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Foreign Insurers Plan Kidnapping Cover for Nigerian Market

Foreign insurers are beginning to show interest in providing special covers for the Nigerian market, as the spate of kidnappings and other security challenges in the country is on the rise.
According to the underwriters, despite the prevalence of kidnapping, bombing and other security issues, which have caused loss of lives and properties, the local industry has not developed the technical capacity and experience to underwrite the risks.
During a recent visit to the country, the Senior Broker and Account Executive, Afro-Asian Insurance Services Limited, a firm of international insurance and reinsurance brokers, Mr. Chris Davies, said the firm came to meet with some of the local underwriters and explore the possibility of providing covers for special risks in the country.

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