NAICOM rolls out 3-Year Plan to Energise Insurance Sector. The National Insurance Commission (NAICOM) has rolled out a  three-year plan  to energise the insurance sector of the economy. The strategic plan, according to the insurance regulator  will run from 2021 to 2023. Speaking at an insurance seminar...

NAICOM, Transportation Ministry Synergise to Insure Transport Owners and Users The National Insurance Commission, NAICOM and the Federal Ministry of Transportation is to collaborate to ensure provision of adequate insurance for road transport owners and users within Nigeria and ECOWAS member countries. To this end, the...

NAICOM Rallies towards IFRS on Insurance Contracts The National Insurance Commission (NAICOM) has activated its machinery as part of efforts towards the launch of the new International Financial Reporting Standard 17 (IFRS 17) for Insurance Contracts scheduled for January next year. The International Accounting Standard Board...

Insurers Make N10.1bn From Life Annuity In Q4, 2020       Insurance companies providing Retiree Life Annuity (RLA) to retirees under the Contributory Pension Scheme (CPS) received N10.1 billion premium, in the fourth quarter of 2020. Life Annuity is a series of monthly or quarterly payments paid to...

Insurance Sector Contracted By 12.05% In Q4, 2020 – NBS       The insurance sector contracted by 12.05 per cent in the fourth quarter of 2020, latest figures from the National Bureau of Statistics have revealed. Figures obtained from the NBS on the industry’s performance also revealed that...

Insurance Sector’s Assets Hit N1.82trn On Recapitalisation Deadline       The Insurance sector’s assets rose by N410bn in one year as the industry attracted new investors. Despite the impact of COVID-19 pandemic on the economy, the insurance industry attracted some investments that boosted its assets, investigation has shown. Many...