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Do you want to know more about Nigeria Insurance Industry ? Do you want to buy an insurance policy to protect your business or family? Are you a student sourcing for a piece of material to complete your research work?
You are in the right place, we have made some research on our own and gathered some information that may be of help to you. In this article, we will explain briefly the history of Insurance industry in Nigeria.
How did Insurance get started in Nigeria?
It may interest you to know that insurance in Nigeria started even before Nigeria gained independence. The colonial masters are the ones who set the standard of insurance operation in Nigeria.
Back then, European companies carry out their businesses through the process called “Inter-Regional Trade” and because they needed to reduce losses, they came up with a strategy and obtained insurance license from abroad.
Gradually, when their businesses and investment began to grow bigger in Africa and of course in Nigeria, they came up with another strategy in order to retain their authority in the country. This led to the creation of some of the insurance companies you see today in Nigeria. So one can easily trace the rise of the insurance companies in Nigeria to this period.
The First Insurance Companies in Nigeria
In 1918, the Royal Exchange Assurance officially became the first Insurance company in Nigeria. In 1958, The African insurance Company Limited became the second and the rest followed. The like of BEWAX’s Legal and General Assurance, Patterson Zochonis(pz) Liverpool, Law Union and Rock.
So until Nigeria gained Independence in 1960, the major roles in the insurance industry was being carried by the European business men. History have it that when Nigeria gained political independence, some of these insurance companies were nationalized and officially.
Gradually, the government began to put up strategy to create their own indigenous insurance companies to avoid pushing money abroad. Eventually, they were able to create their own insurance companies with the help of the United Nation(UN).
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