• FG Sends Bill To Prosecute Insurance Evaders To NASS

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    The Consolidated Insurance Bill (CIB), meant to prosecute evaders of insurance policies will soon get to the National Assembly (NASS) for passage into law, as the Revised Insurance Bill is now with the Ministry of Justice, LEADERSHIP exclusively learnt. From the ministry of justice, it was learnt, the bill would be sent to the Federal…

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  • NCRIB Warns Against Use Of Unregistered Insurance Brokers

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    The Nigerian Council of Registered Insurance Brokers(NCRIB) has warned the general public to desist from dealing  with unregistered insurance brokers, saying, anybody underwriting their risks through these outlets, is doing so at his own risk. The president, NCRIB, Mr. Kayode Okunoren, who stated this at a quarterly media briefing of the council in Yaba, Lagos,…

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  • 58 Insurance Firms Generate N2.1trn Gross Premium

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    Despite low insurance adoption in the country, the 58 underwriting companies in insurance sector have generated a whopping N2.1 trillion as gross premium income from underwriting risks in the last seven years, LEADERSHIP checks have revealed. The premium income of the industry had steadily grown over time, showing increasing insurance appetite of Nigerians, even though…

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  • Guinea Insurance Posts N1bn Premium Income

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    Guinea Insurance Plc said it recorded a Gross Premium Income increase of 16.6 per cent amounting to N1.01 billion in its 2015 financial year end as against N867.99 million recorded in 2014. Its Profit Before Tax (PBT) also increased by 226 per cent amounting to N47.0 million as against N14.4 million recorded in 2014. Loss…

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  • Kaduna State Registers 16,378 Pensioners

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    Kaduna State government said it has registered 16,378 pensioners on its payroll, just as the state commenced full implementation of the Contributory Pension Scheme (CPS). Disclosing this at an occasion to mark the commencement of payment of pension benefits under the CPS in Kaduna State, Executive Secretary, Kaduna State Pension Bureau, Dan Ndackson, said as…

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  • Ogun Gets 1,353 Slots For Hajj

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    The Ogun State Muslim Pilgrims Welfare Board yesterday said necessary machinery is being set in motion to utilize the 1,353 slots allocated to it by the National Hajj Commission of Nigeria (NAHCON) for the 2017 Holy Pilgrimage to Makkah and Medinah . The Board Chairman, Dr. Ishaq Yusuf, who disclosed this in Abeokuta, Ogun State…

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  • Insurance Sector Loses N106bn Annually

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    A data sourced from the Nigerian Insurers Association (NIA) shows that there are about 16 million vehicles on roads across the country, with only four million of them having genuine Third Party cover. This, leaves 12 million vehicles uninsured or parading fake insurance papers. Third Party Vehicle Insurance comes at a fixed price of N5,…

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  • 978 MFBs Disburse N195bn Loans To Poor Nigerians

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    The 978 Microfinance banks in the country were able to grant total loans and advances amounting to N195 billion as at December, 2016. Of the N195 billion loans granted, N87.75 billion or 45 per cent were Non Performing Loans (NPLs) while N68.25 billion or 35 per cent constituted insider related/Directors loans. Disclosing this, while defending…

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  • Recapitalisation: 12 Insurance Firms In Merger, Acquisition Talks

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    Ahead of the capital verification exercise expected to commence in the next few months in readiness for the Risk Based Supervision (RBS) that will lead the insurance sector to recapitalisation this year, about 12 out of the 58 insurance companies in the country have already commenced recapitalisation process through mergers and acquisitions, LEADERSHIP can exclusively…

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