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News
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…...
Nigeria targets 10% insurance penetration by 2031 as ISSP launches five-year plan
3+ day, 23+ 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…...
Mutual Benefits drives growth post-recapitalisation, expanding protection across Nigeria
4+ day, 22+ hour ago (369+ words) For more than 30 years, Mutual Benefits Assurance Plc has built its reputation on a simple promise of being there for Nigerians when protection matters most. From safeguarding families and businesses to protecting assets and supporting long-term financial goals, the company…...
Recapitalisation sets stage for stronger insurers, deeper coverage??? Fajemirokun
3+ week, 5+ day ago (1149+ words) Nigeria’s insurance industry must now move beyond the recently concluded recapitalisation exercise and focus on deploying the stronger capital base to deepen insurance coverage, improve claims settlement and provide the long-term risk protection needed to support economic growth. “The process…...
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…...
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…...
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…...
Repositioning Fortis Global Insurance for growth
2+ week, 5+ day ago (836+ words) …as firm bets on technology, customer trust Fortis Global Insurance Plc is moving into a new phase of growth after successfully strengthening its capital base, settling legacy obligations and restoring stability to its operations, with management now turning its attention…...