The National Insurance Commission (NAICOM) has approved the recapitalisation plans of 44 out of the 54 Insurance companies in Nigeria. Mr Agboola Pius, Director, Policy and Regulation, NAICOM, said this yesterday at an interactive session with shareholders to update them on the 2019 recapitalisation directive, in Lagos.

Pius said that the commission had also rejected the recapitalisation plans of six insurance companies and directed them to make amendments.

He said that the plans of two companies were also under review, while two companies had not submitted any plans at all to the commission. According to him, there are possibilities for the insurance firms to still review their capital restructuring plan and resubmit for approval, but within a reasonable time frame.

Pius said that the commission saw the need for the recapitalisation to increase the retention capacity and conservation of foreign exchange earning of the insurance companies. The director said that the commission had also given a guideline on the capital restructuring of the insurance firms, which refers to the option the firms choose to finance their assets and investment, except borrowing. He listed the options as: Initial Public Offering (IPO), right issues, capitalisation of retained earnings and other means such as private placement, merger or acquisition.

The News Agency of Nigeria reports that NAICOM, in exercise of its statutory powers and regulatory functions, on May 20 reviewed the minimum paid-up share capital requirement for all classes of insurers, i.e Insurance and Reinsurance companies. The directive was with the exception of Takaful operators and Micro-insurance companies doing business in Nigeria. Following the reviewed minimum capital requirement, the existing minimum paid – up capital share of Life Insurance business was reviewed and raised from N2 billion to N8 billion. (NAN)

Read more: https://www.dailytrust.com.ng/naicom-approves-recapitalisation-plans-of-44-insurance-companies-rejects-6.html

its about time

This is NOTED!

Better

Do we really have active insurance firms in Nigeria or is it Insurance for the rich?

Insurance doesn't work in Nigeria, we're still far behind...
Better keep your properties safe yourself

Mubbyleey:
Insurance doesn't work in Nigeria, we're still far behind...
Better keep your properties safe yourself

Bro insurance works in Nigeria,I work with one so I can attests to it

Mubbyleey:
Insurance doesn't work in Nigeria, we're still far behind...
Better keep your properties safe yourself

Just name the insurance company you insured with and refused to pay your claims.

You can't just generalize and say insurance doesn't work in Naija. How do you think banks get comfort giving loans out to every Tom di.ck and Harry? You think banks just dole out money because people bring title documents to their property? The bank's know the property can be gutted by fire and they will end up having nothing as collateral.

You see ehn, banks insure assets of all their customers pledge as collateral and they get compensated in the event of a loss. Not just that alone, all those fraud you hear bank staff commit by stealing millions of customer's money, it is insurance companies that pay for those losses to the bank. The bank doesn't bare those losses.

It is only right if you call out the insurance company that has disappointed you in the past and help others avoid them.

Listing of these companies goes a long way...

BlueRayDick:


Just name the insurance company you insured with and refused to pay your claims.

You can't just generalize and say insurance doesn't work in Naija. How do you think banks get comfort giving loans out to every Tom di.ck and Harry? You think banks just dole out money because people bring title documents to their property?

You see ehn, banks insure assets of lltheir customers pledge as collateral and they get compensated in the event of a loss. Not just that alone, all those fraud you hear bank staff commit by stealing millions of customer's money, it is insurance companies that pay for those losses to the bank

You don't get it, out of millions of Nigerians, only few Nigerians benefit from insurance companies compare to countries like USA, Canada, UK etc.

epadomo:


Bro insurance works in Nigeria,I work with one so I can attests to it

But few Nigerians benefits from these insurance companies we have here, only benefits the rich while the poor are left out. Compare to developed countries that most if their citizens benefits from insurance companies. That's y i said Nigerian is still way behind.

Mubbyleey:

You don't get it, out of millions of Nigerians, only few Nigerians benefit from insurance companies compare to countries like USA, Canada, UK etc.

We have a legislative ineptitude and not an insurance problem. If the government mandates everyone to own a life insurance policy, the story will change. Insurance sensitization or education in Nigeria is very low.

DukeNija:


We have a legislative ineptitude and not an insurance problem. If the government mandates everyone to own a life insurance policy, the story will change. Insurance sensitization or education in Nigeria is very low.

And that's what prompted my initial comment that Nigeria is still far behind in terms of insurance...

Low patronage of this topic proves insurance is a dead meat on life support.

Worked in this industry and all the operators care about are Federal government business and large cooperate businesses..

The life insurance aspect is like none existence because the operators don't put in the work to sensitive.. They like quick Money with little operational capital injection.

They use free agents that trek their life out to make a daily bread...

BlueRayDick:


Just name the insurance company you insured with and refused to pay your claims.

You can't just generalize and say insurance doesn't work in Naija. How do you think banks get comfort giving loans out to every Tom di.ck and Harry? You think banks just dole out money because people bring title documents to their property? The bank's know the property can be gutted by fire and they will end up having nothing as collateral.

You see ehn, banks insure assets of all their customers pledge as collateral and they get compensated in the event of a loss. Not just that alone, all those fraud you hear bank staff commit by stealing millions of customer's money, it is insurance companies that pay for those losses to the bank. The bank doesn't bare those losses.

