Nigerian insurance market set to grow

Nigerian insurance market set to grow

Nigerian insurance market set to grow

The Central Bank of Nigeria has reported that access to insurance increased marginally from 1% in 2014 to 2% in 2016. Insurers put the numbers at around three million insured out of a total population of 180 million. However, there are signs of growth, stemming perhaps from the life market. UK insurer Prudential plc has acquired a majority stake in…

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Another “exceptional performance” in China, together with solid expansion among the emerging countries, saw global non-life premiums grow 3.7% in 2016, down from 4.2% in 2015 but more than the ten-year average growth rate of 2.0%, according to Swiss Re. The reinsurer’s latest sigma report, World insurance in 2016: the China growth engine steams ahead, reveals that premium growth in…

Piracy attacks increase in first quarter 2017

Piracy attacks increase in first quarter 2017

Piracy attacks increase in first quarter 2017

Marine piracy increased in the first quarter of this year compared to the same period of 2016, as piracy hotspots continued off Nigeria and around the southern Philippines, according to statistics from the ICC International Maritime Bureau (IMB). Piracy and armed robbers targeted a total of 43 ships in the first quarter of 2017, up from 37 incidents during the…

Nigerian insurer sees premium income climb 13%

Nigerian insurer sees premium income climb 13%

Nigerian insurer sees premium income climb 13%

Nigeria’s leading insurance business, Leadway Assurance Company, has reported a 13% increase in gross premium income to NGN52.7bn in 2016, as its assets grew from NGN137.3bn in 2015 to NGN166bn in 2016. It attributed the increase largely to a growth in its annuity business. Leadway reaffirmed its commitment to its policyholders by paying claims in excess of NGN23bn in 2016, the largest payout…

Security risks top the list of concerns at Nigeria risk conference

Security risks top the list of concerns at Nigeria risk conference

Security risks top the list of concerns at Nigeria risk conference

Risk managers should warn federal and state governments in Nigeria of the palpable risks posed to national security as a result of the lack or insufficient means of national identification of millions of Nigerian citizens, as well as foreign nationals domiciled in the country. Delegates at the recent Risk Managers Society of Nigeria (Rimson) annual conference, said the risks posed…

Online payments set to boost Nigerian business

Online payments set to boost Nigerian business

Online payments set to boost Nigerian business

Online payment company PayU is planning a major boost to connect businesses to Nigeria’s online payment market. Annual online payments in Nigeria are estimated to surpass NGN200bn this year, from NGN167bn in 2016. Country manager of PayU Nigeria, Juliet Nwanguma, said: “We have identified businesses that can benefit from our expertise across 16 markets, where we offer more than 250 payment options.” With…

Nigeria’s exchange rate still a cause for concern

Nigeria’s exchange rate still a cause for concern

Nigeria’s exchange rate still a cause for concern

Investors are being put off Nigeria because of its erratic foreign exchange policy, but analysts are warning the Central Bank of Nigeria (CBN) still has little room for manoeuvre. Malte Liewerscheidt, politics senior analyst, Africa, Verisk Maplecroft, explained: “An overvalued official exchange rate curbed traders’ appetite, while tight currency controls and lack of liquidity in the forex market meant that…

New links forged between Nigerian and UK risk associations

New links forged between Nigerian and UK risk associations

New links forged between Nigerian and UK risk associations

The Institute of Risk Management (IRM) UK is expanding its reach in Africa, thanks to a new alliance with a Nigerian risk association. Last week, it signed an alliance with the Chartered Institute of Loan and Risk Management (CILRM), Nigeria, signing a group affiliate scheme agreement between the two organisations. IRM claims to be the leading global professional body for…

MTN redundancies: symptom of decline or transformation?

MTN redundancies: symptom of decline or transformation?

MTN redundancies: symptom of decline or transformation?

The removal of 280 employees by MTN Nigeria at the end of April shocked the telecoms market and wider economic community in Nigeria, given MTN’s position as the leading mobile operator in the country (39.73% of the market) and its continous stream of annual revenue. The mobile operator explained the move thus: “Our people are our greatest asset; each individual’s…

Nigerian government sees some success in ongoing war on corruption

Nigerian government sees some success in ongoing war on corruption

Nigerian government sees some success in ongoing war on corruption

The last month has seen some major success for Nigeria’s anti-corruption commission but, as Prince Cookey reports, there are challenges too Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has recovered more than NGN17bn in the past two months, through a whistleblower policy designed to reward persons that leak locations of stolen funds. Ibrahim Magu, acting chairman of…

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