AIICO Insurance projects N62.23bn gross premium

AIICO Insurance Plc is targeting to achieve N62.23 billion gross premium income for the fourth quarter ending December 2020.     In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the insurance firm also projected N11.24 billion as profit after tax and N11.33 billion as profit before tax for the period.     AIICO Insurance reported gross written premiums of N31.9 billion, representing 26 per cent rise from the same period in 2019 (Q2’19: N25.4bn).     According to the insurance firm, the growth was driven by…

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FBN Insurance brokers hosts SMEs’ risk mgt, cybersecurity webinar

FBN Insurance Brokers Limited, a subsidiary of FBN Holdings Plc, will today hosts a webinar to sensitise SMEs on risk management and cyber security. According to a press release, seasoned experts on insurance brokerage, cyber security and risk management will spearhead discussions at the webinar. The event, which is themed, “Risk Management and Business Continuity amidst COVID19,” is scheduled for 10:00a.m, the statement said. Speaking on the event, Olumide Ibidapo, MD/CEO FBN Insurance Brokers, said: “SMEs remain the engine of growth of any economy, especially developing ones like ours and…

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Benefit management: Evaluating regulators’ path to sanity

To contain the unhealthy competition between pension fund managers and life insurance providers as regards management of retirees’ benefits, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) recently took the bold step to address issues therein that are propelling friction in that regard. Sunday Ojeme reports   Long before now, there existed a silent motor park type struggle for passengers between the pension fund managers as represented by Pension Fund Administrators (PFAs) and life insurance providers in the way they prospect clients for pension management.   The…

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NAICOM tasks insurers to reposition for post-COVID-19

  The Commissioner for Insurance, Mr Sunday Thomas, has charged operators in the insurance industry to deal with unethical business behaviour in the sector, with a view to repositioning the industry for post-COVID-19 era.   Thomas, the Chief Executive Officer, National Insurance Commission (NAICOM), spoke at the 2020 Nigerian Council of Registered Insurance Brokers (NCRIB) CEOs’ retreat, held virtually with the theme: ‘X-raying The Finance Act 2020’.   He said that as the insurance industry positions itself for Post COVID-19 era, the demands of the insuring public would require sound…

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Royal Exchange Insurance posts N10bn premium

Royal Exchange General Insurance Company (REGIC), on Tuesday, declared a Gross Written Premium (GWP) of N10.58 billion for the financial year ended Dec. 31, 2019.   The company’s Chairman, Alhaji Rabiu Gwarzo, made the declaration at the firm’s 12th Annual General Meeting held virtually in Lagos.   Gwarzo explained that the financial results showed a gross premium income of N10.86 billion while total net claims paid to policyholders stood at N1.11 billion.   The underwriting profit stood at N1.14 billion for the period under review.   “Total assets for the…

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African Alliance earns ISO 22301:2012

  Nigeria’s foremost life insurer, African Alliance Insurance Plc, has been awarded the ISO 22401:2012 certificate for Business Continuity Management (BCM).   The certificate, which was awarded by the Professional Evaluation and Certification Board (PECB) signifies that African Alliance has met the requirements for BusinessContinuity Management (BCM).   ISO 22301:2012 is a globally recognized Business Continuity management standard developed and published by the International Standards Organization (ISO). This standard provides a model that organizations of all types and sizes can use in building an effective Business Continuity System.   ISO…

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Recapitalisation: NAICOM tightens noose on underwriters

  …says assets, others must be converted to cash   With four months left to the end of the first phase of recapitalisation, the National Insurance Commision (NAICOM) has further tightened its noose on insurance companies  with regard to meeting the minimum paid-up share capital in cash.   The first phase of the recapitalistion exercise is expected to end December 31, 2020 while the whole process ends September 2021.   In a circular issued yesterday, which is furtherance to earlier ones referenced /25/2019, dated May 20, 2019, July 23, 2019…

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CPS: Crisis as litigation ensnares lump sum payment

  For the first time since it was established, the Contributory Pension Scheme (CPS) appears to have run into a legal hitch over lump sum payment to retirees. Sunday Ojeme reports     Having been created to take care of the defunct government funded pension scheme, the Contributory Pension Scheme (CPS) has turned out the best option in this regard with Nigerian workers registered under it seeing a brighter retirement future. With contributions now exceeding N10 trillion, each contributor readily knows how much he is entitled to as pension if he…

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FG pays 2020 Group Life insurance premium

The Nigerian Council of Registered Insurance Brokers (NCRIB) said that the Federal Government had paid the 2020 Group Life Insurance for all Federal Government workers in full. The Vice President of the Council, Mr. Tunde Oguntade, made the disclosure while speaking to members of the National Association of Insurance and Pension Correspondents (NAIPCO) shortly after their 2020 Annual General Meeting (AGM) in Lagos. Oguntade, who represented the NCRIB President, Dr (Mrs) Bola Onigbogi, at the occasion also called on Federal Government to engage the services of registered insurance brokers in…

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Awareness: Insurance brokers to visit Presidency

  The Nigerian Council of Registered Insurance Brokers (NCRIB) said plans were in top gear for its President, Dr. (Mrs) Bola Onigbogi, to visit President Muhammadu Buhari as part of sensitization programme to deepen insurance in the country. The Executive Secretary of the Council, Mr. Fatai Adegbenro, made the disclosure while speaking to members of the National Association of Insurance and Pension Correspondents (NAIPCO) shortly after their 2020 Annual General Meeting (AGM) yesterday in Lagos. He said the planned visit to the Presidency was aimed at sensitizing the government on…

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