The National Insurance Commission (NAICOM) has hailed the passage of the new Insurance Consolidated Bill by the Senate and is optimistic that the legislation will unlock the growth, prosperity and potential of the insurance sector. In a statement on Tuesday, NAICOM said the bill’s passage has marked a significant milestone in the country’s efforts to revamp the insurance industry after …

Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings PLC, has unveiled its latest insurance product, the Sunset Benefit Plan, to help customers celebrate a life well spent and provide comprehensive funeral expenses coverage and financial security during bereavement or loss of their loved ones. This innovative insurance solution will transform the industry and bring peace of mind to …

NSIA Insurance Limited has declared a gross premium written of N18.02 billion. Customers also got their benefits, as NSIA Insurance Limited paid out N8.81 billion in claims during the 2022 financial year. Delivering the company’s 2022 annual report to shareholders, its chairperson, Dr. Adesegun Akin-Olugbade, said despite the challenging operating environment, the company closed the year with positive results, delighted …

Life insurance firms providing Retiree Life Annuity under the Contributory Pension Scheme (CPS) received N32 billion premium in the third quarter of last year from Pension Fund Administrators (PFAs) to provide life annuity. The premium was approved by the National Pension Commission (PenCom), according to the pension industry regulator’s Quarterly Summary Report. This followed the choice of 4,294 retirees to …