Motorists have called on the National Insurance Commission (NAICOM) and the Nigerian Police to extend the same enforcement measures and seriousness applied to third-party motor insurance implementation to the settlement of claims by insurance companies.
As Nigeria sinks deeper into inflation on a virtually daily basis, economists are voicing palpable fears that the insurance industry may be primed to take a hit.
The impact of high inflation on insurance companies is multifaceted, posing significant challenges to their operations, profitability, and long-term sustainability
Claims paid out by Nigeria’s top insurance companies surged to N94 billion in the first 9 months of 2022.
