In a bid to expand the insurance market to attract more investments, the National Insurance Commission (NAICOM) has issued operational licenses to four insurance, one reinsurance and two takaful companies at a groundbreaking ceremony in Abuja on the weekend.
The Head, Commissioner for Insurance Directorate, NAICOM, Rasaq Salami disclosed this Friday at the Insurance Industry Consultative Council 2020 media retreat held for insurance journalists at Ijebu-Ode, noting that the Commission had conducted an interview for the firms and visited their locations and therefore license was approved for all the firms.
According to him the companies approved for operations are: Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited. Prior to the issuance of operational licenses to these companies, the National Insurance Commission (NAICOM) had received applications from the under above stated companies for registration as Insurance, reinsurance and Takaful Companies to transact insurance and reinsurance business in Nigeria.
The licenses were presented by the Commission for Insurance/CEO, NAICOM, Mr. Sunday Thomas, to representatives of the new companies in Abuja.
With this the sum of N54 billion has been attracted into the industry thus FBS Reinsurance Limited N20 billion; Heirs Insurance Limited (General), N10 billion; Heirs Life Assurance Limited, N8 billion; Stanbic IBTC Insurance Limited (life), N8 billion and Enterprise Life Assurance Company, N8 billion.
