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.
Nigerian insurance companies will be affected by the ongoing Middle East hostilities in their next reinsurance renewal period, National Insurance Commission (NAICOM) head Mr Ayo Olusegun Omosehin, has said.
The Commissioner for Insurance and CEO of the National Insurance Commission, Mr Olusegun Omosehin, has emphasised the need for sustained collaboration among stakeholders to drive meaningful change in the insurance industry.
The Nigerian government has held discussions focussed on two strategic initiatives: reform and recapitalisation of the Nigerian Agricultural Insurance Corporation (NAIC) and the Renewed Hope Cooperative Reform Programme.