insurance
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Business
Best’s Market Segment Report: MENA Reinsurer Performance Benefits from Pricing Environment, Higher Interest Rates
Reinsurers domiciled in the Middle East and North Africa (MENA) region continued to benefit from positive pricing momentum over the recent renewal periods, albeit to a lesser extent than the global reinsurance market, according to a new report from AM Best. The Best’s Market Segment Report, “MENA Reinsurer Performance Benefits from Pricing Environment, Higher Interest Rates,” forms part of AM Best’s…
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Business
Best’s Market Segment Report: Sub-Saharan Africa’s Reinsurers Resilient Amid A Complex And Challenging Risk Environment
The underwriting results of sub-Saharan Africa’s reinsurers have continued their trend of year-on-year improvement, benefitting from robust pricing actions on loss-affected lines of business, as well as the global hardening of the reinsurance market, according to a report from AM Best. The Best’s Market Segment Report, “Sub-Saharan Africa’s Reinsurers Resilient Amid a Complex and Challenging Risk Environment,” forms part of AM Best’s…
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economy
How insurers can grow, expand insurance market – Commissioner
The Commissioner for Insurance, Mr Olusegun Omosehin, on Thursday charged insurance practitioners to develop a range of new skills and orientation, to meet the industry’s target of market expansion and growth. Omosehin, also the Chief Executive Officer, National Insurance Commission (NAICOM), gave the advice at the opening of the 21st edition of the Insurance Professionals Forum organised by the Chartered…
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Featured
Kaduna pensioners to benefit from health insurance scheme
The Kaduna State Contributory Health Management Authority (KADCHMA) and the state chapter of the Nigerian Union of Pensioners (NUP), have signed a Memorandum of Understanding (MoU) on health insurance for its pensioners. Speaking at the signing of the MoU on Monday in Kaduna, the Director-General (DG) of KADCHMA, Abubakar Hassan, said the benefits of the scheme for the pensioners were…
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Featured
Gombe enrols 1,000 non-formal school children into health insurance scheme
The Gombe State Contributory Healthcare Management Agency (GoHealth), has enrolled 1,000 non formal school children into the scheme. The children otherwise called “Almajiri” in northern part of Nigeria, are pupils of non formal Qur’anic schools. The state deputy governor, Mr Manassah Jatau said this during the inauguration of the enrolment and GoHealth Identity Card distribution exercise, on Wednesday in Gombe.…
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Featured
Lawmaker hails Adeleke on free health insurance for PLWD
Rep. Bamidele Salam (PDP-Osun) has commended Gov. Ademola Adeleke for approving free health enrollment for all Persons Living with Disabilities (PLwD) in the state’s health insurance scheme. Salam who is the Chairman, House of Representatives Committee on Public Accounts, gave the commendation in statement in Abuja. He also commended Adeleke for approving the procurement of equipment needed for PLwD to…
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NEWS
NAICOM boss affirms insurance sector’s commitment to grow $1trn economy
The National Insurance Commission (NAICOM) on Tuesday affirmed its commitment to align the insurance sector with the Renewed Hope Agenda of President Bola Tinubu. Mr Olusegun Omosehin, Commissioner for Insurance, gave the assurance at the investiture of Mrs Yetunde Ilori as the 52nd president of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.Omosehin, also the Chief Executive Officer, NAICOM,…
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economy
NAICOM unveils portal to resolve complaints on insurance
The National Insurance Commission (NAICOM) has unveiled a complaint management portal to ensure swift resolution of all complaints on insurance related issues NAICOM in a statement made available to newsmen in Lagos named the address of the portal as: complaints.naicom.gov.ng. The commission stated that the portal offers a streamlined and user-friendly platform for addressing all insurance related complaints. The regulator…
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Featured
600 PwDs benefited from health Insurance package – Lalu
