The Nigeria Police Force has begun enforcing third-party insurance laws. Vehicle owners must comply to avoid fines, imprisonment, or vehicle impoundment. Get a valid policy now to stay legal and protected.
Nigeria’s House of Representatives has passed the *Nigeria Insurance Industry Reform Act, 2024*, introducing stricter regulations, increased capital requirements, and stronger policyholder protections to modernize and strengthen the country’s insurance sector
The Nigeria Police Force will enforce Third-Party Motor Insurance laws nationwide from February 1, 2025, emphasizing compliance to protect road users under the Insurance Act and Motor Vehicle Insurance Act.
NAICOM has issued an operational licence to NPF Insurance Company, allowing it to offer general insurance in Nigeria, after fulfilling all regulatory requirements despite earlier stakeholder objections.
This article emphasizes the need for Nigerian insurers to create tailored insurance products by understanding the local market, focusing on key sectors like agriculture and health, leveraging innovative distribution channels, and improving accessibility for underserved segments like the informal sector.
This article highlights the importance of life insurance for parents, explaining its benefits, types, and how it secures their family’s financial future. It dispels myths and guides parents in choosing the right policy to protect their loved ones.
NAICOM and NDPC partner to enhance data protection in Nigeria’s insurance sector, focusing on compliance, training, and public trust through a newly signed Memorandum of Understanding (MoU).
The Nigerian House of Representatives has ordered an investigation into N30bn in unresolved insurance claims for federal agencies, citing breaches of insurance laws and lack of accountability, impacting deceased personnel’s families.
This article emphasizes the importance of insurance by showcasing real-life examples of losses incurred due to neglecting coverage. It highlights the hidden costs of skipping insurance, debunks misconceptions, and provides actionable steps to make informed insurance decisions.
This article highlights the dangers of underinsuring your assets, explaining why it happens, the financial consequences, and how policyholders can avoid it. It provides practical tips to ensure adequate coverage and protect against unexpected financial burdens due to underinsurance.
The planned partnership between NAICOM and EFCC is a positive step towards combating financial crimes in Nigeria’s insurance sector, but it needs stronger AML/CFT enforcement and proactive regulatory measures for lasting impact.
This article explains how insurers determine the market value and insured value of assets, highlighting their differences and the importance for policyholders to understand them. It covers valuation methods and offers tips to help avoid underinsurance and overinsurance.
NAICOM and EFCC have partnered to fight fraud in Nigeria’s insurance sector, aiming to strengthen regulatory oversight, protect policyholders, and promote industry stability through joint efforts and information sharing.
AIICO Insurance’s refusal to settle a legitimate claim made by Rockmountain Petroleum Development Company (RPDC) following an oil well blowout. Despite regulatory intervention from NAICOM, AIICO remains adamant and challenges the insured to take legal action.
This article calls out AIICO Insurance Plc for its ongoing delay in settling a $30 million claim despite NAICOM’s directive. It highlights the insurer’s stalling tactics, questions their credibility, and advocates for policyholders’ rights to rebuild trust in Nigeria’s insurance industry.
The article analyzes NAICOM’s December 31, 2024 directive for insurers to settle outstanding claims, critiquing the feasibility of enforcement. It highlights challenges in capacity, verification mechanisms, and technological infrastructure, while suggesting external partnerships to ensure the directive’s effective implementation.
This article critically examines the feasibility of the recent MoU between NAICOM, CIIN, and the Ministry of Youth to train one million Nigerian youths in insurance. It raises key questions about funding, curriculum, training, selection criteria, and long-term employment outcomes.
This article discusses the dispute between African Alliance Insurance Plc and NAICOM, emphasizing the need for fair, transparent regulatory oversight in Nigeria’s insurance industry to maintain public trust, protect policyholders, and ensure balanced, responsible governance.
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