The National Insurance Commission (NAICOM) has today issued new licences 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 development marks another significant milestone in strengthening confidence, enhancing financial stability, and promoting professionalism within Nigeria’s insurance industry.
Speaking on the development, the Commissioner for Insurance (CFI) urged the companies to ensure the prudent and effective utilization of their capital to support sustainable growth and strengthen policyholder protection. He further charged them to leave behind the unethical practices of the past and embrace the highest standards of corporate governance, transparency, and accountability.
The CFI emphasized that all industry stakeholders must work collectively to build a stronger, more credible, and resilient insurance sector, one that consistently fulfils its obligations, delivers on its promises, and inspires greater trust and confidence among Nigerians.
