According to the Insurance Commission, insurers have to diversify their operations

The Nigerian Insurance Commission (NAICOM) is trying to convince the insurers to be less reliant on oil risk premiums. The other classes of business, especially life must be part of the priorities. Over the 2001-2008 period, life business has gone up by 19.4% compared to 23.4% for non-life. The overall Nigerian market (life and non-life) posted premiums worth 1 billion USD in 2009. In view of the population size, the life market exhibits a high potential of premiums.

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