Barely one month after it released the proposed State Insurance Producer, SIP policy, the National Insurance Commission of Nigeria (NAICOM), is facing another hurdle in its planned implementation of the policy as insurance brokers have threatened to challenge the policy in court. This is coming barely three months after some industry operators also approached the […]
The National Insurance Commission (NAICOM) on Thursday announced the suspension of the implementation of its Tier-based Minimum Solvency Capital policy, known as the recapitalisation of the industry. The commission announced the suspension of the policy in a circular to all insurance institutions titled‘Update on the implementation of the Tier-based Minimum Solvency Capital policy for insurance […]
Sovereign Trust Insurance Plc, one of the nation’s leading risk underwriting companies, has reported a Profit Before Tax (PBT) of N202 million in 2017, representing N158 million or 351% improved profit over the N44 million recorded in 2016. The corporate underwriter’s Profit After Tax (PAT), also stood at N157 million in the year under review, […]
AIICO Insurance Plc, one of the nation’s risk underwriting companies, has commenced agriculture insurance business as a strategic option of enhancing its share in the rapidly evolving risk underwriting market space. The latest step of the insurance company followed its recent approval granted by the National Insurance Commission (NAICOM) to underwrite risks in agricultural sector […]
The National Insurance Commission (NAICOM) has introduced a three -tier based recapitalization regime for Nigeria’s insurance industry. The initiative is part of the regulatory institution’s efforts to strengthen operating entities and through optimal capitalization,stabilize the nation’s financial system. The Commissioner for Insurance, Alhaji Mohammed Kari, while speaking at the unveiling of the new recapitalization regime […]
The National Insurance Commission, NAICOM, has liberalised the licensing of operators for Takaful insurance with a view to bringing specialists outside the mainstream insurance industry into the sector. Already, the Commission has licensed two such Takaful operators even as three other applications are being considered for licensing too. This is even as it has also concluded the […]
The National Insurance Commission has indicated its intention to introduce a new classification policy for the insurance industry as part of its sustained efforts to grow it and improve its contributions to the nation’s Gross Domestic Product (GDP). The Commissioner for Insurance, Mr Muhammad Kari, gave this hint on Wednesday at an executive breakfast meeting […]
The National Insurance Commission, NAICOM, has unveiled plans to issue new guidelines to improve the operational standards in the nation’s insurance industry and by implication, properly reposition it for improved contributions to the Gross Domestic Product (GDP). The Commissioner for insurance, Mohammed Kari, made this disclosure while addressing insurance brokers executive officers, during their retreat […]
The Insurers Committee, an association of insurers and the regulatory body and the industry’s regulator, National Insurance Commission (NAICOM), have commenced a re-branding campaign targeted at increasing insurance consumers from 37 million to over 150 million. The campaign seeks to change the negative perception of the industry to a positive one whereby millions of Nigerians […]