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…
Tag: Insurance
Brokers play safe, shift to insurers with stronger capital base
Insurance brokers’ preference for companies with stronger capital base is driving the direction of businesses to underwriters in the 2021 renewal season. The brokers, who control 70 percent of total market share as major intermediary in insurance businesses, are playing safe, giving their businesses to insurers who they believe will not have issues in new……
#EndSARS protest: How best to mitigate the losses at least in the future
The chickens have finally come home to roost nationwide as the dusts raised by the #EndSARS crisis settle – at least so it seems irrespective of some ripples still being generated by events currently unfolding at the Lagos Judicial Panel of Inquiry and the twist introduced by the International News Medium, Cable News Network (CNN)….
AM Best affirms Africa Re’s financial strength A (Excellent) with stable outlook
The Financial Strength Rating of the African Reinsurance Corporation (Africa Re) has been re- affirmed at A (Excellent) and the long term issuer credit at “a” all with a Stable Outlook by AM Best. The rating agency categorises Africa Re’s balance sheet as strongest, as well as a strong operating performance despite these unprecedented and……
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…
Sigma Pension 2021 outlook sees Nigeria return to normalcy with tough policy choices ahead
Sigma Pensions Limited has shared its outlook of the economic and investment landscape in 2021, seeing Nigeria return to normalcy this year, but with tough policy choices ahead. According to the Pension Fund Administrator, this is following on from a year with so much uncertainty about life, politics and markets, stating that 2021 holds the…
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…
Recapitalization as a catalyst for deepening insurance penetration in Nigeria
The insurance penetration rate (IPR) is defined as a country’s total gross premium income as a percentage of its gross domestic product (GDP). It is a measure of the level of development of the insurance sector in the country and thus, it indicates how much the insurance sector contributes to the national economy. It does…
Lawyers kick as Reps order postponement of insurance industry recapitalization
Lawyers in Lagos have reacted to an order by the House of Representatives, asking the National Insurance Commission (NA1COM) to postpone the recapitalization of the insurance industry deadline. The lawyers, under the aegis of COGATLA Group of Lawyers, contended that if, indeed, the media report on the order was true and anything to go by,…
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……