The Senate has passed the 2024 Nigerian Insurance Industry Reform Bill, designed to provide a comprehensive legal framework for the regulation and supervision of all types of insurance businesses in Nigeria.
The next big transformation in Africa's insurance industry will likely be driven by digitalisation, product innovation, and financial inclusion, according to Mr Emmanuel Mokobi, the CEO of Prudential Africa.
Nigeria's medical costs are rising due to a complex interplay of economic and healthcare factors, says WTW, a leading global advisory, broking and solutions company.
Nigeria's insurance commissioner, Mr Olusegun Omosehin, has said that although takaful currently represents 1-2% of the insurance market, the future outlook is promising, considering the average annual growth rate of over 34% in contribution generated by the segment in the last four years.
Continental Reinsurance (CRe) has taken steps to improve its capital management capabilities and is targeting more moderate growth over the medium term, notes AM Best.
The National Insurance Commission (NAICOM) has highlighted the need for the boards of insurance companies to embed robust Governance, Risk, and Compliance (GRC) frameworks in their companies' operations.
The National Insurance Commission (NAICOM) has directed insurance companies to settle all outstanding claims by 31 December 2024, in a move to ensure industry credibility and sustainable growth.
The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission have signed a Memorandum of Understanding (MoU) aimed at strengthening data protection in the insurance sector.
Noor Takaful Insurance has revealed that it is considering a listing on the capital market.
The Federal government has initiated a strategy to ensure that millions of uninsured Nigerians would have financial protection.