The Nigerian National Insurance Commission (NAICOM) recently took a decision that may serve as a final step to save identified weak firms in the system from total collapse. The commission, was said to have written administrative letters to insurance firms that are presently undergoing financial challenges as revealed by published financial reports, guiding them on… Continue reading Nigeria’s NAICOM Moves to Save Weak Insurance Firms from Collapse
From next year, reinsurance companies will no longer accept risks that are priced below the standard threshold of risk pricing by insurance companies. Investigations reveal that this move was prompted by sharp increases in industry claims ratio which has continued to outpace premium income, leading to dwindling profits. Accordingly, Nigeria’s National Insurance Commission, NAICOM, is… Continue reading Nigerian Reinsurers to reject under-priced risks in 2018.