When Economy Is Depressed, It Is Better For People To Insure

In this interview with Fola Daniel, Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), he argues that insurance thrives in a depressed economy, as well as charged the insurance operators to be more proactive, while insurance legislation in the country should be made flexible, among other issues. He spoke with journalists on…

IGI appoints Fashola MD, Elusakin DMD

The Board of Industrial and General Insurance Plc (IGI) has appointed Rotimi Fashola as the substantive Group Managing Director. He succeeds Remi Olowude, the company’s Executive Vice Chairman/Founder, who passed on last year. The board also named the erstwhile Executive Director, Special Risks, Sina Elusakin as Deputy Managing Director, while Mrs. Foluso Gbadamosi was appointed Executive Director,…

NAICOM moves to ensure insurers create awareness

  In realisation of the fact that the level of insurance awareness is still very low in Nigeria even though the insurance operators always pretend to be embarking on awareness campaigns, the National Insurance Commission (NAICOM) has commenced moves to ensure that the operators are actually creating the much needed awareness about the insurance industry.…

2014: Towards improving the fortunes of insurance industry

This piece looks at steps that should be taken and issues requiring favourable consideration to make the insurance industry occupy its rightful position in the nation’s economy in 2014 and beyond. Enforcement of ‘no premium, no cover’ law It is heartening to note that since January 1, 2013, the National Insurance Commission (NAICOM) has been resolute…

Eight insurers fail to submit 2012 accounts to NAICOM

In spite of the fact that all insurance companies were required to submit their 2012 International Financial Reporting Standards (IFRS) based accounts to the National Insurance Commission (NAICOM) before June 30, 2013, NAICOM indicates that eight insurance companies were still found wanting in this regard after the close of year 2013. The eight companies whose accounts…

FG expects insurance to contribute more to GDP – Minister

The Federal Government expects the operations of takaful and microinsurance to be properly rooted without delay, as the government expects insurance to contribute more to the Gross Domestic Product (GDP), says the Minister of State for Finance, Dr. Yerima Ngama. Addressing participants at the Nigerian Takaful and Microinsurance Stakeholders Engagement Workshop organised by the National Insurance…

Group life: NAICOM wants joint enforcement with PenCom

In order to ensure that more employers of labour arrange the mandatory group life insurance policy for their employees, the National Insurance Commission (NAICOM) will be proposing a joint enforcement of this provision of the Pension Reform Act 2004 to the National Pension Commission (PenCom). Although the guidelines for life insurance policy for employees was jointly…