Low Premium Limits Insurers’ Ability to Pay Claims via thisdaylive
The insurance sector is currently facing severe challenges as the rising volume of claims is weighing down most firms following low premium being paid by the insured, THISDAY has learnt.
It was gathered that insurers failed to match the sum insured with the prevailing naira exchange rate at the time of consummating such contracts. But, he stressed that in the case of Nigeria, inappropriate pricing during the recession and subsequent devaluation of naira remained a challenge. “So, what were the insurers supposed to do? Those were the things I said you would have acted immediately. Now, if we had acted at that time the insurance industry wouldn’t have been separated from the impact of the economy.”
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