Exposure to cyber attacks in the financial services sector is creating a growing demand for cyber-insurance. Banks and financial technology firms are beginning to see a need to explore cyber-insurance as a means of alleviating the impact of electronic payment fraud in Nigeria. Industry statistics show that Nigeria is losing about N127bn to cyber-fraud every… Continue reading Banks, tech firms combat N2.19bn e-fraud with cyber-insurance.
Insurance companies in the country who fail to pay genuine claims, risk losing a substantial part of their cumulative N30 billion statutory deposits, while managing directors of the underwriting firms will also face removal, this was revealed by reliable inside sources. Findings revealed that the 58 registered insurance companies in the country have cumulative statutory… Continue reading Unpaid Claims: Insurance Companies To Lose N30bn Statutory Deposit