Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Nigeria’s commissioner for insurance, Mohammed Kari, has denied rumours that insurance companies are taking the National Insurance Commission (NAICOM) to court over its plans for a three-tiered capital system. Instead, NAICOM said that investors and consumers of insurance products and services in the country are applauding the tier-based minimum solvency capital (TBMSC) policy introduced recently. Mr Kari stressed that the…

Nigerian energy insurers dismayed by tripling of capital requirements

Nigerian energy insurers dismayed by tripling of capital requirements

Nigerian energy insurers dismayed by tripling of capital requirements

Nigerian insurers covering the oil and gas sector have said they are disappointed after the National Insurance Commission (Naicom) fixed NGN7bn as the new capital base for insurance companies involved in oil and gas business. Odunayo Bammeke, a manager at the Nigerian National Petroleum Corporation, was reported to have disclosed the new capital requirements at an insurance stakeholders’ parliament in…

Nigeria using technology to enable financial inclusion

Nigeria using technology to enable financial inclusion

Nigeria using technology to enable financial inclusion

Risk managers in Nigeria say new technologies are already altering the traditional way of doing business in the country. Change has come in risk approach, customer relationships, back-office management and even the shape of insurer businesses. However, according to The Guardian, the risk managers have asked regulatory agencies and stakeholders to integrate the new system in their businesses. According to…

Nigerian insurance industry not where it should be

Nigerian insurance industry not where it should be

Nigerian insurance industry not where it should be

The Nigerian public needs a good reason to buy insurance – something people are not yet seeing, warned experts at a recent forum. Nigerian insurance specialists have said that the number of Nigerians who buy an insurance policy is not more than 5%. Speaking at the 44th Centre for Values and Leadership Colloquium in Lagos recently, dubbed ‘The Insurance Industry:…

Nigerian insurer wins approval to sell agriculture insurance

Nigerian insurer wins approval to sell agriculture insurance

Nigerian insurer wins approval to sell agriculture insurance

The Nigerian regulator has given Linkage Assurance approval to underwrite agricultural insurance. The ‘no objection’ nod from the National Insurance Commission will enable Linkage to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth. The products approved include Linkage Assurance Crop Insurance Solutions, Linkage Assurance Farm All Risk Insurance, Linkage Assurance Farm Motor…

Nigerian risk association strengthens ties with banking group

Nigerian risk association strengthens ties with banking group

Nigerian risk association strengthens ties with banking group

Nigeria’s Association of Enterprise Risk Management Professionals and the Chartered Institute of Bankers of Nigeria (CIBN) have signed a memorandum of understanding (MOU) to strengthen risk management across the financial sector. Taiwo Silifat Ige, president of AERMP, said: “The MOU aims to enhance the capacity and shore up the competence of the professionals, students and all practitioners in the financial and…

Nigerian pirates kidnapped 35 seafarers so far this year in the Gulf of Guinea

Nigerian pirates kidnapped 35 seafarers so far this year in the Gulf of Guinea

Nigerian pirates kidnapped 35 seafarers so far this year in the Gulf of Guinea

Nigerian pirates have kidnapped 35 seafarers from vessels in the Gulf of Guinea so far this year, according to security firm EOS Risk Group. Risk managers have been urged to look at extra protection in highest-risk areas, where the domestic law permits. In its half-year review of Nigerian piracy activity in the Gulf of Guinea, the firm said Nigeria continues…

Technology will help Africa lead the world

Technology will help Africa lead the world

Technology will help Africa lead the world

Africa will shape the fortunes of the entire world by the end of the century, but will need technology to help it achieve its goals. Speaking at a Google event in Lagos, Professor Yemi Osinbajo, Vice-President of Nigeria, said: “Africa will, for good or ill, play the defining role in global development. Africa’s fortunes will matter across all the trends…

New capital model for Nigerian insurers

New capital model for Nigerian insurers

New capital model for Nigerian insurers

The National Insurance Commission (NAICOM) has published a new capital model for the Nigerian insurance industry, effective from 1 January 2019. The new risk-based capital structure is divided into three tiers depending on the risk appetite and capital capacity of each operator. Under the new capitalisation structure, general business insurers will need NGN9bn for Tier 1; NGN4.5bn for Tier 2;…

Nigeria’s Ensure to target retail business after Allianz deal

Nigeria’s Ensure to target retail business after Allianz deal

Nigeria’s Ensure to target retail business after Allianz deal

Nigeria’s Ensure Insurance plans to focus on retail business to achieve its corporate objective of sustainable growth and leadership in the local insurance market. Owolabi Salami, executive director at Ensure Insurance, said the retail push follows its partnership with Allianz. Mr Salami added that Ensure will concentrate on custom-made products tailored to the needs of the market, improve its service…

1 2 3 12