insurance
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Featured
Best’s Market Segment Report: Algeria’s Insurance Market Primed for Growth and Expansion
Demographic, economic and regulatory developments in Algeria appear to bode well for the country’s insurance market, which looks primed for growth, expansion, foreign investment and profitability, according to a new report from AM Best. In its new Best’s Market Segment Report, “Algeria’s Insurance Market Primed for Growth and Expansion,” AM Best notes several of these potential drivers of growth help set Algeria’s…
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Featured
Best’s Commentary: (Re)Insurance Markets in West Africa Navigate Uncertainty Amid Political Shifts
The withdrawal of Niger, Mali and Burkina Faso from the Economic Community of West African States (ECOWAS) is the latest sign of political turmoil in the region, but the direct impact on (re)insurance markets will be limited in the short term, according to a new commentary from AM Best. In a new Best’s Commentary, “(Re)Insurance Markets in West Africa: Navigating Uncertainty Amid…
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Featured
AM Best to Present Latest Algiers Insurance and Reinsurance Trends at Upcoming Briefing
Members of AM Best’s insurance ratings and analytics team will share their latest perspectives on the reinsurance industry, trend observations in the Algerian insurance marketplace, and discuss Best’s National Scale Ratings (NSR) during an upcoming market briefing taking place in the African nation. The briefing is scheduled for Thursday, 10 April 2025 at the Hôtel El Aurassi in Alger Centre. The event…
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education
Public education key to effective Third Party Insurance Policy – Stakeholders
Stakeholders in the transport sector have advocated comprehensive sensitization activities to create awareness and ensure effective compliance with the Third Party Insurance Policy in the country. They said the measure would promote acceptability, check fraudulent practices, and encourage compliance with vehicle insurance regulations. The stakeholders, including motorists, transport workers, and experts, spoke in Bauchi, Dutse, and Gombe while…
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Featured
AM Best to Attend 49th General Assembly and Conference of FANAF
AM Best will attend the 49th General Assembly and Conference of the Fédération des Sociétés d’Assurances de Droit National Africaines (FANAF), which is to be held 22-26 February in Marrakech, Morocco. The theme of this year’s conference is, “What Levers for Inclusive and Sustainable Insurance Development in Africa?” William Mills, senior director, Market Development, and Dr. Edem Kuenyehia, director, Market Development…
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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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