Nigeria to save $400bn annually by abolishing war risk insurance – NIMASA

The Nigerian Maritime Administration and Safety Agency says Nigeria paid over $1.5 billion in war risk insurance premiums to international insurers in the past three years.

In a statement on Friday, NIMASA’s head of public relations, Osagie Edward, said the impact of WRI premiums on the economy is staggering.

War risk insurance covers losses and damages resulting from acts of war, including invasion, insurrection, rebellion, and hijacking,…