Breaking: Five Sailors Kidnapped in Nigeria

The International Maritime Bureau (IMO) has reported that  five sailors had been kidnapped last Thursday some 45 nautical miles off the coast of Brass. The bureau said the pirates came on a speed boat and a supply vessel, attacking the sailor’s container ship. The pirates kidnapped the five sailors and left the rest of the crew unharmed. […]

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A.M. Best Withdraws Ratings of Leadway Assurance Company Limited

A.M. Best Europe – Rating Services Ltd. has affirmed the financial strength rating of B- (Fair) and issuer credit rating of “bb-” of Leadway Assurance Company Limited(Leadway) (Nigeria). The outlook for both ratings remains negative. Concurrently, by mutual consent of both A.M. Best and Leadway, the company’s ratings have been withdrawn. The rating affirmations reflect Leadway’s strong […]

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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 […]

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NAICOM Goes Tough On Insurance Brokers and Underwriters Over Premium Collection/Remittance

With effect from October 1,  2012, it will become an offence for any insurance company to provide insurance cover without collecting the insurance premium due. Similarly, insurance brokers shall notify insurance companies within 48hours of receiving insurance premium collected from clients (policyholders). Failure to do so makes such broker liable to  fine of N250,000 in […]

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Nigeria: Insurers Tackle Fake Insurance With Electronic Database

The Nigerian Insurers Association (NIA) have been commended  by the National Insurance Commission (NAICOM), the Nigerian Council of Registered Insurance Brokers (NCRIB), Federal Road Safety Commission (FRSC), the Nigeria Police, Vehicle Inspection Officers (VIO) and the  Nigerian Customs Service for the development and deployment of electronic database  to eliminate fake third party motor and marine insurance […]

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NAICOM Resolves Over 800 Disputes (Cases) In 6years

A first quarter 2012 report recently released by the National Insurance Commission (NAICOM)  has shown that over 800 cases involving some insurance consumers (insureds) and insurance companies (insurers) were promptly and  successfully resolved between 2007 and 2012 by the Complaints Bureau of the Commission. The report also shows that claims resolution amounting to N617.8 million from […]

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Nigerian Insurers Pay N3.636Billion To WAMCO

A  consortium of insurance companies has paid a whopping N3.636billion as insurance claim to Frieslands Foods West African Milk Company (WAMCO), Ikeja, Lagos following the flood disaster that damaged major parts of the company’s Ikeja factory last year The consortium of Insurance companies led by Royal Exchange General Insurance Insurance Company (REGIC) include Custodian and […]

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12 TOP Things Your Home Insurance DOESN’T Cover In Nigeria

Your Home is the most valuable asset you have, not only in terms of monetary worth, but because it gives you and your family protection from the outside world. You may have invested heavily in fanciful security systems or hiring security guards (mai guards), to think that your house is protected entirely against threats. You […]

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IFC Offers Custodian and Allied Ins. Plc $12.5m (about N2billion) Facility

The International Finance Corporation (IFC), a member of the World Bank Group has entered into an agreement with Custodian and Allied Insurance Plc by offering the insurer a $12.5 million senior convertible loan. The corporation said the loan was to further demonstrate its support for the reforms in the insurance sector, saying the fund will […]

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Tips for obtaining the Cheapest Auto Insurance in Nigeria

Insurance premiums are constantly on the rise, but here are some tips you can adopt to save money on your auto insurance in Nigeria without necessarily compromising quality and service: Think about installing an anti-theft device on your car. If you have a tracker fixed in your vehicle, you can request your insurance company to offer you additional […]

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2012: 5 Fastest Ways To Get Your Insurance Claims Paid in Nigeria

Are you having problems getting your claims paid by your insurance company? Is your claim a valid one? Here are some hot tips you can use on your insurance companies to get your claims paid faster. 1: Make a threat to switch to another insurance company or insurer.  Insurance companies operate in the services sector. […]

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2012 Excuse No 6: Top 10 Excuses why Nigerians do NOT Insure!

Excuse #6: ‘I don’t know enough about it’. Some Nigerians perceive insurance as “the more you look, the less you see”! They believe that insurance policies are confusing, too voluminous and difficult for the ordinary Nigerian to figure out. And to buttress this belief, they are quick to refer you to the wordings of most […]

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Failure to File Annual Returns Constitutes Ground for Cancellation of Operating Insurance Licence- NAICOM

The National Insurance Commission (NAICOM) has stated that failure by any Insurance or Reinsurance company to file  annual returns constitutes ground for cancellation of its operating licence. This is contained in the 2011 Insurance Operational Guidelines realeased by NAICOM which the Commissioner for Insurance, Mr Fola Daniel, has said will be adopted for 2012 to ensure continuity […]

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Principles that guide insurance in Nigeria – Indemnity

No 3 : Indemnity This principle ensures that the insured or policyholder is brought back to his pre-loss position. This means that the person will receive no more and no less than the value of the loss. It prevents the policy holder from making a profit out of insurance. This is why it is usual in […]

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