The changes introduced in Nigeria’s insurance come to fruition

The Nigerian insurance market has become one of the most important in Africa. This result is the outcome of a set of reforms undertaken for some years now by the insurance regulators, NAICOM.

Among the major changes introduced, we note the establishment of an insurance commission whereby all sector’s players have the possibility to discuss issues and to come up with solutions to them. Moreover, an energy pool, named EAIPN has been set up with a view to increasing local underwriting capacity in the business. Finally, NAICOM has imposed a set of provisions designed to improve practices and boost confidence in the sector.