NAICOM Okays Foreign Reinsurance Contracts Renewal For Insurers     The National Insurance Commission (NAICOM) has granted approval to local insurance companies to renew their reinsurance treaties abroad regardless of the current lockdown in many parts of the country. The approval was contained in a circular dated April...

COVID-19: NAICOM Extends Insurers’ Account Submission Deadline   The National Insurance Commission has extended the submission of first quarter returns of insurance companies by one month as part of efforts of efforts to fight against coronavirus in the sector. NAICOM disclosed this in a circular to all...

Insurance Firms Pay N769bn Claims in 3 Years   The insurance sector paid claims totalling N769.26bn in three years, the National Insurance Commission said in a report. The commission revealed that the sector paid N186.4bn, N252.19bn and N330.63bn in 2017, 2018 and 2019, respectively. The acting Commissioner for...

Two Years Licence Renewal Policy Begins In 2020 - NAICOM   The National Insurance Commission (NAICOM) will in 2020 kickstart a 2-year licence renewal policy for insurance brokers and loss adjusters The Director, Policy and Regulation Directorate, NAICOM, Pius Agboola, stated this at the ongojng 2020 NAICOM...

NAICOM Extends Insurers’ Recapitalisation Deadline To December 2020   The National Insurance Commission has extended the recapitalisation deadline for insurance companies earlier slated for June 30, 2020 to December 31, 2020. The commission disclosed this on Monday in a circular which was signed by the Director (Policy...

Insurers Target Foreign Operations’ Sell-off In Q1 2020   In a quest to meet the nation’s insurance industry recapitalisation requirements, operators of the Capital Express Holdings has revealed plans to sell off African operations with the exception of the Kenyan subsidiary. The Managing Director of the group,...