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Nigeria: 'No Premium No Cover' policy benefiting insurers' businesses


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.

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