Insurers sustain economy with N747.06bn claim settlement

February 22, 2021

 4966     3649

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.

 

This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion.

In 2018, non-life insurers paid N98.70 billion while life operators paid N94.78 billion and in 2019, non-life paid N78.72 billion, as against life operators’ N107.17 billion.Meanwhile, the National Insurance Commission (NAICOM) said it would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations, adding that it would be profiling insurance companies with huge unsettled claims for necessary regulatory action.

The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country.

Thomas charged operators to strengthen their human and financial capital for effective participation in a bigger ticket risk explained that it has been observed that the gains of domestication the policy of the government as enshrine in the Nigeria Content Development Act 2010 is gradually losing its meaning for the insurance sector.

“More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad. Of more concern is the declining participation of life companies in the annuity business which is the emerging business for the industry.

These are the areas where the industry can impose itself on the economy through the control of funds for national development.

“The industry must invest especially, in technology, one of the key drivers for developing the market. The institutions should be prepared to digitalise their processes, procedures and systems to make their operations seamless and real-time. The Commission is investing in automating its processes and expects nothing less from the insurance operators.”



Comments

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The Department of Petroleum Resources (DPR) has commenced the implementation of its Search Rescue and Surveillance Programme (SeRAS) initiative in a bid to renew investors’ confidence and make Nigeria a destination for oil and gas investments. Insecurity in oil-producing areas have remained a concern for producers, costing industry operators about seven per cent of yearly spending.SeRAS, which is one of the five units of the Department’s National Oil and Gas Excellence Centre (NOGEC) launched by President Muhammadu Buhari early in the year, is expected to increase the level of safety; achieve cost efficiency while bringing about value addition across the oil and gas industry value chain. The Director, DPR, Sarki Auwalu, at the flag-off of SeRAS, said with the initiative there is no negotiation for safety. He pointed out that the entire business is safety and revenue interest. He reaffirmed the Department’s commitment to achieving a safer environment for both local and foreign investments. In his words: “If it is not safe, it cannot generate revenue and if the revenue has to be constant, it has to be safe. This is why we have to ensure all workers across the value chain whether working offshore and onshore, whether they are working for exploration and production, marketing or refining.“The essence of this programme is to guarantee the safety of lives while guaranteeing any emergency and the same time provides medical services to a victim that will be. “The oil and gas industry is like the engine room for the economic activities in Nigeria as we bring much of the money. If it is not safe, the common man will not have the required energy to move. We are also trying to de-risk our nation and we are rewriting the history of the country.” The Acting Coordinator, Lagos State Zonal Office, the National Emergency Management Agency (NEMA), Ibrahim Farinloye, said the flag-off was the first in the oil and gas sector, describing the move as a major support in search and rescue.“There have been wide gaps in the oil and gas industry in terms of emergency response. The SeRAS is a step in the right direction to support the de-risking of Nigeria because the concept around the world is to invest in countries with less risk,” he said. In another development, the Department on an assessment tour visited one of its licensed fabrication yard-lying fallow at Ilase community, snake island, Amuwo Odofin Local government area, Lagos State. The DPR expressed displeasure at the fallow asset despite its ability to create wealth and job employment for the nation’s teeming unemployed youths. The DPR boss assured Nigerians that the fabrication yard would be put to judicious use as it would save Nigeria millions of dollars used for importing things the country has a competitive advantage of producing. “The industry depends on facilities like this to actualise their investment because it is like a support system for the oil and gas sector. Our visit here is that we see an edifice that we licensed and it is dormant, but we are going to make it active because we see an opportunity to grow the oil and gas industry,” he said.


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The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday said the revenue gained from the removal of petrol subsidy should be used for free conversion of vehicles to gas and distribution of gas cylinders to Nigerians. Mr Mike Osatuyi, National Operations Controller, IPMAN gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos. Osatuyi said there was an urgent need to switch massively to gas utilisation in Nigeria in order to sustain the deregulation of the downstream sector by the Federal Government.He said with over 200TCF proven reserves of natural gas, Nigerians would be insulated from the rising cost of crude oil at the international market if more focus was placed on domestic gas utilisation. Osatuyi said: “If you look at the electricity sector, the government is financing the National Mass Metering Programme to provide prepaid meters for Nigerians. “We believe a similar thing should be done in the oil and gas downstream sector to mitigate the impact of the removal of subsidy on petrol on the populace. “The government has inaugurated the autogas scheme, but to convert a vehicle from petrol to gas costs about N350,000 which many vehicle owners cannot afford. “Also, government needs to embark on free distribution of cooking gas across the country to deepen market penetration. “What we are saying is that now that subsidy has been removed on petrol, some part of the funds can be used to finance these schemes as a way of cushioning the effect of deregulation. “The vehicle owners and the beneficiaries of the gas distribution scheme will be paying for the services in installments as time goes on.”He said autogas was cheaper than petrol, adding that IPMAN was ready to avail the facilities of its members across the country for gas conversion skids. “It is only IPMAN that has this capacity because we are in the villages and we are ready for the scheme because we know it will even create more jobs for Nigerians,” Osatuyi said. He also urged the government to direct the Nigeria Liquefied Natural Gas (NLNG) to allocate sufficient quantity of gas to the domestic market to drive and sustain the programmes. Osatuyi noted that it was an irony that marketers were importing gas at exorbitant cost when the NLNG had the capacity to cover the country’s consumption capacity and still have millions of metric tonnes to export annually.


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Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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The Commissioner for Insurance, Sunday Thomas, who spoke on


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The Commissioner for Insurance, Sunday Thomas, who spoke on


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Insurance operators


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Is,a, good one let's hope that we will see impart in the economy of the country.


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Post by Lawless123 on 27 February 2021, 19:17 pm

Thanks for the update and the effort


Post by Legbeleye on 27 February 2021, 19:10 pm

Thanks for the update


Post by CAMILLUS101 on 27 February 2021, 19:08 pm

Wonderful, even with Covid-19 and insecurity. The sector has really performed well


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Thanks for the information


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Thanks for the update


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O


Post by Nikky on 27 February 2021, 18:16 pm

Good to know that industries are now investing in technologies


Post by kingsolomon on 27 February 2021, 18:03 pm

Good one by insurers I wish they do more for the development of their sector


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These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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Really


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Post by Mosh092 on 27 February 2021, 16:28 pm

Nice update


Post by tersoo on 27 February 2021, 16:08 pm

The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over.


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Where una dey see this money na..... On one part there's no money on the other part we are hearing about money


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The Department of Petroleum Resources (DPR) has commenced the implementation of its Search Rescue and Surveillance Programme (SeRAS) initiative in a bid to renew investors’ confidence and make Nigeria a destination for oil and gas investments.


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Post by Tersugh Iorfa on 27 February 2021, 09:41 am

Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday said the revenue gained from the removal of petrol subsidy should be used for free conversion of vehicles to gas and distribution of gas cylinders to Nigerians. Mr Mike Osatuyi, National Operations Controller, IPMAN gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos. Osatuyi said there was an urgent need to switch massively to gas utilisation in Nigeria in order to sustain the deregulation of the downstream sector by the Federal Government.He said with over 200TCF proven reserves of natural gas, Nigerians would be insulated from the rising cost of crude oil at the international market if more focus was placed on domestic gas utilisation. Osatuyi said: “If you look at the electricity sector, the government is financing the National Mass Metering Programme to provide prepaid meters for Nigerians. “We believe a similar thing should be done in the oil and gas downstream sector to mitigate the impact of the removal of subsidy on petrol on the populace. “The government has inaugurated the autogas scheme, but to convert a vehicle from petrol to gas costs about N350,000 which many vehicle owners cannot afford. “Also, government needs to embark on free distribution of cooking gas across the country to deepen market penetration. “What we are saying is that now that subsidy has been removed on petrol, some part of the funds can be used to finance these schemes as a way of cushioning the effect of deregulation. “The vehicle owners and the beneficiaries of the gas distribution scheme will be paying for the services in installments as time goes on.”He said autogas was cheaper than petrol, adding that IPMAN was ready to avail the facilities of its members across the country for gas conversion skids. “It is only IPMAN that has this capacity because we are in the villages and we are ready for the scheme because we know it will even create more jobs for Nigerians,” Osatuyi said. He also urged the government to direct the Nigeria Liquefied Natural Gas (NLNG) to allocate sufficient quantity of gas to the domestic market to drive and sustain the programmes. Osatuyi noted that it was an irony that marketers were importing gas at exorbitant cost when the NLNG had the capacity to cover the country’s consumption capacity and still have millions of metric tonnes to export annually.


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Post by Amebo on 27 February 2021, 09:02 am

Thomas charged operators to strengthen their human and financial capital for effective participation in a bigger ticket risk explained that it has been observed that the gains of domestication the policy of the government as enshrine in the Nigeria Content Development Act 2010 is gradually losing its meaning for the insurance sector. Amaszing Wonderful and interesting news


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Post by Sange on 27 February 2021, 06:18 am

The Department of Petroleum Resources (DPR) has commenced the implementation of its Search Rescue and Surveillance Programme (SeRAS) initiative in a bid to renew investors’ confidence and make Nigeria a destination for oil and gas investments.


