The National Insurance Commission(Naicom) will soon take enforcement of compulsory insurances to Kwara State, BusinessWorld can now reveal.

INSURANCE companies in Nigeria have adequate capacity to handle disasters and pay compensations for insurable risks.

BECAUSE of the long gestation of life insurance business, shareholders of FBN Life Assurance must wait for three to four year before they could get dividend.

MR. Jimoh Ibrahim, chairman of Nicon Insurance Group has charged the National Insurance Commission (Naicom) to be a regulator and not a bully.

ALTHOUGH the insurance industry is crowded with insurance brokers, many of them are concentrated in a particular area and don’t contribute significantly to the growth of the premium income in the sector.

THE management of Niger Insurance Plc has assured investors in the company of better days ahead saying they should be rest assured of better returns on their investment going forward.

OUTSTANDING premiums have always been an issue   between underwriters and brokers in the insurance industry. Prior to now, the trend is for underwriters to declare huge premium income at the close of every financial year only for the figures to turn out to be mere paper work as there is no liquidity backing up such figures.
Worried by these turn of events, the National Insurance Commission (Naicom) gave a directive that underwriters must make provision for outstanding premiums; in essence no more classifying them as profit as is hitherto the case; as well as directed that no chief executive  of an underwriting firm must own or have shares in a broking firm.

PRIVATE medical outfits in the country are still shunning the National Health Insurance Scheme (NHIS) initiated by the federal government.