Monday, February 18, 2019
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Mr. Sunday Thomas

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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