The National Insurance Commission, NAICOM, has lamented the declining participation of local insurers in big ticket businesses such as aviation, annuity as well as oil and gas risks underwriting.
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2020 has been an intriguing year with the effect of COVID-19 and its multifaceted impact on all spheres of life, both positively and negatively.
While the negative impacts of COVID-19 cannot be underplayed, it has also played out positively in accelerating digital adoption journey across divides, fostering rethinking of business models to serve the insatiable taste of consumers. Above all, brings to fore the resilience spirit in all of us, hence, we all survived the year
During the year, the Association had to also rejig the approaches to serving its members and the ecosystem at large as it took a holistic approach to addressing issues that commonly affect players in the ecosystem such as regulation, funding and skills drought, through;
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The Managing Director/Chief Executive Officer, SUNU Assurances Nigeria Plc, Samuel Ogbodu, has said the company has successfully completed the first phase of its recapitalisation plan by increasing shareholders’ fund to N6.61bn in 2020 from N3.47bn in 2019.
He said this during a press conference in Lagos while speaking on recent developments in the company.
Ogbodu said the increase in shareholders’ fund represented a 90 per cent growth after share reconstruction and capital injection of N3.01bn.
He noted that in spite of economic challenges, the firm had continued to grow its market share, adding that it would close 2020 financial period with a premium production of at least N3.15bn, a 40 per cent increase in the N2.24bn recorded in the same period of 2019.