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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Strengthening the gains of reform in the Nigerian insurance industry
Author:Onodje, Mike A.
Periodical:African Administrative Studies (ISSN 0007-9588)
Geographic term:Nigeria
Abstract:This paper examines how the gains from the 2005 reform of Nigeria's insurance industry can be strengthened to enhance the contribution of the financial sector to the country's economic growth. The insurance reform was aimed at ensuring the solvency of Nigerian insurance companies which would then be in a better position to fulfill their role of spreading risk and ensuring greater exchange of information between consumers and the insurance industry. The analysis indicates that in spite of a dramatic increase in paid-up capital, the insurance industry witnessed an unsteady growth of gross premium income in the post-reform period. It also suggests that the insurance industry has not grown as fast as would have been expected. To strengthen the gains of the 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. App., bibliogr., sum. [Journal abstract, edited]