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By Rosemary Iwunze
Universal Insurance Plc is set to commence micro insurance business as the company has applied to the National Insurance Commission, NAICOM, for an operating license.
Managing Director of the company, Mr. Ben Ujoatuonu, who disclosed this at a media briefing in Lagos said: “The board has approved that Universal Insurance apply for micro insurance licence because of its success in retail line.
As part of expansion and business development, we have also sought licence to underwrite agric insurance.” Justifying the new direction, he said “despite the challenges, there is a serious revolution that is going on in the agric sector. It becomes very important for us to key in and take advantage of opportunities coming from that sector. We will ensure that our agric department create value,” he noted.
COVID-19, #EndSARS batter Insurance sector
On
It’s still showing resilience – Operators
By Peter Egwuatu
Adverse operating environment headlined by COVID-19 Pandemic and #EndSARS protest in 2020 has taken a massive toll on the growth rate of the Nigerian insurance industry.
But top 16 insurers have managed to record positive figures in their 2020 financial results though significantly below previous year’s figures. The 16 companies control over 80 percent of the entire industry.
The 16 companies are AIICO Insurance, Axa Mansard, Consolidated Hallmark, Cornerstone Insurance, and Coronation Insurance. Others are Linkage Assurance, Mutual Benefits Assurance, Nem Insurance, Niger Insurance, Prestige Assurance, Regency Alliance, Royal Exchange, Sovereign Trust, Sunu Assurance, Universal Insurance, and Veritas Kapital.
Vanguard News
Insurance sector struggles with adverse environment
On
Insurance
Adverse operating environment headlined by COVID-19 Pandemic and #EndSARS protest in 2020 has taken a massive toll on the growth rate of the Nigerian insurance industry.
But top 16 insurers have managed to record positive figures in their 2020 financial results though significantly below previous year’s figures. The 16 companies control over 80 percent of the entire industry.
The 16 companies are AIICO Insurance, Axa Mansard, Consolidated Hallmark, Cornerstone Insurance, and Coronation Insurance. Others are Linkage Assurance, Mutual Benefits Assurance, Nem Insurance, Niger Insurance, Prestige Assurance, Regency Alliance, Royal Exchange, Sovereign Trust, Sunu Assurance, Universal Insurance, and Veritas Kapital.
Ebere Nwoji highlights events that shaped the insurance sector in 2020
The year 2020 is unarguably an exceptional year for the insurance sector and other businesses in the country.
This is due to the negative factors that slowed down normal business activities in the year.
These factors and their consequences exerted much pressure on government, cooperate citizens and individuals.
Against this backdrop, towards the end of the year, the Commissioner for Insurance, Sunday Thomas challenged insurance operators to rise to the task of reinforcing the economic resilience of individuals, businesses and the economy at large.
On their part, the insurers described the year as a challenging one that required operators at all levels to plan for the future to be in position to manage present and future risks confronting the industry.