Magazine date:
Jul 2007 Analysts have hailed the positive effects of the recapitalisation process on the insurance sector which gathered momentum and managed to regain the confidence of the insured both at home and abroad.
Achieved in February 2007, restructuring has culminated in the licensing of 73 insurance companies and just 2 re-insurance ones: Nigeria Reinsurance and Continental Reinsurance.
For all of the companies, the capital has risen from 30 billion NGN (240 519 522 USD) to 200 billion NGN (1 603 463 481 USD), that is, a 567% increase. The total contribution of foreign investors in the Nigerian insurers' and reinsurers' capital amounts to 15 billion NGN (120 259 761 USD).