The National Pension Commission (PenCom) has reported that Nigeria’s pension assets’ net value increased to N19.531 trillion as of the end of January this year, representing 6.40% growth when compared to the N18.356 trillion net assets value reported as of December 31st 2023. The January 2024 pension net asset value implied that on a year-on-year basis, […]
Insurance & Pension
Insurers Must Be Proactive As GenAI Reshapes Cyber Landscape – Lloyd’s
As the transformational impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks with prospects for more threats to assets, Lloyd’s has urged insurance industry players on the urgent need to take proactive steps to mitigate the risks of the technology on the […]
Pension Fund Investment In Bonds Not Loan To Govt – PenCom D-G
The Director-General of the National Pension Commission (PenCom), Aisha Dahir-Umar, has defended investments made by Pension Funds Administrators (PFAs) under the Contributory Pension Scheme (CPS) as investments in Federal Government of Nigeria’s (FGN’s) securities rather than loans to government. She, therefore, refuted the milling rumour in the public space that the Commission gave N10 trillion […]
African Alliance Restates Commitment To Strengthening Partnership With Customers
….Pledges Sustained Joy For Insured In Life Assurance African Alliance Insurance has expressed its commitment to exceeding expectations of its stakeholders, particularly in this period of hard times. The company, a leading player in the risk-underwriting business with over six decades of expertise in the life assurance sector, is presently charting a course to making […]
Senate Passes Bill On 6-Year Tenure For CBN Governor For 2nd Reading
Nigeria’s upper legislative chamber, the Senate, on Tuesday passed for second reading an amendment Bill intended to set the tenures of Central Bank Governor and Deputy Governors at a six year single non-renewable term. The upper chamber is also proposing one year notice from apex bank on any policy for the replacement of old Naira […]
Gallagher Re Anticipates Surge In Cyber Cat Bonds In 2024
Gallagher Re, a reinsurance broker, anticipates a surge in investments in cyber catastrophe bonds in 2024, following the successful launch of Polestar Re Ltd. (Series 2024-1) in December 2023. PoleStar Re was the first full 144A cyber catastrophe bond for specialty re/insurer Beazley. Gallagher Securities’ served as the sole structuring agent and bookrunner, with support […]
European Insurers Prioritizing Digitalization Amid Recession Threats -Researchers
European insurance industry leaders are doubling their digitalisation drive to enhance customer experiences and streamline operations in the face of looming recession threats to their economies. According to a recent survey conducted by Information Services Group (ISG), titled ‘Pulse Check – State of the European Insurance Industry’ conducted in the fourth quarter of 2023, nearly […]
CPS Assets Grow To N18.1Trn, As Contributors Hit 10.1Mn
The National Pension Commission (PenCom) at the weekend disclosed that the total pension assets under the Contributory Pension Scheme (CPS) had grown to about N18 trillion as of December 2023 even as registered contributors also increased to about 10.I million. The commission’s Head, Corporate Communications Department, Ibrahim Garba Buwai, who gave these hints at the […]
Abiodun Releases N1Bn Gratuity For Ogun Pensioners
The Governor of Ogun State, Prince Dapo Abiodun, has approved the release of another N1 billion gratuity in fulfilment of his promise to cater to the welfare of pensioners. The Permanent Secretary, Bureau of State Pensions, Mr. Adesoji Adewuyi, gave this hinton Monday in his office at Oke-Mosan, Abeokuta Adewuyi explained that the money was […]
Crown Takaful Insurance Secures NAICOM’s Approval To Commence Operations
Barely three months after the issuance of approval in principle by the National Insurance Commission (NAICOM), the management of Crown Takaful Insurance Limited on Monday, December 18, received the operating licence from the industry regulator authorizing the company to commence business for the benefits of Nigerians nationwide. As a modern concept of ethical insurance, Crown […]