NAICOM Issues New Insurance Licences to Sanlam Allianz, General Insurance in Major Industry Shakeup
- Nigeria's insurance industry is about to get more competitive as NAICOM has issued two new licenses
- One of the licensed companies was only created weeks ago after a merger between two smaller players
- With the issuance of these new licenses, major players like AIICO, Leadway, and others have to brace for more competition
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Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.
The National Insurance Commission (NAICOM) has issued two new insurance licenses, thus welcoming more players into the industry.
The two latest additions are SanlamAllianz Life and General Insurance Nigeria Ltd.
Speaking at the handover ceremony in Abuja, the commissioner for insurance, Olusegun Ayo Omosehin, said NAICOM is committed to ensuring the growth of all insurance operators in the country.
Source: Twitter
He also noted that the body would ensure strict compliance with the regulatory requirements, good corporate governance, and timely settlement of insurance claims.
AIICO, Leadway, AXA Mansard welcome new competitor
The issuance of these licenses means that key industry players like AIICO Insurance, Leadway Assurance, Custodian and Allied Insurance, and AXA Mansard Insurance now have new competitors to worry about.
Based on turnover for the last four years, these four companies are the biggest and are followed by NEM Insurance, Mutual Benefits Assurance, Cornerstone Insurance, Coronation Insurance, and Sovereign Trust Insurance.
However, these big guys will now have to worry about the newest kids on the block.
SanlamAllianz Life is born after a merger
This Day news reports that just a few weeks ago, Sanlam and Allianz announced their successful merger in Nigeria.
The move creates a new and larger player in Nigeria’s insurance industry, marking a significant step in the company’s pan-African expansion strategy.
NAICOM had listed about 67 companies operating in Nigeria's insurance space, but that was before the merger and restructuring.
Commenting on the merger, Omosehin said that it combined both companies’ strengths and expertise, and would accelerate the industry growth in this age when insurance is evolving beyond traditional products.
NAICOM partners fire service to mandate insurance
In January 2025, NAICOM declared that a fire insurance policy would now be a requirement among property owners and developers.
The commission mandated the Federal Fire Service to include it in its checklist, and ensure that public and private buildings, including those still under construction, have their fire insurance in place.
At a meeting held at the NAICOM headquarters, both bodies discussed how to partner to ensure compliance nationwide.
Source: Getty Images
Later in May 2025, the commission issued more requirements to ensure enforcement and directed immediate implementation of the decision.
NAICOM names insurance companies with unresolved claims
In related news, Legit.ng reported that NAICOM published the list of insurance companies that account for over 1,500 unresolved claims across Nigeria.
This was part of moves to protect the interests of the insured and maintain compliance in the insurance industry.
Legit.ng reported that the commission issued several warnings to the insurance companies to resolve the claims in their accounts before publishing the list.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
