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NAICOM Gives IGI Approval To Restructure Assets

The Industrial And General Insurance Plc (IGI) on Sunday said that the National Insurance Commission (NAICOM) had approved plans to convert part of its long-term assets to liquidity. Steve Ilo, Head, Corporate Communications of the company made this know in Lagos while speaking with correspondent . It said with the approval, IGI

Insurers Groan Under Harsh Business Climate

The first quarter of the year 2016, was a very bad period for the insurance industry given a number of negative factors that adversely affected operators. For the insurance sub sector of the economy, the first quarter of the year 2016, was a mixture of rough, tough but hopeful period. Rough and

NCRIB Appeals To NAICOM Over Delisted Brokers

The Nigerian Council of Registered Insurance Brokers (NCRIB) has appealed to the National Insurance Commission (NAICOM) to revisit the case of some of the 108 delisted broking firms as some of them made errors that are deliberate. Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Fatai Adegbenro, who made the

Piracy: UK P&I Club Urges Third Party Risk Assessment

In view of the significant increase in piracy in the waters surrounding West Africa, particularly Nigeria, UK P&I Club has canvassed for third party risk assessment prior to any voyages in the region as this may lead to increase in insurance claims. The maritime protection and indemnity insurance provider warned that

NAICOM Threatens To Criminalise Code Of Ethics Enforcement

As the National Insurance Commission (NAICOM) is empowered by law to enforce Code of Ethics for insurance operators, the commission has threatened to criminalise its enforcement if such a code is not being strictly implemented by the industry. Commissioner for Insurance and Chief Executive of NAICOM, Mohammed Kari, stated at the

SA Insurance Records N4.3b Income

Standard Alliance Insurance plc (SA Insurance) recorded a gross premium income of N4.33billion in 2014 as again N3.78 billion achieved in 2013 despite the challenging macro-economic environment in the financial sector. The company’s Chairman, Brig. Gen. Dominic Oneya (rtd), who disclosed this to shareholders of the insurance outfit in Lagos on

NAICOM Partners Anglophone Countries To Strengthen Insurance Supervision

The National Insurance Commission (NAICOM) has signed a Memorandum of Understanding (MoU) with some Anglophone countries to strengthen cross border insurance supervision in West African countries. The Commissioner for Insurance, NAICOM, Mr Mohammed Kari, at the signing on Thursday in Abuja, said the insurance supervision would be strengthened through information sharing

When Economy Is Depressed, It Is Better For People To Insure

In this interview with Fola Daniel, Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), he argues that insurance thrives in a depressed economy, as well as charged the insurance operators to be more proactive, while insurance legislation in the country should be made flexible, among other issues.

IGI appoints Fashola MD, Elusakin DMD

The Board of Industrial and General Insurance Plc (IGI) has appointed Rotimi Fashola as the substantive Group Managing Director. He succeeds Remi Olowude, the company’s Executive Vice Chairman/Founder, who passed on last year. The board also named the erstwhile Executive Director, Special Risks, Sina Elusakin as Deputy Managing Director, while Mrs. Foluso Gbadamosi