Federal Government has assured the National Insurance Commission (NAICOM) of its support in executing its mandate on existing and prospective operators in the insurance industry. The Minister of Finance, Zainab Shamsuna Ahmed, said the Federal Government will strengthen the Commission to purge the sector of weak operators. Ahmed gave the assurance in Abuja when she […]
Read More
The insurance industry recorded 22 percent increase in gross premium income, year-on-year, to ₦315 billion in the third quarter (Q3’18) from ₦258 billion recorded in the corresponding period of 2017 (Q3’17). Commissioner for Insurance, Alhaji Mohammed Kari, disclosed this while delivering the keynote address at a workshop for insurance journalists in Lagos on Friday. He […]
Read More The National Insurance Commission, NAICOM, has created 20 additional state branch offices across the six geo-political zones. The Commission stated that four out of the existing five zonal offices namely: Enugu, Ilorin, Port Harcourt and Kano have been converted to branch offices thus bringing the total number of branch offices of the Commission in the […]
Read More The National Insurance Commission (NAICOM) has said it will in January 2019, release a new insurance distribution channel guidelines known as the State Insurance Producers(SIP). The commission, said this is in furtherance of its policy to diversify insurance distribution in Nigeria. Disclosing this at the 2018 education seminar organised by the Chartered Insurance Institute of […]
Read More The Independent Shareholders Association of Nigeria has threatened to sue the National Insurance Commission if it insists on implementing its recapitalisation date for the insurance industry. It stated this in a circular which was addressed to NAICOM and signed by its solicitor, Chuks Nwachku, on the “Tier-based minimum solvency capital policy for insurance companies in […]
Read More The National Insurance Commission has raised the minimum capital base for composite insurance companies (life and non-life underwriters) that want to get licences to underwrite all risks in the country from ₦5 billion to ₦15 billion. The risk-based solvency implementation team of the commission disclosed this during a presentation on ‘Recapitalisation of insurance companies: The […]
Read More The National Insurance Commission (NAICOM) has refuted a newspaper report (Not the Nation) that it has sanctioned 14 insurance firms for failing to submit their 2017 financial accounts. The Commission in a statement signed by its Deputy Director, Head, Corporate Affairs, ‘Rasaaq ‘Salami expressed shock at the display of ignorance and total lack of knowledge […]
Read More
FBN Holdings Plc, Diamond Bank Plc, Linkage Assurance Plc and International Breweries Plc on Wednesday gave the reasons for the delay in filing their annual financial statements with the Nigerian Stock Exchange. The companies informed stakeholders that they were not able to file their 2017 audited financial statements by March 31, 2018 as required under […]
Read More
The Federal Government says it is working to increase insurance coverage for Nigerian agricultural primary producers from 500,000 to 3.8 million through the recently introduced index-based agricultural insurance. The programme is hinged on nurturing local and international partnerships aimed at training insurance experts in the country that will midwife the programme. Speaking on Monday in […]
Read More
The National Insurance Commission (NAICOM) has revealed that the nation’s insurance sector recorded a gross written premium of ₦235 billion between January and September of 2017. This was as the commission warned Nigerians to be wary of the antics of online fraudsters who opened a fake recruitment portal in its name with the sole aim […]
Read More In its efforts at ensuring prompt service delivery, the National Insurance Commission (NAICOM), has effected redployment of headship of its directorates and department. In a statement made available to Daily Sun, Head, Corporate Affairs Department, Rasaaq Salami, said aside headship of the directorates and departments, the commission also redeployed about 23 other staff in the […]
Read More The National Insurance Commission (NAICOM) has confirmed that Nigeria stands to enjoy $5 billion insurance cover as a member of African Trade Insurance Agency (ATI). Mohammed Kari, the Commissioner of Insurance made the confirmation during the 2017 Seminar for Insurance Corespondents in Kaduna, Kaduna State. He said that Nigeria would this week commence the payment […]
Read More
