NIGERIA RE BOSS SAYS COUNTRY HAS TOO MANY INSURERS

Nigeria Re managing director Trinity Mirilla has said that, with 16 of Nigeria’s insurers having 80% of the country’s 42bn naira premium income in 2002, this meant that many of the remaining 100 had to survive through unethical methods. Speaking at the 7th Champion Insurance Day, Mr Mirilla said that “the competing demands for managers to keep their jobs and increase market share are resulting in unethical practices — rate cutting, granting questionable discounts and maligning of colleagues to secure business”. Mr Mirilla said that the ease of entry into the market had been one factor in the increase in over-capacity. Mr Mirilla said that he was not recommending a “command and control” system for Nigeria’s insurers, but said that “turbulent times demand tough but highly principled leadership”.