Rosemary Onuoha
- None, AllAfrica
Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Rosemary Onuoha
Nigeria: Cash Woes - Govt After Dormant Accounts, Unclaimed Dividends
By Babajide Komolafe, Nkiru Nnorom, Rosemary Onuoha and Elizabeth Adegbesan Hard-pressed for additional sources of funds to plug the continued increase in revenue shortage, the Federal Government will this year take over N895 billion from banks and quoted companies representing unclaimed dividends and dormant bank balances as special borrowing to fund crisis related expenditures.
Sunu Assurances completes first phase of recapitalisation- Vanguard News
By Rosemary Onuoha Sunu Assurances Nigeria Plc has successfully completed the first phase of its recapitalisation plan by increasing shareholders’ fund to N6.61 billion in 2020 from N3.47 billion in 2019. Disclosing this at a briefing in Lagos, Managing Director/Chief Executive Officer of the company, Mr. Samuel Ogbodu, stated that the increase in shareholders’ fund represents a 90 percent growth after share reconstruction and capital injection of N3.01 billion.
AIICO’s rights issue records over-subscription
By Rosemary Onuoha AIICO Insurance Plc said that its rights issues recently opened to shareholders have been oversubscribed. According to the company, this is yet another milestone achievement in its recapitalization journey.
NAICOM, NIA disagree over recapitalisation of insurance firms
By Rosemary Onuoha The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms.
Mutual Benefits gets shareholders’ nod to raise additional capital
By Rosemary Onuoha Mutual Benefits Assurance Plc has received shareholders’ approval to raise additional capital in order to meet the recapitalisation requirement of the National Insurance Commission, NAICOM. Accordingly, the underwriter is embarking on a private placement to raise additional N4.8 billion, from its existing investors who have shown interest to increase their stake to enable the company meet its new capital requirement.
Only 11% of workforce is enrolled in the pension scheme - PenOp
By Rosemary Onuoha Despite the astronomical growth recorded in the pension fund, only 11 percent of workforce is enrolled in the Contributory Pension Scheme, CPS, and the micro pension schemes and this number needs to improve, the Pension Fund Operators Association of Nigeria, PenOp, has said. Head of Media, Communications and Branding Committee of PenOp, who is also the Chief Executive of Fidelity Pensions Limited, Mrs.
Insurance operators bank on NAICOM portal to curb rate cutting, others
By Rosemary Onuoha Insurance operators are banking on the introduction of the National Insurance Commission, NAICOM, portal next year to curtail the menace of rate cutting and other unprofessional practices impacting negatively on turnover of companies. Rate cutting is one of the desperate but unprofessional practices adopted by some insurance firms to get business at all cost.
Transfer Window: Over 2,100 change PFAs over poor services
By Rosemary Onuoha Following the launch of the pension transfer window by the National Pension Commission (PenCom) recently, over 2, 100 Retirement Savings Account (RSA) holders have applied to move their pension accounts from their current Pension Fund Administrators (PFAs) to a new one. Head, ICT, PenCom, Mr. Polycarp Anyanwu, made the disclosure at the virtual 2020 Pension Fund Operators Association of Nigeria (PenOp) media retreat for pension correspondents.
Anchor pays N957m claims in 10 months
By Rosemary Onuoha Anchor Insurance Company Limited has paid out N957 million as claims to deserving policyholders as at the end of October this year. The company’s Managing Director, Mr. Ebose Augustine, disclosed this while speaking with journalists in Lagos recently. Augustine stated that meeting customers’ genuine claims’ requests adding that doing so within a specified time limit have been parts of the practices Anchor Insurance was known for.
Don’t shun insurance despite inflation, harsh environment- NAICOM
By Rosemary Onuoha As businesses and individuals adopt cost reduction measures in response to rising inflation and the harsh business environment, the National Insurance Commission, NAICOM, has charged Nigerians to avoid the tendency to shun insurance of their assets. Commissioner for Insurance, Mr. Sunday Thomas who gave the charge noted that despite the biting inflation in the country, even as people reduce the cost of expenses, this is not the best of time to reduce insurance consumption.