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The era of a huge backlog is over


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The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country.


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The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country.


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The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country.


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Delta State government has signed off the Asaba Airport facility to concessionaires in a deal that will earn the state, at least, N100 million in concession fee yearly. The strategic move to further develop the airport and make it run profitably (the first of such concession in the country), will also earn the state 2.5 per cent yearly revenue earnings over the next 30 years that the concession agreement would run. In a related development, the Osubi Airport in Warri, Delta State, is scheduled to reopen in the next two weeks after months of closure.At the agreement signing ceremony between Delta State government and Asaba Airport Company Limited in Asaba on Tuesday, the State governor, Dr. Ifeanyi Okowa, said the concession was motivated by the desire to have the critical facility developed into a full international air travel destination and profit-oriented asset for the host state. “Considering the cost alone, no state government can run an airport the way it should function to bring the maximum benefit to the people. So, we have decided to follow this route. I want the Delta people to know that this concession and the signing ceremony with the concessionaires today are in the best interest of the Delta people, and I hope that other States with state-owned airports will follow suit,” Okowa said. The previous administration built the facility and opened operations in 2008. It was, however, in 2015 downgraded by the Nigerian Civil Aviation Authority (NCAA) over dilapidated infrastructure and poor maintenance culture. Okowa, on the assumption of office, embarked on the facility upgrade, including the construction of a new runway, Instrument landing system and field lighting to have the airport return to 24-hour operations in 2019. The governor, yesterday, said while the upgrading was in progress, the State had since 2015, begun the transparent processes to bring in the private sector to take up the facility and transform it into a regional hub. He said following a rigorous bidding process, the state settled for a consortium of concessionaire operators/ investors “with the technical and financial capabilities to redevelop, finance, design, operate, maintain and manage the Asaba International Airport for the benefit of Deltans”. Okowa added that following his engagement with aviation agencies at Osubi Airport, the Federal Airports Authority of Nigeria (FAAN) had agreed to reopen the facility to flight operations. Though a private facility, he pledged to support the airport in the area of COVID-19 protocol for early resumption. The master concessionaire and sub-concessionaire model adopted for Asaba Airport produced FIDC-Menzies Consortium as the major shareholder, with technical partners like Air Peace airline as the anchor airline and MRO operator; while Multifreight Cargo and Logistics will manage the cargo aspect Others are Arbico Construction Company to develop the Business Park, Hotel and Convention Centre; Rainoil Limited and Cybernetics Limited to develop tank farm and aviation fuel supply, and Quorum Aviation Limited to develop and manage the private jet and helicopter terminal.The concessionaires have the mandate to invest N28 billion in the mandatory capital project the next three years and run the Asaba International Airport for an initial 30 years period, having paid the State government N1 billion as an upfront fee. Managing Director of Asaba Airport Limited, Adebisi Adebutu, said the goal of the concession was to reposition the airport to be the best in West Africa. Adebutu said the immediate work would be to modernise the airport through the terminal upgrade and laying of optic fibre for internet services. The long-term project would be to build a cargo facility, retail and leisure centres, airport hotel and the creation of an airport city. Director-General of the Nigerian Meteorological Agency (NIMET), Prof. Sani Mashi, commended the initiative, describing it as the best way to make such high-capital ventures run optimally and profitably. Mashi, who spoke on behalf of other aviation agencies, pledged to support the concessionaires as the airport widens operations and increases revenue.


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with claim settlement of about N747.06 billion in the last five years. This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion.


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Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years


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.Meanwhile, the National Insurance Commission (NAICOM) said it would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations, adding that it would be profiling insurance companies with huge unsettled claims for necessary regulatory action.


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[1/29, 9:25 AM] Fresh Guy: *OH MY WIFE* EPISODE 5 He was missing his wife so badly. He didn't know where to find her. Each time he tried calling, it would go through with no response. His kids had just a day to return and he didn't know what he was going to say to them. He woke up very early the next day to go for his ward rounds and then try searching for his wife; hoping his search would yield some positive result. Maphiwe, you? How come? How come I couldn't make you out? This is my wife. This is the woman I've been searching for," he said turning to the midwives who were with him. "Baby why did you do this? Is it because of me, tell me dear", he pleaded as he took off his lab coat and stethoscope. He gave them to the midwives and asked them to excuse him. "Sweetheart, I'm sorry. All you needed was a listening ear. My work is stressful and very demanding. What you saw on my shirt was from one of these ladies who lost the husband. I consoled her, not in my office but in the presence of everyone. I love you and will forever do. There's been no single day that I've never thought of you. All we need is COMMUNICATION as an essential tool in our marriage. About the ring, look at this (he said taking new ones from his pocket). Mine was getting too tight around my finger so I decided on get new ones for us but unfortunately it sparked a never quenching flame of mistrust in our home. I love you and you know I do. His wife couldn't but shed uncontrollable tears. I'm sorry. I should have given you a listening ear. I was too harsh on you. I knew my words were driving you away, but pride wouldn't let me be. I'm sorry for all those words I used on you. Please darling forgive me. It was too much for me that I thought you were cheating so I aborted the pregnancy when I found out I was pregnant. I know how much you wanted us to have our third and last child soon but please forgive me. Baby, don't worry. We can still make the babies anytime all you need to do is humble yourself before God and apologize for this abortion. Get well first for me okay? There was a knock on the door. That was a staff. Hi fresh ome on+233544142683 to get more exciting stories from storyline, unlimited story platform,fresh stories kingdom, house of stories room, Novela and story room, sweet and nice story room. "Doctor, please some people....". Before he could end *the statement, Abigail and Lukundo rushed into the room. "Daddy, good morning. We came with grandma and grandpa* ," they said without even noticing that was their mum. "We went home but the doors were locked so we decided to pass by. Where is mum?", they asked. Don't worry, go and bring them in and I would tell you where she is. Pascal our *son, what happened to you? You have wasted so much. We would go home for you to attend to your patients..and why are you sitting* on the bed? Is it allowed? Mama, easy now. It's no one else aside your own daughter in law. It took them all aback. What is wrong with her? What happened? Is she okay? All came from different mouth at the same time. She smiled and said, "I'm fine. I know you all came because, these two stubborn kids might have told you something. Don't worry, we have solved it. I even wish we could go back to the altar again to exchange our vows. It's not a problem my dear. All I can say is I re-do". "Yes, we have solved it. We are going to work on our communication tools to avoid any future issues. I also re-do,"he added. This surprised them all as they stared at one another. Finally peace and Love was successfully restored in the house after a reciprocal of apologies and confessions. THE END [1/29, 9:25 AM] Fresh Guy: *OH MY WIFE* EPISODE 4 ...It didn't take her too long to return home. Abigail told her about what their grandparents were asking. She sat quietly and said, "brother, we need to tell them because we are too young to solve this." My son has killed me. He never bothered to mention it to me. Not even Maphiwe. Anyway we've heard you. We can't solve such issues on phone. I shall go there myself first thing tomorrow morning... My husband, would you rather go so that I take care of the children? I think since they have a week more to spend with us, it's better we all go with them and advise them as elderly people. They both can't leave in the same house and see each other as rivals. Wherever the issue is coming from must be ironed. Meanwhile back in the city, Maphiwe had temporarily moved out of her matrimonial home to a rented single room apartment. It was clear the marriage was at the verge of collapse. This took the best part of Pascal *Paul. He was no more the lively doctor. He tried hard to put up a smiling face, but it was obvious* there was a problem. Something was hunting him and it needed to be solved. He picked his phone from his *pocket to call his pastor. Another call came through when he was about making the call. That* was a physician assistant friend of his from another private hospital. He had *referred a case to him for him to attend to so he was calling to inform him. Hi ish on+233544142683 to be added to story headquarters room for more stories. He told Pascal about the condition which needed immediate* attention. He quickly told the midwives to *set up their minor theatre for a procedure. They brought in the patient who was almost unconscious* and cloaked *in blood. She had committed an abortion and was having complications. She needed* an immediate evacuation of uterus (EOU). He attended to her and left to his house, forgetting about the phone call he had planned to make. He was missing his wife so badly. He didn't know where to find her. Each time he tried calling, it would go through with no response. His kids had just a day to return and he didn't know what he was going to say to them. He woke up very early the next day to go for his ward rounds and then try searching for his wife; hoping his search would yield some positive result. TBC


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Nice


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Thanks for the update


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Nice update


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Ok


Post by Nwachukwufrank on 24 February 2021, 18:33 pm

The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over


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The money these people are calling Is too much


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Thanks flowextra for the update


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The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over


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Post by WisdomTony on 24 February 2021, 17:55 pm

The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over


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The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over


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Post by Precious Zangee on 24 February 2021, 17:27 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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Let see the results of funs injected in the economy of our dear country.


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Thanks for the update


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The Commission is investing in automating its processes and expects nothing less from the insurance operators.”


