Monday, May 17African Business News
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Tag: Insurers

FG insures 89,000 employees under N15 billion group life scheme

FG insures 89,000 employees under N15 billion group life scheme

Insurance
The Federal Government is said to have settled about N15 billion premiums under the Group Life Insurance scheme to insure it’s over 89,000 workers across the country in the current financial year. Although government had in the past, struggled to renew the Group life insurance for its workers, owing to the late passage of budget into law, findings show that insurance industry had to engage and convinced them on the need to insure these workers against unforeseen incidents at the workplace With the premium now fully paid, the family of deceased civil servants will now be entitled to death benefit claims that will sustain and cater for them, including the wives and children they left behind. In Nigeria, Group life cover is a joint regulation of the National Insurance Commission (NAI...

Insurers intensify fight against COVID-19 negative impact

Business
Underwriting firms in Nigeria’s insurance industry have begun to invest more in Corporate Social Responsibility (CSR) especially in this period of the coronavirus pandemic. The move is not only to give back to the society where they derive their profits from, but also to boost governments’ efforts at all levels to stem the spread of virus in communities. CSR is the commitment of companies to provide resources and support activities focused on enhancing economic and social development, while improving the living condition of the indigents and the society at large without seeking any commensurate monetary benefits. The basic objective of CSR in today’s world is to maximise organisations overall impact on the society and stakeholders. Among the few operators leadin...