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Axa, Allianz Nigeria submit recapitalization plans

Posted On: Aug. 27, 2019 6:04 AM CST

Nigeria's insurance regulator said that several insurers including Axa Mansard Insurance P.L.C. and Allianz Nigeria Insurance P.L.C. have submitted their recapitalization plans ahead of an Aug. 20 deadline, The Nation reported. Rasaaq Salami, an official at the National Insurance Commission, said that nonlife insurers need to increase their capital to 10 billion Nigerian nairas ($27.5 million) from the current NGN 3 billion before June 30, 2020.

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