AIO Suspends IGI, Prestige Assurance, Others Over Membership Fees

May 21, 2018
Prestige Assurance plc

By Modupe Gbadeyanka

Some insurance companies operating in Africa have been suspended by the African Insurance Organization (AIO) over their failure to pay subscription fees to the body in the last three years.

AIO is a non-governmental organisation recognised by many African governments with the main aim to promote inter-African co-operation and develop a healthy insurance and re-insurance industry on the continent. It was established in 1972.

The current membership of the AIO is 326 members: 315 of them from 45 countries in Africa and 11 associate members from seven overseas countries.

At its 45th Annual General Assembly held in Accra, Ghana from May 6 to 9, 2018, the executive committee, in its report, said it has suspended Prestige Assurance Plc, Standard Alliance Plc, Industrial and General Insurance (IGI), Cosmic Insurance brokers and the National Cooperatives Insurance, all from Nigeria.

However, the insurers from Nigeria were not the only ones suspended by the organisation as those from the host nation also received the big stick.

Two companies from Ghana, Donewell Insurance Company and Quality Insurance Company were suspended by AIO for the same offence.

Also, Jubilee Insurance from Tanzania was suspended, while A MUNDIAL Seguros S.A from Angola and Nib Insurance Company from Ethiopia received the same punishment.

Business Post reports that speakers at this year’s event were Ms Inga Beale, Ms Delphine Traore, Ms Lerato Mbele, Mr Sere Mady Kaba, Ms Thokozile Mahlangu, Mr Pierre-Edouard Fraigneau, Mr Andreas Bollman, Mr Georges Kavege, Mr Nico Conradie and Mr John Murphy.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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