The National Insurance Commission (NAICOM) is set to register a new batch of insurance companies, a move expected to deepen competition and strengthen discipline in Nigeria’s insurance market.
Industry observers have welcomed the development, noting that the market is in dire need of fresh, serious, and well-capitalized players capable of restoring public confidence and driving innovation.
Reactions have begun to trail the notice of registration, with stakeholders expressing optimism that the entry of new insurers will create more options for policyholders, broaden coverage, and expand the industry’s contribution to the economy.
Some prospective customers have also raised questions about whether existing insurance investments can be migrated to the new firms once they commence operations. Industry experts, however, caution that such transfers are subject to regulatory approval and policy terms, underscoring the importance of engaging with NAICOM-accredited companies for guidance.
Analysts say the anticipated registrations align with NAICOM’s mandate to grow the industry, enforce compliance, and safeguard policyholders. If successful, the move could mark a turning point for Nigeria’s under-penetrated insurance sector, which currently contributes less than 1% to GDP.
