Insurance brokers are ready to increase their contribution to the insurance business from 60% to 90%.
Insurers in Nigeria hope that the consolidated insurance Bill when passed into law would reposition NAICOM and give it the necessary powers to prosecute those who violate laws related to compulsory insurance.
Curacel, an insurance infrastructure provider, has raised $3m in seed funding to roll out new technology solutions designed to power the next generation of insurance experiences in Africa.
Experts at the credit rating firm Agusto & Co sees the political environment in Nigeria as shaping insurance activities this year.
The National Insurance Commission (NAICOM) is working towards implementing a risk-based capital regime in 2024.
Most of the ugly behaviours exhibited by motorists on the road when an accident happens stem from the low level of insurance awareness. This has also led to the menace of fake insurance particulars.
Insurance experts urge Nigerians motorists to embrace new motor insurance premium rates because the previous rates were fixed in 2003 and were no longer adequate.
The Federal Government, through the National Insurance Commission (NAICOM), has increased the premium rates for motor insurance in Nigeria with effect from 1 January 2023.
Insurance companies in Nigeria can now partner with more than one bank, according to the revised bancassurance guidelines released by the National Insurance Commission (NAICOM).
The Nigerian Insurance industry has proven to be one of the most resilient and fastest growing sectors in the Nigerian economy.