Over 80% of top insurers take business offshore — NAICOM

Over 80 percent of big ticket risks underwritten by Nigerian insurers are exported for offshore underwriting due to inadequate capacity.

According to the National Insurance Commission, NAICOM, the top players in Nigeria refuse to share most of their businesses with marginal players because of lack of confidence in the ability of the small players to settle huge claims in the event of such big risks crystallising.

Consequently NAICOM is insisting that the Tier Based Minimum Solvency Capital, TBMSC, couldn’t have come at a better time.

Commissioner for Insurance, Alhaji Mohammed Kari, while giving reasons for the TBMSC policy, noted that most insurance companies still operate with old capital which is no longer ideal for insurance companies.

Vanguard, October 2, 2018

 

 

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