Towards new capital increases for insurance companies before the end of the year

According to Mr Dipo Bailey, member of the federal commission of insurance firms, the Nigerian companies will probably have to proceed to an increase of their capital before the end of the year 2004. The new required sums have not yet been fixed.
As a reminder the current minimum capital is:

• 2.5 million USD for reinsurance firms and for life and non-life composite companies
• 1.5 million USD for companies underwriting only non-life branches
• 1.1 million USD for companies underwriting only life risks.