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Tag: Insurance

Finance

NAICOM rules out extension of insurance recapitalisation deadline

The National Insurance Commission has reiterated that it will not extend the ongoing recapitalisation deadline in the insurance industry, stressing that the timeline is clearly stipulated by law and cannot be altered. The commission’s Deputy Commissioner for Insurance (Technical), Dr Usman Jankara, made this known while representing the Commissioner for Insurance and Chief Executive Officer […]

Helth

SUNU Health wins customer-focused health insurance company of the year award

SUNU Health Nigeria Limited has been named Most Customer-Focused Health Insurance Company of the Year, reinforcing its position as a leading player in Nigeria’s Health Maintenance Organisation (HMO) sector. The award was presented at the Customer Service Standard Magazine Awards 2025, held on December 11, 2025, at the Protea Hotel, Lagos. The recognition highlights the […]

Kano State to buy HIV/AIDS kits for N69m
Helth

Kano health insurance scheme enrolment jumps 87%

The Kano State Contributory Healthcare Management Agency announced a significant expansion in health insurance coverage, reporting that enrolment grew from 497,262 lives in 2023 to 933,014 in 2025, an increase of 87.6 per cent within two years. Dr. Rahila Muktar, the Executive Secretary of KSCHMA, shared this achievement during a press briefing held on Friday […]

Telecommunications

NAICOM orders NIN linkage for insurance policies

The National Insurance Commission, has issued a directive mandating individual customers of insurance companies to link their National Identification Number to their insurance policies by April 2026. NAICOM also directed corporate clients to provide Certificate of Incorporation documents before the deadline. The directive was contained in a circular with the number NAICOM/TD/MCCB/CIR/73/2025, titled “Mandatory Submission […]

Noor Takaful settles N3.14bn claims
Business

Noor Takaful Insurance distributes N404m surplus to participants

Noor Takaful Insurance Limited, the pioneer and leading composite Takaful insurance firm in Nigeria, has distributed a total of N404,191,500.00 as surplus to participants who did not make claims on their insurance during the 2023 financial year. The surplus distribution was announced on Wednesday, September 17, 2025, during the 2023 Surplus distribution and Claims celebration […]

NCRIB, Insurfeel Initiative collaborate on student insurance
Insurance

NCRIB, Insurfeel Initiative collaborate on student insurance

The Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers and the Insurfeel Initiative are collaborating to promote insurance knowledge by donating free policies labelled ‘School Care Cover’ to students. According to The Punch, beneficiary students would be able to take advantage of free personal accident insurance coverage when attending school, travelling, and […]

Loan apps: FCCPC to address rising debt with new policy
Business

How poor customer satisfaction affects insurance industry – FCCPC

The Federal Competition and Consumer Protection Commission, has stated that there are detrimental effects from the insurance industry’s low customer satisfaction rates. The Punch revealed that the Executive Vice Chairman of the FCCPC, Tunde Irukera, made this announcement on Thursday in Lagos at the Insurance and Pension Editors of Nigeria Roundtable. The theme of the event was, “Consumer […]

Leadway Assurance to launch new reporting protocol
Insurance

Leadway Assurance to launch new reporting protocol

The International Financial Reporting Standard is anticipated to be implemented very soon, according to Leadway Assurance Limited. According to The Punch, an international financial reporting standard called IFRS 17 (formerly known as IFRS 4 Phase II) was created by the International Accounting Standards Board and would provide new guidelines for disclosing profit emergence from insurance […]

Why insurance sector needs repositioning - FG
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Why insurance sector needs repositioning – FG

The Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed, has urged West African insurance providers to restructure the sector for global competitiveness. The Punch reported that she gave a speech during the 50th-anniversary celebration and educational conference of the West African Insurance Companies Association in Lagos State, Nigeria. The conference’s theme was “Re-positioning the insurance industry […]

Why insurance sector needs repositioning - FG
Insurance

Why West Africa’s insurance sector needs upgrade – Finance Minister

Nigeria’s Minister of Finance, Dr. Zainab Ahmed, has urged insurance stakeholders in West Africa to update their operations in order to take advantage of the African Continental Free Trade Agreement and expedite intra-African trade. According to Nairametrics, the Minister made this announcement on Monday during the “Repositioning Insurance Industry in West Africa for Global Competitiveness” […]

the Commissioner for Insurance, Mr. Sunday Thomas
Business

Insurance claims hit N1.5tn with increased awareness 

Insurance industry statistics has revealed that Nigerian underwriting companies have paid N1.5tn claims to their customers over a six-year period.   The National Insurance Commission reports that claims paid by underwriters have increased with intensified awareness and premiums.     Industry experts say prompt claims settlement is the most significant promotion needed to encourage insurance […]

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