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Posts published in “Insurance”

NDIC Raises Maximum Deposit Insurance Coverage for Mortgage Banks to N500,000

The Nigeria Deposit Insurance Corporation (NDIC) on Friday reviewed its maximum deposit insurance coverage (MDIC) for primary mortgage banks (PMBs) from N200,000 to N500,000 per depositor.

The NDIC said the Minister of Finance, Kemi Adeosun, had also approved the extension of differential premium assessment system (DPAS) to the PMBs.

The approval, the corporation, explained, was granted to emphasize the need to ensure that all deposit money banks (DMBs), PMBs and mortgage finance banks (MFBs) adhered strictly to sound risk management practices and entrench compliance to the Central bank of Nigeria (CBN) approved code of corporate governance standards.

“As part of its statutory functions as a deposit insurer, Section 20 (2) of the NDIC Act 2006, empowers the Corporation’s Board to periodically review the maximum deposit insurance coverage for licensed banks and other deposit taking financial institutions in accordance with changes in deposit structure, income levels and in line with global best practices,” the NDIc said.

Nigeria Appoints New Managing Director For Reconstruction Fund, NERFUND

The Nigerian government has appointed a new managing director for the National Economic Reconstruction Fund (NERFUND).

He is Ezekiel Oseni, a former general manager and chief risk officer at the Bank of Industry.

Mr. Oseni’s appointment was announced Wednesday by the Permanent Secretary in the Ministry of Finance, Mahmoud Isa-Dutse, who credited Minister Kemi Adeosun as approving the posting.

“His appointment which takes immediate effect was made under a Management Agreement between the Federal Ministry of Finance and the Bank of Industry,” Mr. Isa-Dutse said in a statement.

He said Mr. Oseni has several mandates, among which is to reposition the organisation and ensure that all outstanding indebtedness were recovered.

Total Plc Creates Opportunities For Retail Insurance Marketing

Total Nigeria Plc, has offered its vast outlet network to boost retail insurance as it enters into strategic partnership with Leadway Assurance Limited to sell motor insurance to the public.

In the first phase of the initiative, Leadway’s Easy-To-Use 3rd party motor vehicle insurance recharge cards will go on sale at the Total’s designated outlet nationwide.

Subsequently, the stations will not only be used as pick up centres but will serve as collation centres for all insurance related issues such as claims processing.

Commenting on the strategy, Oye Hassan-Odukale, managing director and chief executive officer of Leadway, said, “As an innovation driven market leaders in the Nigeria’s leading insurance industry, we are constantly seeking ways to make insurance products and services nearer, easily accessible and more convenient for our customers.

Law Union and Rock Woos Foreign Investors for Capital

Law Union and Rock Insurance Plc is wooing foreign investors to inject capital into the firm to make it be among the top five in the country, the new Chairman of the company, Remi Babalola has said.

He made this known to reporters in Lagos.

Babalola said the company decided to woo foreign strategic investors to improve product distribution, upgrade processes and platforms, and deepen participation in oil and gas, power and transportation segments.

He said the outlook for the industry is positive while the company it is very bright.

FG Plans Automation of Insurance Premium

If plans by the Minister of Finance, Mrs Kemi Adeosun, to deplore the use of technology to monitor vehicles in the country succeeds, motorist will be automatically charged insurance premium for third party motor policy, The Nation has learnt.

Commissioner for Insurance, National Insurance Commission (NAICOM), Mohammed Kari, told a gathering of insurers, brokers and agents in Abuja that the minister plans to constitute a body comprising the Commission, Federal Road Safety Commission (FRSC), Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service to checkmate and control motorists’ activities.

According to him, the minister believes in the power of technology and has asked that it be fully deployed to increase premium income in the industry.

Microfinance Banks Shun N60b Micro Insurance Market

Business News – Despite its N60 billion potentials, microfinance banks (MfBs) in Nigeria are not showing interest in micro-finance insurance (MfI), it has been learnt.
Last year, the National Insurance Commission (NAICOM) unveiled plans to exploit the MfI potentials using the MfBs.
According to operators, the inability of underwriters to have well-defined and simple products may mar the success of the initiative.
Managing Director, LAPO Microfinance Bank Limited, Mr Godwin Ehigiamusoe, said some operators were sceptical about the terms and conditions of various products offered by insurance firms and may not be obliged to patronise them.
Ehigiamusoe said the products were too complex, adding that they are too high for a sub-sector that is struggling to make profit.
Insurance firms, he said, had not done enough to convince the banks on the need to buy into the initiative.

Insurance Policies Yet To Reach One Million Mark In Nigeria

Insurance Policies Yet To Reach One Million Mark In Nigeria
TEN years to Nigeria’s centennial anniversary, the insurance industry has not been able to issue up to one million individual policies – in its motor, life or householders’ policies, the Group Managing Director Akin Ogunbiyi, Mutual Benefits Insurance, has said.
His firm, he said, issued only 250,00 Insurance policies in three years.
He assured of its firm’s preparedness to contribute to the development of the nation and the industry.
He said the new goal of the company is to boost the economy, adding that the firm has through its micro finance bank reached-out to the uninsured at the grassroots.
He said: “Mutual Micro Finance Bank today is into micro insurance and we have devised products and services that the common Nigerian people can actually buy. We have products for as low as N50.

Insurers To Pay £300m To Mesothelioma Sufferers In UK

UK – The Queen of England has announced that the UK government will launch a Mesothelioma Bill to help sufferers obtain better and faster compensation, reported on Wednesday.

The speech confirmed that part of the bill and associated civil justice reforms will launch a scheme to support mesothelioma claimants that cannot trace a solvent employer or insurer.

NAICOM Favours Centralized Approach For Islamic Insurance In Nigeria

Lagos – The National Insurance Commission (NAICOM) has issued new guidelines to oversee the operation of its Takaful (Islamic insurance) industry, favoring a centralised format that is gaining favour across the Islamic finance world.

Islamic Insurance In Nigeria










Africa’s top oil producer and second biggest economy is trying to establish itself as the African hub for Islamic finance, having approved rules for issuing Sukuk in March.

List Of Insurance Companies Quoted On The Nigeria Stock Exchange

Fire and other natural disasters are some unforeseen circumstance can rein what ever level of progress a business owner has achieved over a period of time.

Therefore, it advisable that every business owner should take an insurance policy to prevent total lose of investment in case of any disaster.

An insurance policy involves you insuring your business with an Insurance company for an X amount of money and a Y number of years. And then on monthly basis you pay a small percentage of the sum assured so that when a disaster occurs the Insurance Company can compensate you.