Insurance recapitalisation, though halted inspired confidence in consumers – Orimolade

Stanbic IBTC Insurance Limited is one of the newly licensed underwriting companies that came into the industry in the course of the sectors’ recapitalisation exercise. Akinjide Orimolade, chief executive(CE) of the company in this interview with Modestus Anaesoronye shares his vision for the company, expectation of the market, outlook for 2021 and what consumers will…

FG releases N11.82 billion pension accrued rights

The Federal Government has released N11.82 billion pension accrued rights for retirees of Treasury Funded Ministries, Departments & Agencies (MDA) under the Contributory Pension Scheme (CPS.) The payment Business Day confirmed covers Federal Government’s indebtedness on accrued rights up to February 2020. Accrued rights represent benefits for employees of Treasury Funded MDAs who worked up…

Verod boss highlights opportunities in Nigeria’s insurance and education sector

Nigeria’s insurance industry is a “screaming opportunity” while demand for good quality schools far exceeds supply, creating opportunities for investments, Danladi Verheijen, managing partner and co-founder of Verod Capital Management, a Lagos-based private equity fund manager which invests across multiple sectors in Nigeria and Ghana, have said. The insurance density or gross premium per capita……

 Sunu Assurances completes first phase of recapitalisation

By Rosemary Onuoha Sunu Assurances Nigeria Plc has successfully completed the first phase of its recapitalisation plan by increasing shareholders’ fund to N6.61 billion in 2020 from N3.47 billion in 2019. Disclosing this at a briefing in Lagos, Managing Director/Chief Executive Officer of the company, Mr. Samuel Ogbodu, stated that the increase in shareholders’ fund…

NAICOM, NIA disagree over recapitalisation of insurance firms

By Rosemary Onuoha The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms. While NAICOM has stipulated the general capital requirements for the different categories  of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing…

Insurers target risk-based capital in Consolidated Insurance Bill 2020

The Nigerian Insurers Association (NIA) has recommended introduction of Risk Based Capital in the Consolidated Insurance Bill, describing it as the right capital model for the Insurance industry in order to align the sector with international best practices and reposition it for accelerated growth and development. Risk-Based Capital (RBC) is a method of measuring the……