Nigerian market News

Swiss Re-Backed Nigerian Life Insurer Sees Sales Surge as Pandemic Starts Taking Hold

Nigeria’s biggest insurer is seeing more demand from the government and employers of health workers for life cover as the coronavirus pandemic starts taking hold in Africa’s most populous country. “Health workers are demanding it, other state governments and municipalities …

Nigeria’s Regulator Gives Insurers Additional Year to Recapitalize on COVID-19 Impact

Nigeria’s National Insurance Commission gave underwriters an additional year to recapitalize as companies deal with the effects of the coronavirus pandemic. The industry recapitalization program scheduled to end in 2020 must now be completed by September 2021, the agency said …

Nigeria Raises Insurers’ Minimum Capital Requirement

Nigeria increased the minimum capital requirement for insurers more than threefold as the industry regulator seeks to to improve the sector’s risk management. Existing companies must comply by June next year, while it is effective immediately for the issue of …

Africa Re Joins World Bank’s IFC to Build Crop Insurance Market for Nigeria’s Farmers

The International Finance Corp. (IFC), a member of the World Bank Group, announced it has signed an agreement with Africa Re, the pan-African reinsurance company, to help small holder Nigerian farmers more easily access insurance to protect their crops and …

Nigerian Regulator Triples Insurers’ Minimum Capital Requirement

Nigeria increased the minimum capital requirement for insurers by threefold, in a bid to expand their capacity to handle risk in Africa’s biggest oil producer. The National Insurance Commission requires the new levels of capital by Jan. 1, according to …

Allianz Acquires Nigeria’s Ensure Insurance to Expand in Key African Market

Allianz Group announced a binding agreement to acquire 98 percent of Nigerian insurer Ensure Insurance Plc. from its core shareholder Greenoaks Global Holdings Ltd. Financial details of the transaction were not disclosed. Ensure Insurance Plc. offers life and non-life insurance …

Nigeria Insurers Receptive to M&A as Economy Contracts

Nigeria’s insurance industry is poised to enter a period of consolidation as companies struggle to raise cash to meet new regulatory requirements amid the worst economic contraction in more than two decades. With markets largely shut for companies to raise …