Tag Archives: NAICOM

Insurance Brokers Risk Licence Loss Over Single Income Source

By Nse Anthony-Uko (Sundiata Finance) – Insurance brokers that are generating up to 50 per cent of their total income from a single source may forfeit operational licence as the National Insurance Commission (NAICOM) is not ready to grant them licence renewal. Currently, the commission is coming up with a guideline that will ensure brokers expand their tentacles to capture ...

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NAICOM To Review Minimum Capital Requirement Of Insurance Companies

By Nse Anthony-Uko (Sundiata Finance) – Insurance regulator, the National Insurance Commission (NAICOM) has disclosed its readiness to embark on a review of the minimum capital requirement of insurance companies to bring efficiency and qualitative service in the sector. The review will enable the commission understand the true capacity of all the companies and what level of risks each can ...

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Surge In Group Life Business Bolster Niger Insurer’s Premium Income

(Sundiata Finance) – A surge in group life business has shored up the premium income of Niger Insurance Plc for the half year-ended June 2017, propelling it 467.94 per cent to N4.43 billion. The Nigerian insurer had restructured its investment by reclassifying some investment properties to non-current assets held for sale. An efficient underwriting performance, buoyed by favourable combined ratios, ...

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Foreign Investors, Wapic In Race To Acquire Ensure Insurance

(Sundiata Finance) – The Nigerian insurance industry landscape is about to witness another major change, as three international insurers, including Hollard of South Africa, Allianz of Germany and a local Nigerian company, Wapic Insurance Plc, are jostling to acquire Ensure Insurance Plc. Ensure Insurance Plc, formerly Union Assurance Plc, was acquired three years ago by Greenoak Global Holding Limited of ...

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Leadway Assurance Pays N23bn Claims, Picks New Directors

By Nse Anthony-Uko ABUJA, (Sundiata Finance) — Leadway Assurance said its assets grew from N137.3billion 2015 to N166 billion in 2016 while Gross Premium Income also rose by 13 per cent from N46.6 billion in 2015 to N52.7 billion in 2016, an increase largely attributable to annuity business. The company at its 45th annual general meeting in Lagos also reaffirmed ...

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