Category: Insurance

AFCON: How Super Eagles played without being insured

Stella Ofiko

  …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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Rebranding: Why Nigerians need insurance

Sunday Ojeme

Barely two weeks after the insurance industry regulator, National Insurance Commission (NAICOM), announced a new capital base, operators in the industry have also intensified efforts at getting Nigerians from all walks of life, irrespective of gender and status to imbibe insurance as a lifestyle. Sunday Ojeme reports Again, insurance industry operators are intensifying efforts at giving more Nigerians the positive option of spending a little of their income on insurance as a platform for  recovery than suffering entire loss in the event of a disaster. The latest development, coming weeks…

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Recapitalisation: Wapic shareholders approve increase in share capital

Sunday Ojeme

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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Premium on workmen compensation drops to N196.19m

admin

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 in 2017, the industry recorded N1.70 billion in 2009 and followed with N903.24 million in 2010. The gradual decline…

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Local reinsurers’ mgt expenses gulp N6.63bn

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Despite the poor state of insurance in the country, Nigeria’s major reinsurers, Continental Reinsurance Plc and Nigeria Reinsurance Corporation, sank over N6 billion into management expenses within a period of three years. According to the breakdown obtained by this newspaper from the Nigerian Insurers Association (NIA), the amount, which covers from 2015 to 2017, is thrice that recorded against the firms’ investment income, which stands at N2.60 billion. Details of the breakdown revealed that in 2015, Continental Re recorded N2.18 billion as management expenses as against N902.94 million for  investment income.…

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Investors’ zeal as boost for untapped potential

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The continuous desire by foreign insurance investors to do business in Nigeria through the acquisition of stakes in local firms gives credibility to presence of huge and untapped insurance potential in the country. Sunday Ojeme reports Nigeria, as at today, remains one of the countries with some level of political instabilities within the African continent. Although with a semblance of stable governance, which is invariably desired for investment, the underlying political turbulence also has a lot to do with investors’ decision to either put their money in the economy or…

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NSIA unveils health insurance plan

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NSIA Insurance has launched an international health insurance product, NSIA Health Insurance, into the Nigerian market. A statement made available to New Telegraph said the underwriting firm was in the project in partnership with Cigna and Hollard. Cigna is a Fortune 500 company in the USA and one of the world’s leading providers of health benefits enabled through its 41,000 employees serving over 90 million customers all over the world. Hollard is South Africa’s largest independent insurance company, with an ever-growing African footprint making it known throughout the continent for…

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Wapic unveils unique travel insurance product

Esezobor John

Esezobor John Wapic Insurance Plc, today launched an innovative travel insurance product specifically designed to cover individuals against unforeseen incidents during international travels. The Chief Executive Officer of the frontline underwriting firm, Adeyinka Adekoya, at the launch in Lagos, said the product was unveiled after an extensive period of detailed review of consumer-detriment issues in travel insurance, stressing that the product was released to ensure better consumer protection during travel. She posited that the firm produced the product after thorough investigation and engagement with key stakeholders, adding that the company…

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Stepping up agric insurance campaign

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About two weeks ago, the Federal Government bungled another opportunity to sell insurance to Nigerian farmers with the president skipping that aspect while promising farmers compensation over floods that ravaged their investment.   Having been devastated as a result of flood that destroyed their farmland and produce, the affected farmers and fishermen were assured by the Federal Government of compensation.   Presidential gaffe   While compensating the farmers is not out of place, the scenario, however, provided another unique opportunity for the government to talk extensively on the importance of…

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Research: Nigeria, others battle $160bn insurance gap

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    The horrible state of insurance penetration in the country has been further highlighted alongside other emerging market countries. According to a new research from Lloyd’s and the Centre for Economics and Business Research (CEBR), an estimated $163 billion of assets are underinsured in the world today, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity.   Londonlovesbusiness quoted the research as listing Nigeria, Bangladesh, India, Vietnam, Philippines, Indonesia and Egypt as individually having an insurance penetration rate of less than per cent.  …

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