Nigerian insurers are being affected by the current financial crisis in the country as they are finding it difficult to pay reinsurance premium to their overseas reinsurers, reported THISDAY Live.
Foreign exchange scarcity is particularly hurting insurers. Up to 90% of the risks in the market are being ceded abroad, said an official at Chartered Insurance Institute of Nigeria, adding that with no foreign exchange in the country, insurers "are actually sitting on a keg of gun powder that can explode anytime."
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