In this edition of Octamile’s African Insurance news, motor insurance service loses N160b to fraudsters, why insurance is struggling in Nigeria, car insurance huge opportunity in Africa and many more…
Motor Insurance Service Loses N160bn To Fraudsters
Despite efforts by the insurance industry to ensure that motorists carry genuine motor insurance policies, a huge number of vehicles have continued to ply Nigerian roads with fake or no insurance certificates. From the Nigerian Insurers Association, NIA data, 71.7% of vehicles registered in Nigeria do not have adequate insurance cover. Only 28.3 percent of the vehicles on the Nigerian roads have genuine insurance covers.
Why Insurance Business Is Struggling In Nigeria
The Osun state born business mogul and gubernatorial aspirant, Dr Akin Ogunbiyi, who also happens to be the Chairman of Mutual Benefits Assurance Plc in an interview with a reporter from the Nation Online shares his candid views on the state of the economy from the insurance point of view
Rice Farmers Get Protection With Area Yield Index Insurance ( Ayii)
Nigerian rice farmers can now get full returns if their insured farmland does not produce the projected quantity of crops due to climate change-induced losses through the introduction of Area Yield Index Insurance (AYII). The scheme is being implemented in Nigeria by Heifer International in collaboration with three other organisations; PULA, OLAM and Leadway Assurance Limited, to cover the hazard shared by most farmers in the country.
Car Insurance market; huge growth, opportunities and 2025 trend.
This global car insurance market research report forecast for 2022-2025 is a valuable source of insightful data for business strategists. This research provides the industry overview with growth analysis, historical and futuristic cost, revenue, demand and supply data. Thi study provides comprehensive data which enables the understanding and application of this report
Major Medical Aid Warning For South Africa
While the public hearings around South Africa’s proposed National Health Insurance (NHI) have now concluded. There is still a distinct lack of clarity around what exactly the scheme means for the country’s health sector. Even for the pockets of taxpayers.
Despite several engagements, the Department of Health has failed to provide clarity or explanations on several key issues within the bill, says Lee Callakoppen, principal officer of Bonitas Medical Fund.
NAICOM, CIIN Chart Path For Growth Of Insurance Sector
Before the nation’s insurance industry can contribute optimally to the economy, there is a need for underwriters to adopt a risk-based asset approach, investment in digital growth and product development among others. This was the resolution of the National Insurance Commission (NAICOM) and the Chartered Insurance Institute of Nigeria (CIIN) at the just concluded 2022 Business Outlook Seminar organised by the CIIN, with the theme ‘Economic Policies of the Government in 2022: Challenges, Issues and Prospects’.