Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Chief executives of insurance companies and shareholder groups have condemned Nigeria’s National Insurance Commission (NAICOM) for increasing the capital base of general insurers to NGN10bn for general insurers and NGN18bn for composite firms. The new requirement for life insurance companies is NGN8bn, while for reinsurance firms, the new capital level is NGN20bn. The move follows a similar attempt by the…

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

The maritime community has called for urgent action to tackle piracy risk in the Gulf of Guinea, which now appears a daily threat to ships and crew operating in the region. At a symposium on maritime security in the Gulf of Guinea held at the International Maritime Organisation’s (IMO) headquarters, industry members and experts noted that the number of attacks…

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains that operate through the world’s major hubs are making little or no progress in stamping out child labour, finds new research from Verisk Maplecroft. In its Child Labour Index, the risk analytics firm said manufacturing hubs most entwined in global supply chains – including China, India, Bangladesh, Vietnam and Cambodia – have “not recorded any improvement”…

Ebenezer Onyeagwu to head Zenith

Ebenezer Onyeagwu to head Zenith

Ebenezer Onyeagwu to head Zenith

Nigeria’s multinational financial service provider Zenith Bank, which includes Zenith Insurance, has announced the appointment of Ebenezer Onyeagwu as group managing director/CEO of the bank effective 1 June 2019, subject to Central Bank of Nigeria approval. The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within. Mr Onyeagwu replaces Peter Amangbo, whose tenure expires…

Anchor Insurance sees income improve 72%

Anchor Insurance sees income improve 72%

Anchor Insurance sees income improve 72%

Nigerian insurer Anchor Insurance Company has seen premium income rise to NGN3.5bn in 2018, from NGN2.2bn in 2017. Augustine Ebose, managing director/chief executive officer of Anchor, said the company has also improved its ICT applications, helping to improve service delivery especially in the motor insurance business. He said: “We have been able to improve our premium income in the last…

New microinsurer for Nigeria

New microinsurer for Nigeria

New microinsurer for Nigeria

Nigeria’s National Insurance Commission has granted approval to Casava Microinsurance to operate as a state composite microinsurer. With this approval, Casava Microinsurance will be transacting life and general microinsurance business in Lagos state only. Salami  Rasaaq, head of the commissioner’s directorate, said in a statement that Casava Microinsurance is one successful company among several applications received by the commission, from…

Nigerian risk managers warn consumers are trusting God not insurance

Nigerian risk managers warn consumers are trusting God not insurance

Nigerian risk managers warn consumers are trusting God not insurance

A group of risk managers in Lagos warned that too many people still do not trust insurers to provide the right products, particularly in the face of environmental, social and governance challenges brought on by climate change. Speaking on the sidelines of the second PSI African Market Event in Lagos this week, hosted by Continental Re, which was the first…

Africa Re and IFC to develop agricultural insurance market in Nigeria

Africa Re and IFC to develop agricultural insurance market in Nigeria

Africa Re and IFC to develop agricultural insurance market in Nigeria

Thousands of Nigerian farmers could soon have access to insurance thanks to a new deal signed between Africa Re and the International Finance Corporation (IFC), a member of the World Bank Group, to help insurance companies in Nigeria develop innovative agricultural insurance products for smallholder farmers. The scheme which is designed to highlight accessible risk management tools, will be run…

Political uncertainty continues in Nigeria

Political uncertainty continues in Nigeria

Political uncertainty continues in Nigeria

Political uncertainty continues in Nigeria as the leader of the losing opposition party has filed court papers to challenge the results of last month’s presidential election. Atiku Abubakar lodged a legal challenge to the official result on Monday, according to reports from the BBC and France 24. Muhammadu Buhari, 76, was re-elected president after a delayed poll that angered voters…

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