Industry experts have expressed serious concerns that ongoing severe flooding incidents across some countries in Europe could become one of the most expensive flood episodes in risk underwriting history in the continent, with the insurance and reinsurance industry expecting billion Euro industry losses. A news report by artemis.bm, a catastrophe bonds, insurance linked securities, reinsurance […]
The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has charged the leadership of the Institute of Chartered Accountants of Nigeria (ICAN) to include courses on the deposit insurance system (DIS) into the Institute’s programmes and modules in order to deepen the understanding of the scheme by the banking public. Hassan […]
The Nigeria Social Insurance Trust Fund (NSITF) on Thursday disclosed that it raised N180 billion from contributors in the last 10 years. The Fund’s Managing Director, Dr. Michael Akabogu, made the disclosure during an interactive session between the management team and journalists on developments in the Fund over the years. Specifically, Akabogu said the collections […]
The United States’ cumulative insured property losses last year have been estimated to be over $68 billion in 2020, as 19 catastrophe events with each leading to more than $1 billion in claims hit the country during the year. A news report by artemis.bm, a research firm specialising in catastrophe bonds, insurance linked securities, reinsurance […]
Researchers at Morgan Stanley have projected a slowdown in property and casualty (P&C) insurance rates as lines begin to approach pricing adequacy. Currently, overall rate increases continue to remain positive and above loss trend, as evidenced by improvement in Q1 commercial lines margins. However, analysts at Morgan Stanley, one of the global leaders in executing […]
The National Insurance Commission (NAICOM) on Tuesday disclosed that substantial part of public assets in the country remained under-insured in terms of their real value. The Commissioner for Insurance, Mr. Sunday Thomas, gave this hint at a Sensitisation Workshop organized for insurance desk officers of Ministries, Departments, and Agencies (MDAs) on the insurance of Federal […]
The National Insurance Commission (NAICOM) has inaugurated the Sub Working Group (SWGs) of the Insurance Industry Financial Reporting Working Group (IIFRWG) for the purposes of adopting the International Financial Reporting Standard (IFRS) 17 by insurers in the country. The commission’s CEO and Commissioner for Insurance, Mr. Sunday Thomas, while inaugurating the groups on Monday in […]
The Commissioner for Insurance at the National Insurance Commission (NAICOM), Mr. Sunday Thomas, on Thursday solicited the cooperation of insurance entities and banks in the current drive to deepen insurance penetration in the country. The industry regulator, who canvassed the collaboration of the stakeholders in the financial system in the efforts to deepen and improve […]
Heritage Bank, one of Nigeria’s leading banks, has partnered the Road Transport Employee’s Association of Nigeria (RTEAN) with the launching of the Travelers’ Accident Insurance Scheme (TAIS) to assist road accident victims in the country. The scheme aims to address deaths associated with inability of travelers involved in accident to offset hospital bills. Speaking during […]
Leading data and analytics firm, GlobalData, has projected that Taiwan’s general insurance value, in terms of gross written premium, would grow from $6.1 billion in 2019 to $8.3 billion in 2024. The latest projection by the firm was based on its revision of the country’s general insurance forecast following the COVID-19 outbreak. Specifically, GlobalData’s research […]