Saturday, May 25Inside Business Africa
Shadow

Tag: NAICOM

Age-long patronage crisis threatens insurance survival

Age-long patronage crisis threatens insurance survival

Insurance
Decades after the industry took its root, Nigeria’s insurance industry, sadly, stands at less than five per cent penetration. The poor adoption is a big threat to the survival of about 58 insurance firms across the country. Already, about 30 per cent of the operators are less active and have been taken over by the National Insurance Commission (NAICOM) while the rest grapple with a series of challenges ranging from poor financials to low patronage. Other challenges bedeviling the industry include insecurity and negative public perception. The insecurity in the country has increased claim responsibilities whereas premium growth has failed to match the rate of claim increase. With an expected annual total gross premiums of N480 billion in the 2020 financial year, much below the...
NAICOM targets June for new guidelines implementation

NAICOM targets June for new guidelines implementation

Insurance
The National Insurance Commission (NAICOM) has fixed June 1, 2021, for the implementation of the industry’s corporate governance guidelines that will take the sector to a greater height. NAICOM, on its website, noted that the guidelines were issued on March 17, 2021, and implored all insurance and reinsurance firms to comply with the rules and the Nigerian Code of Corporate Governance 2018. According to NAICOM, non-compliance with the code and the guidelines shall be a violation of section 49(1) of the National Insurance Commission Act 1997 and attracts a penalty. The Commission maintained that its main objective is to ensure effective administration, supervision, regulation, and control of the insurance business in Nigeria, adding that Section 11 and 51 of the Financial Reportin...
Prudential Zenith Life exceeds recapitalisation benchmark

Prudential Zenith Life exceeds recapitalisation benchmark

Business
Prudential Zenith Life Insurance has raised its authorised share capi­tal to N5 billion, surpassing the N4 billion new minimum capital re­quirement set by the industry regulator, the National Insurance Commission (NAICOM), as specified in the December 31, 2020 deadline. Speaking on the company’s recapitalisation achievement, the Managing Director/Chief Executive Officer, Chuks Igum­bor, said: “We have met and ex­ceeded the minimum require­ment set by NAICOM and we are positioned to meet the additional capital requirement ahead of the Septem­ber 30, 2021 deadline. “This seamless recapitalisation effort was hinged on the enor­mous financial strength and support from key shareholders. With this, the firm is poised to emerge stronger with greater capacity to serve our esteemed customers ...
Nigeria Reinsurance Corporation appoints MD

Nigeria Reinsurance Corporation appoints MD

Appointments
Nigeria Reinsurance Corporation has announced the appointment of Akinsola Ale as the new Managing Director, following his confirmation by the National Insurance Commission (NAICOM) on August 31. A statement from the corporation said the Board of Directors had forwarded his name to NAICOM as the nominee for the position, the sequel to a board meeting held on July 3, to conclude a selection process in line with its succession plan. Before his appointment as Managing Director, Ale was the Executive Director, Technical Services, Nicon Insurance Limited, and briefly acted as the Managing Director/Chief Executive Officer of the firm. He was responsible for delivering the enterprise-wide charge of steering the company to the path of sustainability and success, and ensuring the overall...
Economic downturn scuttling insurance industry recapitalisation

Economic downturn scuttling insurance industry recapitalisation

Insurance
One of the major problems currently facing underwriting businesses is their inability to raise their capital base to meet the proposed requirement. This is becoming a source of worry for many industry stakeholders. Although the Coronavirus outbreak is flattening, the pandemic has set the global economy spiraling, with recovery in some countries predicted to remain sluggish for the next few years. The Nigerian economy is not isolated from this development as its revenue continues to shrink. Many companies are closing businesses while those still in operation are struggling to survive. Investment is shrinking just like other areas of the economy. This poses a serious challenge to insurance industry recapitalisation, an exercise that started long before the pandemic struck. Thoug...
NAICOM to deepen insurance penetration with digital tool

NAICOM to deepen insurance penetration with digital tool

Insurance
The National Insurance Commission (NAICOM) has unveiled a digital platform to drive insurance business and deepen penetration. The portal, which was developed for six years, has been concluded as part of the ongoing reforms by the commission. The Commissioner for Insurance/Chief Executive Officer, NAICOM, Sunday Thomas, said the new portal enables an individual to conduct an insurance business from any part of the world. He said: “We will be looking at the digital world. Part of what we have done so far is the fact that our portal that was on the drawing board for over six years has been fixed. It is taking us from where we are to the next level. “We have sensitised the technical people in the industry and they have been going through a series of training on it. ...
ADVANTAGE PRESTIGE

ADVANTAGE PRESTIGE

Corporate Stories, Insurance, Interviews
Prestige Assurance Plc “has the advantage” as it is strategically positioned to provide efficient and effective solutions to your risk management issues, using the modern information technology, skillful and professional workforce with the objective of making its esteemed clients feel the positive impact in every sphere of their lives.                         Prestige Assurance Plc, is one of Nigeria's leading general insurance Company with offices nationwide, with about 68 years of undisputable insurance services, and a commitment to create long-term value for its clients and stakeholders through strong business fundamentals, consistent with its mission and guided by a strong vision and excellent core values was es...
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...
NAICOM tasks professionals to brace up for new challenges amid pandemic

NAICOM tasks professionals to brace up for new challenges amid pandemic

Insurance
The National Insurance Commission of Nigeria (NAICOM), has urged the Chartered Institute of Insurance of Nigeria (CIIN), to prepare for the challenges of marketing new members, through education seminars and examination on how to cope with threats posed by the COVID-19 pandemic. The Commissioner for Insurance, Sunday Thomas, gave the charge in his remarks during the Investiture of Muftau Oyegunle, as the 50th President of CIIN, in Lagos. Thomas said: “Suffice it to say that critical times require critical measures, the challenges before the Institute during and post-COVID-19 are enormous; how you do your marketing for new members, how you run your education seminars, where and how you conduct your examinations for prospective members will all be affected by the prevailing circums...
Life underwriters deepen industry’s penetration with 2019 financial results

Life underwriters deepen industry’s penetration with 2019 financial results

Insurance
The ongoing recapitalisation exercise in the insurance industry may be getting the necessary boost, as the life underwriters at the weekend expressed readiness for the exercise through their 2019 financial result; saying a process is a form of a corporate reorganisation, which involves making substantial changes in the capital structure. Recapitalisation is one of the strategies companies use to improve their financial stability. The insurance industry post-recapitalisation is expected to be robust and capable of taking big risks, as well as contribute meaningfully to the nation’s Gross Domestic Product. The decision to recapitalise may be taken by the company voluntarily, or in compliance with a regulatory directive. In the latter sense, recapitalisation has proven to be a useful to...