The life and general insurance units of the Nigerian insurance group, Heirs Insurance Group, have received strong ratings from Agusto & Co, a Lagos-headquartered pan-African credit rating agency.
The Nigerian Insurers Association (NIA) has launched its Innovation Lab, a six-week accelerator programme designed to transform Nigeria's insurance sector through cutting-edge technology, strategic partnerships and startup-driven solutions.
The National Insurance Commission (NAICOM) has issued a circular that will ban co-insurance arrangements between takaful companies and conventional insurers with effect from 1 January 2026.
Insurance companies in Nigeria have been given 12 months to July 2026 to comply with new minimum capital requirements set out under the new Insurance Sector Reform Act signed in early August by President Bola Ahmed Tinubu.
Africa Reinsurance Corporation has launched a pioneering index-based livestock insurance (IBLI) and livestock risk management pilot programme in Nigeria.
President Bola Tinubu has signed the Nigerian Insurance Industry Reforms (NIIR) Bill 2025 into law, starting a new era of reforms aimed at revitalising the industry after over two decades under the Insurance Act 2003.
The National Insurance Commission, NAICOM, has issued operational guidelines to simplify licensing procedures for InsurTech entities, enhance consumer protection, and foster digital innovation within the sector.
The National Health Insurance Authority (NHIA) has stressed the urgent need to strengthen actuarial capacity and institutionalise evidence-based policymaking within Nigeria's healthcare financing sector, as the country grapples with mounting pressures on the public health system.
Competition, innovation and efficient management of insurance-specific risks are the main drivers of the financial performance of insurance companies in Nigeria, according to a study on whether competition is a significant driver of the financial performance of insurance companies in Nigeria.
The Nigerian Insurance Industry chalked up gross written premiums of NGN1.56tn ($1.02bn) in 2024, 56% higher than the NGN1.00tn reported in 2023, according to the Nigerian Insurers Association (NIA).