Nigeria: Number of Licensed Insurance Companies Increases to 67 – NAICOM Report

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The tally of licensed insurance companies permitted to conduct operations in Nigeria has surged to 67, based on the most recent data disclosed by the National Insurance Commission (NAICOM) on Sunday (August 20, 2023).

As per information obtained from NAICOM, the number of these companies has risen from 54 to 67 according to the latest report.

According to the detailed breakdown in NAICOM’s report, the composition of the insurance companies includes 13 life insurance firms, 27 general insurance companies, 12 composite insurers (which combine life and general insurance), 3 reinsurance companies, 4 Takaful (Islamic insurance) providers, and 8 microinsurance companies.

Furthermore, the report includes a list of previously existing insurance companies that have undergone liquidation. These entities comprise Investment and Allied Insurance Company Limited, Spring Life, Unic Insurance, Standard Alliance Insurance Plc, and Niger Insurance Plc.

In comparison to the previous list of insurance companies operating in the country according to NAICOM, there were 7 microinsurance firms, 4 Takaful providers, 3 reinsurers, 15 general underwriters, and 12 composite insurance companies.

Earlier in the year 2023, NAICOM announced that it had granted operational licenses to 7 insurance companies in accordance with market conduct and business practice guidelines. These companies have since been actively conducting operations and submitting their reports to regulatory authorities.

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