FBS Reinsurance Nigeria (FBS Re) has said that one of its functions is to combat capital flight in insurance and reinsurance businesses in the country and across Africa.
A new Bill has undergone a second reading in the Senate, seeking to increase the minimum capital required of direct insurers by at least 650%.
Continental Reinsurance, a Pan-African reinsurance company, has reported a 228% surge in pre-tax profit to NGN23.51bn ($14.14m) for 2023, rising from NGN7.17bn in 2022. The profit increase was achieved on huge gains in underwriting and investment.
The Nigerian Council of Registered Insurance Brokers (NCRIB) wants all officially approved residential properties in Nigeria to be insured, according to its president, Mr Babatunde Adeleke.
The Senate has passed the Nigeria Insurance Industry Reform Bill 2024 after a second reading, to modernise and boost the insurance sector.
The Nigerian Insurers Association has vowed to intensify engagement to ensure the passage of the Nigerian Insurance Reform Bill 2024 currently with the Senate.
Artificial Intelligence may represent a major leap forward for the insurance industry, but it is very unlikely to replace actuaries, according to Mr Olusegun Omosehin, head of the National Insurance Commission (NAICOM). He added that NAICOM supports the federal government's goal of making Nigeria the AI hub for Africa.
The National Insurance Commission (NAICOM) has said that there is a need to increase the number of agents in the country to boost insurance penetration.
The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that it would be engaging foreign insurance companies, including Lloyd's, to address the issue of war risk insurance placed on Nigeria-bound cargoes by shipping companies.
Mr Olusegun Ayo Omosehin has assumed office as the head of the National Insurance Commission (NAICOM).