The Nigeria Insurers Association (NIA) has urged stakeholders to work together to redeem the industry’s poor image.
The operators said such cooperation would enable them to maximise the untapped potential in the economy and raise confidence level.
This was disclosed during the 24th chairman investiture of the association in Lagos.
The NIA Chairman, Ganiyu Musa, unveiled a nine-point agenda, with the hope of taking the insurance industry to lofty heights.
According to him, the association is determined to work with relevant stakeholders to ensure the passage of the Consolidated Insurance Bill for the sector’s development.
He said, the organisation would work with stakeholders to address restrictive laws on insurance practice; work with partners such as the Financial Inclusion Secretariat to ensure greater insurance awareness to achieve seamless migration to IFRS 17.
#EndSars: Insurers Pay N4bn Claims to Hoodlums Attack Victims thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
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Published 7 May 2021
The Nigerian Insurers Association has said insurance companies have so far paid N4bn claims from the estimated losses from #EndSARS protests in October last year.
The Chairman, NIA, Mr Ganiyu Musa, disclosed this during a virtual press briefing in Lagos on Thursday.
He said, “The number of insured ac that were affected at the last count was about 2,000 insured losses and the industry has settled over N4bn claims in respect of the #EndSARS protest.
“Once they are documented and completed, we have the commitment of our members that claims will be paid timely.
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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.
NAICOM, NIA disagree over recapitalisation of insurance firms
On
By Rosemary Onuoha
The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms.
While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing for Risk Based Capital, RBC, arguing that this will make the insurance industry attractive to investors and save about N77 billion payout as cost of recapitalizing.
NAICOM mandated life insurance firms to raise their minimum paid-up capital of N8 billion, up from N2 billion; general insurance companies are to increase their paid-up capital to N10 billion from N3 billion.