Nike PopoolaThe National Insurance Commission says it plans to achieve 70 per cent local retention of the risks in the industry under its recapitalisation initiative. So far, six insurance companies had notified NAICOM of their plans to merge as part of their efforts to meet the regulator’s recapitalisation requirements. The Director, Policy and Regulation at NAICOM, Pius Agboola, who spoke to our correspondent, said that some other insurance companies were also looking for partners to merge. According to him, enhanced capital base would enable the insurance companies to have more capacity to underwrite more risks. General companies got a raise from N3bn to N10bn, while composite insurance companies’ capital was raised from N5bn to N18bn.

Source: Punch January 27, 2020 02:12 UTC