BNW

B N W: Biafra Nigeria World News

FG Yet to Pay Abuja 2004 Premium - NICON From Kunle Aderinokun in Abuja One year after hosting the 8th All Africa Games (Abuja 2004), the Federal Government is yet to pay its insurance premium, the NICON Insurance Corporation Plc said at the weekend. NICON Managing Director, Ms. Prisca Soares, who disclosed this in Abuja during the unveiling ceremony of NICON's new 'Vision and Mission' statement, however, did not state the amount of premium that was due from the Federal Government. Soares, who said NICON was not the sole insurer of the Games, expressed the hope that the Federal Government would keep to its end of the agreement and pay the up the premium. Also, she revealed that NICON's control of the insurance market has dropped from 45 per cent to 31 per cent. She attributed this decline in market control to competition arising from government's decision that other insurance companies were free to insure government's assets. She pointed out that NICON insurance has lost some government establishments to rival insurance companies, though the company was still holding on to the lucrative cover for the Nigerian National Petroleum Corporation (NNPC), which it underwrites to about 80 per cent. She added that NICON also underwrites some other government parastatals and agencies, which it has high coverage for their assets. But she added that despite the loss of 100 per cent underwriting of government assets, NICON in 2003, realised N15.759 billion as premium from general and life business and N6.710 billion from deposit administration. She noted that NICON has paid N5.690 billion as claims noting that N1.317 billion was paid out for claims for general and life business while for deposit administration, it paid N4.373 billion as claims. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb