The National Insurance Commission and the Federal Ministry of Agriculture and Food Security have pledged a strategic partnership aimed at strengthening agricultural insurance and advancing the Federal Government’s food security drive. The commitment was reached during a high-level meeting in Abuja between the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, and the Minister of State […]
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, has paid a working visit to the Director-General of the Bureau of Public Procurement (BPP), Dr Adebowale A. Adedokun, in Abuja to strengthen institutional collaboration. The visit focused on deepening cooperation between both agencies in line with […]
Nigerian loss adjusters have secured a long-awaited upward review of their professional fee structure, ending a 33-year period of stagnant rates that had significantly hampered the sub-sector’s operational efficiency. The adjustment, finalized in early 2026 following extensive negotiations between the Institute of Loss Adjusters of Nigeria (ILAN) and the Nigerian Insurers Association (NIA), marks a […]
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 […]
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 […]
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 […]
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 […]
…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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]