Headlines

NAICOM, Police begin strict enforcement of compulsory insurance

DailyTimesNGR DailyTimesNGR 1 February 2025 0

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

Aviation

NAICOM, NCAA collaborate to strengthen aviation insurance framework

DailyTimesNGR DailyTimesNGR 24 January 2025 0

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

Money

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

DailyTimesNGR DailyTimesNGR 14 November 2024 0

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.

Aviation

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

DailyTimesNGR DailyTimesNGR 6 September 2024 0

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

Business

FSD Africa trains NAICOM staff on Risk Based Capital

Ihesiulo Grace 1 August 2023 0

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 […]

News

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

Ihesiulo Grace 24 March 2023 0

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 […]

Business

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

Ihesiulo Grace 3 January 2023 0

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 […]

News

NAICOM partners CIFM in actuarial capacity development

Ihesiulo Grace 24 March 2021 0

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

Business

NAICOM issues operational licence to 4 Insurance companies

Ihesiulo Grace 28 November 2020 0

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 […]

News

NAICOM, Foundation sensitise MSMEs on micro insurance in Kano

Ihesiulo Grace 19 November 2020 0

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 […]

News

NAICOM unveils portal, to digitalize all insurance operations

Ihesiulo Grace 2 October 2020 0

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 […]

Business

Insurance coys to complete recapitalisation by Sept 2021-NAICOM

Ihesiulo Grace 4 June 2020 0

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

Business

NAICOM receives application from 4 new insurance brokers

Ihesiulo Grace 12 May 2020 0

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,

News

Buhari confirms Thomas as substantive NAICOM boss

Ihesiulo Grace 4 May 2020 0

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.

News

President Buhari appoints NAICOM, NDIC board members

Ihesiulo Grace 3 May 2020 0

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 Yunusa Abdullahi, Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning disclosed this in a statement in Abuja on Sunday. Thomas replaced

Business

Covid-19: NAICOM releases forbearance palliatives for insurance sector

Ihesiulo Grace 3 April 2020 0

In a bid to ensure that insurance business and policyholders are protected during the COVID-19 Movement Restriction, the National Insurance Commission (NAICOM) on Wednesday rolled out regulatory forbearance for the industry. This is contained in a circular to insurance operators with referenced numbers, NO: NAICOM/DPR/CIR/29/2020, 01 April 2020 signed by the Director

Headlines

COVID -19: NAICOM grants regulatory forbearance to protect insurance policy holders

Ihesiulo Grace 2 April 2020 0

National Insurance Commission (NAICOM) has granted some regulatory forbearance, as part of business continuity measures to ensure availability of insurance services and protection of insurance policy holders during the COVID-19 movement restriction. This is contained in a circular issued by the commission on Wednesday in Lagos. READ ALSO: APC chieftain decries up-surge in

Business

NAICOM offers palliatives to insurers to cushion effects of Covid-19

Ihesiulo Grace 26 March 2020 0

The National Insurance Commission (NAICOM) has announced the approval of some palliatives to insurers to help cushion the effects brought about by the deadly coronavirus (COVID-19). This is contained in a circular signed by its Director, Policy & Regulation, Pius Agboola, for the Acting Commissioner for Insurance, Sunday Thomas, numbered: NAICOM/DPR/CIR/27/2020, dated,

Business Insurance News

Consolidated Insurance sets to achieve N10bn recapitalisation

Ihesiulo Grace 16 August 2019 0

Temitope Adebayo The Consolidated Hallmark Insurance has revealed its laid down plans on how it will attain the new recapitalization directive NAICOM gave earlier. In exercise of its statutory powers and regulatory functions, NAICOM had on May 20, announced an increase in the minimum capital for insurance companies in Nigeria. The review is to take […]

News

Federal workers threaten to embark on strike

Ihesiulo Grace 27 June 2019 0

Senior civil Servants in the country have threatened to go on strike over alleged breach of public service rules and non-implementation of agreements entered into with the management of National Insurance Commission, NAICOM. The senior workers under the aegis of Association of Senior Civil Servants of Nigeria, ASCSN, have specifically given a seven-day ultimatum to […]