AfDB Launches $500m Insurance Lifeline For Africa

AfDB Launches $500m Insurance Lifeline For Africa

The African Development Bank and African Trade Insurance Agency have announced the successful completion of a $500m credit insurance deal structured to cover a portion of the bank’s portfolio of non-sovereign operations in Africa. This transaction, according to a statement, is expected to have an important demonstration effect to encourage similar institutions to invest more on the continent in the future. While ATI will be the direct insurer facing the AfDB, the transaction involves the participation of a number of Lloyd’s & Company private reinsurers who will share the risk…

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CIIN Partners Nigerian Varsities On Insurance Education

CIIN Partners Nigerian Varsities On Insurance Education

The Chartered Insurance Institute of Nigeria (CIIN) has unveiled plans to deepen insurance education through the universities, as well as equipping young professionals to lift the sector to a greater height.The President of CIIN, Eddie Efekoha, who disclosed this at a media parley in Lagos, said the initiative is open to professionals between 21 and 30 years, adding that the institute had written underwriting companies to send their staff within the age bracket to attend the event, while 31 companies had so far indicated interest to participate. According to him, the institute believes…

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IEI-Anchor Pensions Partner On Health Centred CSR

IEI-Anchor Pensions Partner On Health Centred CSR

IEI-Anchor Pensions said as part of activities lined up for its global customer service week, it would give back to the society through its corporate social responsibility drive. It said in a statement that it would address the issue of hepatitis, which had become a major public health concern responsible for needless loss of lives in Nigeria, especially in recent times. According to the statement, hepatitis which is tagged as one of the silent killers with a record of about five million deaths annually by a February 2018 report, shows…

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Abia, Ebonyi, Imo Tops Non-Committal States On Pension Remittance

Abia, Ebonyi, Imo Tops Non-Committal  States On Pension Remittance

Abia, Ebonyi and Imo states have been enlisted among poor performing and non-compliant sub-nationals on the Contributory Pension Scheme (CPS), currently at N8.2 trillion. The development portends gloomy future for the states’ workers from their active years to retirement, even as their monthly wages are not only uncertain, but future savings- pension, are not guaranteed. The National Pension Commission (PenCom), which affirmed the ugly development, had earlier lamented that some states are worse in breaching the constitutional rights of workers. The Acting Director-General, PenCom, Aisha Dahir-Umar, who spoke at the…

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Cornerstone Insurance Pays N6.3bn As Claims Settlement

Cornerstone Insurance Pays N6.3bn As Claims Settlement

Cornerstone Insurance Plc said its claims payment rose by N2.9bn from N3.4bn in the 2016 financial period to N6.3bn in 2017. The Chairman of the company, Mr Segun Adebanji, disclosed this during the firm’s annual general meeting in Lagos. He said, “The largest contributors to the claims figures were the oil & gas and motor insurance revenue accounts, which recorded net claims ratios of 536 per cent and 104 per cent, respectively, mainly due to adverse development on certain claims and reserve strengthening in general.” Adebanji stated that the company’s…

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FIRS To Review Insurance Tax Law

FIRS To Review Insurance Tax Law

The Executive Chairman, Federal Inland Revenue Service, Babatunde Fowler, has said the agency will review unfavourable aspects of the tax laws in the insurance industry. He said this during a seminar on taxation matters in insurance industry, which was organised by Leadway Assurance Company Limited in Lagos. Fowler said, “From recent engagements, it has been identified that there are some provisions of the tax laws that are not favourable to the insurance industry and several suggestions have been made. “Further to these suggestions, proposals have been made to amend such…

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AXA Mansard, Paystack Partner On I.T Solution For Customers

AXA Mansard, Paystack Partner On I.T Solution For Customers

AXA Mansard Plc, a member of the AXA Group and global leader in insurance and asset management, has partnered Paystack, an online payment platform, to provide another option for customers to enjoy a friendly payment experience when making transactions on the AXA Mansard website, MyAXA app and other digital channels. According to a statement, while commenting on the partnership, Chief Digital Officer, AXA Mansard, Mr Bayo Adesanya, said, “As part of our unwavering commitment to providing innovative customer solutions, we are pleased to announce this partnership with Paystack. “A major…

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CIIN Boss Harps On Ethical Business Conduct

CIIN Boss Harps On Ethical Business Conduct

The President of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Eddie Efekoha, has urged insurance professionals to embrace spirit of persistence, respect, integrity and passion by way of ethics in their business conduct  to boost the confidence of the insuring public. Efekoha, who stated this in his welcome address at the 2018 Insurance Professionals’ forum held in Abeokuta, Ogun State, recently, said this has become necessary because  in modern day business, the  balance of power is heavily tilting towards the consumers and new and ongoing social trends are shaking traditional…

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LASACO Assurance To Raise Additional Capital

LASACO Assurance To Raise Additional Capital

The Board of Directors of LASACO Assurance Plc is seeking the approval of shareholders to raise additional capital by issuing of 40 billion ordinary shares of 50 kobo each by way of public offering, private placement or prefer shares. Although the offer price was not stated, the directors want to get the approval at an extra-ordinary general meeting (EGM) slated for October 10, 2018 in Lagos. The capital injection is apparently in response to the new capital mandate given to all insurance firms by the National Insurance Commission (NAICOM). NAICOM…

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Linkage Assurance Posts N2.89 Billion Profit

Linkage Assurance Posts N2.89 Billion Profit

Shareholders of Linkage Assurance Plc who had waited over the years for dividend,finally got received five kobo per share pay out, as the company’s profit after tax increased to N2.89 billion in 2017 financial year. The shareholders, who spoke on the achievements of the company in 2017 financial year, at the 24th yearly general meeting, in Lagos, called on the management and board to ensure the sustenance of the growth. They unanimously want the company to reinforce the marketing team and distribution channels so that there will be more growth…

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