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INSURANCE COMPANIES
According to data from the Nigerian Exchange, 16 insurance companies are currently listed, with a total market capitalization...
NAICOM mandates insurance companies to follow stricter annuity management guidelines from February 1
The National Insurance Commission (NAICOM) has introduced new regulatory requirements for life insurance companies engaged in annuity business in Nigeria.
Nigeria's insurance industry now worth N2.8 trillion, with non-life insurance at N1.74 trillion and life insurance at N1.07 trillion in total assets.
Leading insurance companies in Nigeria reported a total of N116.636 billion in net claims paid during the first nine months of 2023, marking a significant increase from the N96.902 billion recorded in the same period in 2022, representing a notable growth of 20.36%.
Nigeria's inflationary environment heightened the challenges faced by insurance companies
Net claims rose by 75.28% compared to half-year 2021
Listed Insurance companies to incur over N112 billion in claims in 2020.
NAICOM has issued a circular allowing conventional insurance companies in Nigeria to exploit the huge opportunities in the Microinsurance window.
Insurance bosses share their plans on steps taken so far to ensure their clients/policyholders are adequately compensated.
In our view, we think the decision to extend the deadline is reasonable under current circumstances. The coronavirus pandemic has ravaged global economic and financial systems thus making it more difficult for an already unattractive insurance sector to raise much-needed capital.
NAICOM has released the new capitalisation requirements for insurance firms in the country.
Nigeria's Federal Inland Revenue Service just refunded more than of ₦1 billion to some insurance companies.