Category: Insurance

  Verod Capital Management has received regulatory approvals for its acquisition of 100 per cent of the shareholding of Metropolitan Life Insurance Nigeria from South African-based Momentum Metropolitan Holdings. The transaction, for an undisclosed amount, sees Momentum Metropolitan exit the Nigerian market, in line with its articulated Reset and Grow strategy. The insurance sector in Nigeria as a whole is entering a new growth phase, with the recent announcement of increased minimum capital requirements by the industry regulator. This, in addition to various other initiatives being pursued by both regulators…

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…as assets under management hit N680bn   Nigeria’s leading Pension Fund Administrator (PFA) Premium Pension Limited, has unveiled a future intensive logo as part of its rebranding plans to remain dominant in the nation’s pension fund management sphere.     This is just as the firm’s assets under management has also doubled from N300 billion to N680 billion in the last 14 years.   Disclosing this in Lagos last week, the Chief Executive Officer (CEO) of the firm, Umar Sanda Mairami, said the new look of the brand was a…

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The Nigerian insurance sector has been projected to increase in penetration from the  current 0.31 per cent to as high as 3.69 per cent in the next 10 years.   According to a report released by Coronation Merchant Bank, a number of factors including favourable capital importation, oil price, transactions in bonds and treasury bills, oil and equities will play significant roles in redefining the fortunes of the sector, which is currently hounded down by low capitalisation.   The report titled, “From the Lagoon to the Ocean: 2019 Nigerian Insurance…

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    Following the National Insurance Commission’s (NAICOM) decision to recapitalise the insurance sector, the Managing Director/Chief Executive Officer, Achor Actuarial Services Limited, Pius Apere, has advised the commission to also a review the classification arrangement being adopted for the micro-insurance segment of the sector.   This, he said, would prevent conventional insurers, who are likely to downscale to micro-level from not taking advantage of the market because of their size against beginners.   Apere, who gave the advice at the 4th National Insurance and Pension Correspondents (NAIPCO) National Conference…

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  As the raining gradually gets to its peak with attendant disasters from flooding, stakeholders in agric and insurance sectors are expected to step up efforts to minimise losses that are peculiar to the season. Sunday Ojeme reports     Last year, some agric sector stakeholders in the country lamented the grave losses by farmers to attacks on various crops and livestock attacks.   Although they put the estimated loss from livestocks alone at over N20 billion annually, efforts to stem the tide appear not to be enough as agric…

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Following regulatory directives, which transferred the management of Workmen Compensation and Employers Liability Insurance to the Nigerian Social Insurance Trust Fund (NSITF) under the Employers Compensation Act 2010, premium accruable to insurers has gradually declined by 88.5 per cent from N1.70 billion to N196 million in the last nine years. According to details in the current edition of Nigeria Insurance Digest, a Nigerian Insurers Association (NIA) compendium of insurance business transaction,, the industry recorded N1.70 billion in 2009 and followed with N903.24 million in 2010. The gradual decline continued in…

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    A German firm, InsuResilience Investment Fund (IIF), has acquired 39.25 per cent stake Royal Exchange General Insurance Company, a subsidiary of Royal Exchange Plc.     IIF), established by the German Development Bank (KfW) and managed by by Swiss based Impact Investment Manager, BlueOrchard Finance Investment Limited (“BlueOrchard”), is by the acquisition injecting a total of N3.6 billion into REGIC, which is expected to boost the firm’s chances of meeting National Insurance Commission’s (NAICOM) directive for insurance companies to increase their share capital.     As one of…

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  …as pact between NFF, Wapic Insurance crashes     As the African Cup of Nations (AFCON) finally comes to an end, reports have revealed that none of Nigerian players is among top 10 African internationals with the highest insurance value; a development that further unveils the low ranking of players from African most populous and resource endowed country.   This is coming just as New Telegraph finding also revealed that the much celebrated Memorandum of Understanding (MoU) between Nigerian Football Federation (NFF) and Wapic Insurance Plc in respect of…

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Shareholders of foremost underwriting firm, Wapic Insurance Plc, have given the board and management approval to increase the company’s authorised share capital ahead of NAICOM’s capitalisation deadline. The shareholders, who unanimously gave the approval during the company’s 60th Annual General Meeting in Lagos, also commended the outgoing Chairman of the underwriting firm, Mr. Aignoje Aig-Imoukhuede, for stirring the affairs of the company positively. Presenting the financial performance of the company to the shareholders the chairman said that Wapic grew from just over N4 billion gross premium in 2012 to close…

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