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SUNU Assurance private placement records 100% subscription

Rate cutting undermining patronage for mobile insurance — Operators

By Rosemary Iwunze The expected increase in the sale of third party motor insurance through the Unstructured Supplementary Service Data, USSD, channel, otherwise known as mobile insurance, is being undermined by the reoccurring menace of rate cutting. This, according to insurance practitioners, is due to the fact that some insurance companies still sell third party
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SUNU Assurance private placement records 100% subscription

Insurance in 2021: Optimism hinged on economic recovery, stronger enforcement

By Rosemary Iwunze Insurance operators have expressed optimism of improved turnover in 2021, citing revival of economic activities as the nation recovers from economic recession, stronger enforcement of compulsory insurance policies, as well as improved information technology system to help boost turnover within the year. The operators are also gearing up to create products that
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WAICA Re to support winner of CSR project with $100,000

AIICO’s rights issue records over-subscription

By Rosemary Onuoha AIICO Insurance Plc said that its rights issues recently opened to shareholders have been oversubscribed. According to the company, this is yet another milestone achievement in its recapitalization journey. In a statement, the company said: “Recently, the Company conducted its rights issue exercise listing 4,357,770,954 ordinary shares of Fifty Kobo (N0.50) each
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SUNU Assurance private placement records 100% subscription

NAICOM, NIA disagree over recapitalisation of insurance firms

By Rosemary Onuoha The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms. While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing
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Mutual Benefits grows GWP by 18 per cent

Mutual Benefits gets shareholders’ nod to raise additional capital

By Rosemary Onuoha Mutual Benefits Assurance Plc has received shareholders’  approval to raise additional capital in order to meet the recapitalisation requirement of the National Insurance Commission, NAICOM. Accordingly, the underwriter is embarking on a private placement to raise additional N4.8 billion, from its existing investors who have shown interest to increase their stake to
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SUNU Assurance private placement records 100% subscription

Insurance operators bank on NAICOM portal to curb rate cutting, others

By Rosemary Onuoha Insurance operators are banking on the introduction of the National Insurance Commission, NAICOM, portal next year to curtail the menace of rate cutting and other unprofessional practices impacting negatively on turnover of companies. Rate cutting is one of the desperate but unprofessional practices adopted by some insurance firms to get business at
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