ARM Holdings boosts healthcare in Lagos
By Rosemary Onuoha Asset & Resource Management Holding Company (ARM) has given a boost to the healthcare facilities in Lagos State with the renovation and donation of a set of laboratory equipment to the Outpatient Health Centre in Onikan.
Africa Re canvasses improved agricultural sector
By Rosemary Onuoha African Reinsurance Corporation, Africa Re, has canvassed for an improved agricultural sector in the continent, stating that the performance of the sector can significantly influence economic development in most sub-Saharan Africa countries.
AXA Mansard reports 169% growth in profit after tax
By Rosemary Onuoha AXA Mansard Insurance Plc, a member of the AXA Group, has recorded 169 percent growth in profit after tax of N5.67 billion for the third quarter ended September 30, 2020, from N2.11 billion in September 2019. In a statement by the company, gross written premium went up by five percent at N39.46 billion from N37.43 billion while net premium income went up by 24 percent at N23.75 billion from N19.13 billion.
Agusto & Co warns Nigerians against liabilities in hard currencies
By Rosemary Onuoha Due to the weakening of the Naira value against the world’s major currencies, Nigerians should not build up liabilities in hard currencies as the tendency is that more Naira will be required to repay the debt in the long run.
Declining Yields: NSITF advocates review of laws guiding insurance fund investment
By Rosemary Onuoha Nigeria Social Insurance Trust Fund, NSITF, has called for a review of the laws guiding investment of insurance and pension funds to ameliorate the impact of declining yields on bonds, treasury bills and other fixed income instrument. From an average of 15 percent in early 2019, yields on 364-Days treasury bills dropped to 0.3 per cent at the auction conducted by the Central Bank of Nigeria (CBN) last week.
NAICOM licenses five new insurance firms
By Rosemary Onuoha The National Insurance Commission (NAICOM) has licensed five new companies to operate in the Nigerian insurance market. The five new companies comprise four underwriting firms and one reinsurance company. Mr Rasaq Salami, Head, Commissioner for Insurance Directorate of the National Insurance Commission (NAICOM) disclosed this Friday during the Insurance Industry Consultative Council 2020 media retreat in Ijebu Ode.
NAICOM to sanction insurance firms over N40bn unpaid claims
By Rosemary Onuoha The National Insurance Commission (NAICOM) said it is compiling the list of insurance companies for necessary regulatory sanctions over unsettled claims which industry experts have estimated to be over N40 billion.
Allianz Nigeria restates readiness to settle unrests' claims- Vanguard News
By Rosemary Onuoha Allianz Nigeria has confirmed her readiness to support customers and business owners whose property or businesses have suffered one form of loss or the other during the recent unrests experienced all over the country, by meeting her obligations and promptly paying claims for such damages/losses. In a communiqué by the Chief Enabling Officer, Adeolu Adewumi-Zer, the company said: “Our focus is on the customer and supporting businesses, as our purpose is to secure the future.
Customers applaud Universal Insurance on prompt claims settlement
By Rosemary Onuoha Some customers of Universal Insurance Plc have applauded the claims-paying ability of the company, attesting that the company was able to settle their claims as and when due. Owing to the company’s pedigree on claims settlement, the Actors Guild of Nigeria (AGN) a body also known as Nollywood industry, chose Universal Insurance to provide it with Group Personal Accident Insurance policy.
De-risk real sector to attract pension, insurance funds, LCCI advises
By Rosemary Onuoha Lagos Chamber of Commerce and Industry, LCCI, has advocated the need to de-risk the real sector to encourage investment from insurance firms, pension managers and foreign investors. LCCI Director-General of the Lagos Chamber of Commerce and Industry, LCCI, Dr. Muda Yusuf stated this at the 5th annual conference of the National Association of Insurance and Pension Correspondents, NAIPCO, in Lagos last week.
Nigeria at 60: Women still subjected to gender inequality - Vanguard News
By Rosemary Onuoha As the country celebrates independence, some female professionals in the insurance industry have lamented that Nigeria still ranks low amongst countries that support gender equality and inclusion of women in the workplace and this necessitates a need for actions that can impact the countries potential positively in the future. According to these women, the economy could experience an additional 1.25 percent GDP growth if the country embraces gender parity.
