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NCRIB Appeals To NAICOM Over Delisted Brokers

NAICOM

The Nigerian Council of Registered Insurance Brokers (NCRIB) has appealed to the National Insurance Commission (NAICOM) to revisit the case of some of the 108 delisted broking firms as some of them made errors that are deliberate. Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Fatai Adegbenro, who made the appeal in an interview with The Nation, said the ...

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PenOp Pleads With FG On Retirees’ Accrued Rights

The Pension Fund Operators Association of Nigeria (PenOp) has called on the Federal Government to urgently release the outstanding accrued rights of its retirees so that their benefits can be processed and settled. The President of PenOp Misbahu Yola, who made this call while addressing journalists in Abuja, pointed out that the delay in payment of the retirees’ accrued rights ...

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Piracy: UK P&I Club Urges Third Party Risk Assessment

In view of the significant increase in piracy in the waters surrounding West Africa, particularly Nigeria, UK P&I Club has canvassed for third party risk assessment prior to any voyages in the region as this may lead to increase in insurance claims. The maritime protection and indemnity insurance provider warned that vessels were most at risk when anchored or approaching ...

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SA Life Pays N3b Claims In 2014

In keeping faith with its promise to pay all genuine claims promptly, Standard Alliance Life Assurance Limited (SA Life) settled N3 billion claims in 2014 as against N2.7 billion paid out in 2013, the company’s Chairman, Bode Akinboye, stated. Speaking during 15th annual general meeting of the company in Lagos on Tuesday, Akinboye explained that N1.55 billion was paid from ...

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NAICOM Threatens To Criminalise Code Of Ethics Enforcement

Stories by Sola Alabadan, Lagos As the National Insurance Commission (NAICOM) is empowered by law to enforce Code of Ethics for insurance operators, the commission has threatened to criminalise its enforcement if such a code is not being strictly implemented by the industry. Commissioner for Insurance and Chief Executive of NAICOM, Mohammed Kari, stated at the 2015 Professional Forum organised ...

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A.M. Best Stresses Importance Of Credit Ratings To Insurers

A.M. Best Company, the world’s oldest and most authoritative insurance rating agency, will be explaining the importance of credit ratings to insurance firms in emerging markets at the 20th Annual African Reinsurance Forum being organised by the African Insurance Organisation’s (AIO). Specifically, A.M. Best has informed that it will be present at the Annual Forum holding in Tangier, Morocco from ...

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SA Insurance Records N4.3b Income

Standard Alliance Insurance plc (SA Insurance) recorded a gross premium income of N4.33billion in 2014 as again N3.78 billion achieved in 2013 despite the challenging macro-economic environment in the financial sector. The company’s Chairman, Brig. Gen. Dominic Oneya (rtd), who disclosed this to shareholders of the insurance outfit in Lagos on Wednesday, said the firm’s underwriting profit was N1.4 billion ...

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ILO Partners Centre For Insurance To Train Operators

Stories by Sola Alabadan, Lagos The International Labour Organisation (ILO)’s Impact Insurance Facility together with the Centre for Insurance and Financial Management Studies in Nigeria will be organising a training course for insurance practitioners in Lagos from October 21 to 23, 2015 in Lagos. It is also being organised with the support of the Global Index Insurance Facility and in ...

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ILO Partners College, Two Others On Micro-Insurance

Stories by Sola Alabadan, Lagos The International Labour Organisation (ILO)’s Impact Insurance Facility has forged strategic partnership with Nigeria’s College of Insurance and Financial Management (CIFM) and two other insurance training institutes based in Kenya and Senegal, to build their capacity to offer ILO-developed microinsurance training courses to insurers and their partners. The two other institutes are College of Insurance ...

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Mansard’s Rating Still Uncertain – A.M. Best

A.M. Best Company has unveiled the latest Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) of five Nigerian based insurance outfits rated by the organisation, stating that Mansard Insurance Plc’s rating is still uncertain. In its September edition of A.M. Best Non-US Ratings Monitor, the organisation insisted that the new ratings of Mansard remain B u Developing (FSR) and ...

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PFAs Invest N3.1tr Pension Funds In FG Securities

Stories by Sola Alabadan, Lagos The Pension Fund Administrators (PFAs) have invested about N3.1 trillion of Nigeria’s pension fund assets in Federal Government securities, representing 62.8 per cent of the total pension assets under the contributory pension scheme in the country, the latest data released by the National Pension Commission (PenCom) revealed. The total pension fund assets under the contributory ...

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Moroccan Insurer, Saham, Acquires Continental Re

Morocco-based insurance company, Saham Finances, has announced the acquisition of 53.6 percent of the capital of Continental Reinsurance Plc, a reinsurance company headquartered in Nigeria and operating in 44 African countries. Saham disclosed this in a communiqué published by the organisation recently. Saham, which did not reveal the cost of the transaction, specified having bought a majority shareholding in the ...

