MICROCAPITAL BRIEF: Law Union and Rock Insurance Launches Microinsurance in Nigeria

Law Union and Rock Insurance Public Limited Company, which is based in Nigeria, reportedly has established a unit to provide microinsurance with the aim of positively impacting both the lives of individual poor people and the development of the informal sector. According to a statement attributed to Ms Toyin Ogunseye, the managing director of Law Union and Rock Insurance, the microinsurance unit was created “to support the Market Development and Restructuring Initiative (MDRI),” a program that aims to strengthen the insurance industry by reducing fraud and strengthening consumer confidence. MDRI is a program of the National Insurance Commission (NAICOM), an agency of the federal government of Nigeria that serves to regulate and supervise the Nigerian insurance sector.

As of 2011, Law Union and Rock Insurance reported total assets of NGN 7.19 billion (USD 44 million).

By Adrija Vaiciulionis, Research Associate

About Law Union and Rock Insurance Public Limited Company:
Law Union and Rock Insurance Public Limited Company offers life and non-life insurance services and is headquartered in Lagos, Nigeria. As of 2011, Law Union and Rock Insurance reported total assets of NGN 7.19 billion (USD 44 million). Financial Information for 2012 is unavailable.

Sources and Additional Resources:

Guardian Nigeria Article, “Law Union and Rock Develops Strategy for Microinsurance,”
http://www.ngrguardiannews.com/insurance/132882-law-union-a-rock-develops-strategy-for-micro-insurance

National Insurance Commission Website, “MDRI Project,”
http://naicom.gov.ng/content?id=64

MicroCapital Article, September 17, 2013, “MICROCAPITAL BRIEF: LeapFrog Raises $204m for Second Fund; to Invest in Microinsurance, Other Financial Services for Poor People in Africa, Asia,”
https://www.microcapital.org/microcapital-brief-leapfrog-raises-204m-for-second-fund-to-invest-in-microinsurance-other-financial-services-for-poor-people-in-africa-asia/

MicroCapital Article, April 29, 2011, “MICROCAPITAL BRIEF: MicroInsurance Centre Launches Microinsurance Learning and Knowledge (MILK) Project with $2m Grant from Bill and Melinda Gates Foundation,”
https://www.microcapital.org/microcapital-brief-microinsurance-centre-launches-microinsurance-learning-and-knowledge-milk-project-with-2m-grant-from-bill-and-melinda-gates-foundation/

MicroCapital Article, April 27, 2010, “MICROCAPITAL BRIEF: The Promise of Microinsurance in Nigeria,”
https://www.microcapital.org/microcapital-brief-the-promise-of-microinsurance-in-nigeria/

MicroCapital Universe Profile: Law Union and Rock Insurance
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Law+Union+and+Rock+Insurance

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