Category Archives: Insurance

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.

LASACO Assurance Plc to raise N10b new capital

LASACO Assurance Plc has announced plans to raise N10 billion additional capital to from its existing and new shareholders.

This, according to the firm, is part of efforts to position the company to operate as a Tier 1 level player under the newly introduced recapitalisation and reclassification structure by the National Insurance Commission (NAICOM).

The company, having secured its shareholders’ approval, will in the weeks ahead unfold strategies to raise the new fund, which will enable it play big in the nation’s insurance industry under the current Tier Based Minimum Solvency Capital introduced by NAICOM.

Who Pays for Title Insurance When Selling a Home: The Buyer or the Seller?

Who pays for title insurance when selling a home: the buyer or the seller? The answer depends on the customs and practices of each individual state.

Q: Is it mandatory for a seller to pay for title insurance in Oregon especially if they were sole owner of home from the day it was constructed?

Abia, Ebonyi, Imo non-committal to N8.2 trillion pension fund

Abia, Ebonyi and Imo states have been enlisted among poor performing and non-compliant sub-nationals on the Contributory Pension Scheme (CPS), currently at N8.2 trillion.
The development portends gloomy future for the states’ workers from their active years to retirement, even as their monthly wages are not only uncertain, but future savings- pension, are not guaranteed.

The National Pension Commission (PenCom), which affirmed the ugly development, had earlier lamented that some states are worse in breaching the constitutional rights of workers.

Cornerstone insurance promises policyholders better return on investment

Cornerstone Insurance Plc has paid about N6.3 billion claims to policyholders who suffered insured risks in its 2017 financial year, a development that repositioned the customers to their financial positions before the incidents.

Speaking at the 2017 yearly general meeting in Lagos yesterday, the company’s Chairman, Segun Adebanji, said the claims paid was N2.9 billion higher than N3.4 billion claims paid in the 2016 financial year.

Claims recovery, according to him, was N1.4 billion, against N1.2 billion in 2016, noting that a sharp increase in claims expenses led to an underwriting loss of N2 billion, compared to N696 million in 2016.

Cornerstone Insurance pays N6.3b claims

Cornerstone Insurance Plc has paid about N6.3 billion claims to policyholders who suffered insured risks in its 2017 financial year, a development that repositioned the customers to their financial positions before the incidents.

Speaking at the 2017 yearly general meeting in Lagos yesterday, the company’s Chairman, Segun Adebanji, said the claims paid was N2.9 billion higher than N3.4 billion claims paid in the 2016 financial year.

AXA Mansard, Paystack partner on payment solution

An insurance and asset management company, AXA Mansard Plc, has partnered Paystack, an online payment platform, to make transactions on its website seamless.

The Chief Digital Officer, AXA Mansard, Bayo Adesanya, said the company is committed to providing innovative customer solutions through the development of a highly functional digital payment ecosystem that simplifies payments for our customers.

STI records N8.5 billion industry premium

Sovereign Trust Insurance Plc (STI) recorded Gross Premium Written (GPW) of N8.5 billion in 2017, a 33 per cent increase over the N6.3 billion recorded in 2016.

The Chairman, Oluseun Ajayi, who stated this at the company’s yearly meetings in Lagos, noted that the net claims expenses for 2017, was N1.3 billion, a 9.5 per cent improvement over the N1.44 billion recorded in 2016.

According to him, the company also recorded a Profit Before Tax (PBT) of N202 million as against N44 million recorded in 2016, representing over 351 increase, while Profit After Tax (PAT) stood at N157 million, a 569 per cent increase, against N23 million recorded in 2016.