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Brokers still engage in unethical practices, NCRIB affirms

Brokers still engage in unethical practices, NCRIB affirms

By Sola Alabadan / News Editor, Sunday   The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Ayodapo Shoderu, has confirmed that there are still some brokers who indulge…

IFRS: Brokers risk FRC sanction from March 3

The deadline given by the Financial Reporting Council (FRC) to all insurance brokers to submit their International Financial Reporting Standards (IFRS) based accounts expires on March 3. Although insurance brokers…

IGI pays N3.5b claims in 2014

Industrial and General Insurance Plc (IGI) paid a total of N3.5 billion as claims in 2014, IGI Group Managing Director, Rotimi Fashola, has said. Fashola informed insurance brokers in Lagos…

AXA to Acquire 7% of Africa Re

French insurer AXA has signed an agreement to acquire a 7.15 per cent interest in African Reinsurance Corporation (Africa Re), for around $61 million (€53 million). Established in 1976 by…

NAICOM restrategises for recalcitrant insurance operators

NAICOM restrategises for recalcitrant insurance operators

By Sola Alabadan - News Editor, Sunday   In realisation of the fact that some insurance operators will always want to violate the rules and regulations governing insurance practice, the National…

IGI appoints Fashola MD, Elusakin DMD

IGI appoints Fashola MD, Elusakin DMD

The Board of Industrial and General Insurance Plc (IGI) has appointed Rotimi Fashola as the substantive Group Managing Director. He succeeds Remi Olowude, the company’s Executive Vice Chairman/Founder, who passed on…

Proposed outbreak, epidemic insurance

Outbreak and epidemic insurance  The African Union’s African Risk Capacity (ARC), the continent’s sovereign disaster risk insurer, is developing cover for disease outbreaks and epidemics. In the aftermath of the…

NAICOM targets car dealers, fuel stations to sell insurance

NAICOM targets car dealers, fuel stations to sell insurance

  By Sola Alabadan News Editor, Sunday   As part efforts to ensure that majority of Nigerians embrace insurance as a way of life, the National Insurance Commission (NAICOM) has…

NAIC moves to increase market penetration, income

NAIC moves to increase market penetration, income

  By Sola Alabadan News Editor, Sunday The board of Nigerian Agricultural Insurance Corporation (NAIC) has put strategies in place to increase the corporation’s market penetration and premium income, the…

NIA seeks enforcement of compulsory insurances

By Sola Alabadan News Editor, Sunday The Chairman of Nigerian Insurers Association (NIA), Godwin Wiggle, has appealed to the National Insurance Commission (NAICOM) to sustain its efforts in the enforcement…

SA Insurance restructures

By Sola Alabadan News Editor, Sunday The board and management of Standard Alliance Insurance Plc have initiated a process of restructuring and rightsizing as part of its corporate strategy for…

Firms bidding for FG contracts to require compulsory insurance compliance

Firms bidding for FG contracts to require compulsory insurance compliance

  By Sola Alabadan News Editor, Sunday   All organisations wishing to bid for any contract with the Federal Government Ministries, Departments and Agencies (MDAs) may soon be required to…

Catastrophes: Global losses down to $132b; insured $39b

Catastrophes: Global losses down to $132b; insured $39b

  By Sola Alabadan News Editor, Sunday Impact Forecasting, Aon Benfield’s catastrophe model development team, has launched its Annual Global Climate and Catastrophe Report, which evaluates the impact of the…

The compulsory insurance for traders

By Sola Alabadan News Editor, Sunday NEMA advocates compulsory insurance for traders Due to the incessant fire outbreaks at major markets across the country, the National Emergency Management Agency (NEMA)…

Nigerian aviation risks must be insured locally – NAICOM

Nigerian aviation risks must be insured locally – NAICOM

By Sola Alabadan / News Editor, Sunday   In order to protect policyholders and members of the public, the National Insurance Commission (NAICOM) has ordered that the establishment of underwriting terms…

Insurers focus on modernising core systems – Study

In view of the fact that there is pressure to innovate in today’s fast-paced and changing insurance environment, insurers are responding by focusing their investments in technology on modernising core…

Liberty to finalise Nigerian acquisition soon

Liberty Holdings Limited, the South African insurer controlled by Standard Bank Group, said it may conclude a deal in Nigeria by the end of January. speaking in an interview at…

Goldlink reassures shareholders on investment

The management of Goldlink Insurance Plc has reassured the shareholders of its commitment to secure their investments, informing that the Nigerian Stock Exchange (NSE) would no longer delist the company.…

Insurers tackle capital flight with N720m oil, gas pool

Insurers tackle capital flight with N720m oil, gas pool

By Sola Alabadan  / News Editor, Sunday   As part of efforts to retain capacity in oil and gas underwriting, curb capital flight and grow the local market in energy and…

NCRIB advises politicians to embrace insurance

The Nigerian Council of Registered Insurance Brokers (NCRIB) has advised politicians to embrace insurance especially at this crucial electioneering period, citing cases of recent attacks within the political circles. The…

NIA to launch NIID in Lagos

The Nigerian Insurers Association (NIA) says it is engaging stakeholders in Lagos state including the Motor Vehicle Administration Agency (MVAA), the Vehicle Inspection Officers (VIO), and Ministry of Transport, with…

CHI rewards winners of essay competition

As part of efforts to promote insurance practice and professionalism in the industry, Consolidated Hallmark Plc (CHI) has said it would continue to reward best students in the annual essay…

SON considers stiffer sanctions against substandard goods

Standards Organisation of Nigerian, SON, has said it is considering imposing additional sanctions on importation of substandard goods. The Director General, Standards Organisation of Nigeria (SON) Dr. Joseph Odumodu, who…

Insurers now paying overriding commission into brokers’ personal accounts

Insurers now paying overriding commission into brokers’ personal accounts

By Sola Alabadan / News Editor, Sunday   The insurance companies now pay overriding commission and other illegal fees directly into the personal bank accounts of insurance brokers to prevent the…

FBN Insurance completes acquisition of Oasis

FBN Insurance Limited, a subsidiary of FBN Holdings Plc has completed the acquisition of Oasis Insurance Plc. While FBN Insurance had initially acquired 71.2 per cent equity interest in Oasis…

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