Experts in the nation’s insurance industry have called on underwriting firms to tap into opportunities in the real estate sector, which valuers estimate at about N59 trillion to contribute to the growth of the economy.
The Guardian gathered that although real estate investment is not admissible as a part of the paid-up capital in the ongoing exercise, insurers perceive property as another investment sanctuary.
Many insurers after the regulatory-induced recapitalisation will have enough funds at their disposal to invest in profitable sectors to give good returns to their shareholders. x
The National Insurance Commission (NAICOM), has raised the minimum paid-up share capital of a life insurance company from N2 billion to N8billion, non-life insurance from N3 billion to N10billion and composite insurance from N5billion to N18billion.
#EndSARS: 25 insurance companies to pay N20 4bn claims punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
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The insurance sector’s assets rose by N410bn in one year as the industry attracted new investors;
NIKE POPOOLA
reports
Despite the impact of COVID-19 pandemic on the economy, the insurance industry attracted some investments that boosted its assets, investigation has shown.
Many of the underwriting firms started sourcing for foreign investors to bring in new capital since the National Insurance Commission ordered the firms to beef up their capital requirements in 2019.
Figures obtained from the Central Bank of Nigeria’s report on ‘Insurance sector (general and life) consolidated balance sheet’ revealed that the industry’s asset rose by N410bn from N1.41tn as of the end of third quarter of 2019 to N1.82tn as of the end of third quarter of 2020.
By Ebere Nwoji
The federal government has said it will ensure the full implementation of the ECOWAS Brown Card Insurance Scheme to guarantee prompt compensation to victims of road accident within the sub-region.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this while speaking at the inauguration of Mr. Ganiyu Musa, as the Chairman of Council of Bureaux, ECOWAS Brown Card Insurance Scheme, in Abuja recently.
She noted that the existence of the scheme and its effective implementation would stimulate integration of the West African regional block preparatory to the full implementation of the African Continental Free Trade