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Nigerian insurers prepare for claims; face cyber risks

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The pandemic has catalysed cyber risks for the insurance industry owing to accelerated adoption of digitisation

Insurance firms in Nigeria are preparing for claims following the massive destruction that took place on properties, vehicles and others across the country. Although most insurance contracts do not include damage of property owing to war and riots, this time might be different, with some of them likely to pay. 

Nigerian President Muhammadu Buhari told the media, “In the circumstances, I would like to appeal to protesters to note and take advantage of the various well-thought-out initiatives of this administration designed to make their lives better and more meaningful and resist the temptation of being used by some subversive elements to cause chaos with the aim of truncating our nascent democracy. For you to do otherwise will amount to undermining national security and the law and order situation. Under no circumstances will this be tolerated.” 

Earlier this week, AM Best published a report which found that the country’s oil and gas reserves and the country at large have the potential to further develop the insurance industry. On the downside, the country’s insurance penetration which also includes a market gross written premium as a percentage of gross domestic product was demonstrated as extremely low. This in turn highlights that there are long-growth opportunities for the market.

More recently, it was reported that there will be no insurance cover for businesses that have been heavily interrupted by the pandemic. It was during this period that the industry saw an increase in the use of digitalisation. This development in turn has also catalysed cyber risk for the industry.

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