NAICOM issues licences to four new insurers, one reinsurer

There are four insurance firms and one reinsurance company in the country, the Commissioner for Insurance, National Insurance Commission, Mr Sunday Olorundare Thomas has said.

The new firms are according to the Commissioner are Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited.

He made this known as he hands over operational licences to the five firms today at NAICOM Head Office in Abuja.

He said the Commission has issued operational licences to the firms to operate insurance business in the county.

He said: “The National Insurance Commission (NAICOM) received applications from the under listed companies for registration as Insurance and reinsurance Companies to transact insurance and reinsurance business in Nigeria.

Daniel.F BS is bringing together, professionals with proven experience from the brokerage and underwriting units of the industry including Bala ZakariyaU, the former managing director of Niger Insurance who currently plays in a support unit of the Nigerian aviation industry, Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin Bankole of the Custodian Investment Plc that has just taken a plunge into the property sector by taking a large chunk of the United Property Development Company, a subsidiary of the UACN Plc.

“These crops of professionals represent those with firm beliefs that there is a big insurance potential in Nigeria and indeed, the African continent. Others are Ebele Ofunneamaka Okeke, from Nnewi North, Anambra who rose to the position of the Head of Nigerian Civil Service before her retirement, and also, Yusuf Hamisu Abubakar, a lawyer, and an accomplished administrator and businessman with vast experience at the senior executive level in power and communication sectors.

“The reinsurance firm is required to pay the new N20 billion capitalisation stipulated by the commission under the reform exercise for it to start a business in the industry”, the Commissioner added.