Insurers need $1.3 billion to comply with new capital rules

Posted On: Jun. 3, 2019 5:53 AM CST

Expert said that Nigerian insurers and reinsurers would need 463 billion Nigerian naira ($1.3 billion) in the aggregate to comply with new capital regulations, TheGuardian reported. Under the new rules, general insurers need to increase their capital to NGN 10 billion from the current NGN 3 billion while reinsurers need to increase their capital to NGN 20 billion from NGN 10 billion.