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Nigeria tag returned 11 results

  • Nigeria: Insurance M&A deals may be more difficult to reach than expected

    Even while the insurance industry in Nigeria expects consolidation (mergers and acquisitions) to take place following the National Insurance Commission's (NAICOM) directive for the minimum capital to be raised for re/insurers, a lot of work needs to be done especially in convincing a strong company to acquire a weak competitor that may offer nothing in real value, according to an editorial in the publication Leadership.

    Africa | 23 Sep 2019
  • Nigeria: Number of insurers forecast to shrink by more than half

    The number of insurance companies in Nigeria is forecast to shrink from 59 to around 25 by June next year when insurers have to meet new capital requirements set by the National Insurance Commission (NAICOM), according to Coronation Merchant Bank.

    Africa | 16 Sep 2019
  • Nigeria: Aviation industry calls for insurance rule changes

    Insurance premiums cost the Nigerian aviation sector NGN13bn ($36.8m) a year currently, compared to NGN11bn in 2017, according to Airline Operators of Nigeria (AON).

    Africa | 02 Sep 2019
  • Nigeria: Regulator cites big-ticket insurance placed abroad as rationale for recapitalisation

    The National Insurance Commission (NAICOM) has listed the insurance business placed by 11 top corporations in 2018, in a bid to illustrate the need for recapitalisation in the insurance sector. In aggregate, more than 30% of the business was approved for placement in Europe and America due to the inability of local insurers to retain more of it.

    Africa | 26 Aug 2019
  • Nigeria: Energy insurance pool yet to meet local cession target

    Nigerian underwriters' plan to retain more of oil and gas risks locally with the creation of the Energy and Allied Insurance Pool of Nigeria (EAIPN) is yet to be fully realised six years after the pool was established.

    Africa | 19 Aug 2019
  • Nigeria: New capital rules could slash number of insurers to 20

    Investment banking firm Chapel Hill Denham has predicted that the number of insurers in Nigeria would be slashed to at most 20 from 57 currently as an outcome of higher capital requirements imposed by the insurance regulator, National Insurance Commission (NAICOM).

    Africa | 12 Aug 2019
  • Nigeria: Insurers seek more time to meet additional capital requirements

    Some insurance companies have asked the insurance regulator to give them an additional three to five years to comply with higher minimum capital requirements.

    Africa | 22 Jul 2019
  • Nigeria: Insurance market sees premiums jump by 10% in 2018

    Premium income in the Nigerian insurance sector rose by 10% to NGN400bn ($1.1bn) in the 2018 financial year, according to the Nigerian Insurers Association (NIA).

    Africa | 15 Jul 2019
  • Nigeria: Fragmented financial sector limits insurance growth

    Nigeria's fragmented financial sector is hampering the growth of the insurance industry in the country, Mr Alhaji Mohammed Kari, the Commissioner for Insurance, has said.

    Africa | 01 Jul 2019
  • Africa: Sub-Saharan region to add 1bn people by 2050

    With a projected addition of over 1bn people, countries of sub-Saharan Africa could account for more than half of the growth of the world's population between 2019 and 2050, and the region's population is projected to continue growing through to 2100, according to a forecast by the Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat.

    Africa | 24 Jun 2019