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Straight Talk: Is Insurance like Gambling?

It is a clear fact that majority of Nigerians do not subscribe to insurance and a very substantial reason behind this is that many consider it as gambling. To an average Nigerian, when he thinks insurance, he thinks gambling, and not being ready to engage in such practice, he prefers to rather enjoy life to […]

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Reasons for the Dominance of Foreign Reinsurers in Nigeria

Foreign reinsurers in Nigeria, majorly Europeans, about to about sixty percent of the reinsurance market and this massive dominance has been ascribed to the inability of oval insurers to respond to the demands of the system caused by low underwriting capacity and shareholders’ funds. According to the report, of the remaining thirty five percent, African […]

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Sales of Insurance Products in Banks Has Been Launched Bancassurance

Insurance firms have been authorized to sell insurance products in banks through the Bancassurance Referral Distribution Model. This new initiative will attract an application and licensing fee of N500, 000 and N2.5 million effective from April 1, 2017 as reported by the Nation Nigeria. Bancassurance is the collaboration between a bank and an insurance company […]

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Wapic Unleashes New Innovations

Wapic Insurance Plc, a West African multi-line insurance company, operating since its establishment in 1958, has come up with new innovations that could reinstate Nigerians’ confidence in insurance. The company unleashes five new products which it classified under Wapic Smart Investment-linked products. The Managing Director, Rantimi Ogunleye enumerated the products as the Smart Life Plan, […]

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