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Non-Claims Payment: Why we can’t revoke license of weak insurers — NAICOM

By Rosemary Iwunze The National Insurance Commission, NAICOM, has attributed its inability to revoke the operating license of illiquid (weak) insurance firms consistently defaulting in claims settlement due to the provision of the law that allows companies with assets in excess of liabilities to remain in operation. According to NAICOM, although some companies are illiquid […]

Coronation Insurance grows PAT by 460%

Coronation Insurance Plc has recorded 460.8 per cent growth in Profit After Tax, PAT, Year-on-Year, YoY, to N1.2 billion in 2020 from N214.327 million in 2019.

NAICOM to sanction insurance firms for non-implementation of corporate governance guidelines

The National Insurance Commission (NAICOM) has said that it will sanction insurance companies that fail to implement the corporate governance guidelines which became effective this month. Speaking to Vanguard on the sidelines of the 2021 annual seminar for insurance journalists in Lagos, Commissioner for Insurance, Mr. Sunday Thomas said that the absence of sound corporate […]

NAICOM unveils strategic plans to boost public trust

The National Insurance Commission (NAICOM) has unveiled its 2021-2023 strategic plans for efficient service delivery, protection of trust, and confidence in the industry. NAICOM Head, Corporate Strategy and Special Duties Department, Mr Usman Jankara, announced the plan while delivering a lecture at the annual seminar for insurance journalists in Lagos on Friday. The theme of […]

Insurance experts seek policies to grow real sector

Experts in the insurance and pension sectors have called for policies that will facilitate the investment of insurance and pension funds in sectors such as manufacturing, agriculture and aviation.

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