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These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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This recession and COVID hit bad on the economy


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The industry must invest especially, in technology, one of the key drivers for developing the market.


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These are the areas where the industry can impose itself on the economy through the control of funds for national development


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I just hope it is true cos if it is,it would be really helpful to Nigeria's economy


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The institutions should be prepared to digitalise their processes, procedures and systems to make their operations seamless and real-time


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We really need government support in this country


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These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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Thanks for the update and the effort


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Ok


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Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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Thanks for the update


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Post by Comfort112 on 24 February 2021, 10:29 am

“I am not in Anambra State to spoil the rotational arrangement, which has not done the state any good, rather it has helped to bring us incompetent leaders. “The youth of this state have made it clear to me that they are tired of the way the state has been run in the past, and want somebody like me to contest. Politics of today is not about where one comes from, but about whom the cap fits,” he stated. The estate developer admitted not being a moneybag to square up with the army of billionaires jostling to contest the race, but said that God who created him deposited immense resources in him, that would enable him stand his ground any day. On his part, Ameke said the party would follow its constitution in addressing all issues concerning party primaries and aspiration of hopefuls.


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So the next generation will be paying debt inccured by the present administration,it's well


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NIce


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More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad


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Insurance is not as profitable as before. Good luck to insurers


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𝔗𝔥𝔞𝔫𝔨𝔰 𝔣𝔬𝔯 𝔱𝔥𝔢 𝔲𝔭𝔡𝔞𝔱𝔢 𝔉𝔩𝔬𝔴𝔢𝔵𝔱𝔯𝔞


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Like


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Post by Amuda Musa on 24 February 2021, 07:44 am

The Federal Government has disregarded the Central Bank of Nigeria Act (2007) as it moves to restructure its estimated $25.6 billion (an equivalent of N9.7 trillion) overdrafts with the monetary authority into a 30-year debt. The amount, which sources said is unverifiable and could have been discounted following the high level of secrecy around the processes leading to the loans, consists of the existing short-term advances granted by the apex bank.


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The Federal Government has disregarded the Central Bank of Nigeria Act (2007) as it moves to restructure its estimated $25.6 billion (an equivalent of N9.7 trillion) overdrafts with the monetary authority into a 30-year debt. The amount, which sources said is unverifiable and could have been discounted following the high level of secrecy around the processes leading to the loans, consists of the existing short-term advances granted by the apex bank. Government may have, by the facility restructuring, heeded the warning by International Monetary Fund (IMF) and Fitch that the mounting overdrafts were responsible for the accelerating inflation, which hit 16.47 per cent in January. Like its procurement process, the planned loan liquidation faces major legal hurdles, among which is the CBN Act 2007 that spells out how advances extended to government should be treated as well as repayment processes. Section 38 of the Act stipulates that the apex bank “may grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue.” It, however, restricts the amount to five per cent of the previous “year’s actual revenue of the Federal Government.”The CBN-enabling law also mandates government to offset any advance before the end of the financial year it is granted. Failure to repay, according to the law, the government should be deprived of accessing the window to plug its funding gap. Godwin Owoh, a professor of applied economics who worked with a former CBN governor, Prof. Charles Soludo, as an advisor and was actively involved in the drafting of the Act, said the section was included in the statute as a safeguard against macroeconomic distortion by Ways and Means (W&M) financing, which is equivalent to printing unearned money to spend. But he lamented that the Federal Government had, in the past few years, disregarded the legal caution, inflicting pains on millions, as inflation ballooned on the wings of blatant abuse of W&M facilities. The government, it was learnt, has chosen to settle for a long-term debt, as the current fragile fiscal stance does not support an immediate repayment. But experts have warned that converting unearned short-term facility into a long-term debt is suicidal as “the asset is worthless.” As government defers its responsibility indefinitely — as many do not believe it would be able to pay up even within 30 years — economists have also warned that the securitisation plan, as disclosed by the Debt Management Office (DMO), would put enormous pressure on future generations who are ill-prepared for the demand. Owoh said, “the arrangement portends moral hazards for DMO” to seek an extension of the repayment of the overdrafts to 30 years. It is worse, the economist said, that Nigerians are subjected to unbearable taxation. “Yes, Nigeria’s explicit taxes are among the lowest in the world as argued by the government. But the covert tax burden inherent in the culture of self-sourced infrastructures such as power and water is almost unbearable.” In a tax engagement recently, the President of the African Development Bank (AfDB), Akinwumi Adesina, said both direct and indirect taxes have dire consequences for payers and that implicit taxes are a huge challenge to Nigerians.That the taxes are not judiciously used, experts have complained, leaves the people with so many unbearable pains and consistently pushing the future generations to the brink. The converted CBN’s advances will expand the existing public debt liability by a staggering 30 per cent. Added to the existing debt, which stood at N32.2 trillion as of last June, the total public debt estimate would be N42 trillion. The Guardian reported last week that the Federal Government had agreed to the conversion of its stock of overdrafts with the Central Bank into long-term debt to create semblance of transparency around its dependence on Ways & Means funding. The debt will be exchanged for 30-year notes issued to the central bank, Patience Oniha of the Debt Management Office reportedly said. The converted debt would be amortized over 30 years starting with a two-year moratorium, Oniha reportedly told Bloomberg. The government’s dependence on CBN’s borrowing became habitual recently as public revenues nosedived. The financing helped plug spending shortfalls as non-oil revenues failed to cover the gap created by lower earnings. The increasing reliance on the Central Bank of Nigeria overdrafts has come with untoward macroeconomic instability, the IMF and Fitch said via separate reports issued recently. With the GPD slipping from N71.38 trillion in 2019 to 70.01 trillion last year, the debt-to-GDP ratio would have ballooned to 60 per cent when the Federal Government and the CBN eventually finalise the loan restructure the deal. But experts are also worried that the bigger devil is even several contingent liabilities of the Federal Government. For instance, the government is indebted to teachers, university lecturers and other public servants to the tune of several billions of naira. During last year’s teacher’s day, President Muhammadu Buhari approved a special salary scale for teachers across the country. The implementation, like many other commitments in form of special allowances and wage increments, is yet to be implemented. These, Owoh said, constitute some form of debts but are often undocumented.The professor said the new plan is “an indication the government has gone bankrupt, a state worse than insolvency,” showing the country is on the brink of failure. He continued: “It shows that the CBN is captured, hence, made to extend credit to the government over and above the stipulations of a normal monetary policy and its enabling law. Its independence is consequently surrendered willingly to political authorities. The 30-year instrument is being created without a current year cash flow reflow implications. This is a further violation of the Fiscal Responsibility Act (2007) and a sad day for the economy. I cannot relate this trend to any known trend in economic history.” On the way forward, he said, “an economic indemnity should be required of the government, the CBN and DMO that all desirable professional and ethical standards are in place and that all aspects of the transaction pass the utmost good faith test.” An energy economist and public commentator, Bala Zakka, also described the planned conversion of the short-term funds to long-term facility as the height of irresponsibility. “While nations like Norway, Saudi Arabia and Qatar are planting seeds of growth and development for their future generations, Nigerian leaders are busy planting the seeds of debts, and slavery for citizens,” Zakka said.Still, Sheriffdeen Tella, a professor of Economics at the Olabisi Onabanjo University, suspected the government was desperately seeking to clear the way for fresh loan hiding under the cloak of restructuring of existing ‘bad loans.’ “It is high time the government stopped borrowing its way out of financial problems. It should look for new ways of generating revenue or income as Lagos State did when the FG blocked its fund under President Olusegun Obasanjo’s administration. The government should seek a way out of this from its economic team,” Tella suggested. An ex-Director-General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, said the government ostensibly embraced the long-term payment option because its current cash flow cannot support the short-term payment intended by an overdraft. But he expressed concern that the government would be leaving “so much” liabilities for which the future generations are least prepared for the tough responsibility. He said the decision amounts to “postponing the evil day” and that the burden could only be lighter if the process is transparent and subsequent loans are invested in infrastructure to boost future production. There is also the fear that the envisaged asset could turn to a dark long-term pseudo-instrument and the possibility of discounting the real amount, except an independent party joins the tripartite team – FG, CBN and DMO – to serve as the public eye.


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The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over.


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good news


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Huge amount of money


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These are the areas where the industry can impose itself on the economy through the control of funds for national development


Post by Chimike1401 on 24 February 2021, 00:21 am

But yet I can't see what the fund has been used for


Post by NezAustin on 24 February 2021, 00:20 am

But yet I can't see what the fund has been used for


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Okay


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Post by Mmesoma01 on 24 February 2021, 00:07 am

But yet I can't see what the fund has been used for


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Thank you for this update


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Really


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Noted


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Great achievement but Government should make use of the money


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thanks for the update


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Great update on this


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Money problem Thanks flowextra


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Nice


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Money wahala


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Good


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Good


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Impressive


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Noted


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Thanks for the update


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keep the good work up thanks for the update


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Good updates nice to hear.


