Mr. Tope Smart, Chairman, Nigerian Insurers Association (NIA) has lamented that only about one (1) percent of Nigerians have any form of insurance policy despite the country?”s huge population of 180 million. Smart, who is also the Group Managing Director/CEO of NEM Insurance Plc, said at his investiture: ?SIn Nigeria, it is rather sad to […]
Waica Re, the Sierra Leonean reinsurer that has recently established a group structure, plans to increase its share capital from 64 million USD to 100 million USD. This transaction, carried out in six instalments, will allow Waica Re to strengthen its shareholder?”s equity. The reinsurer will thus be able to position itself on major risks, […]
Signing of a Memorandum of Understanding between the Central Bank of Congo and the Insurance Regulation and Control Authority. memorandum: https://www.african-insurance.org/content/uploads/2020/05/memorandum.pdf
The Insurance and Pensions Commission (IPEC) is in favor of the adoption of three draft bills by the Zimbabwean parliament in order to harmonize local laws with international standards. The proposed legislation in question refers to: 1. The pension and provident Act 2. The insurance Act 3. Amendments of the Insurance Commission Act According […]
AIICO Insurance Plc (??the Company?”) is pleased to announce the appointment of Mr. Babatunde Fajemirokun as the ?SManaging Director/Chief Executive Officer?? with effect from August 14, 2019.This appointment has been approved by the National Insurance Commission. Prior to this appointment, Mr. Edwin Igbiti was the Managing Director/Chief Executive Officer of the Company. He retired on […]
FBN Holdings, a Nigerian financial group, sold its entire stake of 65% in FBN Insurance, to Sanlam Emerging Markets. The latter previously held 35% of the Nigerian company. This operation enables the South African insurer to take full ownership of FBN Insurance and its subsidiary FBN General Insurance. The amount of the transaction was not […]
The National Insurance Commission (NAICOM) has unveiled a new capital model for the insurance industry in Nigeria effective from January 1, 2019. The new risk-based capital structure is divided into three tiers depending on the risk appetite and capital capacity of each operator. Under the new capitalisation structure, life insurance firms need a capital level […]
Press Release 16th September 2019 Douala, Cameroon Mr. Ntukamazina Jean Baptiste takes over as Secretary General of the African Insurance Organisation, AIO. Mr. Ntukamazina Jean Baptiste has taken up duties as the new Secretary General of the African Insurance Organisation, AIO. He was appointed recently by the AIO?”s General Assembly during the 46th Conference […]
Andrew Gwodock, Managing Director of the country?”s lone reinsurance company, Société Commerciale Gabonaise de Réassurance (SCG-Ré) has been elected at the head of the Gabonese Federation of Insurance Companies (Fegasa) for a two year mandate. He succeeds the General Manager of Saham Assurance Gabon, Youssef Ben Abdallah.
Kenya Reinsurance is willing to expand its business area and conquer new markets. The objective is to increase its revenues which are threatened by local and international competition. The target markets are mainly North Africa, the Middle East and Asia. New regional offices could also be opened in existing countries. The creation of State-owned reinsurance […]
