The National Insurance Commission ( NAICOM), at the weekend reported that insurance industry’s gross claims in the third quarter rose to N143 billion, representing a 30 percent increase over the N110 billion claims paid by operators in the corresponding period of 2017. The Commissioner for Insurance (CFI), Mr. Mohammed Kari, who made this disclosure during […]
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) has released guidelines for licensing and the operations of an insurance agency, known as State Insurance Producer (SIP). The Commissioner for Insurance (CFI), Mohammed Kari, while unveiling the guidelines in Abuja said that the new guidelines issued pursuant to the powers conferred on it by section 49(1) of NAICOM 1997 […]
The Commissioner for Insurance, Mohammed Kari, has identified low capital base as one of the biggest challenges undermining the growth of the insurance sector and its contributions to the nation’s Gross Domestic Product (GDP). Kari, who spoke on the sideline of the 2018 Insurance Education of the Chartered Insurance Institute of Nigeria (CIIN) held in […]
A new report has shown that the Nigerian insurance penetration level and overall development remains one of the most under-developed when compared to its peers in the African continent. A new Swiss Re Institute report on Insurance in sub-Saharan Africa indicated that that despite growing at a faster pace than the economy, Nigeria’s insurance sector […]
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 […]
The National Insurance Commission (NAICOM) on Thursday dissociated itself from a Ponzi scheme currently trending in the social media but mischievously ascribed to it. The commission’s spokesman, Abdulrasaq Abdulsalami, while refuting the ascription to the scheme tagged ‘National Insurance Commission Newly Launched: Merging Automated’ stated that it was a fraud. He stated: “NAICOM’s attention has […]
The National Insurance Commission (NAICOM) on Friday confirmed that the deadline for insurance companies Tier-based recapitalisation had been put at October 1 this year, as against the January 1, 2019 it earlier announced. The commission’s spokesman, Mr Rasaaq Salami, made the confirmation in Lagos, thereby dousing speculations by some industry operators on the adjournment of […]
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 […]