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News
NAICOM, NCAA Sign MoU to Tighten Aviation Insurance Oversight
3+ day, 23+ hour ago (416+ words) streamlinefeed.co.ke The National Insurance Commission and the Nigeria Civil Aviation Authority signed a memorandum of understanding on Wednesday, September 9, at the NCAA headquarters in Abuja, tightening oversight of aviation insurance compliance and establishing a Joint Technical Committee on…...
Nigeria targets 10% insurance penetration by 2031 as ISSP launches five-year plan
4+ day, 15+ 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…...
NAICOM Revokes NICON Insurance Licence, Appoints Receiver
6+ day, 9+ hour ago (592+ words) The National Insurance Commission (NAICOM) has revoked the operating licence of NICON Insurance Limited, bringing to an end the operations of one of Nigeria’s oldest and historically significant insurance companies. The regulatory action followed the company’s failure to satisfy prescribed…...
NICON Insurance Licence Revoked as NAICOM Appoints Receiver Manager
6+ day, 18+ hour ago (218+ words) Nigeria’s National Insurance Corporation of Nigeria (NICON), long regarded as one of the country’s major insurance firms, has lost its operating licence. The National Insurance Commission (NAICOM) has revoked the company’s certificate of registration and placed it under the control…...
NAICOM Revokes NICON Insurance Licence, Appoints Receiver Manager
6+ day, 16+ hour ago (506+ words) The National Insurance Commission, NAICOM, has revoked the operational licence of the National Insurance Corporation of Nigeria, NICON Insurance, and appointed a Receiver and Provisional Liquidator to take over the affairs of the company. The regulatory action effectively places the…...
NAICOM cancels NICON Insurance licence, appoints Ume as Receiver/Liquidator
1+ week, 13+ hour ago (473+ words) National Insurance Commission (NAICOM) has cancelled the operating licence of NICON Insurance Limited and appointed Senior Advocate of Nigeria, Chukwuma Machukwu Ume, as Receiver/Provisional Liquidator of the company. The regulatory action involves the cancellation of the company’s Certificate of…...
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…...
Guinea Insurance Completes Recapitalisation, Targets New Growth Opportunities
3+ week, 6+ day ago (421+ words) Guinea Insurance Plc has completed its recapitalisation programme, marking a major milestone in its efforts to strengthen its financial position and expand its capacity within Nigeria’s increasingly competitive insurance market. The insurer disclosed the development on Friday, stating that it…...