Nigeria, Aug. 9 -- Nigerian insurance stocks swept to their highest level on Friday since the official record began after the adoption of new laws for the industry this week.

PREMIUM TIMES observed that a new directive for underwriters to raise fresh capital drove demand for the shares.

A momentum of gains began slowly on Monday, but grew much sharper as the week progressed, leading the NGX Insurance Index, the indicator that tracks the performance of the sector in the market, to appreciate by 41 per cent.

Royal Exchange, Prestige Assurance, and Sunu Assurances emerged as the biggest gainers, according to the week's market report published by the Nigerian Exchange (NGX) on Friday.

President Bola Tinubu signed the Nigerian Insurance In...