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Chuks Udo Okonta
Nigerian Reinsurance Plc, WAICA Reinsurance and Continental Reinsurance Plc, are presently scrambling for 30 per cent of Nigerian reinsurance business, Inspen has learnt.
According to an expert who does not want to be named, Africa Re is dominating the market with controlling share of 65 per cent, while the remaining five per cent is ceded abroad.
The expert, who expressed worry over the development, noted that most underwriters now prefer foreign reinsurers as against patronising local firms like Continent Re and Nigerian Re. He said the ceding of these businesses is presently impacting negatively on local firms.
Asked, what the industry regulator, the National Insurance Commission (NAICOM) is doing to reverse the trend, he said the regulator has done little or nothing to encourage underwriters to patronise the troubled reinsurers.
He said unless urgent measures are taking to reverse the trend, these reinsurers, would continue to perform below expectations.
