The insurance industry has lost 1.3 billion USD because of the crisis

According to some local media, the Nigerian insurance industry has lost nearly 200 billion NGN (1.3 billion USD) as a result to the world financial crisis. This loss has slowed the development of insurance companies and affected assets held by shareholders.

The crisis has also hindered the entry of other companies because the new regulation requires the establishment of at least four subsidiary companies before a license can be granted. This new law was implemented in order to generate 250 000 jobs in the insurance business.