Nigeria’s insurance industry is about to witness increased activity and vibes, as Ghana’s largest insurer, Enterprise Insurance alongside Nigeria’s Stanbic IBTC and tony Elumelu Heirs Holdings apply for license from the National Insurance Commission (NAICOM).
According to NAICOM in a an advertorial published On Thursday, the four firms will be called Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited and Enterprise Life Assurance Company Nigeria Limited.
The publication said “The National Insurance Commission (NAICOM) has received applications from the under listed companies for registration as Insurance Companies to transact insurance business in Nigeria. In fulfillment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies. Members of the public are requested to submit/report any objection or otherwise against these registrations to the Commission within 21 days from the date of this publication, please.”
Meanwhile, Heir Insurance Limited (General), has 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.
There are currently 55 registered (underwriting) insurance companies in Nigeria, with 28 as general business underwriters, 14 life underwriters and 13 composite underwriters.