In order to meet the new regulatory requirement set by NAICOM, six insurance companies have made known their plans to merge.
The number of motorists with genuine motor insurance covers in Nigeria has reduced by 41.86% from 4.3 million to 2.5 million by September 2019.
Data obtained from the NIA has shown that the insurance sector loses about N192 billion yearly as a result of fake motor insurance agents.
Tope Smart, the Chairman of Nigerian Insurers Association (NIA), has been appointed as the Vice President of the African Insurance Organisation (AIO).
