Group Life: The Sour Side Of A Relief Package

Nigerian workers have been known to withstand the poorest working conditions in their work environment. Based on the need to have something doing in order to sustain the family, some have had to go through very gruesome experience to remain in their jobs amid meagre payment. In all of these, none is as painful as losing it all to government or the employer, even in death. SUNDAY OJEME reports In the last 13 years of the country’s democratic government, not much has changed for Nigerian workers in terms of welfare,…

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Infractions: NGX Fines Mutual Benefits, Lasaco, Others N325.7m

.Trading in Royal Exchange, Niger Insurance’s shares suspended For failing to adhere to regulatory rules and regulations instituted by the stock market regulator, at least seven underwriting firms have been fined a total of N325.7 million between 2020 and 2021, according to the latest X-Compliance report released by the Nigerian Exchange Group (NGX). According to the September 17 report cited by New Telegraph, Mutual Benefits Assurance Plc received the highest chunk of the fine, amounting to N256.3 million for unauthorised publication of notice of annual general meeting and problem with…

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$130,000 fraud rocks Chartered Insurance Institute of Nigeria

While insurance operators are eagerly soliciting premium from the public in the midst of a struggling economy, Nigeria’s foremost insurance institute, Chartered Insurance Institute of Nigeria (CIIN), is currently enmeshed in an alleged fraud involving nothing less than $130,000 (about N60 million) in the country’s currency. Findings by New Telegraph ( a local tabloid) revealed that the amount was said to have been syphoned from the institute’s treasury over a period of time and was discovered after a year. A source, who is privy to the malfeasance, said a former…

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NAICOM to sustain FG’s renewed confidence in insurance

…unveils real-time digital portal Following the confidence recently expressed by the Federal Government in the nation’s insurance industry, the management of National Insurance Commission (NAICOM) has promised to sustain the tempo in order to make insurance occupy its rightful place in the economy. Disclosing this on Thursday during a seminar organised for insurance journalists in Uyo, Akwa Ibom state, the Commissioner for Insurance, Mr. Sunday Thomas, reaffirmed that the commission would not disappoint Nigerians as a way of sustaining the confidence President Muhammadu Buhari recently reposed in the sector following…

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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.   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 clamour was all about…

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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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