Archive For The “Insurance News” Category

NAICOM Explains Inspectorate Office Relocation

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NAICOM Explains Inspectorate Office Relocation

The National Insurance Commission has identified some reasons for relocating its inspectorate office from its headquarters in Abuja to Lagos. According to a statement obtained on Sunday, the action would ensure regular inspection of insurance firms; ensure cost benefit analysis of the department because over 95 per cent of the nation’s insurance operators are in…

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NIA Prepares Members For Risk-Based Supervision

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NIA Prepares Members For Risk-Based Supervision

The Chairman, Nigerian Insurers Association, Eddie Efekoha, has said that risk-based supervision being introduced by the insurance sector’s regulator will enable operators to be monitored in their compliance with the rules and how they approach risk management. He said this during a workshop on risk-based supervision by the association in Lagos. Efekoha, “The National Insurance…

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Recession: More Workers Take Insurance Cover Against Job Losses

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Recession: More Workers Take Insurance Cover Against Job Losses

Some workers, who had taken insurance cover before losing their jobs, are already getting claims settlement from their underwriters through monthly payment of salaries, which will continue till the insurance contracts expire. The main feature of the job loss cover is that the insurance company starts paying the sacked worker the salary earned from the…

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We’ve Reduced Number Of Unlicensed Brokers –NAICOM

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We’ve Reduced Number Of Unlicensed Brokers –NAICOM

                      The number of insurance brokers operating without valid licence has been reduced, the Commissioner for Insurance, Alhaji Mohammed Kari, has said. He said this during the national conference of the Nigerian Council of Registered Insurance Brokers in Abuja. He said, “In recent times, the…

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Prestige Assurance Settled N1.5bn Claims In Q3

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Prestige Assurance Settled N1.5bn Claims In Q3

                    Prestige Assurance Plc said it paid N1.51bn as claims to its customers in the third quarter of this year. According a statement obtained from the firm on Sunday, the Managing Director, Dr. Balla Swamy, reiterated the company’s commitment to claim settlement. He stated that this…

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Is Your Motor Insurance Policy Authentic?

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Is Your Motor Insurance Policy Authentic?

 In this season of economic recession, Nigeria and Nigerians are susceptible to a lot of economic vices and getting a fake motor insurance policy is one of such vices that an insurer can fall prey to. Have you heard of the Nigerian Insurance Industry Database (NIID)? If your motor policy insurance is not on NIID,…

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NCRIB Advises FRC on Corporate Governance Code

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NCRIB Advises FRC on Corporate Governance Code

The Nigerian Council of Registered Insurance Brokers has urged the Financial Reporting Council to be open to constructive dialogue in order to prevent the newly released code of corporate governance from adversely affecting insurance broking firms. The President, NCRIB, Mr. Kayode Okunoren, said this during a national insurance brokers’ conference in Abuja. He said, “We…

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GNI Settles N700m Claims in Six Months

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Great Nigeria Insurance Plc paid N700m claims between January and June to its customers, the company said in a statement on Tuesday. General business accounted for over 19 per cent of the figure while life insurance business constituted about 80 per cent of the claims, it added. According to the Managing Director/Chief Executive Officer, GNI,…

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FBNInsurance Doles out N250,000 to Indigent Students

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FBNInsurance Doles out N250,000 to Indigent Students

FBNInsurance Limited, in line with her Corporate Responsibility and Sustainability policy, has awarded scholarships worth N250,000 to indigent students of Aragba Primary School, Aragba-Orogun, near Abraka, Delta State. Speaking at the cheque presentation ceremony which held at the palace of the traditional ruler of Aragba Kingdom, the Managing Director, FBNInsurance Limited, Val Ojumah, restated the…

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How Insurance Can Make The Difference During Recession

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How Insurance Can Make The Difference During Recession

With the nation’s economy officially in recession, most Nigerians are now sacrificing their insurance budget to meet more immediate needs. ZAKA KHALIQ writes. Worldwide, insurance is seen as the last hope of the common man. This is because insurance prides itself on its ability to restore the insured back to the financial position he was…

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