London re-insurance policy shocks African experts, dismiss gloomy prediction
The reinsurance sector in London has warned its counterpart
in Africa to prepare for the worse due to a new law in London – Insurance Act
2015 – which will be effective from August 12 2016. This warning is due to the
supposed historic dependence of African reinsurance sector on foreign
reinsurance to survive. But its counterpart in Nigeria says there is growth in
African reinsurance sector, because the time that the individual local
companies had to export money abroad has stopped. Odimegwu Onwumere reports:
