Despite Economic Challenges, Insurance Sector Recorded 6.2% Growth In Q1, 2022   The National Insurance Commission (NAICOM), has said that in spite of macro economic challenges which has bedeviled businesses in Nigeria, insurance sector recorded a year-on-year growth rate of 6.2 per cent at the end...

JUST IN: NAICOM Cancels Niger Insurance, Standard Alliance’s Operational Licences The National Insurance Commission, NAICOM, has cancelled the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc. The Head, Corporate Communications and Market Development, Rasaaq Salami, for the Commissioner for Insurance, NAICOM, disclosed...

Insurance Firms’ Assets Hit N2.09trn Amidst Recapitalisation Suspension     The insurance sector’s total assets have risen by N228.24bn in 15 months despite the abrupt suspension of the National Insurance Commission’s segmented recapitalisation exercise. The second and final phases of the Nigerian insurance industry’s recapitalisation exercise which should...

Nigeria Loses N530bn Annually To Motor Insurance Evasion       Although Nigeria has about 11.8 million registered vehicles plying the roads, only about 1.2 million of such vehicles have valid insurance. The implications are that the nation’s insurance industry may be losing about N530 billion due to the...

Insurance Industry Assets Now N2.02trn       Insurance companies’ gross written premium rose to N520bn as of the end of 2020, while their assets hit N2.02tn as the sector undergoes recapitalisation. The Nigerian insurance industry’s asset rose by N401bn to N2.02tn as of the end of 2020 from...

NAICOM To Boost Financial Inclusion In Insurance Sector       The National Insurance Commission has launched a 2021-2023 strategic plan to improve financial inclusion in the country’s insurance sector. The Commissioner for Insurance, Mr Sunday Thomas, disclosed this on Friday during a seminar for insurance reporters, with the...