Unhealthy Competition Bane of Insurance Industry

The Nigeria Insurance Industry is at a cross – road at the moment because of unhealthy competition. In their desperate move to get businesses at all cost in this time of economic recession, many Insurance companies are taking short – cuts hereby breaching the law. This desperation is heightened by increased calls by share holders associations on the regulator to sanction companies with high management expenses who do not pay dividend to their shareholders.

In an exclusive interview with Almond Finance and Wealth Report recently, boardroom Guru and Chairman of Hogg Robinson Nigeria Limited, Mr Bode Emmanuel spoke extensively on the noticeable unhealthy competition in the Insurance Industry.

According to him ‘‘NAICOM’’ should find a way of putting a cap on the amount of discount Insurance companies can give their client to discourage unhealthy competition especially in Motor business.

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