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Insurers Alerted On Fraudulent Claims

Nigerian insurance companies have been warned to be wary of fraudulent claims by their customers as it has been predicted there may be recession. Group Managing Director, Custodian and Allied Plc, Wole Oshin, gave this advice while presenting a paper on “Opportunities and Returns in the Nigerian Business Environment” at the 2015 Insurance Professionals’ Forum organised by the Chartered Insurance ...

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PenCom Certifies 2672 Firms For FG Contracts

A total of 2672 companies have been certified by the National Pension Commission (PenCom) to bid for Federal Government contracts as at September 16, after they provided evidence of compliance with provisions of the Pension Reform Act 2014. This represents a huge improvement as only 2,173 employers were issued the certificate in 2014. In 2013, only 1,163 employers were issued ...

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Lagos VIOs Harass Motorists, Allege Fake Insurance

Stories by Sola Alabadan, Lagos In spite of the warning issued by Governor Akinwunmi Ambode of Lagos State that Vehicle Inspection Officers (VIOs) should desist from harassing motorists, the officials have continued to harass motorists alleging all motor insurance certificates are not genuine. Governor Ambode had in June warned VIOs to stop harassing motorists and forcing themselves into vehicles of ...

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Mortgage Loan From RSA: Deadline To Comment On Guidelines Expires

The deadline for submission of feedback comments on the draft guidelines on withdrawals from Retirement Savings Account (RSA) towards equity contribution for payment of residential mortgage expires on September 23. The draft guidelines was released by the National Pension Commission (PenCom). This means that from that date, PenCom may issue the guidelines and its provisions will be binding on all ...

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Microinsurers Urged To Keep Trying

International Labour Organisation (ILO)’s Impact Insurance Facility has advised microinsurance operators to persevere and never to expect overnight success. The facility, in a report titled “Timing success: A review of failures in microinsurance schemes” stated that it is vital that microinsurance products are timed in relation to the level of development of the insurance market in a country. The organisation ...

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Sovereign Trust Records N7.2b Income

Sovereign Trust Insurance Plc achieved a gross premium income of N7.2 billion in 2014 as against N8.6 billion recorded in 2013, the company’s Chairman, Ephraim Faloughi, said. Addressing shareholders during the 20th annual general meeting of the underwriting outfit in Lagos, Faloughi said the company’s profit before tax also declined by 62 percent N857 million in 2013 to N326 million ...

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Insurers Urged To Cover Political Violence

Nigerian insurance companies have been urged to provide political violence insurance cover considering the series of bomb blasts and loss of properties to political upheavals the nation has witnessed since the return to democratic rule in 1999. The analysts at Nairametrics said it is only through innovative products that insurance companies can generate reasonable upswing in premium income that will ...

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Retirees No Longer Queue For Their Pension – Ideva

Stories by Sola Alabadan, Lagos The contributory pension scheme in Nigeria is a huge success as retirees no longer queue for their pension benefits, the Managing Director, Premium Pension Limited, Wilson Ideva, has said. Ideva, who spoke this during a chat with journalists in Abuja recently, said unlike in the past when there were endless queues of retirees waiting to ...

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Nigerians Unaware Of Benefits Of Insurance – Topcheck boss

The Nigerian populace is relatively unaware of the benefits of insurance and this explains the low level of insurance penetration in the country, co-founder of TopCheck, Jose Figueiredo, said. The insurance price comparison website has therefore been promising to give free insurance cover to its customers as part of a broader campaign which the company tagged “TopCheckCrazySeptember”. Figueiredo stated that ...

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W’African Insurance Regulators Formalise Cross-Border Supervision

Stories by Sola Alabadan, Lagos The insurance supervisors of Nigeria, Ghana, Liberia, Sierra Leone, and The Gambia have established West African Insurance Supervisors Association (WAISA) to formalise cross-border supervision in the sub-region. The Multilateral Memorandum of Understanding (MMoU) to this effect was signed at the office of National Insurance Commission (NAICOM) in Abuja recently, and the Economic Community of West ...

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Enforcement Of ‘No Premium, No Cover’ Has Helped Insurers – Efekoha

The Managing Director of Consolidated Hallmark Insurance Plc, Eddie Efekoha, responded to questions from journalists after the last annual general meeting of his company in Lagos recently. He reviewed the last financial year 2014, spoke on how his organisation fared during the period and efforts being made by the regulatory authority in insurance industry to grow the business, among other ...

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Leadway Pensure Uses Social Media To Enlighten Public

Leadway Pensure PFA Limited has rolled out several interesting social media features ranging from a full-fledged cartoon series, to pictorial dos and don’ts for job seekers, customer service chat touch-points for enquiries and service requests, as well as educative content on the pension industry and creating a work-life balance. The managing director of the pension fund administration company, Mrs. Ronke ...

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Foreign Firm Acquires insured.ng

After arriving Nigeria recently, South Africa-based price comparison platform, Click n Compare (CNC), has acquired insured.ng, insurance deals Comparison Company. CNC recently extended its service to both Nigeria and Kenya with the launch of CompareGuru. Thereafter, the company has acquired insured.ng , a Nigeria-based insurance deals comparison company backed by Spark. This acquisition, the company reveals will help them leverage ...

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