Property catastrophe rates increased   for midyear renewals, but not as much as reinsurers had hoped and insurers had feared, brokers and reinsurers say.

The mandatory group life insurance provided in the Pensions Act 2004 will now be expanded to cover disability during the life of the insured. This was part of the amendment being sought by operators into the existing law.

Allianz Global Corporate & Specialty (AGCS) has suggested that special war insurance policies be introduced to serve the needs of vessels that travel through areas at high risk of piracy. The report, “Piracy: An Ancient Risk With Modern Faces”, notes that “currently, many vessels are insured for piracy as part of their standard ‘hull and machinery’ insurance policies”.

Crystalife Assurance Company Limited has renewed its commitment to surpass the company’s performance in the second half of the year as the company takes stock of its progress in the first half of the year.

Chairman of the Nigerian Insurers Association, Mr Wole Oshin says the industry goals he set for himself on assumption of office is being achieved. He was reviewing his one year scorecard at the association’s annual general meeting in Lagos.