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Economic downturn scuttling insurance industry recapitalisation

Economic downturn scuttling insurance industry recapitalisation

Insurance
One of the major problems currently facing underwriting businesses is their inability to raise their capital base to meet the proposed requirement. This is becoming a source of worry for many industry stakeholders. Although the Coronavirus outbreak is flattening, the pandemic has set the global economy spiraling, with recovery in some countries predicted to remain sluggish for the next few years. The Nigerian economy is not isolated from this development as its revenue continues to shrink. Many companies are closing businesses while those still in operation are struggling to survive. Investment is shrinking just like other areas of the economy. This poses a serious challenge to insurance industry recapitalisation, an exercise that started long before the pandemic struck. Thoug...

Insurers intensify fight against COVID-19 negative impact

Business
Underwriting firms in Nigeria’s insurance industry have begun to invest more in Corporate Social Responsibility (CSR) especially in this period of the coronavirus pandemic. The move is not only to give back to the society where they derive their profits from, but also to boost governments’ efforts at all levels to stem the spread of virus in communities. CSR is the commitment of companies to provide resources and support activities focused on enhancing economic and social development, while improving the living condition of the indigents and the society at large without seeking any commensurate monetary benefits. The basic objective of CSR in today’s world is to maximise organisations overall impact on the society and stakeholders. Among the few operators leadin...