It was icing on the cake today at the National Insurance Commission (NAICOM) in Abuja where the final batch of seven additional insurance companies that have been confirmed and verified as compliant with the minimum capital requirements under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025) were issued licences.
This development marks the end of a phase and the beginning of full endorsement for what comes next for reloaded insurance underwriters. The accomplished milestone the Commission re-echoed, is another significant milestone in strengthening confidence, enhancing financial stability, and promoting professionalism within Nigeria’s insurance industry.
Speaking at the ultimate event of handing over new licences the Commissioner for Insurance (CFI) Olusegun Omosehin, urged the companies to ensure the prudent and effective utilisation of their capital to support sustainable growth and strengthen policyholder protection. He said the Commission expect that in the current phase of the industry, operators should to the point where they have to jettison unethical practices of the past and embrace the highest standards of corporate governance, transparency, and accountability.
The CFI emphasised that all industry stakeholders must work collectively to build a stronger, more credible, and resilient insurance sector, one that consistently fulfils its obligations, delivers on its promises, and inspires greater trust and confidence among Nigerians.
