Full List: NAICOM Names 67 Insurance Companies Licensed to Operate in Nigeria
- Total insurance companies in Nigeria increased from 54 to 67 in a most recent report
- Niger Insurance and Standard Alliance Insurance are part of insurers whose businesses had been liquidated
- This development follows an earlier increase in motor vehicle insurance
The National Insurance Commission's most recent numbers, which were recently obtained by Legit.ng show that there are now 67 (from 54) insurance companies with operating licenses in Nigeria according to data from NAICOM's website
This is coming after the regulator recently announced a hike in the premium rate for vehicle insurance in Nigeria effective from January 1, 2023.
Source: UGC
According to the new rate, private vehicles, which paid an N5,000 premium for the N1 million Third-Party Damage (TPPD) limit, are required to pay an N15,000 premium for N3 million. In contrast, owners of good vehicles are to pay N20 million for N5 million, and staff buses must pay N20,000 for N3 million.
NAICOM said 67 insurers operating in Nigeria
According to NAICOM's report, the insurance firms consisted of 13 Life insurers, 27 General insurers, and 12 Composite. Similarly, there are 3 reinsurers, 4 Takaful, and 8 micro insurance companies.
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.
The National Insurance Commission's most recent numbers, which were obtained recently show that there are now 67 insurance companies with operating licenses in Nigeria.
Recall that SICL Reinsurance Brokers Limited (SICL RE) recently became one of the latest entrants in the league of companies licensed to offer Reinsurance Brokerage services in Nigeria. Notably, SICL Re is a subsidiary of Standard Insurance Consultants Limited (SICL), an insurance broker in Nigeria.
The insurance are listed in the categories of life, general, composite, and takaful.
Insurers operating Life
- African Alliance Insurance Company Ltd
- Capital Express Assurance Limited
- Coronation (Formerly Wapic) Life Assurance Limited
- Custodian Life Assurance Limited
- Enterprise Life Assurance Co. (Nigeria) Ltd
- Sanlam Life Insurance Limited (Formerly FBN Life)
- Heirs Life Assurance Ltd
- Mutual Benefits Life Assurance Ltd
- Old Mutual Nigeria Life Assurance Company Limited
- Prudential Zenith Assurance Company Limited
- Royal Exchange Prudential Life Plc
- Stanbic IBTC Insurance
- Tangerine Life Insurance Limited formerly Metropolitan Life Insurance Nig. Ltd
- Insurers operating general business
- Anchor Insurance Company Ltd
- Consolidated Hallmark Insurance Plc
- Coronation (Formerly Wapic) Insurance Plc.
- Custodian & Allied Insurance Limited
- Sanlam General Insurance Limited (Formerly FBN Gen.)
- Fin Insurance Company Limited
- Guinea Insurance Plc
- International Energy Insurance Plc
- KBL Insurance Limited
- Heirs Insurance Ltd
- Tangerine General Insurance Ltd formerly (Law Union & Rock Insurance Plc)
- Linkage Assurance Plc
- Mutual Benefits Assurance Plc
- NEM Insurance Plc
- Nigerian Agricultural Insurance Corporation (NAIC)
- Old Mutual General Insurance Company Nigeria Limited
- Prestige Assurance Plc
- Regency Alliance Insurance Plc
- Royal Exchange General Insurance Company ltd
- Sovereign Trust Insurance Plc
- Staco Insurance Plc
- Sterling Assurance Nigeria Ltd
- Sunu Assurances Plc (Formerly Equity Assurance)
- Unitrust Insurance Nigeria Limited formerly Saham Unitrust Insurance Ltd.
- Universal Insurance Plc
- Veritas Kapital Assurance PLC
- Zenith General Insurance Company Limited
Insurer operating general business
- AIICO Insurance PLC
- Alliance & General Insurance Plc
- ALLIANZ (Formerly Ensure) Nigeria insurance Ltd
- AXA Mansard Insurance Plc
- Cornerstone Insurance Plc
- GoldLink Insurance Plc
- Great Nigeria Insurance Plc
- Industrial & General Insurance Company Plc
- Lasaco Assurance Plc
- Leadway Assurance Company Limited
- NICON Insurance Plc
- NSIA Insurance Limited
Insurers operating under General and Family Takaful
- Jaiz Takaful Insurance Plc
- Noor Takaful Plc
- Cornerstone Takaful Nigeria Limited
- Salam Takaful Insurance Limited
Insurers operating under Composite
- Goxi Microinsurance (State)
- CHI Microinsurance (National)
- Cassava Microinsurance
- Shagamu Microinsurance
- Creditstar Microinsurance Limited
- Prudent Choice Microinsurance Limited
- Lifeguard Microinsurance Limited
- DOT Microinsurance Ltd
- Yes Microinsurance Ltd
Insurers operating under Composite
- Continental Reinsurance Plc
- Nigeria Reinsurance Corporation
- FSB Reinsurance Ltd
Insurers whose licenses are cancelled
- Investment and Allied Ins. Co. Ltd
- Spring Life
- Unic Insurance
- Standard Alliance Insurance Plc
- Niger Insurance Plc
NDIC Names 182 Liquidated Banks, Offers to Pay Customers Insured Sum
Legit.ng earlier reported that the Nigeria Deposit Insurance Corporation has begun paying all depositors of banks affected by the recent license revocation by the Central Bank of Nigeria (CBN).
The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks, 62 of which had already stopped operations, and 74 were declared insolvent. At the same time, 12 were temporarily distressed, and the remaining six were voluntarily liquidated.
The Managing Director of NDIC, Bello Hassan, gave the assurance recently while speaking at a two-day capacity-building workshop organized in partnership with the Bureau of Public Procurement held at Four Points By Sheraton in Ikot Ekpene.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
