A Federal High Court Abuja Division has ordered that the Asset Management Corporation of Nigeria, (AMCON) to continue with the management of NICON Insurance and Nigeria Reinsurance, (Nigeria Re), two companies it took over following the alleged indebtedness of the private investor, Barr. Jimoh Ibrahim. The Federal High Court Abuja Division presided over by Hon. […]
Nigeria Insurers Association (NIA) on Wednesday disclosed that risk underwriting companies in the country paid over N5.4bn in claims settlement arising from #EndSARS losses. The association’s Director-General, Yetunde Ilori, made this disclosure at the Surplus Distribution Event held by Noor Takaful Limited and commended the insurance company for its contributions to the industry. The DG […]
Global reinsurance business top player, Swiss Re, has announced a net income of $1 billion for the first half of 2021, as an improved performance in its property and casualty (P&C) business, helped to offset a COVID-19 driven loss posted in its life and health (L&H) reinsurance division. According to the latest performance reports on […]
Lloyd’s insurance and reinsurance company has unveiled a new climate action roadmap as it continues moves to work with critical industries to help accelerate the pace of change as the need for net zero carbon intensifies. The risk underwriting company on Thursday released a new report ‘Insuring a sustainable, greener future’ and provided some information […]
The National Pension Commission (PenCom) has unveiled plans to commence the pilot phase of its online pre-retirement verification and enrolment exercise for retirees in government ministries, departments and agencies (MDAs) effective from August this year. The commission gave this hint during its two-day workshop for journalists, titled “Positioning the Pension Industry in a Post-COVID era, […]
A new market index report by Marsh, a global leader in insurance broking and risk management, has indicated that the global commercial insurance prices increased 15% in the second quarter of 2021, representing the 15th consecutive quarter of rate increases in the global commercial insurance market. In addition, the insurance pricing surge also marked the […]
The new Board of the National Insurance Corporation of Nigeria (NICON Insurance) formally took over the reins of power with its maiden Board Meeting at the Corporation’s head office in Abuja held on Monday and solicited employees’ cooperation to grow the risk underwriting company. Addressing some NICON’s management staff, led by the Deputy General Manager […]
The National Pension Commission (PenCom), on Monday disclosed that Nigeria’s pension fund assets had risen to N12.66 trillion even as contributors under the Contributory Pension Scheme (CPS) also rose to the 9.38 million as at June 30 this year. PenCom’s Director General, PenCom , Mrs. Aisha Dahir-Umar, who gave these figures during the 2021 Journalist […]
Aon, a leading UK-registered professional services firm, has projected that economic losses from the recent severe flooding across Europe could likely exceed US $10 billion. The brokerage firm’s another data indicated that the impacts of the devastating floods, which hugely damaged parts of Central and Western Europe this month, with Germany the country worst affected, […]
The recent catastrophic flooding in Germany as a “consequence of climate change,” has been described by analysts at Moody’s as potentially challenging for the country’s risk underwriting firms and warned that German insurers could find it difficult to protect homeowners against climate risk in future without significant price increases. It would be recalled that the […]