Friday, January 18, 2019
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Digitalisation of motor insurance policies: NIA directs firms to upload all policies on NIID

As part of efforts to ensure fake motor insurance policies were eliminated, the Nigeria Insurers Association (NIA) has implored insurance companies to upload all car Insurance policies on the Nigerian Insurance Industry Database (NIID).

PenCom set to launch micro pension plan

All is now set for the launching of Micro Pension Plan by the National Pension Commission (PenCom) this month. The planned initiative is expected to attract over 20 million workers and N3 trillion into the pension assets.

Insurance: Capital adequacy to moderate activities of companies in 2019

With the cancellation of the Tier Based Minimum Solvency Capital(TBMSC) framework by the National Insurance Commission(NAICOM) late in 2018, the capital base of the industry remains the same, meaning that, Non-Life Insurance Firms are to continue to operate with a minimum of N3 billion capitalisation ; Life Insurance Operators to maintain N2 billion and Composite Insurers are to maintain N5 billion minimum capital base, a base to which they will conduct their respective businesses in 2019.

Insurance firms settle N143bn claims in 9 months

The National Insurance Commission (NAICOM) has confirmed 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.

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William Shakespeare in the book Twelfth Night aptly challenged the ingenuity of men and institutions when he said; ”Be not afraid of greatness; some are born great, some achieve greatness, and some have greatness thrust upon them”.

Oyo State Government has concluded plan to set up a Global Insurance Agency to create conducive environment for business to grow for the benefit and satisfaction of the people.

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