Stabilizing financial markets have helped buyers of trade credit insurance, as political risk underwriters are pulling back slightly on rates they hiked last year during the global financial crisis, insurers and brokers say.

Over-regulations in the insurance industry and regulations which overlap other sectors’ laws have all created barriers to the development and growth of micro-insurance in the country, according to Prof Joe Irukwu, Insurance Law Review Committee Chairman.

The National Insurance Commission, NAICOM, has approved the appointment of Mr. Emmanuel Obinna Madu, as the new managing director and chief executive officer for ADIC Insurance Limited.

In its continuing efforts to properly position insurance practitioners for efficient and effective delivery of insurance products and services in the country, the Chartered Insurance Institute of Nigeria (CIIN) will next week organize a special Mandatory Continuing Professional Development (MCPD) programme tagged “Business Outlook for 2010.”

Union Assurance Insurance Company has reported a 36 percent increase in its gross premium income for 2008 at N2.72billion against N2billion written in 2007. Also net premium rose 28percent at N1.88billion from the previous record of N1.47billion.