Monday,October 07, 2019 / 3:04 PM /  Bukola Akinyele  for ProshareWebTV / Header Image Credit: Elections.in

In the previous week the National Insurance Commission (NAICOM)disclosed that the Nigerian Life Annuity Fund Portfolio hit N323bn. 

Thefigure represented a growth of 17.46 per cent compared to that of 2018 whichwas N275 billion. 

This was part of a statement issued  by Mr Rasaq Salami, Head,Commissioner for Insurance Directorate of the National Insurance Commission(NAICOM) in Abuja. 

Also speaking on "Retiree Life Annuity" hesaid the cumulative RLA payouts within the same period underfocus,  stood above N122 billionas at end of the second quarter of 2019. 

Other developments last week included the following:

Cornerstone Insurance Notifies Public On The Sale Of Head OfficeBuilding

Last week, Cornerstone insurance notified thefinancial market and other stakeholders of sale of its head office buildingsituated at Oba Yesufu Road, Victoria Island Lagos. 

The property was jointly owned with Capital AllianceProperty Investment Company Limited and FIN Insurance Company Limited. 

For further informations, the public is hereby notedto contact: PAC Solicitors Company Secretary via [email protected] and /or Head, Marketingand Coriiorate communications Group for Cornerstone Insurance Plc via [email protected]

NIA Launches "Wetin U Carry" To Tackle Fake Motor VehicleInsurance

The Nigeria Insurers Association at the recent launch of the "Wetin U Carry" campaign acknowledged that about 9.47m insurance vehicles aremissing in the industry database of the country. 

It reported that of the 12m vehicles registered in Nigeria, only2.53m are captured in the Nigerian Insurance Industry Database(NIID). 

This means that awhopping 9.47 million are either without insurance cover or have fakeinsurance. 

The huge gap, said the NIA, ismind-boggling and not only robs the industry of its expected revenue but putsmany Nigerian publics on risks of accident, death or other losses withoutcompensation.

NIA said it would go all out to let Nigerians realizethat the insurance policy in their hands is a valuable asset that should becherished, which implies that they get their cover from the right sources.

The Director-General of the NIA YetundeIlori believed the association desires to putthe slogan, "Wetin U Carry", on the lips of everybody. She said the slogan isnot meant to punish motorists for not having insurance, but to enable themcheck by themselves whether what they have as insurance is genuine or not.

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