In a bid to extend frontiers of public awareness and acceptance of insurance, the Nigerian Council of Registered Insurance Brokers (NCRIB) has reached out to some higher institutions to buoy the level of assurance education among students.
…restates commitment to prompt claims settlement
Nigeria’s number one underwriting firm, Sovereign Trust Insurance Plc has reaffirmed its commitment to claims settlement with the payment of N1,075,012,780.84(One Billion, Seventy Five Million, Twelve Thousand, Seven Hundred and Eighty Naira, Eighty-Four Kobo) in the third quarter of 2016.
The National Insurance Commission (NAICOM) says it is playing its role in ensuring that insurance companies comply with the set rules and laws of the industry.
The Insurance industry in 2016 has not been left out in the current economic meltdown in the country. About 30 percent of insurance companies have still not presented their 2015 financial records. Up to 95 percent of companies have made losses and unable to pay dividends to their shareholders.
The Leadway Assurance Company Limited for the past five years has made N18.08 billion from motor insurance, making it the lead underwriter in the country.
The management of STACO Insurance Plc says it has paid a total sum of N1.445 billion as claims to her various clients between January and September 2016.
Despite continuous fall in economic strength of Nigeria, the President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Kayode Okunoren, has said insurance brokers need to be creative and adhere to high ethical practice to stay afloat amid economic recession.
In its continuous effort at deepening insurance penetration and acceptance in the country, the National Insurance Commission (NAICOM) has visited the Director- General, Security and Exchange Commission (SEC), Munir Gwarzoto, to intimate him of the need to engage stockbrokers as referral agent in the insurance distribution channel.
As co-operate companies across the country may have closed their account for the 2016 financial year, no fewer than 17 insurance firms, some of who were publicly quoted on the Nigerian Stock Exchange (NSE), are still struggling with their financial records which force them away from conducting their 2015 Annual General Meeting (AGM).
Royal Exchange General Insurance Company (REGIC), one of Nigeria’s foremost underwriters with a focus on General and Special Risks, says it paid N1.683 billion as claims to clients as at the end of third quarter 2016.