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Insurance volume to total $5 billion by 2019 in Nigeria: Official

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Godwin Wiggle, managing director of Nigeria-based Linkage Assurance P.L.C., has said that premium volume in the country's insurance market is expected to total 1 trillion Nigerian nairas ($5 billion) by 2019, reported Leadership Newspapers.

Premiums in the insurance sector totaled NGN 339 billion in 2014.

Mr. Wiggle said that challenges in insurance sector include volatile business environment, tough regulatory requirements and poor perception of the industry, among others.

Mr. Wiggle also said that about 80% of Nigerian airlines insure their aircraft abroad.

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