Category Archives: Insurance

Govt Spending will Spur Nigeria Insurance Sector’s Growth

For the insurance industry, 2018 may be the year to celebrate bigger feats. The Federal Government’s plan to bridge infrastructural gap and the recent positive projection for the country by the World Bank are enough a springboard to greater heights for the industry. The Managing Director, Law Union Insurance Plc, Mr. Jide Orimolade, in this interview with OMOBOLA TOLU-KUSIMO, sheds more light on this and other sundry issues in the industry.

The Federal Government of Nigeria budgeted huge sum for infrastructure in 2018. What impact will this have on the insurance industry?

It is clear that the government has been trying to rejig the economy. In looking at the 2018 budget, I would say that in terms development in the economy, there has been a recovery from recession.

Hogan Lovells Boosts S/African Insurance Presence With Johannesburg Partner Hire

Hogan Lovells announces today that Christine Rodrigues has joined the firm as a partner in the Johannesburg finance practice. She joins from Norton Rose Fulbright, where she has served as a Director since 2013.
Rodrigues has over 15 years of experience in insurance and is well-known in the growing African insurance sector. Her focus on insurance has led to her advising many of the region’s largest insurance businesses, most recently on the liquidation of SaXum.
Her appointment reiterates Hogan Lovells’ continued investment in, and commitment to, South Africa. She is the fourth high-profile lateral partner hire in the last eight months, following those of Sibongile Solombela, Vivien Chaplin, and Rachel Kelly last year.

577 Firms Bid for NNPC Insurance Renewal Programme

The Nigerian National Petroleum Corporation (NNPC) consolidated on its tradition of openness and on Tuesday with the public harvesting and opening of 577 bids submitted by firms seeking to secure the insurance renewal contract for the Corporation’s oil and non-oil assets.

Speaking at the event, NNPC Group General Manager, Risk Management and Insurance, Mr. Modupe Bameke stated that apart from being a requirement of the Bureau of Public Procurement (BPP), the public opening of bids has become part of the Corporation’s tradition aimed at promoting transparency.

Reckless Driver Who Crushed FRSC Officer To Death In Ondo State Agrees To Pay N5m Compensation

Sola Olagunju, the reckless driver who crushed an officer with the Federal Road Safety Corps (FRSC), Sunday Abolusoro, to death in Ondo state has now signed a “documented agreement” with the family of the deceased.

The signed agreements have been documented in form of a Memorandum of Understanding (MoU) between Mr. Olagunju and the families of late FRSC officer Abolusoro.

Sovereign Trust Insurance Posts N7.3bn PAT

Sovereign Trust Insurance Plc has shown a consistent rise in its profitability after it posted N7.2 billion Profit After Tax (PAT) in the third quarter of the current year, translating to 352 percentage growth.

A statement by its assistant general manager, Corporate Communications/Brand Management, Segun Bankole, said the third quarter performance shows that the underwriting firm is very much on course with meeting the aspirations of her various Shareholders in the days ahead.

53 Insurance Companies In Nigeria Expend N116bn On Management From N324bn Income

Fifty three insurance companies in Nigeria  expended a whooping N116 billion on their respective management, translating to 40 per cent of their premium income of N324 billion made in the last financial year, LEADERSHIP can exclusively reveal.

This happened while some of the affected firms had not given good returns on investment to their respective shareholders in the last four to five years. Further findings show that some of the underwriting firms had their accounts in the negative, after they had expended a huge chunk of their profit on management expenses, as well as paying claims.

A document obtained from the National Insurance Commission (NAICOM) shows that in the Non-Life business, 43 non-life insurers spent N100.9 billion on management expenses, translating to 50 per cent of the Gross Premium Income of N201.5 billion made in the 2016 financial year end.

Health Insurance Advocates for Persons Living with HIV

An NGO, AIDS Healthcare Foundation (AHF), has urged Federal Government to adopt healthcare insurance scheme for people living with HIV/AIDS to reduce dependency on donor funds for its treatment and prevention.

Dr Kema Onu, the Site Coordinator of AHF Nigeria, made the plea in an interview with the News Agency of Nigeria (NAN) in Abuja.

Onu spoke on the sidelines of events commemorating the 2017 World AIDS Day celebration.

According to Wikipaedia, every Dec.1, since1988, has been designated as the World AIDS Day to raise awareness of the AIDS pandemic caused by the spread of HIV infection and mourning those who have died of the disease.

Veterans in America: Best and Worst Cities for Former Military Members

Veterans Day: Trish Regan pays tribute to the military

FOX Business’ Trish Regan honors the members of her family who served in the U.S. military and congratulates “Countdown to the Closing Bell’ host Liz Claman for her contribution to Building Homes for Heroes.

The process of returning to civilian life for military veterans isn’t always an easy task, but the success of a vet’s post-armed forces life can be affected by which area of the United States they choose to settle down in.