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Thanks for the update


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Good


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Okay


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thanks for the update


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This county is a total joke when it comes to emphasizing on claims to what that has not been physically proven


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Interesting


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Well it will definitely not be in my country


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Good


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Thanks for the update


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Interesting


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Thanks for the information Flowextra


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Very interesting


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The industry must invest especially in technology one of the key drivers for developing the market


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Thanks for the update


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Thanks for the update


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Thanks for the update


Post by DHREY on 23 February 2021, 22:28 pm

Okay


Post by Gbemisola on 23 February 2021, 22:25 pm

The industry must invest especially in technology one of the key drivers for developing the market


Post by Timmy23 on 23 February 2021, 22:24 pm

Let see what comes out of it though


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Nice update


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Thanks for the updates flow extra


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Hmmm. It is well. Money issues everywhere


Post by tersoo on 23 February 2021, 22:01 pm

More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad.


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Wow


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Thanks


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Okay


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Thanks


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AAgreat


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Thanks for the update flowextra


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If it is not safe, the common man will not have the required energy to move. We are also trying to de-risk


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Thanks for the update


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Thanks


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Awesome


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Thanks flowextra for the update


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Thanks flowextra for the updates


Post by lizzyurrah on 23 February 2021, 20:57 pm

Ok


Post by Officialeizzy on 23 February 2021, 20:55 pm

Insurers sustain economy with N747.06bn claim settlement


Post by Axelgod on 23 February 2021, 20:52 pm

Thanks for the update


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Thanks for the update


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Oh Allah bless Nigeria


Post by ISAEMMANUEL on 23 February 2021, 20:46 pm

Good news thanks flowextra for the information


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Nice update


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Thanks


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Thanks for the update flowextra


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Good update


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Good information


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That good for them


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Nice


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Thanks for the update flowextra


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Good


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Despite


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Thanks


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Thanks for the updates


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Thanks for the update flowextra


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They're showing support for the team


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Alright


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Post by Chamy on 23 February 2021, 19:24 pm

These insurance people should better be accountable for whatever they present


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Thanks for the update


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Thank you for your update


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Great


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Thank you very much for the update flowextra


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Flowextra thanks for the update


Post by abayomi001 on 23 February 2021, 19:15 pm

This data was obtained from the Nigerian Insurers Association (NIA).


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Thanks for the information shared . you are doing a great job


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Thank you for the update its good


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Ok


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Thanks for the update flow extra


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Thanks for the update


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Thanks for the update


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Thanks for the update flowextra


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Wonderful


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Good


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Thank you for the update


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Interesting


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Great news


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Awesome


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Thanks for that


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Nice


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Thanks for the update


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Good good


Post by Adah on 23 February 2021, 18:38 pm

These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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Okay


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Thanks for the update Flowextra


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Thanks for this information flowextra


Post by OrNoir007 on 23 February 2021, 18:18 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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Thanks for the update


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Thanks flowextra for the amazing news update


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Thanks for the update.


Post by Azeez Abdullahi on 23 February 2021, 18:09 pm

Ok


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Thanks for the update


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Thanks for the update


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Thank you for the update


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Thanks for the update flowextra


Post by Joshua4tcom on 23 February 2021, 17:55 pm

Thanks for the insurers support ....kudos flowextra


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Post by James Christabel on 23 February 2021, 17:54 pm

Nice update it should be develop


Post by PLANZ on 23 February 2021, 17:52 pm

Nigeria Content Development Act 2010 is gradually losing its meaning for the insurance sector.


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Good


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wonderful update


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Great information


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Post by ElderManasseh on 23 February 2021, 17:25 pm

What a huge amount of money


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Good updates


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Good


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Good


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Good


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That's good


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Ok


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Thanks for the update


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Thanks for the information flowextra


Post by Okunola michael on 23 February 2021, 17:11 pm

More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad


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thanks for the update


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Thanks for the update.


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“More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad


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Thanks for the update


Post by Oluwasheyieze on 23 February 2021, 16:57 pm

These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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Alright


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Alright


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Nice


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Nice one


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Okay


Post by Edetjr on 23 February 2021, 16:37 pm

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Post by Zoe2021 on 23 February 2021, 16:37 pm

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Post by MAI FADA on 23 February 2021, 16:34 pm

Thanks for the update


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Post by Oluwaseunpaul on 23 February 2021, 16:31 pm

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Post by E-boy on 23 February 2021, 16:31 pm

Okay


Post by Legbeleye on 23 February 2021, 16:30 pm

Thanks for the update


Post by Mayor123 on 23 February 2021, 16:25 pm

Good


Post by Nuruakeem on 23 February 2021, 16:25 pm

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Post by Sylvestermoney on 23 February 2021, 16:24 pm

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Post by Prettyoge on 23 February 2021, 16:20 pm

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Post by Jinja2004 on 23 February 2021, 16:18 pm

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Post by Omobolanle013 on 23 February 2021, 16:17 pm

it would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations,


Post by Daniel Dumebi on 23 February 2021, 16:14 pm

Update


Post by Dr jimtadem on 23 February 2021, 16:11 pm

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Post by Chigozie on 23 February 2021, 16:08 pm

Thanks for the update


Post by Abayomi61 on 23 February 2021, 16:06 pm

Thomas charged operators to strengthen their human and financial capital for effective participation in a bigger ticket risk explained that it has been observed that the gains of domestication the policy of the government as enshrine in the Nigeria Content Development Act 2010 is gradually losing its meaning for the insurance sector


Post by Olawande on 23 February 2021, 16:06 pm

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Post by Justice4real on 23 February 2021, 16:05 pm

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Post by Hanzzy on 23 February 2021, 16:00 pm

Thanks


Post by crouchman82 on 23 February 2021, 15:57 pm

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Post by Adex on 23 February 2021, 15:41 pm

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Post by Emmanuel O on 23 February 2021, 15:39 pm

Thanks for the update


Post by TREASURE BABY on 23 February 2021, 15:37 pm

National Insurance Commission (NAICOM) would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations, adding that it would be profiling insurance companies with huge unsettled claims for necessary regulatory action.


Post by Ibrahimjima on 23 February 2021, 15:37 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years. This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion. In 2018, non-life insurers paid N98.70 billion while life operators paid N94.78 billion and in 2019, non-life paid N78.72 billion, as against life operators’ N107.17 billion.Meanwhile, the National Insurance Commission (NAICOM) said it would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations, adding that it would be profiling insurance companies with huge unsettled claims for necessary regulatory action. The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country. Thomas charged operators to strengthen their human and financial capital for effective participation in a bigger ticket risk explained that it has been observed that the gains of domestication the policy of the government as enshrine in the Nigeria Content Development Act 2010 is gradually losing its meaning for the insurance sector.


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Post by Ricorey on 23 February 2021, 15:34 pm

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Post by Lilphem on 23 February 2021, 15:33 pm

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Post by Honesst on 23 February 2021, 15:31 pm

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Post by Tennylizat on 23 February 2021, 15:27 pm

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Post by Mamarvictoria on 23 February 2021, 15:25 pm

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Post by Samy eddy on 23 February 2021, 14:50 pm

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Post by jossyj on 23 February 2021, 14:49 pm

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Post by Olayemi19 on 23 February 2021, 14:49 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years. This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion. In 2018, non-life insurers paid N98.70 billion while life operators paid N94.78 billion and in 2019, non-life paid N78.72 billion, as against life operators’ N107.17 billion.Meanwhile, the National Insurance Commission (NAICOM) said it would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations, adding that it would be profiling insurance companies with huge unsettled claims for necessary regulatory action. The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country. Thomas charged operators to strengthen their human and financial capital for effective participation in a bigger ticket risk explained that it has been observed that the gains of domestication the policy of the government as enshrine in the Nigeria Content Development Act 2010 is gradually losing its meaning for the insurance sector.


