30 results
- Financial5 Sept 2026
NAICOM Targets 10% Insurance Penetration, 25m Nigerians by 2031
The National Insurance Commission (NAICOM), has unveiled a five-year industry-wide blueprint to significantly deepen insurance coverage in Nigeria, targeting an increase in penetration from 0.5 per cent of Gross Domestic Product to 10 per cent by 2031.
- 22 Nov 2024
Data Commission, NAICOM Partner to Safeguard Data in Insurance Industry
Nigerian Data Protection Commission (NDPC) and National Insurance Commission (NAICOM) have signed a Memorandum of Understanding (MoU) to protect data pilfering in the insurance industry. The…
- 27 Feb 2025
NAICOM Urges Nigerian Insurers to Develop Cyber Insurance Products
National Insurance Commission (NAICOM) has urged Nigerian insurance companies to develop and introduce cyber insurance products. This is in response to the escalating digital risks accompanying…
- 31 Dec 2020
NAICOM Suspends Insurance Industry Recapitalisation
The National Insurance Commission (NAICOM) has suspended the ongoing Insurance industry’s recapitalisation following a court order on the initiative. NAICOM’s spokesman Rasaaq Salami, reacting to the…
- 19 Feb 2025
NAICOM, UNDP, Others to Promote Insurance Literacy, Consumer Protection
The National Insurance Commission (NAICOM), and the United Nations Development Programme (UNDP) recently took their Insurance Literacy and Consumer Protection Campaign to Wuse Market, Abuja. NAICOM…
- 24 Dec 2018
Insurance Brokers Laud NAICOM over SIP Cancellation
The Nigerian Council of Registered Insurance Brokers (NCRIB) has applauded the National Insurance Commission (NAICOM) over the cancellation of State Insurance Producer (SIP), a new distributive…
- 28 Dec 2016
NAICOM Threatens Insurers over Local Content Policy
The National Insurance Commission (NAICOM) will henceforth punish insurers who act against the local content policy. The regulator has discovered that some operators either fail or refuse to consider…
- 24 Nov 2025
NAICOM Mandates Insurance Customers to Link NIN, CAC Documents By April 2026
The National Insurance Commission, NAICOM, has directed all individual insurance customers to link their National Identification Number, NIN, to their insurance policies by April 30, 2026. The…
- 28 Nov 2024
NAICOM Signs Agreement with NDPC on Data Protection in Insurance Sector
The National Insurance Commission (NAICOM), has signed agreement with the Nigerian Data Protection Commission (NDPC) with the aim of enhancing data protection within the insurance sector. According…
- 20 Jul 2026
No Going Back on July 31 Deadline for Insurance Firms' Recapitalisation - NAICOM
National Insurance Commission (NAICOM) has declared that it has no plans to extend the 31 July 2026, deadline for the ongoing insurance industry recapitalisation exercise, asserting that the date is…
- 28 Jun 2022
NAICOM Cancels Niger Insurance, Standard Alliance’s Operational Licences
National Insurance Commission (NAICOM) has cancelled the certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc. This was disclosed in a statement issued by ‘Rasaaq…
- 15 Nov 2023
NAICOM Warns Insurers Against Dealing with Unlicensed Agents, Brokers
National Insurance Commission (NAICOM) has issued a stern warning to insurance operators against dealing with unlicensed agents and brokers if the sector must progress and earn the trust of the…
- 30 Oct 2024
NAICOM Sacks African Alliance Insurance Board
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024. The Commissioner for Insurance, Mr. Segun Omosehin,…
- 4 Jun 2020
NAICOM Extends Insurance Firms Recapitalization
The National Insurance Commission (NAICOM) has split the industry recapitalization process into two, extending the recapitalization deadline to September, 2021. The segmentation was contained in a…
- 23 Apr 2014
Terrorism Financing: NAICOM Beams Searchlight on KYCG of Insurers
National Insurance Commission (NAICOM) has started sending inspectors to insurance firms to ascertain whether they have been complying with the provisions of the law regarding money laundering and…
