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NAICOM

NAICOM Applauds Continental Re as Recapitalisation Positions Nigerian Insurers for AfCFTA Competitiveness

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NAICOM

The National Insurance Commission (NAICOM) has commended Continental Reinsurance Plc for convening the 2025 CEO Roundtable, themed “Recapitalisation & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector.” The regulatory body described the forum as timely, strategic, and central to shaping the future of Nigeria’s insurance industry as the sector enters a new […]

NAICOM sets July 2026 deadline for N35bn insurance recapitalisation

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NAICOM

The National Insurance Commission (NAICOM) has announced the commencement of the insurance industry recapitalisation exercise, effective 31 July 2025, following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and its assent by President Bola Tinubu on the same day. In a circular dated 12 August 2025 and signed by Usman Jankara, deputy […]

NAICOM inaugurates 2025 recapitalisation committee to drive industry stability

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NAICOM

BY MOTOLANI OSENI The National Insurance Commission (NAICOM) has inaugurated an 11-member 2025 Recapitalisation Committee to oversee the implementation of the newly approved Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu. Chaired by Mrs. Oluwatoyin Charles, NAICOM’s Director of Supervision, the Committee is tasked with ensuring compliance with […]

Tinubu signs insurance reform bill into law as Nigeria targets $1trn economy

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President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law — a major step towards strengthening the country’s financial sector and achieving the administration’s $1 trillion economic vision. Now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the law repeals and replaces several outdated statutes, establishing a unified legal […]

Insurance: Report non- payment of claims, NAICOM tells policy holders

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NAICOM

…indicts firms in recent report By Tunde Opalana The National Insurance Commission (NAICOM) has taken a bold step in sanitizing the industry by asking insurance policy holders to report non-payment of claims by insurance firms to the Commission. This is as the Commission in a bid bid to ensure regulatory compliance, urged insurance firms to […]

NAICOM, NEMSA sign MoU to strengthen electrical safety, insurance compliance

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NAICOM

BY MOTOLANI OSENI The National Insurance Commission (NAICOM) and the Nigerian Electricity Management Services Agency (NEMSA) have entered into a historic partnership to enhance electrical safety and enforce insurance compliance. The two agencies signed a Memorandum of Understanding (MoU) to establish a framework for mutual understanding and cooperation in fulfilling their regulatory obligations while prioritising […]

NAICOM, Police begin strict enforcement of compulsory insurance

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NAICOM, Police

BY MOTOLANI OSENI The National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF) have launched a joint committee to enforce compulsory insurance laws across the country. This move follows the directive by the Inspector General of Police for full enforcement of motor vehicle insurance, effective 1 February 2025. The committee, inaugurated on 30 January […]

NAICOM, NCAA collaborate to strengthen aviation insurance framework

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NAICOM

BY MOTOLANI OSENI The National Insurance Commission (NAICOM) and the Nigerian Civil Aviation Authority (NCAA) have inaugurated a joint Technical Committee to address critical aviation insurance matters and ensure robust protection for stakeholders in the sector. The inauguration ceremony took place on Wednesday, January 22, 2025, at the NAICOM office in Abuja, marking a significant […]

NAICOM, EFCC partner to tackle financial crimes, strengthen Nigeria’s insurance sector

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NAICOM

BY MOTOLANI OSENI The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) have joined forces in a concerted effort to sanitize Nigeria’s insurance sector and tackle financial crimes, such as money laundering and fraud, which have hindered its growth. The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun […]

NAICOM, Aviation Ministry partner to streamline airline reinsurance, boost industry confidence

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NAICOM

BY MOTOLANI OSENI The National Insurance Commission (NAICOM) and the Ministry of Aviation have committed to working together to facilitate reinsurance for the aviation sector. NAICOM Commissioner for Insurance, Olusegun Omosehin, announced the partnership during a visit to Aviation and Aerospace Development Minister, Festus Keyamo, in Abuja on Thursday. Omosehin highlighted the importance of the […]

