Less than one percent penetration of insurance in Nigeria despite the huge population of over 200 million people is a big concern for stakeholders in the nation’s insurance industry
Industry regulator, the National Insurance Commission (NAICOM) today handed over five operational licenses to four insurance companies and one reinsurance company.
The insurance companies are Heirs Insurance General, Stanbic IBTC Insurance Limited Life, Heirs Insurance Life, Enterprise Life Assurance Company Nigeria Limited, and FBS Reinsurance Limited.
These bring the number of insurance companies in Nigeria to 59 insurers and 3 reinsurers.
Sunday Thomas, commissioner for Insurance/CEO , NAICOM is handing these licenses to the owners of the Company at the Commission’s head office in Abuja.
Modestus Anaesoronye
Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd.
A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia.
Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.
