NKECHI NAECHE writes that four years after the privatization of NICON Insurance Plc, instead of improving its well-being, the risk-bearing firm that used to dominate the insurance world in the country has become a crawling giant.

Experts have advised Small and Medium Enterprises (SME) on the danger of not taking insurance cover for their businesses, no matter how small they may be.

NKECHI NAECHE writes that six years after the introduction of the Pension Reform Act, its implementation and regulation by the National Pension Commission (PenCom) continue to pose daunting challenges.

Determined not to be left out in the scheme of things, the National Insurance Commission (NAICOM) and other stakeholders have begun deliberations on the modalities for the implementation of the Nigerian Oil and Gas Industry Content Development Act recently signed into law by President Goodluck Jonathan.

Determined to prosecute the campaign against unethical practices in the nation’s insurance industry, the Nigerian Insurers Association (NIA), and the Nigerian Council of Registered Insurance Brokers (NCRIB) have concluded plan to list the names of defaulters in the industry.

NKECHI NAECHE writes that with the enforcement of compulsory insurance of buildings by Lagos State government two months ago, insurers are rooting for the enforcement of six other insurance products in the country.

NKECHI NAECHE writes that operators and the National Insurance Commission (NAICOM) are united in their quest for the coalescence of insurance laws into one document.

Executive Vice Chairman of Industrial and General Insurance (IGI) Plc, Mr Remi Olowude, has urged companies in Nigeria to cooperate with the Industrial Training Fund (ITF) to ensure that employees are better equipped with sufficient knowledge to effectively carry out their functions.

The National Insurance Commission (NAICOM), has commended the Lagos State government for signing into law the Building Control Bill, which is aimed at enforcing the compulsory Builders’ Liability Insurance Policy.

Continental Reinsurance Plc has posted a premium income of N7.4 billion for the financial year ended December 31, 2009 as against N5.2 billion the previous year, showing 42 percent growth.

•Universal gets new technical consultant

Royal Exchange General Insurance Company, one of the leading and oldest insurance companies in the country has vowed to settle its insurance claims within 48 hours after the documents have been satisfied by all parties.

Driven by the desire to intensify the on-going insurance penetration in the economy, the management of Staco Insurance Plc has pledge an absolute commitment to Insurance Awareness Campaign in Nigeria. This indication was made known when the company opened its door to students of Insurance and Actuarial Science, of Lagos State University, Ojo and Federal Polytechnic, Offa when they came on industrial tour to the head office of Staco in Ebute Metta recently.

CAR insurance can provide you with a basic or full cover. Basic cover is known as liability insurance in which a third party and you are covered. Some liability insurance only covers third party. However, liability cover does not include certain acts of nature or other problems that could arise. For example, if your car catches fire and you do not have comprehensive coverage, the insurance company will not cover the cost of repair.

Sovereign Trust Insurance Plc has released its half year claims settlement report. to have paid N333, 912,496.82, was paid to different policyholders.

The Managing Director of Sovereign Trust Insurance Plc, Mr. Wale Onaolapo has been elected as a member of the Governing Council of the Chartered Insurance Institute of Nigeria, CIIN.

Nigeria will be hosting the AIO Life Seminar 2010 in Lagos from 10th 13th November 2010. The theme of this year’s seminar is: “The Art Of Life” The AIO Life Seminar is primarily aimed at promoting inter-African co-operation in life insurance business and is meant to develop a healthy life insurance and life re-insurance industry in Africa.

THE Managing Director of Crystallife Assurance plc Mrs. Oluseyi Ifaturoti has callenged the staff of the organisation of provision of excellent services.

The newly elected chairman of the Nigerian Insurers Association (NIA), Mr. Oladipo Ajayi, the newly appointed Director General, Thomas Sunday and some other stakeholders have pledged to ensure

Nkechi Naeche writes that as the battle for the ownership of the Workmen Compensation Bill continues, insurance operators vow not to leave any stone unturned in ensuring that their business is not sacrificed on the altar of Nigeria Social Insurance Trust Fund (NSITF).

•NIA gets new Chairman, DG

The insurance Industry appears to have shaken off the damning effects of the global economic meltdown which made many businesses comatose in 2008 and 2009 by posting an estimated gross premium income of N200 billion in year 2009.