The National Commission for Persons with Disabilities (NCPWD) says no fewer than 600 PwDs have benefited from the pilot programme of its health Insurance package. James Lalu, the Executive Secretary of the commission gave the figure on Sunday, in an interview with the News Agency of Nigeria (NAN) in Abuja. Lalu also told t) NAN that, the commission was working…
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Business
Heart attack, stroke and cancer account for 60% of life insurance claims in the region – Zurich consumer report reveals
Key highlights: Claims for living benefits surpassed life insurance claims for the first time, amounting to 56% of the total claims, a 6% increase compared to last year, suggesting a growing trend and increased emphasis on supporting customers during their lifetimes. Heart attacks and strokes remain the primary cause of death, accounting for 36% of claims, followed by cancer at…
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Featured
NDIC, NJI partner on judiciary deposit insurance training
The Nigeria Deposit Insurance Corporation (NDIC) says building strong depositors’ confidence in banks and other financial institutions will ensure continuous safety and soundness in the financial system. Mr Bello Hassan, Managing Director, NDIC, said this while delivering his welcome address during the 2024 Sensitisation Seminar for Justices of the Court of Appeal in Lagos. The one-day workshop, organised by NDIC…
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Featured
Maternal health: Dilemma of health insurance enrollees
Pregnant Rukayat Olapade experienced persistent stomach pains and loss of appetite. Worried about them and relying on her health insurance with AXA Mansard, 31-year-old Olapade, who was three months pregnant, sought medical attention from her healthcare provider, Mercy Group Clinics in Abeokuta. At the hospital, Olapade presented her Health Maintenance Organisation (HMO) identity card and answered few questions she…
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Business
NDIC increases maximum deposit insurance coverage for failed banks
The Nigeria Deposit Insurance Corporation (NDIC), has reviewed upward the maximum deposit insurance coverage for depositors of all licenced deposit taking financial institutions in event of bank failure.The News Agency of Nigeria (NAN) reports that deposit insurance is the government’s guarantee that an account holder’s money at an insured bank is safe up to a certain amount. The Managing Director…
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Featured
Sanlam Life Insurance restates commitment to delivering excellent services
Sanlam Life Insurance Nigeria Ltd., formerly FBNInsurance, has reiterated its commitment to delivering best-in-class services to its teeming customers in 2023. The Managing Director of the company, Mr Tunde Mimiko, gave the assurance in a statement by Mr Bankole Banjo, Senior Marketing Services Coordinator, Sanlam Life Insurance, on Monday in Lagos. Mimiko appreciated the insurance company’s customers for their unflinching…
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Featured
NAICOM raises Third Party Vehicle Insurance from N5,000 to N15,000
The National Insurance Commission (NAICOM) has raised Third Party insurance cover for motorists from N5,000 to N15,000 yearly with effect from January 2023. The approval is contained in a circular: NAICOM/DPR/CIR/46/2022 addressed to insurance companies and dated Dec. 22, 2022. It was titled: New Premium Rate for Motor Insurance and signed by the Director, Policy and Regulation, NAICOM, Mr Leo…
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Africa
Standard & Poor’s assigns Tawuniya an “A-” rating; outlook “stable”
Riyadh, Saudi Arabia – Standard & Poor’s Global Rating Agency has assigned Tawuniya Insurance Company an “A-” rating and outlook “stable”, which is one of the highest financial ratings amongst the insurance companies in the Kingdom of Saudi Arabia, Middle East, and North African. This rating reflects Tawuniya’s improving financial performance for the last three consecutive years from 2019 to…
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News
NAICOM develops tech to check fake insurance certificates
The National Insurance Commission (NAICOM) has developed a technology for verifying insurance policies, with a view to weeding the industry of fake insurance. The Commissioner For Insurance (CFI), Mr. Sunday Thomas, who disclosed this while receiving the Minister of State, Transportation, Sen. Gbemisola Saraki, in his office in Abuja, yesterday, informed the minister that the Commission was working to ensure…
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