High management expenses for 2015 and 2016

The National Insurance Commission (NAICOM) will levy sanctions against 50 insurance companies which it accuses for not honoring their obligations with regard to management costs. Nearly 186 billion NGN (599 million USD) have been allocated to this sector during 2015 and 2016 whereas 294.9 billion NGN (950 million USD) were allocated over the 2010 and 2016 period by the entire sector.

These recent developments have prompted the authorities to impose restrictions in order to limit those costs, thus reducing the risks of payment default for insurance companies.

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