Post by Val grateness on 23 February 2021, 14:40 pm

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Post by Oputeovoro50 on 23 February 2021, 14:39 pm

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Post by Scan on 23 February 2021, 14:30 pm

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Post by Tersugh Iorfa on 23 February 2021, 14:29 pm

The Department of Petroleum Resources (DPR) has commenced the implementation of its Search Rescue and Surveillance Programme (SeRAS) initiative in a bid to renew investors’ confidence and make Nigeria a destination for oil and gas investments. Insecurity in oil-producing areas have remained a concern for producers, costing industry operators about seven per cent of yearly spending.SeRAS, which is one of the five units of the Department’s National Oil and Gas Excellence Centre (NOGEC) launched by President Muhammadu Buhari early in the year, is expected to increase the level of safety; achieve cost efficiency while bringing about value addition across the oil and gas industry value chain. The Director, DPR, Sarki Auwalu, at the flag-off of SeRAS, said with the initiative there is no negotiation for safety. He pointed out that the entire business is safety and revenue interest. He reaffirmed the Department’s commitment to achieving a safer environment for both local and foreign investments. In his words: “If it is not safe, it cannot generate revenue and if the revenue has to be constant, it has to be safe. This is why we have to ensure all workers across the value chain whether working offshore and onshore, whether they are working for exploration and production, marketing or refining.“The essence of this programme is to guarantee the safety of lives while guaranteeing any emergency and the same time provides medical services to a victim that will be. “The oil and gas industry is like the engine room for the economic activities in Nigeria as we bring much of the money. If it is not safe, the common man will not have the required energy to move. We are also trying to de-risk our nation and we are rewriting the history of the country.” The Acting Coordinator, Lagos State Zonal Office, the National Emergency Management Agency (NEMA), Ibrahim Farinloye, said the flag-off was the first in the oil and gas sector, describing the move as a major support in search and rescue.“There have been wide gaps in the oil and gas industry in terms of emergency response. The SeRAS is a step in the right direction to support the de-risking of Nigeria because the concept around the world is to invest in countries with less risk,” he said. In another development, the Department on an assessment tour visited one of its licensed fabrication yard-lying fallow at Ilase community, snake island, Amuwo Odofin Local government area, Lagos State. The DPR expressed displeasure at the fallow asset despite its ability to create wealth and job employment for the nation’s teeming unemployed youths. The DPR boss assured Nigerians that the fabrication yard would be put to judicious use as it would save Nigeria millions of dollars used for importing things the country has a competitive advantage of producing. “The industry depends on facilities like this to actualise their investment because it is like a support system for the oil and gas sector. Our visit here is that we see an edifice that we licensed and it is dormant, but we are going to make it active because we see an opportunity to grow the oil and gas industry,” he said.


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Post by Godswillmathias on 23 February 2021, 13:39 pm

Thanks for the update


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Post by jude245 on 23 February 2021, 13:17 pm

Is alright


Post by MhizDebby on 23 February 2021, 13:17 pm

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Post by Oluwaibk123 on 23 February 2021, 13:15 pm

National Insurance Commission (NAICOM) said it would continue to promote economic growth


Post by Adekunle2040 on 23 February 2021, 13:15 pm

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Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country


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“More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad. Of more concern is the declining participation of life companies in the annuity business which is the emerging business for the industry.


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Post by Oluwasheyieze on 22 February 2021, 22:50 pm

The industry must invest especially, in technology, one of the key drivers for developing the market. The institutions should be prepared to digitalise their processes, procedures and systems to make their operations seamless and real-time. The Commission is investing in automating its processes and expects nothing less from the insurance operators.”


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adding that it would be profiling insurance companies with huge unsettled claims for necessary regulatory action.


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Post by Cultureman on 22 February 2021, 22:04 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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People should been encourage on embarking on insurance.


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These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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Post by Khennylizzy on 22 February 2021, 21:18 pm

This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion.


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This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion.


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Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion. In 2018, non-life insurers paid N98.70 billion while life operators paid N94.78 billion and in 2019, non-life paid N78.72 billion, as against life operators’ N107.17 billion.Meanwhile, the National Insurance Commission (NAICOM) said it would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations, adding that it would be profiling insurance companies with huge unsettled claims for necessary re


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In 2018, non-life insurers paid N98.70 billion while life operators paid N94.78 billion and in 2019, non-life paid N78.72 billion, as against life operators’ N107.17 billion


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Post by Ireoluwa on 22 February 2021, 16:47 pm

Nice update


Post by Fwam Abraham on 22 February 2021, 16:46 pm

Nice update


Post by Blezyboss on 22 February 2021, 16:45 pm

Good update


Post by Olamilekan2023 on 22 February 2021, 16:41 pm

Thanks for the update to


Post by Faizaumarfaruk on 22 February 2021, 16:40 pm

FlowExta is the best platform for news update. Keep the good work going.


Post by Delcy Harrison on 22 February 2021, 16:39 pm

Nice update really explained everything


Post by Memi Bello on 22 February 2021, 16:39 pm

Thanks for the update


Post by Otedola01 on 22 February 2021, 16:39 pm

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Post by Johnson1 on 22 February 2021, 16:37 pm

Thanks for the update


Post by olamitdre on 22 February 2021, 16:36 pm

It's such a meaningful contribution to the nation's economy by the insurers.


Post by Usman Ibrahim on 22 February 2021, 16:32 pm

The economy will boost.


Post by Ucenso on 22 February 2021, 16:32 pm

OK thanks


Post by sodiqgabriel on 22 February 2021, 16:32 pm

Thank you for the update


Post by JaneFadugba on 22 February 2021, 16:30 pm

Nice update really explained everything


Post by AlhajiBabs on 22 February 2021, 16:28 pm

Thanks for the update


Post by Pretty Mide on 22 February 2021, 16:27 pm

Great news thanks for sharing


Post by Pedro9191 on 22 February 2021, 16:26 pm

economic growth by ensuring


Post by Ataibuno081 on 22 February 2021, 16:19 pm

Good one


Post by Tifey 247 on 22 February 2021, 16:19 pm

Thanks


Post by carobenson on 22 February 2021, 16:19 pm

FlowExta is the best platform for news update. Keep the good work going.


Post by DanteNuel on 22 February 2021, 16:18 pm

Well it's good Nice one


Post by Shonti on 22 February 2021, 16:18 pm

Great


Post by Ngozi mary on 22 February 2021, 16:17 pm

Nice update really explained everything


Post by Oluwamayowa_28 on 22 February 2021, 16:15 pm

Congrats


Post by Osassa issco on 22 February 2021, 16:15 pm

Good


Post by Leykaz flexer on 22 February 2021, 16:15 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


Post by Tyabo123 on 22 February 2021, 16:15 pm

thanks for the information


Post by Pwinky on 22 February 2021, 16:15 pm

Nice update Flowextra.


Post by Ogbodo Lazarus on 22 February 2021, 16:14 pm

How are they sure is stable with these kinds of poverty in Nigeria


Post by Joshuafemson on 22 February 2021, 16:13 pm

These are the areas where the industry can impose itself on the economy through the control of funds for national development.


Post by Ayomhede on 22 February 2021, 16:12 pm

Great news thanks for sharing


Post by Glorious203 on 22 February 2021, 16:11 pm

Thanks for the information


Post by Uwamsbliss on 22 February 2021, 16:10 pm

Thanks for the update flow extra


Post by IZZIPRAISE on 22 February 2021, 16:10 pm

Thanks for the news update


Post by Debbytee on 22 February 2021, 16:10 pm

Ok


Post by Salehofficer on 22 February 2021, 16:10 pm

Good update


Post by Abdul01 on 22 February 2021, 16:10 pm

Thanks for the update flowextra the best


Post by Sunnyflexy on 22 February 2021, 16:10 pm

Thanks for the update


Post by Dollypee001 on 22 February 2021, 16:07 pm

Thanks for the update


Post by Kingkammy on 22 February 2021, 16:04 pm

Thanks for the updates


Post by Chidebelu on 22 February 2021, 16:03 pm

Omo see money abeg


Post by Bashiru007 on 22 February 2021, 16:02 pm

Thank you flowextra for the update


Post by Etz Queen Oluwaseun on 22 February 2021, 16:01 pm

Thanks for the update flowextra


Post by TheOnlyFary on 22 February 2021, 16:00 pm

May God deliver our country


Post by Oswaldniel on 22 February 2021, 15:59 pm

Thanks for the update


Post by Stylez on 22 February 2021, 15:59 pm

Flowextra is the best in getting new updates on the


Post by IMOLEAYO WONDERBOY on 22 February 2021, 15:57 pm

Good support by insurers how I wish the money is use for public interest and not selfishly


Post by IMOLEAYO WONDERBOY on 22 February 2021, 15:57 pm

Good support by insurers how I wish the money is use for public interest and not selfishly


Post by Dornke on 22 February 2021, 15:56 pm

Great update


Post by Babangida on 22 February 2021, 15:56 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


Post by Ellajcp on 22 February 2021, 15:56 pm

Okay


Post by Efebliss7 on 22 February 2021, 15:56 pm

Thanks for the update


Post by Dynamite4life on 22 February 2021, 15:54 pm

Nice update


Post by Obotvic on 22 February 2021, 15:52 pm

Wow


Post by babando on 22 February 2021, 15:51 pm

Thank you


Post by Lovethsil on 22 February 2021, 15:50 pm

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Post by Kofoshi1 on 22 February 2021, 15:49 pm

These are the areas where the industry can impose itself on the economy through the control of funds for national development.


Post by WALTER IMOHIMI on 22 February 2021, 15:47 pm

Flowextra thanks for the update


Post by Kelly row70 on 22 February 2021, 15:47 pm

Nice update


Post by Dapsida on 22 February 2021, 15:46 pm

That know but this sounds like a good news


Post by LEONARD XR on 22 February 2021, 15:46 pm

Flowextra is the best


Post by Indigo on 22 February 2021, 15:45 pm

Thanks for the update on flowextra


Post by Oyelola on 22 February 2021, 15:45 pm

Cool


Post by Nehemiah01 on 22 February 2021, 15:44 pm

it is good we improve our businesses


Post by Aedanleo on 22 February 2021, 15:44 pm

Thank you for the update


Post by Salome on 22 February 2021, 15:44 pm

Thanks for the update


Post by Oloye334 on 22 February 2021, 15:44 pm

Thanks for the update.


