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NAICOM
News and stories about NAICOM
Today, Prestige Assurance predominantly provides accident and health insurance products and services.
Company’s shareholders now have the opportunity to increase their stake and position themselves for higher returns.
AIICO's gross written premiums for FY 2019 also increased by 33% to N50.1 billion last year
National Insurance Commission (NAICOM) recently directed all insurance firms in the country to recapitalise.
AIICO's shareholders had earlier voted in favour of a plan to raise additional capital through rights issue.
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.
In the meantime, the insurance companies are expected to meet at least half of the capital requirements by the end of 2020. The final deadline to fully recapitalise is September 2021.
Zenith Insurance is one of Nigeria’s leading insurance institutions. The company is one of the first insurance companies to have met the recapitalisation requirements of the National Insurance Commission (NAICOM) by recapitalising its share capital from N3 billion to N10 billion.
There are indications that NAICOM will extend the deadline for the recapitalisation of insurance and reinsurance companies for the second time.
Axa Mansard Insurance Plc‘s Board of Directors has announced the appointment of John Dickson as the company’s new Non-Executive Director.
One of the publicly quoted insurance firms on the NSE, Prestige Assurance Plc, has revised the terms of its proposed rights issue.
Some insurance firms in Nigeria have reportedly resorted to selling off their real estate assets, as the new recapitalisation deadline set by NAICOM draws nearer.