Insurance sector contracted by 12.05% in Q4 – NBS

Insurance sector

Insurance sector contracted by 12.05% in Q4 – NBS   The insurance sector contracted by 12.05 per cent in the fourth quarter of 2020, latest figures from the National Bureau of Statistics have revealed. Figures obtained from the NBS on the industry’s performance also revealed that the insurance sector accounted for 8.6 per cent of the entire financial sector in the period under review. Part of the report read, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 91.40 per cent and…

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Equities market rebounds amid insurance rally; investors gain N50bn

Equities market rebounds amid insurance rally; investors gain N50bn

Equities market rebounds amid insurance rally; investors gain N50bn   The Nigerian equities market closed Wednesday’s trading session on a positive note amid renewed interest in insurance stocks. The benchmark All Share Index (ASI) advanced  by 233 index points  to close at 41,147.72 basis points with market capitalization gaining  N50 billion to settle at  N21.525 trillion, while the Year-to Date (YtD) performance improves  to  +2.18 per cent. The breakdown across different sectors indicates bullish performance with insurance index standing a top of the gainers’ chart. The insurance and oil &…

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LASG partners FirstBank to promote access to affordable healthcare

Lagos to purchase 355 vehicles worth N4.4bn for its MDAs

Lagos State Government (LASG) has partnered FirstBank to utilise the lender’s over 13,000 Firstmonie Agents as payment channels for the Lagos State Health Scheme (LSHS). The partnership is via the Lagos State Health Management Agency (LASHMA) which the ministry said is part of its commitments to ensure that residents at the grassroots have access to affordable, effective and quality healthcare The General Manager, Lagos State Health Management Agency (LASHMA), Dr. Emmanuella Zamba, made the disclosure during the flag off of the partnership in Alausa, saying that the partnership became necessary…

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Emirates offers first ever $500,000 multi-risk travel coverage for passengers

Emirates Airlines suspends flights from Nigeria

Emirates customers can now plan their travels and fly with even greater assurance and peace of mind, with the airline’s latest industry-first initiative to provide expanded, multi-risk travel cover on top of its current COVID-19 cover. Provided by Emirates at no additional cost to its customers, and provided by AIG Travel, this cover is the first of its kind in the airline and travel insurance industry. It is designed to provide all Emirates passengers a truly unique offer for stress-free and hassle-free travel. This new multi-risk travel insurance and COVID-19…

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2020: Global life & health insurance becomes biggest industry with $4.4trn revenue

2020: Global life & health insurance becomes biggest industry with $4.4trn revenue

According to the research data analyzed and published by ComprarAcciones.com, life and health insurance will be the biggest industry globally in 2020. The sector has been growing at an average rate of 2.4 per cent from 2015 to 2020 and will surpass $4.384 trillion. According to Global Data, the insurance sector as a whole raked in $2.611 trillion in 2019 and was the sixth largest. Notably though, an Allianz Global insurance report projects a decline of 3.8 per cent for the industry worldwide in 2020. 2019 was a great year…

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AXA Mansard Insurance posts 180% surge in Q2 profit

AXA Mansard Health Insurance

AXA Mansard Insurance Plc has announced a profit before tax of N4.4 billion for the first half of the year, indicating a 180 per cent increase from N 1.6 billion recorded same period in 2019. The firm also revealed that its gross written premium rose by 4 per cent to N30.54 billion from N29.36 billion posted in 2019 while its net premium income grew by 29 per cent to N15.63 billion from N12.08 billion. According to Ngozi Ola-Israel, the chief financial officer of the underwriter, the company’s operating expenses grew by…

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AIICO to list additional 4.3bn shares at NSE

AIICO, Insurance, NSE,

AIICO Insurance Plc has submitted an application to the Nigerian Stock Exchange, seeking approval for some 4.3 billion ordinary shares of N0.50 each which it plans to list on the Nigerian bourse. A statement signed on Monday by Godstime Iwenekhai, the NSE’s head of listing regulation, said the application for the rights issue was submitted by Magnartis Finance and Investment Limited, AIICO’s stockbroker. It was further disclosed that the shares would be purchased at N0.80, on the basis of five new ordinary shares for every thirteen shares already held by…

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COVID-19: NAICOM segments recapitalization target for insurance firms

COVID-19: NAICOM segments recapitalization target for insurance firms

The National Insurance Commission (NAICOM) has extended deadlines for recapitalization of insurance companies in Nigeria even as it segmented the process meeting the target for them. It revealed this via a circular labeled NAICOM/DPR/CIR/25-04/2020 and dated June 3. According to NAICOM, the latest development as part of its efforts to cushion effects of Coronavirus pandemic on insurance companies in the country. “The incidences of COVID-19 pandemic have made it difficult to proceed with the 31st December, 2020 recapitalisation deadline. A review of the capitalization deadline therefore became imperative in order…

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