Insurance Sector Life Annuity Fund Portfolio Hits N323bn - NAICOM

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Monday, October 07, 2019 / 3:04 PM /  Bukola Akinyele  for Proshare WebTV / Header Image Credit: Elections.in

 

In the previous week the National Insurance Commission (NAICOM) disclosed that the Nigerian Life Annuity Fund Portfolio hit N323bn. 

The figure represented a growth of 17.46 per cent compared to that of 2018 which was N275 billion. 

This was part of a statement issued  by Mr Rasaq Salami, Head, Commissioner for Insurance Directorate of the National Insurance Commission (NAICOM) in Abuja. 

Also speaking on "Retiree Life Annuity" he said the cumulative RLA payouts within the same period under focus,  stood above N122 billion as at end of the second quarter of 2019. 

Other developments last week included the following:

 

Cornerstone Insurance Notifies Public On The Sale Of Head Office Building

Last week, Cornerstone insurance notified the financial market and other stakeholders of sale of its head office building situated at Oba Yesufu Road, Victoria Island Lagos. 

The property was jointly owned with Capital Alliance Property Investment Company Limited and FIN Insurance Company Limited. 

For further informations, the public is hereby noted to contact: PAC Solicitors Company Secretary via info@pacsolicitors.com and /or Head, Marketing and Coriiorate communications Group for Cornerstone Insurance Plc via cekeocha@cornerstone.com.ng

 

NIA Launches "Wetin U Carry" To Tackle Fake Motor Vehicle Insurance

The Nigeria Insurers Association at the recent launch of the "Wetin U Carry" campaign acknowledged that about 9.47m insurance vehicles are missing in the industry database of the country. 

It reported that of the 12m vehicles registered in Nigeria, only 2.53m are captured in the Nigerian Insurance Industry Database(NIID). 

This means that a whopping 9.47 million are either without insurance cover or have fake insurance. 

The huge gap, said the NIA, is mind-boggling and not only robs the industry of its expected revenue but puts many Nigerian publics on risks of accident, death or other losses without compensation.

NIA said it would go all out to let Nigerians realize that the insurance policy in their hands is a valuable asset that should be cherished, which implies that they get their cover from the right sources.

The Director-General of the NIA Yetunde Ilori believed the association desires to put the slogan, "Wetin U Carry", on the lips of everybody. She said the slogan is not meant to punish motorists for not having insurance, but to enable them check by themselves whether what they have as insurance is genuine or not.

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