The ultimatum of NAICOM would have been fatal to 30 insurers

According to the daily Champion, the National Insurance Commission's (NAICOM) ultimatum setting the new levels to companies' capitalisation and expiring on February 27, has been disastrous to 30 insurers. If the statistics were to be confirmed, the Nigerian market would account for no more than 88 insurance companies and 4 reinsurers. Such figures would thwart the 2001 projections banking on the survival of a maximum of 50 operators.