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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
Gallagher Re, one of the leading global reinsurance brokerage firms, has reported that as of January 1st, 2024, reinsurance renewals, U.S property catastrophe incidents increased by as much as 50% for loss-hit business, primarily driven by record severe convective storm (SCS) activity. In its just released ‘1st View Report’, which discusses an overall more stable […]
The Council of the European Union (EU) and the Parliament have come to a provisional agreement on amendments to the Solvency II directive, which they say will “boost the role” of the re/insurance sector and make it a more resilient and prepared industry for the benefit of policyholders. After a review of Solvency II following […]