NAICOM grants operating licenses to four insurers, one reinsurer

By Chiamaka Ajeamo
The National Insurance Commission (NAICOM) has issued operating licenses to four insurance companies and one reinsurance company to commence operations in Nigeria.
The Commissioner for Insurance, Sunday Thomas, disclosed this today at the Insurance Industry Consultative Council 2020 Media Retreat in Ijebu-Ode, Ogun.
Thomas who was represented by the Head, Commissioner for Insurance Directorate of NAICOM, Rasaq Salami, said the new companies 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 this addition, there were 55 insurance companies and two reinsurance companies, hence, there are now 59 insurers and three reinsurance companies in the country.
Heirs Insurance Limited (General), has Olaniyi Stephen Onifade, as its Managing Director; Stanbic IBTC Insurance Limited, has Akinjide Orimolade, as Managing Director; Heirs Life Assurance Limited, has Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited, has Fumilayo Abimbola Omo while FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel.
“These companies from today have the blessings of the commission to operate in the insurance Industry”, Salami said.

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