modern insurance business was introduced into nigeria by?

Assessment: WAEC SSCE - Insurance - 2018 (Objective) Subject: Insurance

Question 1 Report

modern insurance business was introduced into nigeria by?

Answer Details
The modern insurance business was introduced into Nigeria by British merchants. In the 19th century, British trading companies such as the Royal Niger Company and the United Africa Company established themselves in Nigeria and started offering insurance services to protect their trade interests. They provided insurance to cover risks such as fire, theft, and transportation of goods. Over time, these companies evolved into full-fledged insurance companies that offered a wide range of insurance products to the Nigerian public. Today, the Nigerian insurance industry is regulated by the National Insurance Commission (NAICOM) and has grown to become an important sector of the Nigerian economy.
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