Nigeria Insurance Stocks Gain Most in Almost 20 Years on New Law

Nigerian insurance stocks had their biggest weekly gain in almost two decades after a new law was passed requiring companies to raise fresh capital and making insurance for property and other assets mandatory.

A gauge for the sector on the Lagos-based Nigerian Exchange has risen 41% this week, according to data compiled by Bloomberg. That compares with a 3,1% rise in the broader all-share index and 2.2% for the MSCI Emerging Markets Europe, Middle East and Africa Index over the same period.

The law, signed this week by Nigeria’s President Bola Tinubu, which also encourages digitization and the ...