NAICOM Issues New Licenses to Insurance Companies

On Thursday, the National Insurance Commission (NAICOM) issued new licenses to additional insurance companies that have been confirmed and verified as compliant with the minimum capital requirements under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025). This initiative marks a significant milestone aimed at strengthening confidence, enhancing financial stability, and promoting professionalism within Nigeria’s insurance industry.

Olusegun Omosehin, the Commissioner for Insurance (CFI), urged the newly licensed companies to utilize their capital prudently and effectively to support sustainable growth and enhance policyholder protection. He further encouraged them to abandon past unethical practices and adopt the highest standards of corporate governance, transparency, and accountability.

The CFI stressed the importance of collective efforts among all industry stakeholders to build a stronger, more credible, and resilient insurance sector that consistently meets its obligations and fosters greater trust among Nigerians.