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Insurers, reinsurers write off N1.1trn bad debts in three years

The nation’s insurance industry wrote off a whopping N 1.1 trillion in the last three years as provision for bad debts. A breakdown of the N1.1trillion revealed that the 51 insurance and reinsurance companies certified by the National Insurance Commission (NAICOM) wrote of N465 billion in 2007, N356 billion in 2008 and N282 billion by September 2009 amounting to N1.103trillion

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FG plays games with aggrieved insurers on Group Life

There is a strong protest from insurance companies that made frantic efforts to be in the 2010 federal government’s group life scheme such as African Alliance, IGI and Mutual Benefit Assurance but were shut out of the federal government business for one reason or the other. The scheme only approved 17 insurance companies whilst the Head of Service of the Federation did promised that the scheme would admit more insurance companies but nothing was heard about the promise as at the time the scheme was flagged off in Abuja last week Thursday.

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