BREAKING NEWS: UBA Insurance Brokers ‘Disbanded’

Feelers reaching Insuranceadvicenigeria.com  reveal that UBA Insurance Brokers Limited, a subsidiary of UBA PLC, might have been ‘wound up’ Our investigations showed that all the staff of the brokerage firm (UBA Insurance Brokers) have either been transferred to other departments of the United Bank for Africa (UBA) Plc or HEIRS Insurance Brokers Limited which is solely […]

Read more  

BREAKING NEWS: CrystaLife Assurance MD/CEO, Seyi Ifaturoti, Steps Aside

Mrs. Seyi Ifaturoti, Managing Director/Chief Executive Officer of CrystaLife Assurance Plc has voluntarily retired from the company after several years of meritorious service to CrystaLife and the insurance industry in general. Investigations by Insuranceadvicenigeria.com revealed that she has served the Company’s Board of Directors with a six-month retirement leave notice and Mr Teju Ogunjimi, erstwhile Executive Director, operations has […]

Read more  

Investors Reap Bountifully From Insurance Stocks

Investigation conducted by Insuranceadvicenigeria.com has revealed a huge surge in the demand for insurance stocks since the beginning of 2013. Insurance stocks, which had been labelled penny stocks, have continued to attract serious attention from discerning investors in the Nigerian capital market. Unlike in the past when most investors get their fingers burnt,  investors who bought insurance […]

Read more  

Breaking: International Energy Insurance Plc Declares N4.7billion Loss

International Energy Insurance (IEI) Plc has reported a Loss After Tax of N4.7billion for the Financial year ended 2011. In its 2011 Audited Financial Results released by the Nigerian Stock Exchange (NSE) on February 13, 2013,  IEI reported a much lower Gross Premium Earned of N5.28billion in 2011 compared with N5.34billion which was reported in 2010. […]

Read more  

NAICOM Mute On A & G Insurance & Fidelity Bond Insurance Brokers’ Suspension

The Six-month suspension slammed on Alliance and General (A & G) Insurance Company Ltd,  A & G Life Assurance Plc and Fidelity Bond Insurance Brokers by the National Insurance Commission (NAICOM) from transacting further insurance business has lapsed. The order expired on February 5, 2013 having begun on August 6, 2012. However, the insurance regulator, NAICOM, […]

Read more  

Breaking: Adaobi’s Resignation Triggers Mass Exodus At STACO Insurance

STACO Insurance Plc has been hit by the resignation of  Adaobi Nwakuche, a top and strategic management staff with the company. This has triggered the mass resignation of not fewer than ten (10) other key staff who turned in their letters to team up with Adaobi at Equity Assurance Plc where she is now an […]

Read more  

NIGERIA: How NAICOM’s Latest Directive Is Redefining Insurance Brokerage Business

Insurance Brokers are intermediaries between the Insured (Policyholders) and the Insurer (Underwriter). According to information obtained from the Insurance Regulator, NAICOM, there are 553 licensed insurance brokers in Nigeria. The Nigerian insurance market has been described as brokers’ market as brokers control over 90 per cent of the premium income. Insuranceadvicenigeria.com here examines how NAICOM’s Guideline on […]

Read more  

Revealed: 7 Top Secrets You Didn’t Know About ‘No Premium No Cover’

Insuranceadvicenigeria.com uncovers the main reasons why the National Insurance Commission (NAICOM) issued the ‘No Premium No Cover ‘Guideline inspite of the apathy of Nigerians to insurance and the low penetration of insurance in Nigeria. #1: INTOLERABLE LEVEL OF BAD DEBTS The Commission was miffed by the unacceptable level of huge debts owed the insurance industry […]

Read more  

2013: ‘No Premium No Cover’ Directive: Brokers and Underwriters Jittery

Insurance operators are currently in a state of fears over the ‘No premium No cover’ directives set to become operational by 1st January 2013. According to our investigations, most of the players (brokers and underwriters alike) are being cautious of breaching the rule. Some underwriters who confided in Insuranceadvicenigeria confirmed that they do not want […]

Read more  

Breaking News: Change of Baton at Niger Insurance Plc

Investigations by Insuranceadvicenigeria.com has revealed that Niger Insurance Plc has appointed Mr. Dauda Kolapo Adedeji (FCA), erstwhile Deputy Managing Director  as the Acting Managing Director/CEO. He replaces Dr. Justus Clinton Uranta ACII, FCIIN, MBA, Phd. It is not clear yet whether the move is connected with its discussions with some foreign investors that have shown […]

Read more  

Breaking News: NICON Insurance On the Brink?

Remember the NICON advert of the 1990s? In the advert, there was a heavy storm and only the NICON Umbrella could withstand the ferocious storm.  Whilst all the smaller umbrellas were  damaged, only the NICON umbrella stood firm shielding its owner from the elements. NICON was then a colossus.  No doubt it was the NO 1 insurance […]

Read more  

BREAKING NEWS: 9 Insurance Companies Fail To Submit 2011 Financials

The Nigerian Stock Exchange (NSE) has revealed that Nine (9) Quoted Insurance Companies have defaulted in Filing their Audited Financial Statements for 2011 The affected companies as listed in the NSE X-Compliance Report released on November 12, 2012 are: African Alliance Insurance Plc Equity Assurance Plc Goldlink Insurance Plc (under NAICOM Interim Management) Great Nigeria Insurance […]

Read more  

Goldlink Insurance Update: NAICOM Takes Over; Appoints Interim Board

Further to the exclusive report by Insuranceadvicenigeria.com last month, the National Insurance Commission (NAICOM) has officially confirmed that all was not well with Goldlink Insurance Plc with the appointment of a seven-member Interim Board of Directors to oversee the affairs of the company with effect from November 1, 2012. According to NAICOM, “the decision is […]

Read more  

Insurance Merger Update: Linkage Shareholders Reject Merger With Cornerstone

    Shareholders of Linkage Assurance Plc on Monday unanimously refused to endorse the proposed merger agreement with Cornerstone Insurance Plc thus sounding the death knell of the over one year merger arrangement. The shareholders at the 18th Annual General Meeting of the company held in Lagos last monday were unanimous in opposing the merger with Cornerstone […]

Read more  

Breaking: Massive Shake-up as Goldlink Insurance Chairman, MD, & DMD Bow Out!

The cleansing currently going on in the Nigerian Insurance industry has landed at the doorstep of Goldlink Insurance Plc. A massive shake up of Board and Management positions has hit the 20-year old composite insurance company with Head office at Maryland, Lagos, Nigeria leaving on its trail some heavy casualties:  Mr Gbenga Afoloyan (Executive Chairman); Mr […]

Read more