Nigeria’s biggest insurer is seeing more demand from the government and employers of health workers for life cover as the coronavirus pandemic starts taking hold in Africa’s most populous country.
“Health workers are demanding it, other state governments and municipalities that didn’t have it before are now looking at it differently,” Leadway Assurance Co. Ltd. Chief Executive Officer Tunde Hassan-Odukale said in an interview in Lagos. "People who were not doing group life insurance before are now looking at it on a corporate basis."
Sales of group life policies have jumped 10% this year, and the trend is expected to continue with Covid-19 cases in Nigeria still on the rise, he said. This may help to counteract pressure on the firm's retail business, where individual life policies could be hit by a slowdown in economic activity because of lockdown measures to curb the spread of the disease…
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