AS more insurance companies continue to churn out cheap products in the guise of taking insurance closer to the people, experts have continued to call for caution.

THIRTY-FOUR staff memeber of the National Insurance Commission (Naicom) who were recently dismissed from the services of the organisation have dragged it and the Commissioner for Insurance before a Federal High Court in Abuja.

MR. Wale Onaolapo, managing director of Sovereign Trust Insurance Plc, has called on Nigerians to be cautious and safety-conscious during this period of the ‘ember’ months so as to safeguard lives and properties.

Following claims and counter claims of blackmail between brokers and underwriters in the insurance industry on the non remittance of premium, coupled with the shakeup in the banking sector, underwriters have been called upon to reconcile their books.

Mr. Fola Daniel, Commissioner for Insurance (CFI) has stated that the various arms that make up the insurance industry are not unified in awareness creation.

As the banks continue to undergo scrutiny, insurance brokers have charged the financial sector regulatory bodies to scrutinize banks’ ownership of insurance companies.
This is because insurance companies owned by banks get drowned by the parent company as they don’t have the free hand to operate.

ROYAL Exchange Plc has launched a scratch card based system of payment of insurance premiums.
Mr. Allan Walmsley, group managing director, Royal Exchange Plc stated this at the media launch of the products in Lagos.

MR. Adeyemo Adejumo, president, Chartered Insurance Institute of Nigerian (CIIN), has advocated human capital development to address challenges facing the insurance industry.