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Insurers face $7b claims first quarter

For the first quarter of 2014, preliminary estimates indicate that around $20 billion in economic damages and $7 billion in insured losses occurred from around 70 natural disasters worldwide. Impact…

Brokers strategise to adopt IFRS

As all listed companies were expected to have adopted the International Financial Reporting Standards (IFRS) since 2012, while the road map on the adoption of IFRS stipulates that by 2014,…

Terrorism financing: NAICOM charges insurers to beware

By Sola Alabadan  / Senior Correspondent To ensure that the insurance operators keep complying with the provisions of the Money Laundering (Prohibition) Act 2004 in view of the various allegations that…

‘Insurance industry, like banking, needs bailout’

In view of the fact that the many insurance companies, just like the banks, lost substantial volume of their assets as a result of financial meltdown and crash of stock…

MUTUAL designs insurance cover for politicians, churches, others

MUTUAL designs insurance cover for politicians, churches, others

Mutual Benefits Assurance Plc (MUTUAL) has launched 36 new insurance products to give insurance protection to politicians, churches and others, to mitigate diverse risks in various segments of the Nigerian…

AIICO targets N31b income in 2014

AIICO targets N31b income in 2014

The management of AIICO Insurance Plc plans to achieve a premium income of N31 billion in 2014 and has put structures in place to achieve this target, Executive Director (Technical),…

FRSC, NIA partner to enforce motor insurance law

FRSC, NIA partner to enforce motor insurance law

Stories by Sola Alabadan Senior Correspondent   The Federal Road Safety Commission (FRSC) and the Nigerian Insurers Association (NIA) are collaborating to ensure effective enforcement of compulsory motor vehicle insurance…

Custodian and Allied records N3.6b profit

Custodian and Allied Plc has released its consolidated audited annual results for the year ended December 31, 2013, indicating that the company achieved a profit before tax and profit after…

Operators raise alarm over quack reinsurance brokers

Operators raise alarm over quack reinsurance brokers

The attention of the National Insurance Commission (NAICOM) has been drawn to the fact that virtually all registered insurance brokers in Nigeria now claim to be reinsurance brokers without due…

MIGA urges investment in economy

MIGA urges investment in economy

Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group, has called for significant investment in Nigeria’s economy to create jobs and…

STI assures on supporting knowledge acquisition initiatives

Sovereign Trust Insurance Plc has promised to continue supporting knowledge acquisition initiatives in promoting the advancement of the Nigerian insurance industry. The company’s Managing Director, Wale Onaolapo, gave this assurance…

NAICOM to sanction insurance operators for overriding commission

NAICOM to sanction insurance operators for overriding commission

Stories by Sola Alabadan Senior Correspondent   The National Insurance Commission (NAICOM) has threatened to henceforth penalise any insurance operators that solicit or offer overriding commission, business acquisition fees and…

Nigerians urged to study insurance documents carefully

By Segun Adeleye – Abeokuta  Nigerians wishing to enter into insurance contracts have been advised to ensure that they study insurance policy documents comprehensively, especially the technical details, in order to…

Insurers may lose annuity to pension operators

Insurers may lose annuity to pension operators

By Sola Alabadan Nigerian insurance operators may soon lose life annuity to pension operators if the plan by the pension managers sees the light of the day, investigation by Daily…

Market fire: Traders charged to embrace insurance

The Nigerian Council of Registered Insurance Brokers (NCRIB) has restated the need for the government and the people to embrace insurance as way of life, saying the incessant market fire…

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