It is only right if you call out the insurance company that has disappointed you in the past and help others avoid them.

Niger insurance !!!! My saving policy ended March, 2019 but up till now they ve not paid me .they have refused to pick my calls and they don't ve functional email address. I even reported them to NAICOM, but no response up till now

epadomo:


Bro insurance works in Nigeria,I work with one so I can attests to it

Hello, I'm Ebuka, an insurance student, soon to be a graduate, can we connect?

Mubbyleey:

You don't get it, out of millions of Nigerians, only few Nigerians benefit from insurance companies compare to countries like USA, Canada, UK etc.

That is because Nigerians choose to put everything in the hands of God instead of putting measures in place to manage risk(insurance)

A business owner that ought to insure against fraud of his employee won't do that, he expects God to touch the heart of the employees because they attend church and pray towards kaabah.

How do u want to benefit from insurance if you don't have insurance culture?

UCyril:
Niger insurance !!!! My saving policy ended March, 2019 but up till now they ve not paid me .they have refused to pick my calls and they don't ve functional email address.

Niger insurance has been in financial turmoil for almost 2 years now.

People should avoid dealing with them.

I will advise those that have policies with them to write letters to NAICOM and complain about them.

UCyril:
Niger insurance !!!! My saving policy ended March, 2019 but up till now they ve not paid me .they have refused to pick my calls and they don't ve functional email address. I even reported them to NAICOM, but no response up till now

What kind of life insurance policy did you have with them?

How much are they owing you?

I think you should take this up.

Use Twitter instead, they will respond asap

BlueRayDick:


That is because Nigerians choose to put everything in the hands of God instead of putting measures in place to manage risk(insurance)

A business owner that ought to insure against fraud of his employee won't do that, he expects God to touch the heart of the employees because they attend church and pray towards kaabah.

How do u want to benefit from insurance if you don't have insurance culture?

This is exactly what prompted my initial comment... So we are still far behind, Nigerians are not exposed to having insurance.

[quote author=BlueRayDick post=83584699]

That is because Nigerians choose to put everything in the hands of God instead of putting measures in place to manage risk(insurance)

A business owner that ought to insure against fraud of his employee won't do that, he expects God to touch the heart of the employees because they attend church and pray towards kaabah.

Bro I agreed with you ,due to our religion mind set ,they will tell you that God forbidden bad thing we not happen .

Bro Insurance company in Nigeria is a scam, NIGER-INSURANCE refuses to pay me, this almost a year after maturity

epadomo:


Bro insurance works in Nigeria,I work with one so I can attests to it

NIGER INSURANCE is a thief, they don't pick calls, no response some of their offices partially close down, my cash mature for almost a year now no payment

BlueRayDick:


Just name the insurance company you insured with and refused to pay your claims.

You can't just generalize and say insurance doesn't work in Naija. How do you think banks get comfort giving loans out to every Tom di.ck and Harry? You think banks just dole out money because people bring title documents to their property? The bank's know the property can be gutted by fire and they will end up having nothing as collateral.

You see ehn, banks insure assets of all their customers pledge as collateral and they get compensated in the event of a loss. Not just that alone, all those fraud you hear bank staff commit by stealing millions of customer's money, it is insurance companies that pay for those losses to the bank. The bank doesn't bare those losses.

It is only right if you call out the insurance company that has disappointed you in the past and help others avoid them.

UCyril:
Niger insurance !!!! My saving policy ended March, 2019 but up till now they ve not paid me .they have refused to pick my calls and they don't ve functional email address. I even reported them to NAICOM, but no response up till now

My brother same thing happening to me, mine matured April 2, 2019, since then, their PH office always lock, email not working, marketer not fully reachable, branch manager running like a thief, I also wrote NAICOM no response it look their collaborators, my option now is to use online & court to recover my money.

the best insurance company in Nigeria is leadway insurance company, I can attest to this...
want to insure anything or get more information you can quote me

Nigeria and the US, Canada and UK do not have the same economy, their people PAY premiums and read their poilices so they can hold Insurers accountable. These people are not the God forbid or blood of Jesus has covered it type

Mubbyleey:

You don't get it, out of millions of Nigerians, only few Nigerians benefit from insurance companies compare to countries like USA, Canada, UK etc.

Niger Insurance Ke they are about to go under....

ubest1:


My brother same thing happening to me, mine matured April 2, 2019, since then, their PH office always lock, email not working, marketer not fully reachable, branch manager running like a thief, I also wrote NAICOM no response it look their collaborators, my option now is to use online & court to recover my money.

You don't sound like someone with an insurance policy. While I agree that there's room for improvements, I can confirm to you that insurance works well in Nigeria if you do business with the right one and you don't have intention of playing a fast one in filing your claims.

Mubbyleey:
Insurance doesn't work in Nigeria, we're still far behind...
Better keep your properties safe yourself

Allianz Insurance is the Insurance company of choice for all your insurance needs.

Aiico insurance plc is second to none, you get your money as at when due, you can quote me if you need more info

Pls anybody with info on Niger insurance. I've tried calling there customer care but they don't pick my calls. I ve sent massage to NAICOM but no reply. Pls anybody with useful information, some people have their life saving with Niger insurance. Pls save someone