Post by None on 22 February 2021, 15:43 pm

Good work


Post by Bolaji330 on 22 February 2021, 15:42 pm

Thanks for the update


Post by JATOMYSON on 22 February 2021, 15:41 pm

These are the areas where the industry can impose itself on the economy through the control of funds for national development.


Post by Citie Rock on 22 February 2021, 15:41 pm

Nice update, thanks you flowextra


Post by GRACEBOI on 22 February 2021, 15:40 pm

Thanks for the update


Post by Nicole17 on 22 February 2021, 15:40 pm

Bitcoin will soon be added to the balance sheet of central banks


Post by Oladimejititilope on 22 February 2021, 15:39 pm

Nice update


Post by kingsolomon on 22 February 2021, 15:39 pm

Good support by insurers how I wish the money is use for public interest and not selfishly


Post by Fortune1254 on 22 February 2021, 15:38 pm

Thanks for the information flowextra


Post by Teamchoish on 22 February 2021, 15:36 pm

Thank you for the update


Post by Sparkling on 22 February 2021, 15:36 pm

Great achievement


Post by Tersugh Iorfa on 22 February 2021, 15:31 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years. This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion. In 2018, non-life insurers paid N98.70 billion while life operators paid N94.78 billion and in 2019, non-life paid N78.72 billion, as against life operators’ N107.17 billion.Meanwhile, the National Insurance Commission (NAICOM) said it would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations, adding that it would be profiling insurance companies with huge unsettled claims for necessary regulatory action. The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country. Thomas charged operators to strengthen their human and financial capital for effective participation in a bigger ticket risk explained that it has been observed that the gains of domestication the policy of the government as enshrine in the Nigeria Content Development Act 2010 is gradually losing its meaning for the insurance sector. “More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad. Of more concern is the declining participation of life companies in the annuity business which is the emerging business for the industry. These are the areas where the industry can impose itself on the economy through the control of funds for national development. “The industry must invest especially, in technology, one of the key drivers for developing the market. The institutions should be prepared to digitalise their processes, procedures and systems to make their operations seamless and real-time. The Commission is investing in automating its processes and expects nothing less from the insurance operators.”


Post by Montana96 on 22 February 2021, 15:31 pm

Thanks for the update and rememder FlowExtra


Post by Ibraheemwaxeery on 22 February 2021, 15:28 pm

Good achievement


Post by ochuko on 22 February 2021, 15:26 pm

Nothing is as good as developing ones skills and Iinvesting more in terms of earning more than others


Post by ochuko on 22 February 2021, 15:26 pm

Nothing is as good as developing ones skills and Iinvesting more in terms of earning more than other


Post by Emmylegend on 22 February 2021, 15:23 pm

❤️❤️👍👍


Post by Oriyomi on 22 February 2021, 15:23 pm

Thanks flowExra for update move on


Post by Ademolar65 on 22 February 2021, 15:22 pm

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Post by Muheenat on 22 February 2021, 15:20 pm

Thanks for the update


Post by Jayboy430 on 22 February 2021, 15:20 pm

Thanks for the update


Post by Miracle02 on 22 February 2021, 15:20 pm

Good update


Post by SPONTAENOUS on 22 February 2021, 15:19 pm

Nice update


Post by Legend22 on 22 February 2021, 15:17 pm

Great


Post by Tobiayanniyi on 22 February 2021, 15:15 pm

Very good stats there should continue and do more . From our insurance operators


Post by Johnnyfresh on 22 February 2021, 15:14 pm

Good


Post by Adebola123 on 22 February 2021, 15:13 pm

Good info


Post by Mubzy on 22 February 2021, 15:12 pm

One of the best update flow extra keep it up


Post by PinnacleX on 22 February 2021, 15:11 pm

Thanks for The update flow extra


Post by Luckydon25 on 22 February 2021, 15:11 pm

thanks to Flowextra.🙋


Post by Bazz wears on 22 February 2021, 15:10 pm

This is really a huge amount


Post by Tennylizat on 22 February 2021, 15:10 pm

That's a huge amount of money, people are really insuring.


Post by GoddyyEnoch on 22 February 2021, 15:10 pm

Thanks for the updates


Post by Tman on 22 February 2021, 15:09 pm

We pray this saves us


Post by Justice4real on 22 February 2021, 15:09 pm

Thanks for the new update


Post by Aloko0042 on 22 February 2021, 15:08 pm

Thanks flowextra


Post by Jemimah on 22 February 2021, 15:08 pm

Flowextra thanks for the update


Post by Oluseg12 on 22 February 2021, 15:08 pm

Wow! That's too much money spent on the economy. I hope it improves.


Post by kaniki on 22 February 2021, 15:07 pm

Good suggestions


Post by Kubrah11 on 22 February 2021, 15:07 pm

Good


Post by princesszubby on 22 February 2021, 15:07 pm

Thanks for the update


Post by Rmbsadiq on 22 February 2021, 15:06 pm

Thanks for the update


Post by Princessek on 22 February 2021, 15:03 pm

Thanks


Post by Clinton Anthony on 22 February 2021, 15:03 pm

Flowextra is the best


Post by Wakes on 22 February 2021, 15:02 pm

That’s too much money ,for an economy that keeps nosediving


Post by SaintAnthony on 22 February 2021, 15:01 pm

Wow! That's too much money spent on the economy. I hope it improves.


Post by hasbab005 on 22 February 2021, 15:00 pm

Thanks for the information flowextra


Post by Daniella Okoro on 22 February 2021, 15:00 pm

thanks for the update flow extra income


Post by Robinson D on 22 February 2021, 14:59 pm

Splendid


Post by OrNoir007 on 22 February 2021, 14:59 pm

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Post by Chidike on 22 February 2021, 14:58 pm

Great news


Post by Charles5050 on 22 February 2021, 14:58 pm

What a great new


Post by Maryamjimoh5 on 22 February 2021, 14:57 pm

Hghgjguhtyy


Post by Gabby on 22 February 2021, 14:54 pm

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Post by Alabama73 on 22 February 2021, 14:54 pm

Thanks for the update


Post by Nzube Blade on 22 February 2021, 14:53 pm

Thanks for the information flowextra


Post by Perp2002 on 22 February 2021, 14:52 pm

Nice one. Thanks flowextra


Post by Ngyluv on 22 February 2021, 14:52 pm

Good


Post by Abidawn on 22 February 2021, 14:51 pm

Flow extra nice updates keep it up.


Post by Davie on 22 February 2021, 14:51 pm

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Post by Beejay124 on 22 February 2021, 14:50 pm

Nice update


Post by David adewole on 22 February 2021, 14:48 pm

Okay


Post by AYANFE031 on 22 February 2021, 14:47 pm

Great news


Post by Sjnkere on 22 February 2021, 14:46 pm

The industry must invest especially, in technology, one of the key drivers for developing the market.


Post by Belloqudus07 on 22 February 2021, 14:46 pm

Thanks for the update flowextra


Post by Ephraim01 on 22 February 2021, 14:46 pm

Nice update Flowextra


Post by Olamide201 on 22 February 2021, 14:45 pm

Good


Post by Modec on 22 February 2021, 14:44 pm

Thanks for the information


Post by Aboki Trusted on 22 February 2021, 14:44 pm

Thanks for the update flowextra


Post by Olamilekan2024 on 22 February 2021, 14:44 pm

Thanks for the update to


Post by Mz_stacy1 on 22 February 2021, 14:43 pm

The industry must invest especially, in technology, one of the key drivers for developing the market.


Post by kingzy blizz on 22 February 2021, 14:43 pm

Thanks for the update


Post by Zoe2021 on 22 February 2021, 14:42 pm

Thanks flowextra for the update


Post by EdAbby on 22 February 2021, 14:42 pm

Thanks for the update flowextra


Post by Chiamaka19 on 22 February 2021, 14:42 pm

Thanks flowextra for the update


Post by Oluwadarasimi A on 22 February 2021, 14:42 pm

thanks for the great update flow extra


Post by Daniel Ogogo on 22 February 2021, 14:41 pm

Thank you for the information


Post by Tulumichael on 22 February 2021, 14:41 pm

Thanks for d news


Post by Emtee on 22 February 2021, 14:41 pm

Good


Post by Majo1981 on 22 February 2021, 14:40 pm

Thanks for update


Post by Sochukwuma21 on 22 February 2021, 14:40 pm

Great news


Post by Benabel on 22 February 2021, 14:40 pm

Flowextra you have made me on fan of news thanks for your support at least this helps me know happens round the world


Post by Emmydollar on 22 February 2021, 14:38 pm

Thanks for the update


Post by Olamummymi247 on 22 February 2021, 14:36 pm

i hope they invest in things that matter


Post by Stephen gerrard on 22 February 2021, 14:36 pm

Thanks for the update


Post by Ashraf Sadiq on 22 February 2021, 14:36 pm

thanks for the update flowextra


Post by Jay flight on 22 February 2021, 14:35 pm

Flowextra you have made me on fan of news thanks for your support at least this helps me know happens round the world


