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- Nigeria's security manufacture is astir to get much competitory arsenic NAICOM has issued 2 caller licenses
- One of the licensed companies was lone created weeks agone aft a merger betwixt 2 smaller players
- With the issuance of these caller licenses, large players similar AIICO, Leadway, and others person to brace for much competition
Ruth Okwumbu-Imafidon, a writer with Legit.ng, has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.
The National Insurance Commission (NAICOM) has issued 2 caller security licenses, frankincense welcoming much players into the industry.
The 2 latest additions are SanlamAllianz Life and General Insurance Nigeria Ltd.
Speaking astatine the handover ceremonial successful Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, said NAICOM is committed to ensuring the maturation of each security operators successful the country.
Source: Twitter
He besides noted that the assemblage would guarantee strict compliance with the regulatory requirements, bully firm governance, and timely colony of security claims.
AIICO, Leadway, AXA Mansard invited caller competitor
The issuance of these licenses means that cardinal manufacture players similar AIICO Insurance, Leadway Assurance, Custodian and Allied Insurance, and AXA Mansard Insurance now person caller competitors to interest about.
Based connected turnover for the past 4 years, these 4 companies are the biggest, and are followed by NEM Insurance, Mutual Benefits Assurance, Cornerstone Insurance, Coronation Insurance, and Sovereign Trust Insurance.
However, these large guys volition present person to interest astir the newest kids connected the block.
SanlamAllianz Life is calved aft a merger
This Day quality reports that conscionable a fewer weeks ago, Sanlam and Allianz announced their palmy merger successful Nigeria.
The determination creates a caller and larger subordinate successful Nigeria’s security industry, marking a important measurement successful the company’s pan-African enlargement strategy.
NAICOM had listed about 67 companies operating in Nigeria's security space, but that was earlier the merger and restructuring.
Commenting connected the merger, Omosehin said that it combined some companies’ strengths and expertise, and would accelerate the manufacture maturation successful this property erstwhile security is evolving beyond accepted products.
NAICOM partners with Fire Service to mandate insurance
In January 2025, NAICOM declared that a occurrence security argumentation would present beryllium a requirement among spot owners and developers.
The committee mandated the Federal Fire Service to see it successful its checklist, and guarantee that nationalist and backstage buildings, including those inactive nether construction, person their occurrence security successful place.
At a gathering held astatine the NAICOM headquarters, some bodies discussed however to spouse to guarantee compliance nationwide.
Source: Getty Images
Later successful May 2025, the committee issued much requirements to guarantee enforcement and directed contiguous implementation of the decision.
NAICOM names security companies with unresolved claims
In related news, NAICOM has published the list of security companies that relationship for implicit 1,500 unresolved claims crossed Nigeria.
This is portion of moves to support the interests of the insured and support compliance successful the security industry.
Legit.ng reported that the committee issued respective warnings to the security companies to resoluteness the claims successful their accounts earlier publishing the list.
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Source: Legit.ng
