Bringing You The Latest Updates in the Nigerian Insurance Sector
This article critiques the Federal Government’s recent rollout of the Employees’ Compensation Scheme (ECS) for civil servants, questioning its delayed implementation, potential operational challenges, and the preparedness of NSITF to deliver on its mandate effectively and transparently.
The devastating fire at Onitsha’s electronics market highlights the importance of insurance. With proper coverage, affected traders could have received financial relief, ensuring business continuity and recovery from their massive losses.
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.
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.
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.
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.
African Alliance Insurance has sued NAICOM, alleging unlawful board dissolution and bad faith interference in its turnaround plan, seeking to nullify the action and prevent asset disposal by the interim management.
NDIC initiates loan recovery for defunct Heritage Bank and asset liquidation to settle liabilities while promoting financial literacy among students in Gombe and Sokoto during World Savings Day 2024 celebrations.
NAICOM partners with CIIN and Sapphital to train one million Nigerian youths in insurance, aiming to increase awareness and industry inclusion through a comprehensive education program supported by seasoned professionals.
NAICOM sets December 31, 2024 deadline for insurers to clear outstanding claims, urging compliance. The Insurers’ Committee also restructured sub-committees to align with the industry’s 10-year roadmap for growth.
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