COVID-19: Impact on the Insurance Industry

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With over two million confirmed cases, COVID-19 is no doubt the biggest challenge facing humanity today and it continues to transform the way we live and do business. Beyond the health crisis, its impact has been felt across all sectors of the global economy, including the insurance sector. It continues to impact this sector in many different ways, and it is clear that all key stakeholders have to brace themselves for some very difficult months ahead.

In this paper, we examine the overall impact of this pandemic on the insurance industry in Nigeria, especially how it impacts diverse interests of players in the insurance business including insurance companies and insured persons. We also examine the regulatory response by the National Insurance Commission (NAICOM) and how the pandemic potentially impacts on the recapitalization efforts by insurance companies in Nigeria, in view of directives previously issued by NAICOM.

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