NAICOM Approves AIICO Bid For Agro Insurance

NAICOM Approves AIICO Bid For Agro Insurance

The National Insurance Commission (NAICOM) has given its approval to AIICO Insurance Plc to underwrite agricultural business in the country. The company said it is taking strategic position to be a major player in offering Agriculture Insurance, in a bid to deliver the much-needed protection to the different players in the sector’s value chain. The company said it is uniquely positioned to offer Agriculture Insurance to Nigerian farmers at all levels, as well as investors looking to tap into the huge potentials of the sector, through its value-based insurance propositions….

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Insurance Sector Growth Weakened By Low GDP Performance

Insurance Sector Growth Weakened By Low GDP Performance

The insurance industry, which accounts for 16.02 per cent of the financial sector, grew by 6.07 per cent in the second quarter of 2018 financial period, according to figures from the National Bureau of Statistics. The NBS said, “The finance and insurance sector consists of two sub-sectors, the financial institutions and insurance, which account for 83.98 per cent and 16.02 per cent of the sector respectively in real terms in Q2 2018. “As a whole, the sector grew at 3.49 per cent in nominal terms (year on year), with the…

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Lagos Pensioners Get N720.4m

Lagos Pensioners Get N720.4m

The Lagos State Government paid N720.445m into the Retirement Savings Accounts of 190 Contributory Pension Scheme retirees from the state’s public service last month. According to a statement from Lagos State Pension Commission, while addressing the retirees at the 54th retirement benefit bond certificate presentation, the Commissioner, Ministry of Establishment, Training and Pensions, Dr Akintola Oke, said 9,591 retirees had accrued rights of N39.450bn paid into their RSA in the last 37 months (August 2015 – August 2018.) Akintola said pensioners were always on the payroll priority of Lagos State…

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FG Owes N8.20 Billion pension arrears

FG Owes N8.20 Billion pension arrears

Retirees across the country have confirmed that they are yet to receive complete payment of the 33.3 per cent pension arrears, meant for Federal Government pensioners under the Defined Benefit Scheme (DBS), by the Pension Transitional Arrangements Directorate (PTAD). From a random research conducted recently, The Guardian observed that some of the government pensioners are still being owed 12 months to 24 months of the pension arrears, while some others were yet to receive any payment at all. According to the 2018 First Quarter (Q1) Report released by the National…

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NAICOM’s Draft Guidelines On Operational Fees For Review

NAICOM’s Draft Guidelines On Operational Fees For Review

The President, Nigerian Council of Registered Insurance Brokers, Mr Shola Tinubu, has said the council will make its contribution to the zero draft guidelines issued by the National Insurance Commission, which aims to introduce a two-tier mode of operation and raise brokers’ operational licensing fees. He said the guidelines were currently being reviewed by the technical and legal committees of the NCRIB for its final input. Tinubu said, “We believe that if our suggestions and input are favourably considered, the commission will definitely come out with a more robust and…

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Linkage Assurance To Underwrite Agric Insurance

Linkage Assurance To Underwrite Agric Insurance

Linkage Assurance Plc has secured the approval of the National Insurance Commission to underwrite agricultural insurance. The firm said in a statement that the ‘no objection’ nod would enable it to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth. Among the products approved were Linkage Assurance Crop Insurance Solutions, Linkage Assurance Farm All Risk lnsurance, Linkage Assurance Farm Motor lnsurance, and Linkage Assurance Livestock lnsurance Solutions. Linkage Assurance said the nation’s agribusiness sector needed insurance to remain sustainable and achieve long-term growth….

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Pension Sector Investment rises to N8.23tn

Pension Sector Investment rises to N8.23tn

Total assets under the Contributory Pension Scheme rose to N8.23tn at the end of the second quarter of 2018, figures obtained from the National Pension Commission on Thursday showed. The figures specifically indicated that the number of contributors grew by 312,291 from 7.89 million in December 2017 to 8.14 million as of June 2018. It stated, “The net assets value of the pension assets of the contributory pension fund was N8.23tn as of June, 2018. This represents an increase of N716.94bn up from the value of N7.52tn as of 31st…

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