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Insurance penetration still below 1% of GDP — AXA Mansard

Insurance penetration in Nigeria remains below one per cent of the country’s Gross Domestic Product, despite the nation’s population of more than 220 million people. According to The Nation, the Chief Executive Officer of AXA Mansard Insurance, Kunle Ahmed, disclosed this at the launch of the company’s “Culture of Care” campaign, saying the challenge confronting […]

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NAICOM revokes universal insurance licence over capital shortfall

The National Insurance Commission has revoked the license of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the company’s affairs. The cancellation, which took effect on August 14, 2026, followed the company’s alleged failure to meet the prescribed Minimum Capital Requirement applicable to its category of licence within […]

Insurance

NAICOM hails Senate over insurance regulatory commission bill passage

The National Insurance Commission has commended the Senate for the successful passage of the National Insurance Regulatory Commission Bill. In a statement released on Wednesday, NAICOM said the legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. The Commission stated: “This landmark legislation is a major milestone in strengthening the […]

Insurance

PenCom plans new investment vehicle to fund pension industry infrastructure

Nigeria’s National Pension Commission is developing plans to establish a new investment vehicle that could channel resources from the country’s $22 billion pension industry into critical infrastructure projects. This is as the government seeks new sources of long-term financing for roads, railways, energy and healthcare. Nairametrics reported that the proposal was disclosed by PenCom spokesman […]

featured Insurance

NAICOM boss charges NIA to rebuild public trust in insurance

Commissioner for Insurance, National Insurance Commission, Mr. Olusegun Ayo Omosehin, has charged the Nigerian Insurers Association, to lead the rebuilding of public trust in insurance as the industry enters a new phase of transformation. He gave the charge at the Investiture Ceremony of Mrs. Ebelechukwu Nwachukwu as the 27th Chairman of the NIA in Lagos […]

Pension funds climb by 22% to N18tn - NAICOM
Business

NAICOM tasks insurers on shift to customer-centric insurance model

The National Insurance Commission has called on insurers to transition from a product-centric approach to a customer-centric model. Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, made this call at the opening ceremony of the Insurance Week 2026, according to Vanguard. He explained that the customer-centric model entails actively involving clients in the product development process, […]

No region has 50% access to healthcare equipment — Report
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Stakeholders launch health insurance programme for vulnerable Nigerians

In a renewed effort to widen access to affordable healthcare services, key stakeholders in Nigeria’s health sector have launched the Inclusive Health Insurance Enrolment Programme, aimed at reaching vulnerable populations across selected states. The initiative, driven by the Global Health Charity and Training Foundation in partnership with the Private Sector Health Alliance of Nigeria, is […]

featured Finance

Nigerian insurers pay ₦307bn claims in 2025

Nigeria’s insurers paid N307.2 billion in claims in the 2025 financial year, up from N216.9 billion in 2024, representing a 41.6 per cent increase as stronger underwriting activity and rising policy utilisation pushed payouts higher across the industry. The increase reflects a broad rise in insurance activity, with data from 12 listed insurers showing that […]

Insurance

Lagos court orders 18 insurers to pay IRS airlines millions

A Lagos High Court has ordered Standard Alliance Insurance Plc and 17 other Nigerian insurance companies, along with a foreign third-party reinsurer, to indemnify IRS Airlines Limited for the total loss of its Fokker 100 aircraft, registration 5N-SIK, which occurred in an accident in Niger Republic on May 10, 2014. In the judgment delivered by […]

Agribusiness

FG partners NAICOM to reform agricultural insurance framework

The Federal Government is preparing to overhaul the agricultural insurance framework through a strategic partnership between the National Insurance Commission and the Federal Ministry of Agriculture and Food Security. The collaboration seeks to strengthen protection for farmers and support national food security goals. A statement issued by NAICOM on Saturday detailed the initiative. It followed […]

Insurance

Reps enrol press corps in FCT health insurance scheme

The House of Representatives has enrolled accredited journalists covering its proceedings into the Federal Capital Territory Health Insurance Scheme. The initiative followed the sponsorship of a one-year premium by the Chairman of the House Committee on Media and Public Affairs, Akin Rotimi. A symbolic presentation of enrollment identity cards took place at the National Assembly […]

Finance

NAICOM rules out extension of insurance recapitalisation deadline

The National Insurance Commission has reiterated that it will not extend the ongoing recapitalisation deadline in the insurance industry, stressing that the timeline is clearly stipulated by law and cannot be altered. The commission’s Deputy Commissioner for Insurance (Technical), Dr Usman Jankara, made this known while representing the Commissioner for Insurance and Chief Executive Officer […]

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