Policyholders urge NAICOM to take over African Alliance Insurance Plc due to delayed pension and insurance payments, calling for swift regulatory intervention to restore confidence and protect the insurance industry’s reputation.
Retirees under African Alliance Insurance Plc’s Retirement Life Annuity plan have faced hardship, going four months without pension payments. Calls for NAICOM’s intervention grow as annuitants struggle amidst economic challenges.
NAICOM has outlined strategic priorities to boost the safety, innovation, and accessibility of Nigeria’s insurance industry, emphasizing stronger regulations, financial soundness, risk-based supervision, and increased market penetration.
The Nigerian insurance sector reached a historic N1 trillion in gross written premiums in 2023, fueled by increased premiums and industry growth, despite significant economic challenges and rising inflationary pressures.
In his first 100 days, NAICOM Commissioner Olusegun Omosehin initiated reforms focused on restoring public trust, improving claims settlement, and strengthening Nigeria’s insurance sector through capacity building and stakeholder engagement.
The tough economic situation in Nigeria is severely impacting retail insurance, with companies reporting declining sales. Insurance leaders call for stricter enforcement of compulsory policies and emphasize prompt claims settlements and CSR.
This article provides a comparative analysis of key insurance products available in Nigeria, examining their features, coverage, and target audiences. It highlights the differences between various types of insurance, such as life, health, motor, property, and more, to help policyholders make informed decisions tailored to their needs.
This article explains the importance of insurance for non-profit organizations, highlighting the various risks they face and the types of coverage available to protect their mission, assets, and people.
IMT 2024, set for September 27 in Lagos, will bring top industry leaders and young professionals together to explore insurance’s future, blending technology, lifestyle, and Afrobeats to engage Millennials and Gen Z.
The IoDCCG Chairman, U.K. Eke, visited NAICOM to strengthen corporate governance collaboration, congratulated the new Commissioner, and discussed key initiatives to improve governance within Nigeria’s insurance sector
Financial leaders, including NDIC, CBN, and UBA, will discuss bank recapitalization, fintech opportunities, and the path to a $1 trillion economy at the 2024 FICAN conference in September.
This article provides a comprehensive guide to evaluating insurance providers in Nigeria, focusing on key factors such as financial stability, product offerings, customer service, claims process, affordability, regulatory compliance, innovation, and local expertise, to help you make informed decisions when selecting an insurer.
NSITF awarded over N10 million to EKEDC worker Afolabi Mudasiru, covering medical expenses from a workplace injury, demonstrating commitment to employee welfare under the Employees’ Compensation Act.
The Nigerian government will convene a stakeholders meeting to address aviation and insurance sector challenges, aiming to enhance collaboration, promote local content, and strengthen economic growth.
This article provides a comprehensive guide on the legal aspects of insurance claims in Nigeria, including the legal framework, key concepts, and the claims process. It highlights common legal issues, available recourse options, and best practices for policyholders to ensure fair and effective handling of their claims.
NiMet’s DG, Prof. Charles Anosike, has called for insurance coverage for Nigerian farmers to boost food security. The request came during a visit from USAID, which is collaborating on a roundtable to address agricultural insurance and weather advisory services.
This article discusses insurance fraud in Nigeria, covering its types, impact, and methods for detection and prevention. It also outlines the legal implications of committing insurance fraud, highlighting the importance of protecting the industry through technology, education, and strict legal enforcement.
This article discusses the essential role of reinsurance in the Nigerian insurance market, highlighting how it supports risk management, capital efficiency, regulatory compliance, and economic stability. It also addresses challenges and explores opportunities for growth.
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