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The implementation of the “No Premium No Cover” policy in Nigeria's insurance sector has proven beneficial to the industry, Nigerian newspaper BusinessDay reports.
The insurance industry posted a projected premium figure of 285 billion Nigerian naira ($1.8 billion) as of the end of 2013, a year after the policy came into effect. Cash-backed business represented more than 80% of this amount, a significant improvement from the past when receivables accounted for 60% and cash business less than 40%, reports BusinessDay.