Insurance leaders should be flexible— Experts - Vanguard News
By Rosemary Onuoha Operators in the insurance industry have been charged to step up and make the sector more welcoming, structured and flexible. Speaking at the 2020 Dive-in-Festival in Nigeria themed “Promoting Inclusion & Diversity in the Nigerian Insurance Industry for a Quantum Leap”, Founder, Funmi Omo Initiative, and former Managing Director of African Alliance Insurance Plc, Mrs Funmi Omo, said diversity brings about balance.
Maryland Mall now Purple Maryland
By Rosemary Onuoha The Purple Group has announced a change of the name of Maryland Mall to Purple Maryland, and the new identity will be unveiled on October 1, alongside the Independence celebrations. The reason, according to the company, is to tap into the general ‘green’ independence culture that surrounds the October 1 celebration while celebrating independence the “Purple Way”.
Insurance leaders should be flexible — Experts - Vanguard News
By Rosemary Onuoha Operators in the insurance industry have been charged to step up and make the sector more welcoming, structured and flexible. Speaking at the 2020 Dive-In-Festival in Nigeria themed “Promoting Inclusion & Diversity in the Nigerian Insurance Industry for a Quantum Leap”, Founder, Funmi Omo Initiative, and former Managing Director of African Alliance Insurance Plc, Mrs Funmi Omo, said that diversity brings about balance.
Lasaco Assurance grows underwriting income by 29%
By Rosemary Onuoha The board of Lasaco Assurance Plc said that the company achieved modest growth in 2019 in some of the financial metrics, as its gross written premium grew by four percent to N9.34 billion from N9.01 billion recorded in 2018. Addressing shareholders at the company’s 40th annual general meeting in Lagos, Acting Chairman of the company, Mr. Sani Ndanusa, said net underwriting income increased by 29 percent to N6.7 billion in 2019 from N5.2 billion in 2018.
CIIN appoints new DG
By Rosemary Onuoha Mrs Abimbola Tiamiyu has been appointed the new Director-General of the Chartered Insurance Institute of Nigeria, CIIN. She was the former Director of Examinations before her appointment. Tiamiyu replaces Mr. Richard Borokini who joined the Institute in March 2016 and served for four years.
Recapitalisation: Law Union shareholders accept new investor’s offer
By Rosemary Onuoha Shareholders of Law Union and Rock Insurance Plc have accepted an offer of N1.23 per share for every 50 kobo ordinary share held from the new owner of the company, Verod Capital Management. The Board of Law Union and Rock secured the exit payment from its new investor in the quest to get full value for the investment of shareholders of the company.
African Trade Insurance Agency will enhance local market - Operators
By Rosemary Onuoha Operators in the insurance industry have expressed optimism that the agreement for the establishment of the African Trade Insurance Agency, ATI, by President Muhammadu Buhari will have a multiplier effect on the sector, even as it will enhance the local market in Africa. Operators who spoke to Vanguard on the development noted that the move will engender economic activity within the sector as such will improve contribution of the insurance sector to the nation’s GDP.
FG approves appointments of insurance deputy commissioners
By Rosemary Onuoha President Muhammadu Buhari has approved the appointments of Alhaji Sabiu Bello Abubakar and Oba Olufemi Oluniyi as Deputy Commissioners for Insurance, National Insurance Commission (NAICOM). A statement by Head, Commissioner for Insurance Directorate, NAICOM, Rasaaq Salami, yesterday, said Abubakar is the Deputy Commissioner, Technical while Oba will serve as the Deputy Commissioner in charge of Finance and Administration (F&A) in the Commission.
Nem Insurance grows GPW by 13%
By Rosemary Onuoha Nem Insurance Plc said its Gross Premium Written, GPW, grew by 13 percent to N19.8 billion in 2019 financial year from N15 billion in 2018. Managing Director/Chief Executive Officer of the company, Mr. Tope Smart who disclosed this to shareholders at the company’s 50th annual general meeting said that net premium also increased by 18 percent to N12.6 billion in 2019 from N10.6 billion in 2018.
