Sunday, September 29, 2019 / 02.00PM / Bukola Akinyele for Proshare WebTV
The 'Insurance September' an annual event held last week in Abuja with the theme, "5G Insurance". The gathering was an opportunity for professional insurers , and key players to discuss critical issues that will shape the Nigerian insurance industry particularly developments around industry recapitalization and the application of technology (Insurtech).
Convener of the event Mr
Ekerete Ola-Gam Ikon believed the forum served as a platform to proffer
solutions to the Nigerian insurance industry, which is experiencing a low
penetration level and needs a reset to unlock growth and prosperity for the
nation.
Takeaways From The Event
UPDATES FROM
THE SECTOR
NSE Lifts Suspension on Guinea and Niger Insurance Companies
The Nigeria stock exchange issued a notice to the
investment public that it has lifted its suspension on Guinea Insurance Plc and
Niger Insurance Plc, two (2) of the eleven (11) companies that were suspended
on 2 July 2019.
It stated that both insurance companies have now filed their Audited Financial Statements for the year ended 31 December 2018 with The Exchange.
In view of the Companies' submission of their Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: "The suspension of trading in the Issuer's securities shall be lifted upon submission of the relevant accounts provided, The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.
Recapitalization: NAICOM Issues Update On Insurers and ReInsurers
The National Insurance Commission, NAICOM further to the circular issued on May 20, 2019 increasing the paid up share capital of Insurers and reinsurers in Nigeria and, the subsequent directives to companies to submit their recapitalization plans by August 20, 2019 notified all insurance stakeholders that it has received plans of Forty-Seven (47) insurers and two (2) reinsurers.
In keeping with the recapitalization
roadmap, the Commission concluded the review of the submissions and
communicated individual companies on their positions as detailed below:
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9. An External Memo
To The President: How The Insurance Sub-Sector Can Help