The Nationwide Insurance coverage Fee (NAICOM) has formally issued operational licences to SanlamAllianz Life Insurance coverage and Basic Insurance coverage, marking a big milestone in Nigeria’s evolving insurance coverage panorama.
The official handover ceremony befell on Wednesday at NAICOM’s headquarters in Abuja, attended by prime regulatory officers and representatives of the newly licensed entities.
Presenting the licences, Commissioner for Insurance coverage, Mr. Olusegun Omosehin, reiterated the Fee’s dedication to creating an enabling surroundings for insurers to thrive, whereas safeguarding regulatory integrity and policyholder pursuits.
“NAICOM stays dedicated to facilitating the expansion and growth of insurance coverage in Nigeria. Our regulatory requirements are designed not simply to information, however to guard. We count on licensed operators to embrace {financial} self-discipline, good company governance, and speedy claims decision,” Omosehin stated.
He famous that strengthening these pillars was key to restoring public confidence within the trade and driving deeper penetration within the Nigerian insurance coverage market, which stays underserved.
Omosehin additionally affirmed the Fee’s resolve to remove pointless bureaucratic hurdles that constrain operational effectivity, including that NAICOM was evolving towards smarter, extra responsive regulation.
The licensing comes on the heels of a serious merger between Sanlam, a number one South African non-banking {financial} companies supplier, and Allianz, a world insurance coverage powerhouse headquartered in Germany. The ensuing entity—SanlamAllianz—formally launched its operations in Nigeria final month.
Omosehin expressed confidence that the brand new model would contribute considerably to Nigeria’s insurance coverage ecosystem, citing its worldwide pedigree, diversified merchandise, and deep capital base.
“The merger behind SanlamAllianz is a strategic transfer that enhances capability, strengthens market competitiveness, and introduces world-class practices into our sector,” he stated.
The mixed footprint of Sanlam and Allianz now spans 27 African international locations, together with Kenya, Egypt, Ghana, and Uganda, reinforcing their shared imaginative and prescient of delivering strong insurance coverage and {financial} companies throughout the continent.
The Nigerian insurance coverage trade is experiencing important development, with projections indicating a market measurement of $7.84 billion in 2025.
International reinsurers like Lloyd’s of London, AIG, Everest Re, PartnerRe, Hannover Re, Sirius Worldwide, Belief Re, Sava Re, China Re, GIC Re, and Sompo Japan assist Nigerian insurers via partnerships and reinsurance preparations.
