building wealth from insurance companies

[paragon]

whether you believe it or not, the nigerian insurace sector is going to be the next money spinner in the market. with the government mandating oil and gas companies to insure 40 percent of their operations in Nigeria, things are going to change.

the job of formally 102 companies will now be done by 45 people and this means more profitability. Why not visit our news blog and see the list of companies that are not merging so that you can take your stand NOW.

or what do you think?

[bwalaman]

Think so too- said my piece already. This sector is about to take off!!! Agree with you. Does anyone know anything about NICON?

[paragon]

NICON insurance is one of the foremost insuranhce companies in Nigeria. They are also not merging with any company as they have already met the stipulated capital base.

Only recently, they acquired Bendel Insurrance, thereby making ti two companies that they have acquired.The company is capitalised to the tune of N7.5 billion which is one of the highest in its class in the industry.

The company was also the first to recapitalise and meet with industry conditions. Among other innovations, the company wants to deploy over 12 ATMs to launch a series of non-insurance products. This is the first in the industry. Policy holdres of the company will be able to transact from these ATMs at no extra cost.

Also thjey intend to start operating a 21 day claim payment system.

[bwalaman]

Thanks Paragon... any word on its full Privatization? I believe BPE/FGN has sold 51% to a core investor and planned to sell 49% to the "public". Recap was never an issue for NICON- FGN's blessing, also it is the biggest in the sector.

Any news on the public part - in my mind, this is the one company in the Insurance sector that is a must have...

[Dis GuY]

thanks paragon

do you know anything about these non-insurance products they plan to introduce and any info about previous financial balance...

[paragon]

i'll get the full details for you soon and let you know.

[Davy Dany]

Determine how much money you have available. This includes your family’s monthly after-tax income from all sources: salaries, part-time work, investments, government payments and any other revenue you receive from miscellaneous sources (gifts, a tax refund, etc.). In each case, show the amount you expect to get in the “Expected” column. When the money comes in, enter the amount in the “Received” column. That will tell you immediately if there are any surprises. A special box on the right side of the spreadsheet will allow you to record all the various sources of additional income you receive in a month, be they from garage sales, boarders, insurance payments, oar anything else. This box will update your Received column as you record the items

[bwalaman]

Need information on NICON...will it become a PLC? When? Thanks in advance