By Abiodun Folarin
WorldStage— The National Insurance Commission (NAICOM), has issued new licences to additional insurance companies, confirmed and verified as having met the minimum capital requirements under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).
The Commission said the development marks another milestone in efforts to strengthen confidence, enhance financial stability and promote professionalism in Nigeria’s insurance industry.
Speaking on the development, the Commissioner for Insurance, Mr. Olusegun Omosehin, urged the newly licensed companies to deploy their capital prudently and effectively to support sustainable growth and strengthen protection for policyholders.
He also charged the companies to move away from unethical practices and uphold the highest standards of corporate governance, transparency and accountability.
The Commissioner stressed the need for all stakeholders in the insurance industry to work collectively towards building a stronger, more credible and resilient sector.
According to him, a stronger insurance industry must consistently fulfil its obligations, deliver on its promises and restore greater trust and confidence among Nigerians.
The latest licensing exercise is part of NAICOM’s ongoing implementation of the NIIRA 2025 reforms aimed at strengthening the financial capacity and resilience of insurance companies operating in the country.
