Strengthening the gains of reform in the Nigerian insurance industry

Abstract EN

The paper examines how the gains arising from the insurance industry reform can be strengthened to enhance financial sector contribution to Nigeria`s economic growth.

In spite of the dramatic increase in paid up capital, the industry witnessed an unsteady growth of gross premium income in the post reform period under review.

The results of analysis also appear to suggest that the insurance industry has not grown as fast as one would have expected after the reform.

To strengthen the gains of reform, the paper recommends increased insurance penetration of local and foreign markets, diversification of insurance businesses, regular review of capital adequacy, competitiveness and level playing field, and prompt settlement of claims