African insurance industry leaders have called for bold regulatory reforms and digital innovation to close the continent's insurance protection gap and unlock inclusive economic growth across the continent.
The National Insurance Commission (NAICOM) has formally granted an operational licence to CBI Partnering InsurTech, marking a significant milestone as the first fully licensed Partnering InsurTech company in Nigeria.
The Federal Government has officially inaugurated the Insurance Policyholders' Protection Fund (IPPF), which is established under the newly enacted Nigerian Insurance Industry Reform Act 2025. The Fund acts as a critical shield designed to safeguard policyholders in the event of insurer distress or failure.
Heirs Insurance Group has announced the launch of its multi-language generative AI assistant, Prince AI, marking a major milestone in its digital transformation and reinforcing its commitment to making insurance simple, accessible, and inclusive.
African Reinsurance Corporation (Africa Re), together with a consortium of insurers and development partners and the Lagos State Government, has launched the Lagos Flood Risk Insurance Policy, sub-Saharan Africa's first parametric flood insurance solution.
The National Insurance Commission (NAICOM) has met executives of about 12 insurers regarded as largely inactive in the on-going recapitalisation drive.
The Nigerian insurance industry recorded a 47.3% year-on-year growth rate in gross written premiums to NGN2.30n ($1.71bn) in 2025 from NGN1.56tn in 2024.
The minimum capital for a national microinsurance licence shall be NGN3bn ($2.2m), five times the current capital, according to guidelines issued by the National Insurance Commission (NAICOM).
Rex Insurance has launched a major push into climate-smart agriculture with a strategic partnership with the Nigerian Meteorological Agency (NiMet), to introduce weather-driven index insurance solutions designed to protect smallholder farmers in Nigeria from growing climate risks.
The National Insurance Commission (NAICOM) has said that the deadline of 31 July 2026 for insurance entities to recapitalise their operations would not be postponed.