A report by the Pan-African Manufacturers Association (PAMA) states that the recently concluded insurance industry recapitalisation is expected to enhance protection for Nigeria's manufacturing sector. The recapitalisation is seen as enabling insurers to cover costly industrial risks such as factory fires, machinery breakdowns, marine cargo losses, and business interruptions. Previously, limited capital forced manufacturers to rely heavily on foreign reinsurance for comprehensive cover. The report highlights the implications for manufacturers whose operations are exposed to various risks.
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