Editorial Team, Author at Transparent Protection Ltd/Gte

Understanding Agricultural Insurance in Nigeria

This article discusses the role of agricultural insurance in Nigeria, highlighting its importance in protecting farmers from risks like weather changes, pests, diseases, and market volatility. It outlines the challenges faced by the agricultural insurance sector, its benefits for farmers, and future opportunities for growth and expansion through technological innovations and stakeholder collaborations.

Understanding Agricultural Insurance in Nigeria Read More »

Navigating Health Insurance in Nigeria: A Comprehensive Guide

Editorial Team / Health Insurance, Insurance

The comprehensive guide delves into the complexities of the country’s healthcare system. It explores the history and development of health insurance, the types of coverage available, enrollment processes, benefits, challenges, and tips for optimizing health insurance benefits. This guide aims to empower Nigerians with the knowledge needed to make informed decisions about their healthcare and financial security.

Navigating Health Insurance in Nigeria: A Comprehensive Guide Read More »

Everything You Need to Know About Vehicle Third-Party Insurance in Nigeria

Editorial Team / Insurance, Vehicle Insurance

This article provides comprehensive insights into vehicle third-party insurance in Nigeria. It covers its definition, coverage, legal requirements, and how to check policy validity. Notably, it highlights recent premium changes by NAICOM. The FAQ section addresses common queries, and it concludes with a reminder to ensure valid insurance coverage and contact information for inquiries.

Everything You Need to Know About Vehicle Third-Party Insurance in Nigeria Read More »

Understanding Solvency Regulation in the Insurance Sector

Editorial Team / Insurance Regulation

The article explores the critical role of solvency regulation in ensuring the financial stability and reliability of insurance companies. It delves into the framework of rules established by governments to maintain insurers’ ability to meet obligations to policyholders. Key considerations such as capital adequacy, reserve adequacy, and liquidity management are discussed, emphasizing a proactive approach to preventing systemic risks.

Understanding Solvency Regulation in the Insurance Sector Read More »

Chronicles Of Insurance Commissioners In Nigeria: Their Highs and Lows

Editorial Team / Insurance, Insurance Regulation

The article delves into the rich history of Nigeria’s insurance sector, exploring the pivotal role of the National Insurance Commission (NAICOM) and its successive commissioners. From Chief Eugene Okwor’s pioneering efforts to Mr. Olusegun Ayo Omosehin’s vision for transformation, each leader’s tenure is scrutinized, highlighting triumphs, challenges, and the evolving landscape of insurance regulation in Nigeria.

Chronicles Of Insurance Commissioners In Nigeria: Their Highs and Lows Read More »

Towards Active Enforcement of the “No Premium, No Cover ” Provision of the Insurance Act 2003

Editorial Team / Insurance Regulation

The Nigerian insurance sector, despite its potential and government efforts to boost growth, remains stagnant due to unremitted premiums. Since 2013, the National Insurance Commission (NAICOM) has enforced the Insurance Act 2003’s Section 50(1), which prohibits credit-based insurance policies, by issuing guidelines for premium collection and remittance. Effective supervision and stakeholder cooperation are expected to resolve these persistent issues.

Towards Active Enforcement of the “No Premium, No Cover ” Provision of the Insurance Act 2003 Read More »

Toward Addressing The Immediate Challenges Of Regulation And Supervision Of Insurance Industry In Nigeria

Editorial Team / Insurance Regulation

The article sheds light on the dire situation at Nigeria’s National Insurance Commission (NAICOM), which has ceased regulatory activities since January 2024. It discusses the industry’s challenges, including inefficiency, funding issues, and political interference. Urgent solutions are proposed to prevent the collapse of the insurance sector.

Toward Addressing The Immediate Challenges Of Regulation And Supervision Of Insurance Industry In Nigeria Read More »

Eight Facts Nigerians Need to Know About FG’s Consumer Credit Scheme

Editorial Team / Consumer Credit Access

This post outlines eight key facts about the Nigerian government’s Consumer Credit Scheme, aimed at expanding access to consumer credit for working Nigerians. It covers the scheme’s objectives, eligibility, application process, and safeguards against fraud, emphasizing its role in promoting financial inclusion and responsible borrowing.

Eight Facts Nigerians Need to Know About FG’s Consumer Credit Scheme Read More »

Why You Must Purchase a Life Assurance Policy

Editorial Team / Life Insurance

This article delves into the significance of life assurance policies, emphasizing the need for proactive risk management. It elucidates various types of life insurance plans, statutory protections, and processes such as maturity, surrender value, and claims management. Additionally, it highlights Transparent Protection Ltd’s support services for insurance policyholders.

Why You Must Purchase a Life Assurance Policy Read More »

Insurance Contract Regulation: Why Governments Intervene in Insurance Contracts

Editorial Team / Insurance Regulation

This post explores government intervention in insurance contracts to safeguard policyholders’ interests. It discusses the power dynamics inherent in insurance agreements, categorizing contracts into commercial and consumer contexts. Regulatory measures, such as licensing requirements and free look periods, aim to ensure fairness and transparency in insurance transactions, addressing disparities in bargaining power.

Insurance Contract Regulation: Why Governments Intervene in Insurance Contracts Read More »