Find Insurance and Reinsurance expertise in Nigeria
- Overview
- Regulatory Body
- Professional Body
There are over 100 insurance companies in Nigeria, NICON being the largest. Insurance penetration rates, however, are relatively low in comparison with other African emerging markets. In addition to typical insurance services (vehicles, life, property and business), insurance companies cover risks associated with the oil industry. The National Insurance Commission is the apex regulatory body for the insurance industry.
The National Insurance Commission (NAICOM) is a refurbished institution, established by the penultimate military administration in the country in 1997. The power of NAICOM under the prevailing legislation for the industry in the country, the Insurance Act 2003, is comprehensive. NAICOM is responsible for the administration and enforcement of the provisions of the aforementioned act. Criteria and standards for registration, policy provision, rates, expenses limitations, valuation of asset and liabilities, investment funds and the qualifications of sale representatives are all set by NAICOM.
The Nigerian Council of Registered Insurance Brokers was established by an Act of the National Assembly (NCRIB Act No. 21 of 2003) which was signed into law on 4th July, 2003 . The Council succeeded the Nigerian Corporation of Insurance Brokers founded in 1962 and incorporated on 9th May, 1967 as a non-profit making organisation limited by guarantee under the Companies Act (1968). The Council is the Umbrella Association of all Registered Insurance Brokers in Nigeria who are by law expected to be registered by it before they can be licensed to operate in the Nigerian Insurance market by the National Insurance Commission.