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Insurance companies' assets hit N2.09tn amidst recapitalisation suspension

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N'Assembly to Commence NDIC Act Amendment

N'Assembly to Commence NDIC Act Amendment
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Insurance sector's assets hit N1.82tn on recapitalisation deadline – Punch 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. ....

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NAICOM, NIA disagree over recapitalisation of insurance firms

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. ....

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Nigeria: Improving Nigeria's Insurance Penetration Through Legislative Framework

Nigeria: Improving Nigeria's Insurance Penetration Through Legislative Framework
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