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International

Number of insurers to fall by more than 50% in Nigeria

September 16, 2019 Reprints

Nigeria-based Coronation Merchant Bank expects the number of local insurers to fall to around 25 by mid-2020 from 59 currently, Middle East Insurance Review reported citing Global Banking and Finance Review. Guy Czartoryski, head of research at the bank, said that there will be around six to eight foreign-backed insurers and the same number of wholly indigenous Nigerian insurers in the country by mid-2020.

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Number of insurers to fall by more than 50% in Nigeria

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