Post by Daystar on 22 February 2021, 14:29 pm

Thanks for the update


Post by Meg2 on 22 February 2021, 14:29 pm

Interesting, kudos to them


Post by Kenniskid on 22 February 2021, 14:28 pm

Good update


Post by Ayolade on 22 February 2021, 14:28 pm

Nice update flowextra


Post by Alabi luqman on 22 February 2021, 14:25 pm

Good news thanks flowextra .Nice


Post by DebbieG on 22 February 2021, 14:23 pm

They have to invest more into the technology, so that it can grow


Post by Honourableade on 22 February 2021, 14:23 pm

Thank you flowextra for the update... U are the best 🙌🙌


Post by Jayrulez on 22 February 2021, 14:21 pm

Thanks for the update flow extra


Post by Ifeadey on 22 February 2021, 14:21 pm

good


Post by MAJORJOHNSON on 22 February 2021, 14:20 pm

Good


Post by Ikemzy on 22 February 2021, 14:19 pm

Thanks for the update flowextra


Post by M. A. X. Y on 22 February 2021, 14:19 pm

Thanks for the update


Post by yahaya019 on 22 February 2021, 14:19 pm

fine


Post by Teejay007 on 22 February 2021, 14:18 pm

okay


Post by Johnsmith500 on 22 February 2021, 14:17 pm

Thanks for the update flow extra


Post by Samuelusman on 22 February 2021, 14:16 pm

Nice updates


Post by Toyinlola on 22 February 2021, 14:15 pm

Donald Trump offered North Korean leader Kim Jong Un a ride home on Air Force One after a summit in Hanoi two years ago, according to a new BBC documentary.


Post by Olamilekan2020 on 22 February 2021, 14:14 pm

Thanks for the update to


Post by selimadisa01 on 22 February 2021, 14:12 pm

These are the areas where the industry can impose itself on the economy through the control of funds for national development.


Post by Artofenny on 22 February 2021, 14:12 pm

Thanks for the update flow extra


Post by Mbee on 22 February 2021, 14:11 pm

Thanks flow extra


Post by Decent-boy on 22 February 2021, 14:09 pm

Thank you flowextra for the update... U are the best 🙌🙌


Post by Akinbiyi2007 on 22 February 2021, 14:09 pm

They must have done well to sustain the economic with their plan.


Post by Eminence192 on 22 February 2021, 14:09 pm

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Post by Keny joe on 22 February 2021, 14:06 pm

The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country.


Post by Youngodii55 on 22 February 2021, 14:06 pm

Good


Post by Brooks on 22 February 2021, 14:05 pm

Thanks for the update flowextra


Post by Southwhitty on 22 February 2021, 14:05 pm

operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years. This data was obtained from the Nigerian


Post by nxikaxoni on 22 February 2021, 14:05 pm

GOOD


Post by Jennings on 22 February 2021, 14:05 pm

Thanks for the update


Post by Ibraheem on 22 February 2021, 14:05 pm

Good


Post by Lawboy11 on 22 February 2021, 14:04 pm

Thank you for the update


Post by Captaindan10 on 22 February 2021, 14:04 pm

Thanks for the update flowextra


Post by Nurubest08 on 22 February 2021, 14:03 pm

Okay


Post by Mitch17 on 22 February 2021, 14:02 pm

Thanks for the update


Post by Iya uche on 22 February 2021, 14:01 pm

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Post by Raph303 on 22 February 2021, 14:01 pm

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Post by vickky on 22 February 2021, 14:01 pm

Thanks for the update flowextra


Post by TONYMAXZ on 22 February 2021, 13:58 pm

This is very serious


Post by BossRuddy on 22 February 2021, 13:57 pm

The institutions must be prepared to invest in technology


Post by Igwe Bueze on 22 February 2021, 13:56 pm

Thanks for the update flowextra


Post by Cyndicute on 22 February 2021, 13:54 pm

Thanks for the update


Post by Ebakabasi on 22 February 2021, 13:53 pm

Nice idea.let's keep moving


Post by DNapoleon on 22 February 2021, 13:52 pm

An opportunity to behold! Flow extra you're doing well


Post by EyiMosope on 22 February 2021, 13:52 pm

visit Flowextra.com/register to get registered.


Post by Akinpelu1 on 22 February 2021, 13:50 pm

This is a great opportunity for the youth thanks Flowextra


Post by Whiteman on 22 February 2021, 13:48 pm

Thanks for the update


Post by Tu9ice7 on 22 February 2021, 13:47 pm

These are the areas where the industry can impose itself on the economy through the control of funds for national development.


Post by Qooldhoz on 22 February 2021, 13:45 pm

Thanks for the update


Post by Timi02 on 22 February 2021, 13:44 pm

Thanks for the update flowextra


Post by Adebayo001 on 22 February 2021, 13:40 pm

Thanks for the update


Post by umukoroanthony1 on 22 February 2021, 13:37 pm

Thank you very much flowextra for the update


Post by Abraham jnr on 22 February 2021, 13:37 pm

Investing in Technology will really Go a way long in boosting the economy of this country...thanks for the Updates Flowextra


Post by Benzium on 22 February 2021, 13:37 pm

That is good


Post by Goodiey on 22 February 2021, 13:37 pm

Thanks for the update


Post by Peterfestus01 on 22 February 2021, 13:36 pm

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Post by Kingsley09 on 22 February 2021, 13:35 pm

Not sure about that


Post by Daviskiig on 22 February 2021, 13:34 pm

Wow


Post by Gen.Sp on 22 February 2021, 13:34 pm

Thanks for the update flowextra


Post by Ajayi on 22 February 2021, 13:32 pm

This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion.


Post by Imam on 22 February 2021, 13:32 pm

Thanks for the updates


Post by Sidoworld32 on 22 February 2021, 13:32 pm

Thanks for the information


Post by Bamidele21 on 22 February 2021, 13:32 pm

Instead of striving to make an opinion The institutions should be prepared to digitalise their processes,


Post by ELIASMOMOH55 on 22 February 2021, 13:31 pm

This is a good news for the investors


Post by Sophira on 22 February 2021, 13:30 pm

Thanke for thr update flow extra


Post by Lynnagongtara on 22 February 2021, 13:30 pm

Thanks for the information


Post by Eyiskelvinoo on 22 February 2021, 13:30 pm

Very good more improvement


Post by Lydia Chimbuchi on 22 February 2021, 13:29 pm

Thanks for the update


Post by Fourthnuku on 22 February 2021, 13:29 pm

That's quiet good


Post by Neylogic on 22 February 2021, 13:29 pm

Thanks for the update flowextra


Post by Churchfada on 22 February 2021, 13:26 pm

Wao, this is quite huge and will go along way to settle some international debt.


Post by Meshach88 on 22 February 2021, 13:25 pm

Flowextra is become good better and best in all ramifications


Post by Jetfreddy1 on 22 February 2021, 13:24 pm

All we keep hearing is billion of niara and dollars yet the country is still very stagnant


Post by BossJ on 22 February 2021, 13:24 pm

These are the areas where the industry can impose itself on the economy through the control of funds for national development.


Post by Nelly11 on 22 February 2021, 13:23 pm

Kudos to them wish them abundance in order to support more.


Post by Adekunle360 on 22 February 2021, 13:23 pm

Thanks for being their for the masses flowextra


Post by Saintpaul on 22 February 2021, 13:22 pm

As we can see we are no longer in the computer era where digitals are used to run the affairs of a sector ,then the role of investment cannot be over emphasized in the building of the growth and strength of a Nation at large


Post by ObichukwuV3 on 22 February 2021, 13:20 pm

thanks for the update


Post by Pcent2021 on 22 February 2021, 13:20 pm

Great news


Post by Atanda7777 on 22 February 2021, 13:19 pm

Thanks for the update.


Post by Eric Nick on 22 February 2021, 13:18 pm

Good move, they better invest in tech things


Post by Aleeyak on 22 February 2021, 13:17 pm

Thanks for the update


Post by KELLYWHITE on 22 February 2021, 13:17 pm

thanks for the update


Post by temimichael261 on 22 February 2021, 13:16 pm

Really good


Post by Splendid124 on 22 February 2021, 13:14 pm

Floextra gives me the best update


Post by Marvvy on 22 February 2021, 13:13 pm

i hope they invest in things that matter


Post by Obiquare on 22 February 2021, 13:13 pm

Okay


Post by Godspower Munez on 22 February 2021, 13:12 pm

The industry must invest especially, in technology, one of the key drivers for developing the market. The institutions should be prepared to digitalise their processes, procedures and systems to make their operations seamless and real-time. . Thanks for this info


Post by Abraham672 on 22 February 2021, 13:11 pm

Thanks for the update FlOWEXTRA


Post by DURODOLA456 on 22 February 2021, 13:11 pm

Thanks for updating us via this medium


Post by Gabr Yung on 22 February 2021, 13:11 pm

Nice update


Post by Yetola on 22 February 2021, 13:10 pm

Thank you for your update flowextra


Post by Veedah on 22 February 2021, 13:10 pm

Ok


Post by Josephamos on 22 February 2021, 13:09 pm

Get register with Flowextra and start earning. Take action now because delay is dangerous.


