Major News Headlines for 22 August, 2017
Weekly Economic Index: Nigeria’s External Reserve Increases As The Stock Market Drops Below Its N13 Trillion Mark
Since the global oil price crash in 2014, Nigeria has been one of the hardest-hit economies due to its over-dependence on oil as its main source of revenue. China’s economic slowdown, as well as the United States’ rate hike, also affected its economy adversely. As a result, Nigeria’s economic growth declined drastically, with its currency falling to an all-time low. In order to save the economy from a complete collapse, the Central Bank of Nigeria (CBN) put stringent monetary policies in place, which saw investors pulling out of the country.
First half catastrophe losses low at $23bn: Swiss Re
Global insured losses from natural and man-made disasters stood at $23bn for the first half of 2017, down 35% from the $36bn recorded during the same period last year and well below the 10-year average of $33bn, according to Swiss Re. Economic losses were also well below average at $44bn, according to Swiss Re’s preliminary estimates
Competition heats up in insurance as Willis, Marsh make new Nigeria acquisitions
Real competition for business and leadership is stepping up in the brokerage arm of the Nigerian insurance industry, as top global brokers and reinsurance-brokers position in the local market, with the acquisition of indigenous companies.
Why Health Insurance Scheme Has Failed In Nigeria-Experts
The Health and Managed Care Association of Nigeria has identified the “failure of regulation” as the actual problem affecting the growth of health insurance today, in Nigeria.
Speaking as a guest on the programme “Today on STV”, the Publicity Secretary of the association Mr. Lekan Ewenla said, “Health, being on the concurrent list in our constitution is another challenge.”
N8.4bn premium backlog weighs down Nigeria’s underwriters
A backlog of N8.4 billion receivables owed the nation’s 57 insurance companies by the Federal Government is threatening the survival of several underwriters now struggling to make ends meet.
The unpaid premium which had accumulated from insured government assets is seen by the Nigerian Insurers Association (NIA) as one live wire the embattled insurers can latch on to revive the prostrate industry.
NDIC Plans for risk free banking
The Nigeria Deposit Insurance Corporation (NDIC) last month secured a landmark judgment to the tune of N556.49 million for the depositors of the defunct Lead Merchant Bank Limited. The depositors’ ordeal had begun with the Central Bank of Nigeria (CBN) revoking the bank’s operating license, with that of 13 other banks th at could not meet the December 31st 2005 recapitalisation deadline.
Osinbajo vs the senate: The fight for PenCom
Over the weekend, the Senate and Mr. Osinbajo, in his Acting President capacity, had a running battle over the National Pension Commission (PenCom). A bystander would reasonably wonder what the issue was. The truth is that in the last six months or so, PenCom has become a fierce battleground for the Vice President, Mr. Osinbajo.
Paddy Ezeala: Pension Reform and the Legislative Do-Gooders
The contributory Pension Scheme remains the answer to the growing pension liabilities in the country and the unimpeachable social security safety net for Nigerian workers on retirement. It is participatory, all-inclusive and transparent. It should therefore be insulated from unnecessary politics and the excesses of meddlesome interlopers and latter day do-gooders.
NNPC unveils investors for Port Harcourt, Warri refineries
Anibor Kragha, chief operating officer, Refining and Petrochemical, NNPC, has unveiled the two private companies that would build the Port Harcourt and Warri refineries under the co-location initiative of the Federal Government