Category Archives: Insurance

Sector to lose N46 billion income to 9.2m uninsured vehicles

The gale of premium losses to the nation’s insurance industry has continued with estimated N46 billion on the line from non-insurance of 9.2 million vehicles across the country.According to the Nigerian Bureau of Statistics(NBS) report, out of estimated 11.7 million vehicles in the country at the end of second quarter of 2018, only 2.5 million are captured in the motor insurance policy records.

Tapping Travel Insurance For a Smooth & Safe Trip

The importance of travel insurance cannot be overstated whenever you travel. Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while travelling. Despite the many advantages of travel insurance, only a handful of travellers buy a travel insurance policy.

States’ non-compliance with pension scheme worrisome’

Despite the different strategies employed by the National Pension Commission (PenCom) to persuade and encourage state governments in Nigeria to comply to the provisions of the Pension Reform Act (PRA) 2014, states’ compliance to the Contributory Pension Scheme (CPS) remains inconsistent and worrisome to operators.

With this low compliance from states, there could be hitches with the drive by PenCom to secure a better retirement life for employees of all state governments, as the commission with its mandate to oversee all pension matters in Nigeria remains incapacitated, dealing with issues relating to states’ compliance.

Firm wants government, businesses to prioritise risk management

A leading global firm, Resource Result U.S.A & Nigeria, has urged governments and businesses to give priority to risk management to achieve good governance.
The firm, which focuses governance, risk and compliance consulting and internal audit assurance, called for the use of scarce national resources to enhance stakeholder returns.

Managing Partner, Abdulfattah Ademokunla, spoke as part of preparations for a two-day workshop scheduled for November 21 and 22,2018 at the Lagos Chamber of Commerce & industries, Alausa, Lagos, and on November 28 and 29, 2018 in Abuja.

PenCom develops ECRS IT infrastructure for micro pension

National Pension Commission (PenCom) has developed the Enhanced Contributor Registration System (ECRS) to facilitate the enrolment of participants in the Micro Pension Scheme when the scheme is rolled out, according to Mrs. Aisha Dahir-Umar, acting director-general of the commission.

Dahir-Umar who spoke in Calabar said the ECRS was developed to clean-up data in the Contributory Pension Scheme (CPS).

LASACO Assurance mulls N10 billion additional capital for tier 1 status

LASACO Assurance Plc is planning to raise additional N10 billion capital from its existing shareholders and new ones, as part of plans to attain a Tier 1 status, under the new Tier-Based Minimum Solvency Capital (TBMSC).The company plans to raise the additional capital through public offer, special placement or right issues and preference shares.

Wife Kills Herself & Kids After Husband ‘Fakes Death’ For Insurance Payout, Thinking He Was Truly Dead

A woman killed her children and herself after her husband faked his own death as part of an insurance con – and failed to tell her.

Dai Guihua, 31, left a 1,000-word suicide note on WeChat and disappeared with their son and daughter, aged four and two, sparking a search by local authorities in Xinhua county, China, when she thought her husband was dead.

AIICO launches Agric Insurance

In response to the need for adequate insurance to protect investments in agricultural sector, AIICO Insurance Plc has launched its Agriculture Insurance policy.

To achieve optimal result, the underwriting firm has partnered Nigeria Incentive Risk Sharing System for Agricultural Lending (NIRSAL).

Its Managing Director, Edwin Igbiti, who spoke during the official launch in Lagos said the firm was taking strategic position to be a major player in offering Agriculture Insurance in order to deliver the much needed protection to the various players in the agricultural value chain.