GNI partners Ogun on security
By Rosemary Onuoha Great Nigeria Insurance, GNI, Plc, one of the foremost underwriting firms in the country, has partnered with Ogun State Security Trust Fund, OSTF, as part of its strategic corporate social responsibility, CSR, initiatives. The company supported OSTF through donations to aid in discharging its duty of securing the lives and properties of indigenes and residents of the state. Managing Director/CEO of the company, Mrs.
Nem Insurance grows GPW by 13%
By Rosemary Onuoha Nem Insurance Plc said its Gross Premium Written, GPW, grew by 13 percent to N19.8 billion in 2019 financial year from N15 billion in 2018. Managing Director/Chief Executive Officer of the company, Mr. Tope Smart who disclosed this to shareholders at the company’s 50th annual general meeting, said that net premium also increased by 18 percent to N12.6 billion in 2019 from N10.6 billion in 2018.
Nigeria ranks low in global pension despite improved pension scheme
By Rosemary Onuoha Despite the successes being recorded in the Contributory Pension Scheme, CPS, the Nigerian pension sector has been ranked low as it occupies 64th position in the global pension rankings. According to the first edition of the Allianz global pension report, no African country ranks among the top-10 as pension systems in most of these countries are still in the build-up phase.
Wapic Insurance grows GWP by 9%
By Rosemary Onuoha Wapic Insurance Plc has recorded a nine percent growth in Gross Written Premium, GWP, for the 2019 financial year at N15.2 billion. This is against N13.9 billion recorded in… CONTINUE READING» Stay up-to-date Subscribe now for weekly news headlines roundup delivered directly to your inbox. Thank you for subscribing. Something went wrong.
Wapic Insurance grows GWP by 9%
By Rosemary Onuoha Wapic Insurance Plc has recorded a nine percent growth in Gross Written Premium, GWP, for the 2019 financial year at N15.2 billion. This is against N13.9 billion recorded in 2018, according to its recently released 2019 financial results.
Nigeria: COVID-19 Raises Posers Over Business Interruption Underwriting
Insurers at discord on policy cover for pandemics Following the lockdown across the country on the backdrop of the coronavirus, COVID-19, pandemic which crippled economic activities, some business owners and organisations have started approaching their insurers for claims on business interruption insurance.
Nigeria: PFAs Slash Investment in TBs By 30%
In apparent response to the sharp decline in yields on treasury bills (TBs), Pension Fund Administrators (PFAs) have reduced the amount of pension assets investments in TBs by 30 percent to N1.37 trillion in February from N1.88 trillion in December 2019. Yield on one year TB has fallen by 946 basis points to 3.84 percent this week from 13.3 percent at the end of September last year.
GNI restates commitment to efforts by FG to curb COVIFD-19
By Rosemary Onuoha Great Nigeria Insurance, GNI, Plc said it remains committed to supporting every effort of the Federal Government, FG, and the insurance industry aimed at combating the COVID-19 scourge in Nigeria. Accordingly, the company has made a financial commitment to support the insurers’ umbrella body, Nigerian Insurers Association, NIA, intervention fund in the fight against the COVID-19 pandemic.
Buhari commends insurance sector on free cover for health workers
By Rosemary Onuoha President Muhammad Buhari has commended the insurance sector for supporting the government with free insurance cover for frontline health workers. He gave the commendation during his nationwide broadcast on Monday. He said: “In keeping with our government’s promise to improve the welfare of healthcare workers, we have signed a memorandum of understanding on the provision of hazard allowances and other incentives with key health sector professional associations.
By Rosemary Onuoha Medical staff The Nigerian insurance industry has provided life insurance cover of N11 billion for frontline health workers in the battle against COVID-19. The amount which is the sum assured is being provided by the insurance industry comprising all insurance, reinsurance and insurance broking companies, and will cover doctors, pharmacists, nurses as well as other ancillary personnel and volunteers in the frontline of the battle against the Virus.
