The National Insurance Commission (NAICOM) has issued new licences to more insurance companies that have been verified to meet the minimum capital requirements.

The requirements are stipulated in the Nigerian Insurance Industry Reform Agenda (NIIRA) 2025.
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The development, according to the commission, represents another milestone in the ongoing efforts to strengthen the financial capacity, stability and credibility of the Nigerian insurance industry, while improving policyholders’ confidence in the sector.
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Speaking on the development, the Commissioner for Insurance, Olusegun Ayo Omosehin, charged the newly licensed companies to deploy their strengthened capital prudently and effectively to support sustainable business growth and improve their capacity to meet obligations to policyholders.

Omosehin urged the operators to abandon unethical practices that have undermined confidence in the industry over the years, stressing the need for strict adherence to corporate governance, transparency, accountability and professional standards.
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He said the increased capital base should not merely be viewed as a regulatory requirement but as an opportunity for companies to build stronger institutions capable of underwriting greater risks, investing in innovation, and providing more efficient services to customers.