No fewer than five new companies have been licensed by the National Insurance Commission (NAICOM) to operate in the Nigerian insurance market.
A breakdown of the development shows that five new companies comprise four underwriting firms and one reinsurance company.
The Head, Commissioner for Insurance Directorate of the National Insurance Commission (NAICOM), Mr Rasaq Salami, disclosed this Friday during the Insurance Industry Consultative Council 2020 media retreat in Ijebu Ode.
He listed the five companies to include: Heirs Insurance (General), Stanbic IBTC Insurance Limited (Life), Heirs Insurance Life Assurance Company Nigeria Limited, Enterprise Insurance as well as FBS Reinsurance Limited.
He said the Commissioner for Insurance/CEO, NAICOM, Mr. Sunday Thomas, issued the licensing certificates to the companies in Abuja on Friday.
This brings to 63 the number of registered insurance companies in Nigeria even as the sector is currently undergoing a recapitalization exercise targeted at weeding out weak players from the industry. The deadline for the recapitalization exercise is September 2021.
Heirs Insurance Limited (General), picked, Olaniyi Stephen Onifade, as its Managing Director; Stanbic IBTC Insurance Limited, picked, Akinjide Orimolade, as Managing Director; Heirs Life Assurance Limited, picked, Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited, picked, Fumilayo Abimbola Omo.
Tony Elumelu, is the Chairman, Heirs Insurance Limited (General); Yinka Sanni, Chairman, Stanbic IBTC Insurance Limited; Abdulqadir Jeli Bell, Chairman, Heirs Life Assurance Limited and Keli Gadzekpo, Chairman, Enterprise Life Assurance Company Nigeria Limited.