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Insurance
Liquidation Dividends: NDIC Urges Depositors To Utilise Virtual Verification Platform
The Nigeria Deposit Insurance Corporation (NDIC), has advised customers of closed banks to utilise the virtual verification platforms for payment of their deposits.
NDIC’s Managing Director, Bello Hassan, gave the advise on Thursday…
Ministry Wants Insurance Module On Youth Development Portal
Federal Ministry of Youth Development has commenced discussion with the National Insurance Commission (NAICOM) to include an insurance module.
on the youth academy application to advance youth development initiatives.
This a one of…
Fitch Says Reinsurance Market Will Soften In 2025 With Increasing Capitalisation
Rating agency Fitch has said the reinsurance market will soften again in 2025 with increasing capital levels globally and interest rising in reinsurance as an asset class, be that in insurance-linked securities (ILS) or other forms.
Of…
FRC Intervenes In Purported IGI Acquisition, Invites Coopvest Ltd
The Financial Reporting Council of Nigeria (FRC) has invited Coopvest Nigeria Ltd, the purported owners of 40 percent of Industrial and General Insurance (IGI) Plc to appear before it on 30th January following the petition by the minority…
Leading Global Insurers Refuse Cover For Controversial East African Crude Oil Pipeline
A total of 28 (re)insurers including SiriusPoint, Riverstone International, Enstar Group, and Specialist insurers, Blenheim and SA Meacock, have now declared they will not offer insurance for EACOP because of the significant pollution and…
Court Stops IGI’s Annual General Meeting
A Lagos Federal High Court has granted an ex-parte motion stopping the proposed Annual General Meeting (AGM) of Industrial And General Insurance Company Plc that is scheduled for January 22, 2024.
Justice Akintayo Aluko granted the…
REDAN President Warns Against Constructing Two-Storey Building Without Insurance
The President of the Real Estate Developers Association of Nigeria ( REDAN), Aliyu Oroji Wamakko has warned members against embarking on the construction of buildings without having insurance licences.
He stated this during an interview…
Elumelu Proposes Increased Capital Base For Underwriters, Brokers
The Chairman of Heirs Holding Group and United Bank of Africa (UBA), Tony Elumelu has proposed N50 billion capitalisation for composite insurers in the country, while Life and Non-Life companies increase their capitalisation to N20billion…
Thomas Hints Of Industry’s 10-yr Transformational Regulatory Environment
The Commissioner of Insurance, Sunday Thomas has hinted that the industry will continue its transformation of the regulatory environment to sustain its growth over the next decade from 2024 to 2033.
The industry's total assets grew from …
Thomas Leads NAICOM Delegation To Housing Minister
As part of the National Insurance Commission’s drive to ensure optimal participation in the 2023 National Insurance Conference, the Commissioner for Insurance, Olorundare Sunday Thomas, and a delegation from NAICOM today paid a courtesy…