The National Insurance Commission’s most recent numbers, which were obtained on Sunday, show that there are now 67 insurance companies with operating licenses in Nigeria.
According to The Punch, NAICOM stated on Sunday that the number of companies increased from 54 to 67 in the most recent report.
According to NAICOM’s report, the insurance firms consisted of “Life, 13; General, 27; and Composite 12=52.” Reinsurance: three, Takaful: four, and micro: eight= 67.
Investment and Allied Insurance Company Limited, Spring Life, Unic Insurance, Standard Alliance Insurance Plc, and Niger Insurance Plc were among the historic and contemporary insurance businesses that had been liquidated that were listed.
In the country, there were 15 general underwriters, four Takaful, three reinsurers, seven microinsurance businesses, and 12 composite insurance firms, according to a prior list of insurance companies by NAICOM.
In accordance with market conduct and business practice norms, NAICOM stated it issued operational licenses to seven insurance businesses earlier in 2023.
The businesses had been operating and submitting their reports to the appropriate regulatory bodies.
