May 9, 2021
  • May 9, 2021

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Nigeria’s AIICO Insurance gets shareholders nod to raise capital

by on December 9, 2020 0
Shareholders of Nigeria’s AIICO Insurance Plc have approved the increase of the company’s authorised share capital to N20 billion from N18 billion. In a statement on Wednesday, the insurance firm said that its shareholders gave the approval at the Annual General Meeting (AGM) held virtually. It said that the share capital would be increased... Read More

Stanbic IBTC gets regulatory licence to operate life insurance firm

by on November 27, 2020 0
The local unit of South Africa’s banking group, Stanbic IBTC on Friday it has obtained licence from the Insurance regulatory body National Insurance Commission (NAICOM) to establish a wholly-owned Life Insurance subsidiary. In a regulatory filing with the Nigerian Stock Exchange (NSE), the lender holding company said it has received all required Regulatory Approvals... Read More

Insurance companies are trying to escape Covid-19 liability

by on November 17, 2020 0
Insurers are trying to escape liability for pandemic-related business losses with counter-intuitive arguments that go against the essential purpose of insurance, Britain’s markets watchdog told the UK Supreme Court on Tuesday. A lawyer for the Financial Conduct Authority (FCA), which brought a test case against insurers on behalf of policyholders, said insurers had reached... Read More

Nigerian insurance industry seeks guidelines on civil unrest risk management

by on November 9, 2020 0
By GFDNews Correspondent The Nigerian insurance industry is mulling new guidelines on risk management and underwriting of political, civil commotion and riots to ensure adequate coverage for such risk. According to the National Insurance Commission (NAICOM), insurance underwriters should begin rating and charging of adequate premium for insurance coverage on strike, riots and civil... Read More

Nigerian Insurance firms move to verifying claims after #endsars riots

by on November 2, 2020 0
Nigerian insurers are facing their biggest claims on record after protests against police brutality turned violent, leading to large-scale looting and destruction. Risk underwriters all over the country are inspecting business sites and verifying claims following loss notifications from big and small companies including banks, retailers and hotels, according to Ganiyu Musa, the chairman... Read More

Nigeria to introduce digital insurance policy to curb fake policy

by on October 6, 2020 0
The National Insurance Commission (NAICOM) said it plans to introduce digital version of insurance certificates in a bid to ensure seamless process of tracking and eliminate fake policy. Accoridng to NAICOM chief executive, Sunday Thomas a real-time digital platform to aid the process is receiving speedy attention from the commission and will be concluded... Read More