This question seems to 'open', I'm not really sure what exactly the enquirer would want to know; hence I will have to guess. I did work for one of the legacy insurance firms (a company older than 65+) and my experience is only limited to about 5 years and thereabout that I worked in the sector. First of all I think prior to recent developments, pricing of insurance in nigeria was simply dismal as the market was too small for the number of practioners. Presently I think the market is now a 3 tier market. The first tiers would be companies that have a balance sheet size of N25b+; the second tier N12 to N24billion and the third tier of course would be companies that have less than 12b. The importance of the balance sheet comes to play when the word CLAIM comes into being, size does matter when its time to PAY. In my five years that I was in practice my company paid a single cheque of about N4b to a single company before you shout 'fresh air' one of the insurance firm that co-insured the risk could not raise a N20million cheque.
Today I would say that pricing of risk is north bound as I expect the industry to consolidate as a number of practioners now realise that you've got to have the numbers to carry the risk.
My two pence