News Africa27 Jul 2020

Nigeria:Applications received for 4 insurance licences

27 Jul 2020

The National Insurance Commission (NAICOM) has announced receiving applications for licences of four insurance companies.

The names of the companies are: Heirs Insurance (General); Stanbic IBTC Insurance; Heirs Life Assurance; and Enterprise Life Assurance Company Nigeria. The names of the managing directors selected for these companies have also been submitted to NAICOM. 

“In fulfilment of the statutory provisions of extant laws for the registration/licensing of insurance companies, the general public is hereby informed that the commission has commenced the process of registering the companies” NAICOM said in a statement. 

NAICOM urges the public to send their objections to licence approval of any of the applicants within 21 days from the day of its announcement which was 24 July. 

At present, according to details posted on NAICOM's website, there are 57 registered insurance companies in the country comprising 14 life insurers, 28 non-life insurers, 13 composite insurers and two takaful companies. There are also two reinsurance companies. However, mergers are expected to take place between some insurers which might fail to meet recapitalisation requirements imposed by NAICOM.

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