Standard Alliance Insurance Plc has introduced a scratch card device aimed at tackling fake motor insurances and also to drive the sales of its motor third party product.

Standard Alliance Life Assurance Ltd, a member_company of Standard Alliance Group, has disclosed it paid out N4,74billion as maturities, value and death claims to its affected group and individual life policyholders during its operations covering three years from 2007 to 2009.

The Risk & Insurance Management Society on Thursday voiced its disappointment in the New York State Insurance Department’s final producer compensation regulation, calling it a “180-degree shift from previous versions in terms of its commitment to consumer protection for renewals.

Industrial And General Insurance Plc (IGI) has been appointed the Official Insurer of the Nigeria Premier League (NPL). The endorsement came at a contract signing ceremony attended by officials of IGI AND NPL and Carrier Insurance brokers IN Lagos recently.

Insurance PHB has paid a total claims of over N550 million in the year 2009. A breakdown of the settled claims shows that claims paid on Private Motor Insurance amounted took the largest portion of expended figure, amounting to N304.84million. This was followed by Commercial Motor which took N79,47million cClaims paid for Money insurance businesses stood at N44.54million, while claims on bonds took as much as N33. 79million Consequential Loss insurance attracted a total claims settlement of N28,568,072.08, while Claims on Group Personal Accident attracted claims of N15.73million.