Licensed insurance companies rise to 67 — NAICOM

The number of insurance companies licensed to operate in Nigeria has hit 67, according to latest figures obtained from the National Insurance Commission on Sunday.

Figures obtainedfrom NAICOM during the weekend revealed that the companies rose from 54 to 67 in its latest report.

NAICOM stated in the report that the insurance companies comprised of “Life, 13; general, 27; composite 12= 52. Reinsurance, three; Takaful, four; micro, eight = 67.”

It listed the old and recent insurance companies that had  been liquidated to comprise of Investment and Allied Insurance Company Limited; Spring Life; Unic Insurance; Standard Alliance Insurance Plc; and Niger Insurance Plc.

According to previous list of insurance companies in the country by NAICOM, there were seven microinsurance companies; four Takaful; three reinsurers; 15 general underwriters; and 12 composite insurance firms.

Also earlier in 2023, NAICOM said it issued operational licences to seven insurance companies in line with market conduct & business practice guidelines.

The companies, had been operational and filing their reports to regulatory authorities.