On Thursday, January 10, 2018, frontline automobile companies, Toyota and Honda, in their latest recall incident, announced they are recalling additional 1 million vehicles to replace defective air bag inflators. This has brought to fore the implications of product recalls on insurance companies. Allianz Global Corporate & Specialty, a firm with expertise for large corporate, specialty and industrial insurance in over 160 countries, warns that product recall risks are growing in size and number, as technology drives new triggers. Excerpts:
Linkage Assurance Plc has recorded a Gross Premium Income of N4.03 billion in its 2016 financial year from N3.78 billion in 2015, representing a six per cent growth. The firm also recorded a boost in its underwriting profit by 55 per cent to N701 million from N1.2 million. The 2015 dividend...
By Tony Nwakaegho The Nigeria Deposit Insurance Corporation (NDIC) has bagged an award as "The Best Performing Ministerial SERVICOM Unit (MSU) 2017" by the SERVICOM Office of the Presidency in recognition of the Corporation core values in the pursuit of excellence in operational performance and service delivery to all stakeholders. The...
By Titus Oise, Benin The Governor of Edo State, Mr. Godwin Obaseki, has said the state has put up structures to clear pension arrears accumulated from 1996 to 2000, noting that the migration of public servants to the contributory pension scheme will forestall a repeat of the trend. Obaseki made this known...
The Nigeria Deposit Insurance Corporation (NDIC) has successfully obtained three certifications from the British Standards Institution (BSI) for Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011 and Business Continuity Management System, ISO 22301:2012 after a rigorous process of satisfying the conditions precedent to accreditation. The British...
About N4billion were disbursed to 12,464 workers, who lost their jobs across the country, from their pensions contributions in the third quarter of 2016. The money was paid to them by their various Pension Fund Administrators (PFAs). A report published by the National Pension Commission (PenCom), which revealed this, stated...
The insurance profession is no longer conservative as it uses information technology and social media, especially the millennials. This is the assertion of the President of the Chartered Insurance Institute of Nigeria (CIIN) President, Mrs. Funmi Babington-Ashaye at the third graduation of the College of Insurance and Financial Management (CIFM)...
Experts have advised insurance agents nationwide to imbibe the mindset of an entrepreneur to succeed in the ever competitive business environment. Speaking at the 2017 Annual National Conference, Election and 8th Award Ceremony in Lagos, the outgoing President, Association of Registered Insurance Agents of Nigeria (ARIAN), Mr. Gbadebo Olameru, said ...
The financial crisis rocking Standard Alliance Insurance Plc took a dramatic twist recently, as the company's Managing Director, Mr. Bode Akinboye, was asked to resign. The company, for years, has been struggling with financial losses, huge management expenses, over-bloated share structure, huge fines for infractions, among others. The firm faced the...
Linkage Assurance Plc said it is embarking on a new phase of growth that guarantees greater Returns on Investment (ROI) for its teaming shareholders. This is coming ahead of the strategic initiative of the new management to pilot the organisation towards better performance and profitability even with the challenges of...