Significant progress has been made in strengthening the local regulatory framework for the insurance and pensions sector, the Insurance and Pensions Commission (IPEC) has said.
Low average earnings and widespread poverty in Nigeria are among factors weighing on insurance affordability and the growth of the sector, according to Fitch in its Nigeria Banking and Financial Services Report for the third quarter of 2020.
Fourteen insurance brokers risk de-registration for holding onto premiums running into billions of shillings. The firms have failed to respond to inquiries from the Insurance Regulatory Authority (IRA) on the pending payments.
Kenya based ICEA LION Insurance has announced a partnership deal with LeapFrog Strategic Africa Investments.
Sub-Saharan Africa is seen as the fastest urbanising region in the world, and currently has 31 large cities...