Innovation and microinsurance

Several Nigerian insurance companies have shown interest in innovation. As such, microinsurance is a privileged ground for the development of specific products. Two insurers are about to invest in this market. One of them has developed 44 unique microinsurance products and planned to establish 200 outlets in three years. Micro insurance can generate 22 000 jobs. NAICOM, the regulatory authority, is expecting a premiums volume of 1000 billion NGN (6.4 billion USD) by 2017, compared to 300 billion NGN (1.9 billion USD) today.

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