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Tag: Insurance

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Nigerian insurers pay ₦307bn claims in 2025

Nigeria’s insurers paid N307.2 billion in claims in the 2025 financial year, up from N216.9 billion in 2024, representing a 41.6 per cent increase as stronger underwriting activity and rising policy utilisation pushed payouts higher across the industry. The increase reflects a broad rise in insurance activity, with data from 12 listed insurers showing that […]

Insurance

Lagos court orders 18 insurers to pay IRS airlines millions

A Lagos High Court has ordered Standard Alliance Insurance Plc and 17 other Nigerian insurance companies, along with a foreign third-party reinsurer, to indemnify IRS Airlines Limited for the total loss of its Fokker 100 aircraft, registration 5N-SIK, which occurred in an accident in Niger Republic on May 10, 2014. In the judgment delivered by […]

Agribusiness

FG partners NAICOM to reform agricultural insurance framework

The Federal Government is preparing to overhaul the agricultural insurance framework through a strategic partnership between the National Insurance Commission and the Federal Ministry of Agriculture and Food Security. The collaboration seeks to strengthen protection for farmers and support national food security goals. A statement issued by NAICOM on Saturday detailed the initiative. It followed […]

Insurance

Reps enrol press corps in FCT health insurance scheme

The House of Representatives has enrolled accredited journalists covering its proceedings into the Federal Capital Territory Health Insurance Scheme. The initiative followed the sponsorship of a one-year premium by the Chairman of the House Committee on Media and Public Affairs, Akin Rotimi. A symbolic presentation of enrollment identity cards took place at the National Assembly […]

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 […]

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