He also said it was relevant to enforce local content in the industry’s businesses because major businesses that could be insured locally were still being taken outside the country.
“That is what the few multinationals operating around do because they have their own interest in their reinsurance firms; so the local capacity is not exhausted.” He also observed that most of the vehicles on Nigerian roads were not insured even with the common third party cover. Due to the challenges that the COVID-19 had caused on the economy, he said insurance was not a priority on the minds of many individuals, except the big corporates.
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