It is universally agreed that no modern economy can operate efficiently without the support of an organized, disciplined and viable insurance industry. This explains why most governments attach such great importance to the performance of their insurance industry, as well as the character. quality of the institutions, and professionals that operates in the industry.
The whole essence of this blog is to educate the public on everything they need to know about insurance and how the various activities within the industry affects their personal lives, businesses and the economy at large.
Lets take a look at the current structure existing in the Nigeria Insurance Industry;
We have the risk bearers, who we refer to as the INSURER and the REINSURER that serves as a back-up to the insurer in literal terms. The middlemen in the persons of the BROKERS and AGENTS, whose functions are to place insurance business with the insurers. Finally, we have the insurance support services, consisting mainly of the actuaries and loss adjusters.
We have a total of fifty eight (58) licensed companies carrying out insurance and allied business in Nigeria;
Life .............................. 15
Non-Life .......................29
Composite ....................12
Re-insurance ..................2
In order not to bore you with so much insurance 'jargons' at a reading, kindly watch out for this space as all your questions that pertains to principles, technical 'jargons', who is who, and activities in the insurance industry will be treated on a daily basis.
Welcome to our world.......
For a comprehensive list of all insurance companies in Nigeria, click here
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