Nigerian insurers consolidate their financial base

In an effort to cope with the new Risk-Based Supervision (RBS) due to be introduced in 2018 on the Nigerian market, five local insurers have exhibited their intention to raise a combined amount of 20 billion NGN (55.8 million USD) on the stock markets.

They are WAPIC Insurance, Sovereign Trust Insurance (STI), Consolidated Hallmark Insurance, Royal Exchange and Law Union & Rock Insurance.

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• Insurance industry in Nigeria