- 30 Sept 2024
NAICOM Highlight Strategies to Achieve Insurance Penetration Across Nigeria
The National Insurance Commission (NAICOM), has highlighted five strategies it will adopt to achieve insurance accessibility and penetration across the country. The commission said these strategies…
- 20 Jun 2022
NAICOM License Micro Insurance Institutions to Promotes Financial Inclusion
The National Insurance Commission (NAICOM), has explained that its reason for issuing operating licenses to micro insurance institutions was to ensure that Nigerians at the grass roots were not left…
- 21 Jul 2026
Senate Passes Landmark Insurance Reform Bill, Replaces 1997 NAICOM Act
The Senate yesterday recorded two major milestones in Nigeria’s financial sector, passing a landmark Insurance Regulatory Commission Bill to replace the nearly three-decade-old National Insurance…
- 20 May 2021
NAICOM, Transport Ministry Partner on Insurance for Transport Owners
The National Insurance Commission (NAICOM) and the Federal Ministry of Transportation have agreed on a partnership that would ensure provision of adequate insurance for road transport owners and…
- 18 Jun 2024
NAICOM Seeks Police Support on Enforcement of Motor Third-party Insurance
The National Insurance Commission (NAICOM) has asked the support of the Nigeria Police Force in advancing the insurance industry road map particularly in the enforcement of Motor Third- Party…
- 2 Jul 2019
NAICOM Boss Calls for Reform of Insurance Industry
Mr. Mohammed Kari, the Commissioner for Insurance National Insurance Commission (NAICOM), has stressed the need to reform and digitise the country’s insurance industry to boost the economy. Kari said…
- 4 Feb 2022
NAICOM Releases Guidelines for Insurance Web Aggregators’ Operations
In line with the recent digitalisation of its supervisory and regulatory processes, the National Insurance Commission (NAICOM) has released what it tagged, “Insurance Web Aggregators Operational…
- 23 Sept 2020
NAICOM Urges State Governments to Implement Compulsory Insurance
The National Insurance Commission, NAICOM, is seeking collaboration especially from State Governments on implementation and enforcement of compulsory insurance. Speaking during a meeting with the…
- 10 Jul 2018
NAICOM to Boost Financial Inclusion with NIIDP
National Insurance Commission (NAICOM), on Monday said it has concluded plans to launch the Nigerian Insurance Industry Development Plan (NIIDP) in order to boost financial inclusion. The commission…
- 3 Dec 2023
NAICOM Puts Insurance Premium at N729bn in Nine Months
Nigerian insurance companies earned N729.1bn as premium from life and non-life businesses in the first three quarters of 2023 financial period. The National Insurance Commission disclosed this in a…
- 24 Dec 2021
NAICOM says Insurance Industry Attracting Huge Pension Funds
Mr. Sunday Thomas, the Commissioner for Insurance, National Insurance Commission, has said the insurance industry is attracting huge pension funds and contributing largely to the national economy. A…
- 10 Aug 2026
FG Suspends NAICOM’s N680m Insurance Recapitalisation Fees
Federal Ministry of Finance has halted enforcement of about N680 million in disputed fees imposed by the National Insurance Commission (NAICOM) on NICON Insurance Limited and Nigeria Reinsurance…
- 3 Jul 2025
NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance
The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja. Olusegun Omosehin, commissioner for…
- 22 Sept 2013
Why We Introduced Oil & Gas Guideline- NAICOM
National Insurance Commission (NAICOM) has said that the introduction of oil and gas guideline for the sector is to increase insurance firms’ market. Mr. Fola Daniel, commissioner for Insurance, who…
- E-Financial11 Sept 2026
NAICOM Dismisses Allegations of $100Bn Fraud in Recapitalisation Exercise
National Insurance Commission (NAICOM) has dismissed allegations of a $100 billion fraud in the recently concluded insurance industry recapitalisation exercise, describing the publication containing the claims as false, misleading and malicious.