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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 […]

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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 […]

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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 […]

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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 […]

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Morgan Stanley Forecasts Challenges For Reinsurers In 2024

Morgan Stanley, a U.S multinational investment bank and financial services company, has reported that while reinsurance pricing remains robust this year, it is not as formidable as in 2023 as investors will be approaching the sector with caution based on current valuation multiples. The firm noted that reinsurers experienced a pullback towards the end of […]

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Insured Nat Cat Losses Hit $123Bn In 2023 – Gallagher Re

The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, a leading reinsurance brokerage firm, Gallagher Re has reported. The reinsurance broker’s just published ‘2023 Natural Catastrophe and Climate Report’ reflected that 2023 was the fourth consecutive year in […]

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Morgan Stanley Cautions On Social Inflation Threats In Insurance Industry

Morgan Stanley has expressed growing concerns surrounding social inflation, predicting it to be a significant headwind for the insurance industry throughout 2024. The firm, in a news report from Reinsurance News at the weekend, noted that based on the last decade of state-level civil court data, the increasing importance of newer court cases in understanding […]

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Gallagher Securities Extends Capital Markets Operations Into Europe

Gallagher Securities, the specialized Insurance-Linked Securities (ILS) and capital markets arm of a leading reinsurance firm, Gallagher Re, has secured approvals from the French Prudential Supervision and Resolution Authority (ACPR) and the Financial Markets Authority (AMF) to establish a new European entity – Gallagher Securities Europe SAS. A news report from Reinsurance News, an industry-focused […]

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NCDMB, NAICOM Parley On Revised Insurance Regulations’ Implementation

The Nigerian Content Development and Monitoring Board (NCDMB) and the National Insurance Commission (NAICOM), have commenced moves to review and operationalize the insurance services regulations jointly issued by both agencies in June 2022, with a view to encouraging oil and gas operators in the country to patronize local insurance firms. The Executive Secretary of NCDMB, […]

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Global Reinsurance Capital To Reach $561Bn In 2024 – AM Best

AM Best, a leading global rating agency, has projected that following the modest reinsurance capital recovery recorded in 2023, total reinsurance capital will return to $561 billion in 2024, representing about 2% lower than the prior high watermark of $570 billion set in 2021. A news report from Reinsurance News, an industry-focused online medium, indicates […]