The insurance sector’s total assets have risen by N228.24bn in 15 months despite the abrupt suspension of the National Insurance Commission’s segmented recapitalisation exercise,The second and final phases of the Nigerian insurance industry’s recapitalisation exercise which should have ended in September 2021 was halted by litigation from aggrieved stakeholders.
Data obtained on Sunday from the Central Bank of Nigeria on ‘Insurance sector consolidated balance sheets) for third quarter 2021’ also showed that the industry’s assets rose from N1.16tn as of the end of December 2017 to N1.26tn and N1.45tn as of the end of December 2018 and 2019, respectively. General insurance companies were ordered to increase their capital from N3bn at the end of the first phase and N5bn at the end of the second phase.
However, pending litigation by some aggrieved companies allegedly using their shareholders against the commission forced NAICOM to suspend the recapitalisation exercise after the first phase.
Hope dey will still pay our money
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