Fifty three insurance companies in Nigeria expended a whooping N116 billion on their respective management, translating to 40 per cent of their premium income of N324 billion made in the last financial year, inside sources reveal. This happened while some of the affected insurance firms had not given good returns on investment to their respective… Continue reading 53 Insurance Companies Expend N116bn On Management From N324bn Income
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.