of the ‘no premium, no cover’ policy of the National Insurance Commission, NAICOM.Read More
Law Union & Rock Insurance Plc, recorded N4.16bn gross premium in 2012 financial period.Read More