Who can insure Micro Businesses - Healthy People Lifestyle Journal

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Wednesday, 9 November 2016

Who can insure Micro Businesses

The list below have details of important issues around a Micro Business that you should know.

Insurance and Reinsurance in Nigeria.

The National Insurance Commision (NAICOM) Act No. 1 of 1997 and Insurance Act No.1 of 2003 currently govern the conduct of Insurance Business in Nigeria. The National Insurance Commission has responsibility for the implementatiob of both Acts.

Operators: The Nigerian Insurance Market Comprises;

1. Reinsurance Companies
Reinsurance is a means by which an Insurance Company can protect itself against the risk of losses with other insurance companies.

2. Reinsurers provide insurance for insurance companies.

3. Insurance Companies:
Persons or group that carry on any class of insurance in Nigeria and who has complied with the provisions of the Insurance Act No.1 of 2003. In Nigeria.

4. Insurance Brokers:
These are agents that finds sources for contracts of Insurance on behalf of their customers in this case of Insurance Companies.

5. Loss/Claim Adjusters:

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