Post by Horlar120 on 22 February 2021, 13:09 pm

Thanks for the update given


Post by Sharmizy on 22 February 2021, 13:08 pm

Thanks for the update


Post by prince Nuhu on 22 February 2021, 13:08 pm

Thanks for the update


Post by favour chiamaka on 22 February 2021, 13:08 pm

What? That much amount of money into the greedy government hands, not good.


Post by David k on 22 February 2021, 13:08 pm

Thanks for the update


Post by Solex2021 on 22 February 2021, 13:05 pm

Thanks for the amazing news Flowextra


Post by jude245 on 22 February 2021, 13:05 pm

Is alright


Post by Shallom on 22 February 2021, 13:01 pm

Thanks for the update


Post by Dosu on 22 February 2021, 13:01 pm

Keep it up safe


Post by Samjul on 22 February 2021, 13:00 pm

Thanks for your information please


Post by Legbeleye on 22 February 2021, 13:00 pm

Thanks for the update


Post by Chi-best on 22 February 2021, 13:00 pm

Okay


Post by DebbyDabby on 22 February 2021, 13:00 pm

whoa, that is massive too


Post by Adekunle2030 on 22 February 2021, 13:00 pm

Thanks for the update flowextra


Post by Precious22 on 22 February 2021, 13:00 pm

Good good


Post by Nelson103 on 22 February 2021, 13:00 pm

thanks for the update flowextra


Post by Tochuqz on 22 February 2021, 12:59 pm

It's alright


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Post by Risingsun on 22 February 2021, 12:48 pm

Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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It's such a pitty a country would be giving out such huge amount of money but it's citizens are frustrated and living in poverty and hardships


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More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad


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These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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That's a huge amount of claimed


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These are the areas where the industry can impose itself on the economy through the control of funds for national development.


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operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion


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Whao! Operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion!


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Whao! Operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion!


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The industry has invest more especially in technology and Agriculture because N747.06n is a huge amount..


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The industry has invest more especially in technology and Agriculture because N747.06n is a huge amount..


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Despite worries about a recession, operators in the nation’s insurance industry have supported the economy with claim settlement of about N747.06 billion in the last five years.


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In spite of all their funds disbursement, still there is nothing tangible to show as evidence of what the money was used for.


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Post by Mariam05 on 22 February 2021, 10:38 am

“The industry must invest especially, in technology, one of the key drivers for developing the market. The institutions should be prepared to digitalise their processes, procedures and systems to make their operations seamless and real-time. The Commission is investing in automating its processes and expects nothing less from the insurance operators.”


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The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country.


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Insurers sustain economy with N747.06bn claim settlement


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Post by Amysignature on 22 February 2021, 10:14 am

This data was obtained from the Nigerian Insurers Association (NIA) digest, a statistical journal of the association, revealed that in 2015 non-life underwriters settled claims of N54.65 billion while life operators paid N50.57 billion. In 2016, non-life operators paid N57.76 billion while life operators paid N61.87 billion. In the subsequent year, non-life paid 70.52 billion just life N72.31 billion. In 2018, non-life insurers paid N98.70 billion while life operators paid N94.78 billion and in 2019, non-life paid N78.72 billion, as against life operators’ N107.17 billion.Meanwhile, the National Insurance Commission (NAICOM) said it would continue to promote economic growth by ensuring that operators in the sector meet their claim obligations, adding that it would be profiling insurance companies with huge unsettled claims for necessary regulatory action. The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country. Thomas charged operators to strengthen their human and financial capital for effective participation in a bigger ticket risk explained that it has been observed that the gains of domestication the policy of the government as enshrine in the Nigeria Content Development Act 2010 is gradually losing its meaning for the insurance sector. “More businesses especially in the oil and gas and aviation sectors are now being re-insured abroad. Of more concern is the declining participation of life companies in the annuity business which is the emerging business for the industry. These are the areas where the industry can impose itself on the economy through the control of funds for national development. “The industry must invest especially, in technology, one of the key drivers for developing the market. The institutions should be prepared to digitalise their processes, procedures and systems to make their operations seamless and real-time. The Commission is investing in automating its processes and expects nothing less from the insurance operators.”


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Update


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insurance operator


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Insurers sustain economy with N747.06bn claim settlement


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Post by Duruken77 on 22 February 2021, 09:45 am

Thanks for the update


Post by Chinaecherem on 22 February 2021, 09:44 am

Thanks for the news


Post by Yf horfficial hawhy on 22 February 2021, 09:44 am

Thanks for the update flowextra


Post by Horbah1 on 22 February 2021, 09:43 am

Thanks for the update flowextra


Post by A.ramos on 22 February 2021, 09:43 am

Thanks for this awesome update this morning flowextra


Post by Rugilisa on 22 February 2021, 09:42 am

Very good update news ok


Post by Jayzee Poundz on 22 February 2021, 09:42 am

Update


Post by Adeosun20 on 22 February 2021, 09:41 am

Good


Post by Maestro11 on 22 February 2021, 09:41 am

Thanks for the update flowextra


Post by Musa0671 on 22 February 2021, 09:41 am

Great information


Post by SymplyKorede on 22 February 2021, 09:40 am

That's a huge amount of money


Post by Shams on 22 February 2021, 09:40 am

Thanks flowextra for the update


Post by Hafsat03 on 22 February 2021, 09:40 am

Thanks for the update


Post by Hush on 22 February 2021, 09:40 am

Thank for the update flowextra, you are the best


Post by Dandico on 22 February 2021, 09:40 am

Thanks for this awesome update this morning flowextra


Post by Braniac94 on 22 February 2021, 09:40 am

Thanks for the update flowextra


Post by Ppcarter on 22 February 2021, 09:37 am

Thanks for this awesome update this morning flowextra


Post by Fawzy22 on 22 February 2021, 09:37 am

Thanks for the update flowextra.


Post by Calm3241 on 22 February 2021, 09:36 am

Thanks flow extra for the updates


Post by Nkemevidence on 22 February 2021, 09:36 am

Thanks for the update flowextra


Post by Somodisk on 22 February 2021, 09:35 am

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Post by Mummy Sophia on 22 February 2021, 09:35 am

Thanks for the update


Post by OBY 56 on 22 February 2021, 09:35 am

Interesting information thanks


Post by Sakadely on 22 February 2021, 09:35 am

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Post by Modestylove on 22 February 2021, 09:35 am

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Post by MAI FADA on 22 February 2021, 09:34 am

Thanks for the update


Post by Stanleyjay on 22 February 2021, 09:34 am

Really


Post by Yekeen421 on 22 February 2021, 09:34 am

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Post by mercy3361 on 22 February 2021, 09:33 am

Thanks for the update flowextra


Post by Treasure Gold on 22 February 2021, 09:33 am

Thanks for the information


Post by Oluwasemilore12 on 22 February 2021, 09:33 am

All these figured and nothing is changing


Post by Emmah on 22 February 2021, 09:32 am

Thanks for the update


Post by Joyibiteye on 22 February 2021, 09:32 am

The Commissioner for Insurance, Sunday Thomas, who spoke on the development, said the era of a huge backlog is over. He advised operators to be responsive to customers in terms of prompt settlement of claims to change Nigerian perception about insurance business across the country.


Post by WALEPOLY on 22 February 2021, 09:30 am

Goi


Post by Stainlessman on 22 February 2021, 09:29 am

All these figured and nothing is changing


Post by Kasimjiya on 22 February 2021, 09:28 am

THanks for the information


Post by Olawale01 on 22 February 2021, 09:28 am

Thanks for the update


Post by Bumaudom on 22 February 2021, 09:28 am

Thanks flowextra.com for thus update.


Post by Cykesh on 22 February 2021, 09:27 am

Might be good


Post by Damilare2017 on 22 February 2021, 09:26 am

Things are just getting more worst everyday, we just have to keep reviving our economy and God should help us too.


Post by Brittyblizz on 22 February 2021, 09:26 am

Thanks for the update flowextra


Post by Prince hardhex on 22 February 2021, 09:26 am

Thanks for the update flow extra keep it coming


Post by Ogunleye Omowunmi on 22 February 2021, 09:25 am

Thanks for the update


Post by Boseopadotun on 22 February 2021, 09:25 am

Thank you flowextra for the update


Post by Olakunlekenny on 22 February 2021, 09:25 am

Thanks for the update flowextra


Post by Monopro9 on 22 February 2021, 09:25 am

Thanks for the update, keep the good work


Post by Nanmah488 on 22 February 2021, 09:25 am

Thanks flowextra interesting update


Post by Nazir4all on 22 February 2021, 09:24 am

These are the areas where the industry can impose itself on the economy through the control of funds for national development


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