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Rosemary Onuoha The Nigeria Insurers Association (NIA) has submitted that the Petroleum Industry Bill (PIB) holds good prospects for the insurance industry, and is calling on the relevant authorities to fast-track its passage into law. Speaking to Sweetcrude in Lagos, Director General of NIA, Mr. Sunday Thomas...

Favour Nnabugwu PEDDLERS of fake insurance policies and certificates in the country have come under the search light of the National Insurance Commission, NAICOM’s task force who posed as hapless customers in Abuja, apprehending some companies in the process. “The exercise will continue as long as we still have these people in business, we will not stop,” Fola...

By Rosemary Onuoha “The on-going efforts of the Federal Government to rehabilitate former militants in the Niger Delta are commendable and all hands must be on deck to ensure that the efforts of the government in this regard are not in vain””. Managing Director of Leadway Assurance Company Limited, Mr. Oye Hassan-Odukale, who made the assertion, noted that the previous...

FAVOUR NNABUGWU Over 400 insurance chieftains will put heads together during the forthcoming 22nd Federation of Afro-Asian Insurers & Reinsurers, FAIR on how best the insurance sector in Afro-Asian countries can play a pivotal role in their economic development. The theme of the conference holding between October 2 and 6, 2011 in Cairo, Egypt, is: ‘The Role of Afro-Asian...

FAVOUR NNABUGWU About 49 insurance companies in Africa have pooled gross premium income of $85.63million in five years, under the aegis of the African Oil and Energy Insurance Pool, between 2006 and 2010. The members were also said to have a subscribed capacity of $27.78 million in the five year period, with underwriting profit rising to $39.38million and operating profit...

Favour Nnabugwu With the expansion of the Islamic communities across the globe, Islamic banking and takaful insurance are already playing vital roles in today’s global financial village. Operators of Islamic banking argued that Islamic banking cannot be fully Sharia based unless there is Takaful to take care of their insurance businesses. The Governor of the Central...

Favour Nnabugwu The 52 member companies of the African Aviation Insurance Pool, said they paid about $6.93million claims to some airline operators in 2010. The breakdown of the claims payment showed that the Ethiopian Airlines got the sum of $3.59million on account of the crash of one of its aircraft on January 25, 2010, while Libya’s Afriqiyah Airways got $2.36million...