Category: Insurance & Pension

NAICOM reiterates commitment to protect insurance consumers,operators

The National Insurance Commission (NAICOM) has reiterated its commitment to protect consumers and operators of insurance policies in the country. Mr Mohammed Kari, Commissioner for Insurance, NAICOM, made the commitment at a seminar for Insurance Correspondents in Abuja. “As a regulator, we cannot shy away from our responsibility which is to protect the shareholder, consumers…

Controversial trails the New Recap Insurance Policy; Will tier policy tear stakeholders apart?

The New tier capital policy introduced by the sector regulator NAICOM is gathering mixed reactions momentum; will tier cap policy tear insurance stakeholders apart? The National Insurance Commission (NAICOM) which announced the new plan few months ago said the firms in the sector will from January be classified into three tiers, based on their ability…

Pension asset hits N8.5tr

Nigeria’s pension assets are currently worth over N8.5trillion, the Acting Director General, National Pension Commission (PenCom), Hajia Aisha Dahir-Umar, has said. The Pencom boss who spoke yesterday at the Commission’s sixth conference for directors of pension operators held in Lagos, said the formation of long term domestic capital, represented by the over N8.5 trillion worth…

Ogunbiyi Write-offs NAICOM Over ‘Tier-Based Capitalisation’ saying is a Threat to Insurance Sector

Dr. Akin Ogunbiyi, Chairman, Mutual Benefits Assurance Plc has warned that the recent Tier-Based Minimum Solvency Capital (TBMSC) policy recently introduced by the National Insurance Commission (NAICOM) poses serious risk to the growth and stability of the insurance industry in Nigeria. Ogunbiyi, who chaired the 5th Anniversary of BusinessTODAY magazine in Lagos, wondered why a…

World’s top pension funds hit $18.1tr

The 300 largest pension funds in the world grew assets under management by 15.1 percent in 2017 to reach a combined value of $18.1 trillion, a study has showed. According to the research from Willis Towers Watson’s Thinking Ahead Institute, the growth was more than double 2016’s  6.1 per  cent increase. Willis Towers Watson is…

Govt seeks investors in insurance sector

After about decade ban on issuance of fresh operating licences to investors, the Federal Government  is set to issue new licences to interested investors that can operate only as a Tier 1 company. The National Insurance Commission (NAICOM Assistant Director, Coporate Affairs Department, Rasaaq Salami,  said the industry is ready to admit new investors in…