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Bullion

Keywords

Insurance, Financial integration, West African Monetary Union (WAMU), West African Monetary Zone (WAMZ)

Abstract

integration of financial markets is a process of unifying markets and enabling convergence of risk-adjusted returns on the assets of comparable maturity across the markets. The insurance markets of the WAMZ countries are relatively not efficient. Although, there are several small insurance companies competing for premiums, only one company within the entire WAMZ region has a gross premium base more than $100 million. The paper recommends that the insurance sector integration 'quick wins should focus on: taking action to make the brown card scheme a more resounding success; increasing the minimum capital requirement of insurance companies in some of the WAMZ countries; developing a programme whereby insurance companies are required to be fair when paying claims to clients; as well as harmonizing insurance laws and regulation

Author Bio

The author is a professor of economics at the Department of Economics, University of Uyo, Akwa ibom State, Nigeria.

Publication Title

CBN Bullion

Issue

4

Volume

42

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