Bringing You The Latest Updates in the Nigerian Insurance Sector
The Presidential Livestock Reforms Committee urges insurance coverage to attract investments in Nigeria’s livestock sector, emphasizing risk mitigation to support stability and economic growth.
The Nigerian Senate has passed an amendment to the NDIC Act, increasing depositor protections, reinforcing the NDIC’s operational stability, and expanding its authority, while maintaining the Central Bank’s regulatory role.
Nigerian insurers paid out N536.5 billion in claims in 2023, representing 54% of their Gross Premium Income, demonstrating the industry’s commitment to customer claims, transparency, and regulatory modernization.
Lekan Ewenla, CEO of Ultimate Health HMO, advocates for enforced compliance with Nigeria’s National Health Insurance Programme, highlighting its potential to bolster healthcare funding, retain professionals, and improve the nation’s health outcomes.
Nigeria’s recent rise in Foreign Direct Investment (FDI) signals renewed interest in its insurance sector. This presents opportunities for growth, innovation, and increased financial inclusion, helping to address the nation’s economic challenges.
The Africa Insurance Women Association (AIWA) will host an international conference from November 2-6, 2024, in Lagos, focusing on innovation, gender diversity, and key trends shaping the future of insurance across Africa.
“Pay-At-Harvest,” a new insurance scheme, offers Nigerian farmers coverage against climate risks like floods and droughts. Farmers can defer premium payments until after harvest, ensuring financial stability while protecting their crops.
The Federal High Court in Warri is set to rule on a $1 billion insurance pollution claim against Shell and its insurer, related to the 2011 Bonga oil spill in the Niger Delta.
Transparency Scape Insurance Brokers launched InsurEase, Nigeria’s first InsurTech app, offering real-time policy quotes, digital claims processing, and seamless insurance purchases, aiming to simplify and improve access to insurance.
The Federal Government approved ₦12.911 billion to support key health agencies, including the National Health Insurance Authority, advancing insurance coverage and healthcare services for vulnerable Nigerians under the Basic Health Care Provision Fund.
Great Nigeria Insurance PLC has appealed a court ruling that ordered it to pay N16 million to Ade Distribution and Investment Company over a burglary insurance claim, citing premium payment disputes.
The Ministry of Youth Development and NAICOM have signed an MoU to train one million Nigerian youths in insurance, fostering entrepreneurship, raising awareness, and expanding employment opportunities across Nigeria’s 774 local government areas.
A new bill in Nigeria mandates individuals in insurance and financial services to provide a Tax Identification Number (TIN) for account operations, aiming to enhance tax compliance and streamline revenue collection.
South African life insurers paid R298 billion in claims during the first half of 2024, remaining financially robust despite high payouts, with concern over policy lapses due to economic pressures.
The Ogun State chapter of the Nigeria Union of Pensioners urges Governor Dapo Abiodun to include pensioners in health insurance schemes and address pending pension increases to alleviate health and economic hardships.
NAICOM and the Ministry of Marine and Blue Economy are collaborating to enhance marine insurance compliance, including developing an online portal for policy verification, to strengthen Nigeria’s maritime regulatory framework
Femi Quadri, a Nigerian socialite, was arrested in the U.S. for allegedly stealing identities to fraudulently claim over $1 million in disability and COVID-19 benefits from American citizens.
The House of Representatives has called for an urgent review of the National Health Insurance Scheme’s medicine price list due to economic challenges, rising inflation, and exchange rate fluctuations affecting healthcare access.
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