The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) says its members will join the Nigeria Labour Congress (NLC) in its strike.
The NLC recently announced its plans to embark on a nationwide strike to protest the hike in petrol pump price and electricity tariff.
The industrial action is scheduled to start on September 28.
Read Also: No Going Back On Strike Despite Court Ruling – NLC
The union had earlier issued a two-week ultimatum to the federal government.
The union said the increase is not only ill-timed, but it is also counterproductive, as it came at a …
A circular with No: NAICOM/
DPR/CIR/25-03/2019 /DECEMBER 30, 2019 signed by Mr Pius Agboola, Director, Policy and Regulation, NAICOM for the Acting Commisioner for Insurance, Mr Sunday Thomas, conveyed the new directive to all insurance and reinsurance companies.
It reads: “This circular is in furtherance to our earlier circulars referencedNAICOM/DPR/CIR/25/2019 dated May 20, 2019 and NAICOM/DPR/CIR/25-01/2019 dated July 23, 2019 on the above
subject matter.
“The
The insurance industry in its continued struggle to realise its potential in 2019, met a lot of challenges.
Top among these challenges was harsh business climate which manifested itself in lull in underwriting business as not many of the expected policy renewals came the way of insurers during the year.
The problem was compounded by the regulator’s demand for over 300 per cent increase in the minimum paid up share capital of operating firms and persistent apathy of Nigerians to insurance.
Indeed, as the industry operators were about to heave a sigh of relief from the trauma of the …
Ebere Nwogu life insurance underwriter, African Alliance Insurance, said it has stabilised its business to earn positive reviews from the insuring public.
The company’s Managing Director, Mrs. Funmi Omo, while addressing journalists at a parley organised by the company in Lagos, said African Alliance, has made giant strides in less than two years she took over the management of the company.
She restated the management’s commitment to sustaining the upward growth trajectory across all metrics.
“Ours is a business that has seen it all and survived it all. Our position in just two years compared to now is testament to …
Governor of Enugu State, Ifeanyi Ugwuanyi, has launched the Universal Health Coverage scheme to ease the burden of medical expenses of residents through a standard healthcare system.
Speaking during the event, yesterday, Governor Ugwuanyi said his government had provided N200million for the take off of the program. He also said 50 new doctors and other health professionals had been hired to ensure the success of the project.
Ugwuanyi, who was represented by the Secretary to the State Government, Prof, Simon Otuanya, said that the health sector had remained a key focus of the administration as reflected in the huge …
This was even as the company said it paid over N1.4 billion claims to customers in the past nine months while promising that other unsettled claims will be paid soonest.
Speaking at a recent press conference in Lagos, the Managing Director, Niger Insurance, Mr Edwin Igbiti, said the transformation blueprint over the next five years (2020 to 2024), focuses on operational and technological advancements in delivering bespoke insurance solutions to businesses, institutions and
The Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema yesterday said the ongoing recapitalisation exercise in the insurance sector will present new opportunities for mergers and acquisitions and bring about efficiency, innovation and profitability.
Onyema stated this at the NSE Insurance Sector Forum with the theme: “Recapitalisation: A Panacea for Insurance Industry Growth,” held in Lagos, which was sponsored by Coronation Merchant Bank.
According to him, the upward review of the paid-up capital of the insurance sector would strengthen the growth and development of the sector, noting industry has grown remarkably over the years, generating a gross premium …
Guinea Insurance plc has secured shareholders’ approval to increase the company’s operating capital to ₦12 billion, from the present level of ₦4 billion.
The company said it intends to achieve this through the sale of 16 billion ordinary shares of 50 kobo each to the existing shareholders.
The company’s Chairman, Godson Ugochukwu at the 61st Annual General Meeting of the company held recently in Uyo, Akwa Ibom said, “the approval, as given by our perceptive shareholders, brings to the table, penetrating insights and sustainable fair shakes that will bolster our get-up-and-go capital structure re-organisation action plans.
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Afan revealed this at the side line of the Validation of Community Participatory Assessment of Government Expenditure on Agriculture/Community Score Cards on Smallholder Women Farmers Access to Agricultural Insurance Services in Nigeria.
According to her, insurance is a major problem to small holder farmers as many women in the rural area do not have access to insurance covers that will indemnify their projects even those who have,
The federal government has proposed ₦15 billion for payment of group life insurance of its employees. The proposal was contained in the 2020 Appropriation Bill presented by President Muhammadu Buhari before the National Assembly recently.
According to the federal government, the ₦15 billion would be used to pay for Group life insurance for employees of all federal government ministries, departments and agencies including DSS/insurance of sensitive assets, Corpers plus administrative monitoring.
Section 4 (5), of the Pension Reform Act, 2014 states that “every employer shall maintain a group life insurance policy in favour of each employee for a minimum of …
Nigerian insurance experts have raised the alarm over an estimated ₦1 trillion annual loss in the industry due to low insurance penetration and policy uptake by the citizens.
Worried about this development, stakeholders have called on the National Insurance Commission (NAICOM) to enlist the services of law enforcement agencies to achieve effective implementation of the compulsory insurance policies in Nigeria to further deepen insurance acceptance and equally grow the nation’s Gross Domestic Product (GDP).
Those who commented on the low insurance penetration noted that aside involving law enforcement agents to drive and recover the N1 trillion yearly loss in the …
Losses from Boeing 737 Max 8 aircraft operated by Ethiopian Airlines have been speculated to be between 50 million dollars and 60 million dollars, Willis Towers Watson (WTW) said.
The Insurance firm said this on Tuesday.
The aircraft heading to Nairobi crashed on March 10, after take-off from Addis Ababa, killing all 159 passengers on board including two Nigerians.
WTW is an Irish-domiciled global multinational risk management insurance brokerage and advisory company.
The firm dates back to 1828 and is the third largest insurance broker in the world.
According to a Reuters report, the global insurance brokerage and risk management …