FSD Africa trains NAICOM staff on Risk Based Capital

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NAICOM

By Motolani Oseni The partnership entered into by the National Insurance Commission (NAICOM) with FSD Africa has yielded the desired result as the latter has embarked on capacity building for the staff of NAICOM. Already, sequel to the NAICOM’s collaboration with FSD Africa, a two-week training on Risk Based Capital (RBC) for 70 members of […]

Insurance assets hit N2.3trn in Q4 2023-NAICOM

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NAICOM

By Motolani Oseni National Insurance Commission (NAICOM) has said that the total assets of the insurance industry in Nigeria in the fourth quarter of 2022 rose to N2.3 trillion. NAICOM in its quarterly data on insurance business, obtained by The Daily Times on Thursday stated that Life Insurance Business amounted to N1.2066 trillion while Non-Life […]

Consumers reject NAICOM’S directive on 3rd party insurance, call for reversal

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NAICOM

Insurance Consumers Association of Nigeria (INSCAN) has called on the National Insurance Commission (NAICOM) to reverse its directive on the increase of third Party Motor Insurance Premium in Nigeria. This is contained in a letter signed by its National Coordinator, Chief Yemi Soladoye, and made available to newsmen on Sunday in Ibadan. The News Agency […]

NAICOM partners CIFM in actuarial capacity development

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NAICOM

By Philip Clement The National Insurance Commission, NAICOM has begun the Actuarial Capacity Development Programme in collaboration with the College of Insurance and Financial Management, CIFM. The programme is expected to develop 100 Certified Actuarial Analysts and possibly a minimum of five Actuaries in Nigeria by the year 2024. According to Nigeria’s Insurance Commissioner, Sunday […]

NAICOM issues operational licence to 4 Insurance companies

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NAICOM

Philip Clement, Abuja The National Insurance Commission (NAICOM) has announced that it has issued operational licence to four new insurance firms and one reinsurance company in Nigeria. Mr Sunday Thomas, Commissioner for Insurance made this known at the Insurance Industry Consultative Council (IICC) 2020 Media Retreat at Ijebu Ode tagged: Changing Face of Media; The […]

NAICOM, Foundation sensitise MSMEs on micro insurance in Kano

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Kano

By Philip Clement, Abuja The National Insurance Commission and Star Sapphire Foundation have sensitized Micro, Small and Medium Enterprises (MSMEs) start-ups in Kano state were enlightened on how take full advantage of Micro Insurance and ‘Takaful’, which is the the Islamic version. The two-day workshop, which had as its theme: ‘National Workshop on Micro Insurance […]

NAICOM unveils portal, to digitalize all insurance operations

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NAICOM

By Philip Clement In a bid to deepen insurance penetration and reposition the insurance sector to achieve maxim reports, the National Insurance Commission (NAICOM) says it has launched a portal to kickstart full digitalization of the the industry. According to NAICOM, the It guidelines in the portal which is expected to kickstart full operations will […]

Insurance coys to complete recapitalisation by Sept 2021-NAICOM

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The National Insurance Commission (NAICOM) has declared that Insurance companies across the country have up to September 30, 2021, to complete their recapitalization process. The Commission also segmented the ongoing recapitalisation process for insurers and reinsurers, directing them to meet 50 and 60 per cent respectively of their minimum paid-up share capital by December 31, […]

NAICOM receives application from 4 new insurance brokers

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NAICOM

The National Insurance Commission (NAICOM) says it has received four new applications from companies intending to go into insurance brokering businesses.  The commission named the applicants in a public notice as including Oremus Insurance Brokers Limited Lagos, Assent Insurance Brokers Ltd Ibadan, YOA Reinsurance Brokers Limited Lagos and Swat Insurance Brokers Limited, Abuja. If their […]

Buhari confirms Thomas as substantive NAICOM boss

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Buhari

President Muhammadu Buhari has approved the appointment of Mr Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM). Mr Thomas replaced immediate past commissioner for Insurance/CEO, Mallam Mohammed Kari, as Acting Commissioner for insurance/CEO of the National Insurance Commission in July 2019. President Buhari appoints NAICOM, NDIC board members Thomas, […]