Only hand­ful of in­sur­ance firms known to nige­rian pub­lic

RISKAFRICA Magazine - - NEWS -

Only 15 in­sur­ance com­pa­nies out of 50 firms op­er­at­ing in Nige­ria are known to the pub­lic, ac­cord­ing to a study con­ducted by Ger­man agency for sus­tain­able de­vel­op­ment, GIZ and Risk­guard Africa Limited, re­ports al­lAfrica.com. The sur­vey shows that the few in­sur­ers known to Nige­ri­ans are Aiico In­sur­ance, PLC, Niger In­sur­ance, In­dus­trial and Gen­eral In­sur­ance (IGI), Lead­way As­sur­ance, NICON, LASACO, Oasis, Mu­tual Ben­e­fits, Royal Ex­change and Crusader. Other com­pa­nies iden­ti­fied as un­der­writ­ing firms in­clude Sa­vana In­sur­ance, Gate­way In­sur­ance, Qual­ity In­sur­ance, Lib­erty In­sur­ance, CBN Agric In­sur­ance Limited and Ac­cess In­sur­ance.

Con­cerned by this de­vel­op­ment, com­mis­sioner of in­sur­ance Fola Daniel says the national in­sur­ance com­mis­sion in Nige­ria de­vel­oped a draft guide­line for the en­trench­ment and de­vel­op­ment of in­sur­ance at grass­roots. He says the guide­line on mi­croin­sur­ance is be­ing ex­posed to the in­dus­try, ex­perts and other stake­hold­ers be­fore a fi­nal draft will be re­leased to the mar­ket. He adds that the com­mis­sion in­tends on col­lab­o­rat­ing with other rel­e­vant reg­u­la­tory agen­cies in im­ple­ment­ing the plan.

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