Category: Insurance

Royal Exchange Insurance posts N10bn premium

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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

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  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

Dorothy Ewah

  …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

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  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

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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

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  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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Health workers’ N11bn insurance cover complementary

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    Stakeholders in the insurance industry have reiterated that the N11 billion insurance benefit provided for frontline health workers fighting Covid-19 as part of their support is a complement to existing policies the workers already have.   This is coming following concerns by some observers who think the cover is not big enough for the frontline workers.   The newly appointed Commissioner for Insurance, Mr Sunday Olorundare Thomas, who made this known to journalists in a statement, said the health workers had an existing policy, Group Life Insurance Policy…

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Stakeholders welcome appointment of Thomas as Commissioner for Insurance

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    Shareholders, insurance practitioners and other stakeholders have welcomed the appointment of Sunday Thomas as the Commissioner for Insurance.   They lauded President Muhammadu Buhari for giving the insurance industry a commissioner who understands the feelings of all stakeholders and is determined to take the sector to lofty heights.   The Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, congratulated Thomas for his appointment, stressing that what impressed him most about the appointment is Thomas’ knowledge of the workings of the industry.   He applauded Thomas…

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COVID-19: Pensioners’ denial amid imminent implosion 

Ose Ojeme

Since the outbreak of the Coronavirus pandemic and its attendant tragic results, the victims have remained largely the aged made up of mostly pensioners. Across the United States and Europe, mainly Italy, Spain, Germany among others, the reports of deaths due to the pandemic have been recorded largely against the elderly. A quick research within the period of the outbreak has revealed that survival for those with underlying health issues, a development common with the old, is very remote. While Nigeria has privileged information on this to prepare its pensioners…

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Contributors’ right amid rising pension assets

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  Since the inception of the Contributory Pension Scheme (CPS), there have been consistent efforts by the regulator and operators to enlighten contributors on the workings of the scheme and also expose them to their rights and obligations as they differ from the rested Defined Benefit Scheme. Sunday Ojeme reports   No doubt, pension assets under the Contributory Pension Scheme (CPS) remains one of the fastest investment portfolios in the country.    As at today, the assets have moved steadily without a trace of blemish from a few million naira…

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