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 […]
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, […]
The Securities and Exchange Commission (SEC) has attributed the reclassifications of Nigerian securities indices by FTSE-Russell and MSCI to the current foreign exchange (FX) liquidity challenges in the country and the effects on investor confidence in the economy. FTSE Russell, a subsidiary of London Stock Exchange Group (LSEG), recently downgraded the Nigerian equities market just […]
The National Insurance Commission (NAICOM) has reminded the three tiers of government in Nigeria to factor into their yearly budgets funds that will provide insurance cover public buildings in line with the existing insurance law in the country.. The Commissioner for Insurance and Chief Executive Officer of the commission, Mr. Sunday Thomas, who gave the […]
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olorundare Sunday Thomas, has unveiled seven new strategic thrusts for implementation by the commission in its sustained efforts to transform the insurance industry and its contributions to the nation’s Gross Domestic Product (GDP) in the next decade. The industry expert, […]
The House of Representatives Ad-hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilization of the funds from 2011 has summoned the Chief Executive Officers (CEOs) of the affected 54 insurance companies to make clarification over the alleged non-remittance of N267 billion into the funds, particularly for fiscal 2019 year, The Chairman of […]
The Nigerian Insurers Association (NIA) reported on Tuesday that the nation’s insurance sector recorded 33.9% surge in premium volume in financial year 2022, posting N726.2 billion growth compared to the N569.1 billion premium income recorded in 2021 The NIA Chairman, Mr. Olusegun Omosehin, made this disclosure during the association’s 52nd Annual General Meeting (AGM) held […]
The National Insurance Commission (NAICOM) has solicited African governments’ support to improve the continent’s insurance industry’s performance by implementing the necessary policies and other measures that will help in improving the sector. Nigeria’s Commissioner for Insurance, Mr. Sunday Thomas, made the appeal to the newly elected president of the African Insurance Organization (AIO), Mr. Tope […]
Public and private sector stakeholders in the financial services sector have expressed their support for the passage of the Nigeria Deposit Insurance Corporation (NDIC) Act 2006 Amendment Bill currently before the National Assembly. The lead institutions in the sector said that the proposed amendment of the Act would enhance the corporation’s capacity in its sustained […]
The National Insurance Commission (NAICOM) has reported that Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter (Q2) of 2022, representing 11.9 percent quarter-on-quarter growth. The commission gave these figures in its latest bulletin on ‘Insurance Market Performance’ which also reflected that the total in Non-Life Insurance stood at N1.2 […]