National Insurance Commission (NAICOM) is trying to rejig its guidelines for microinsurance. The amount of capital required for this with respect to some of the sectors is looking unrealistic, and we may have to tinker with it. The required capital proposed at that time was NGN40m ($104,000) or thereabouts. It looked adequate at the time it was conceptualized, but obviously it is no longer adequate. The exchange rate was about NGN160 to a dollar and now it is NGN380 to a dollar. This does not seem good to drive the business from a sustainable basis. So we are looking at it.
In the last three years or so, it has been hovering around NGN350bn to NGN400bn in premiums. In the next two years, we must make a remarkable change. In terms of premium, the provisional figure for 2019 is about NGN470bn. In which case, talking of NGN700bn instead of still dancing around NGN400bn, which is not progress.