COVID-19: Business interruption claims surge amidst controversy
By Rosemary Onuoha Following the lockdown in some states due to the Coronavirus (COVID-19) pandemic which crippled economic activities, some business owners and organizations have started approaching their insurers for claims on business interruption insurance policy. But many insurance industry executives are saying the necessary business insurance policy does not cover pandemics such as COVID-19.
Lockdown: Closed business premises could experience fire outbreaks - Report
By Rosemary Onuoha As companies and production outfits continue to be under lock and key due to the lockdown order by the government, there is the tendency for firms to suffer increased fire outbreaks. A report by Allianz Global Corporate & Specialty (AGCS), a global insurance outfit, said that a number of losses occur when employees are not largely present on sites or premises.
Insurers’ premium income outpaces claims growth rate
By Rosemary Onuoha NAICOM THERE are indications that the financial fortune of the insurance industry is reversing the adverse portfolio profile which had seen claims crowding out premium income. The latest financial reports of leading insurers for the 2019 financial year have shown that claims obligations are on the decline while premium income recorded slight increase.
Underwriter reports 29% growth in GWP
By Rosemary Onuoha Despite the challenging operating environment, Axa Mansard Insurance Plc, has announced a 29 percent increase in its Gross Written Premium (GWP) for the 2019 financial year. According to its 2019 unaudited financial report, GWP stood at N43.62 billion from N33. 92 billion recorded in 2018. The company’s net premium income grew by 34 percent to N26.34 billion from N19.7 billion within the period under review.
Linkage Assurance assures brokers of recapitalisation plan
By Rosemary Onuoha The Managing Director/Chief Executive Officer of Linkage Assurance Plc, Mr. Daniel Braie has assured the brokerage community that the company will meet the new capital base of N10 billion. Braie said that Linkage is not looking outside for funding to meet the recapitalisation requirement, but that it has the internal capacity to raise the needed funds.
Aiico jerks up capital base to N11.3bn
By Rosemary Onuoha Aiico Insurance Plc has increased its paid-up share capital to N11.3 billion from the previous figure of N6.1 billion following investments from LeapFrog Nigeria Insurance Holdings Limited as well as Aiico Bahamas Nigeria Limited. While LeapFrog Nigeria acquired a 28.24 percent stake in the company, AIICO Bahamas Nigeria Limited acquired a 10.59 percent stake. Aiico said that it intends to raise the outstanding capital from existing shareholders.
Digitizing insurance processes may not be feasible this year - STI Chair
By Rosemary Onuoha The move by the National Insurance Commission, NAICOM, to digitize insurance processes from this year may not be feasible if there is no close monitoring on insurance companies. Chairman, Sovereign Trust Insurance (STI) Plc, Mr. Oluseun Ajayi, who disclosed this to Vanguard, noted that the initiative is a right step in the right direction if properly monitored and implemented.
IFRS 17: Insurers should develop business plan - NAICOM
By Rosemary Onuoha NAICOM office The National Insurance Commission, NAICOM, has charged insurance companies to develop business plan in preparation for transition to IFRS 17 before the implementation date of January 2022. According to NAICOM the move is necessary as transition is going to be comprehensive and complex. It will be recalled that beginning from January 01, 2022, all insurance and reinsurance contracts must be reported in accordance with IFRS 17.
Nigeria: Insurers Battle Ship Owners Over Maritime Insurance
The moves by the Ship Owners Association of Nigeria, SOAN, to establish a specialist insurance outfit in Nigeria to cover all maritime related risks, has drawn the ire of the insurance industry. SOAN has said it was moving to establish a maritime insurance outfit in the mode of the Protection & Indemnity, P&I, Club of London to curb the loss of billions of dollars annually in insurance premium paid to foreign insurance companies.
Insurers battle ship owners over maritime insurance
By Rosemary Onuoha The moves by the Ship Owners Association of Nigeria, SOAN, to establish a specialist insurance outfit in Nigeria to cover all maritime related risks, has drawn the ire of the insurance industry. SOAN has said it was moving to establish a maritime insurance outfit in the mode of the Protection & Indemnity, P&I, Club of London to curb the loss of billions of dollars annually in insurance premium paid to foreign insurance companies.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Rosemary
Contact Rosemary, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack