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News
Nigeria targets 10% insurance penetration by 2031 as ISSP launches five-year plan
3+ day, 19+ hour ago (473+ words) Nigeria’s insurance sector is set for a five-year strengthening programme aimed at raising insurance penetration from 0.5 percent of gross domestic product (GDP) to 10 percent by 2031 and expanding coverage to more than 55 million beneficiaries. The initiative, known as the Insurance Sector…...
AIICO moves to court to defend reputation, integrity amid allegations
2+ week, 6+ day ago (413+ words) AIICO Insurance Plc has moved to protect its corporate reputation and business integrity after what it described as a sustained campaign of false and misleading allegations by a former agent, Obinna Adolphus Nwosu. The insurer said Nwosu, whose agency appointment…...
How five South-East states abandoned Universal Insurance till death
2+ week, 6+ day ago (256+ words) …as policyholders hang hope on liquidator The irony is that the amount required to keep the company alive was not extraordinary by the standards of Nigeria’s insurance industry. N15 billion was the minimum capital threshold prescribed for non-life insurers under the…...
Prestige Assurance pays N15bn claims as insurance revenue rises by 28.3%
3+ week, 2+ day ago (440+ words) L-R: Umesh Rathod, managing director/CEO; Funmi Oyetunji, board chairman; and Chidinma Ibe-Lious, company secretary, all of Prestige Assurance Plc during its Annual General Meeting held in Lagos Underwriting firm, Prestige Assurance Plc, paid N15.53 billion in claims to policyholders in…...
Insurance sector reforms: An overview of the oversight obligations of the board of insurance companies in Nigeria
3+ week, 3+ day ago (970+ words) Business News Nigeria - Insurance sector reforms: An overview of the oversight obligations of the board of insurance companies in Nigeria Despite its huge potential, the Nigerian insurance sector has been dogged by low public trust, undercapitalisation, and perceived slow or…...