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Reinsurance in Nigeria: The Issue of Compulsory Legal Cession

Author

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  • Chibuike U Uche

    (University of Nigeria, Enugu Campus, Department of Banking and Finance)

  • B E Chikeleze

    (University of Nigeria, Enugu Campus, Department of Banking and Finance)

Abstract

In recent times, the business and practice of reinsurance in Nigeria have come under increased scrutiny. Perhaps the most contentious issue in this arena is that of compulsory legal cession, of which the government-owned Nigeria Reinsurance Corporation has enjoyed the benefits since its inception in 1977. This paper traces the origins and development of reinsurance in Nigeria and argues that the compulsory legal cession, which Nigeria Re enjoys, has today outlived its usefulness. Legal cession is however not the only issue in reinsurance in Nigeria. Also of importance is the need for the government to create a conducive, macro-economic environment for the practice of insurance (and reinsurance) in Nigeria. It is the lack of this that has led to the reduced international interest in the Nigerian reinsurance arena. The Geneva Papers on Risk and Insurance (2001) 26, 490–504. doi:10.1111/1468-0440.00134

Suggested Citation

  • Chibuike U Uche & B E Chikeleze, 2001. "Reinsurance in Nigeria: The Issue of Compulsory Legal Cession," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 26(3), pages 490-504, July.
    • Handle: RePEc:pal:gpprii:v:26:y:2001:i:3:p:490-504
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    Cited by:

    1. S. A. Adebisi & S. E. O. Umukoro & A. S. Ohiani, 2019. "Evaluating Local Content Policy of Insurance Oil and Gas Risk Portfolio as Capacity Building Strategy for Nigeria Insurance companies," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 5(4), pages 69-77, December.
    2. S. A. Adebisi & S. E. O. Umukoro & A. S. Ohiani, 2019. "Evaluating Local Content Policy Of Insurance Oil And Gas Risk Portfolio As Capacity Building Strategy For Nigeria Insurance Companies," Management Strategies Journal, Constantin Brancoveanu University, vol. 44(2), pages 5-17.

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