Fraudulent practices would cost about 41.15 billion NGN a year

According to the Minister of Finance, fraudulent practices would cost the Nigerian insurance business about 41.15 billion NGN (355 million USD) a year, that is, 50% of the amount of collected premiums. The generalisation of practices such as bribing, secret commissions, underrating, fake insurance certificates and claim reports is such that it has severely strained the sector's profitability and penalised the insured.