Nigeria's insurance industry on the verge

Nigeria's insurance industry may lose most of the policies it has underwritten for Dangote Oil Refining company because they lack the capacity to take on the risk, The Guardian reported. Foreign insurers may take over the local industry, due to its poor capability to underwrite bigger risks. It might lose another $8 billion energy insurance business from energy companies to foreign insurers due to their current low capital base and lack of underwriting technical capacity.

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