National Insurance Commission


The National Insurance Commission (NAICOM) was established in 1997 to administer, supervise, regulation and control the insurance sector in Nigeria.

Core Values

Transparency, integrity and efficiency (TIE)


Oversee the Nigerian insurance industry and to maintain high ethical standards so that Nigeria can lead in emerging global markets.


To be one of the leading regulators in the insurance sector in emerging global markets.

The National Insurance Commission mandates are to establish and maintain standards for the Nigerian insurance sector as well as to regulate rates of insurance premiums and commissions. The Commission has responsibility for the regulation of transactions between insurers and reinsurers both within and outside Nigeria. It is also tasked with the development of protection measures for government assets as well as advising the government on matters relating to insurance. Further to this, the Commission advises Federal Ministries and other related bodies on all insurance-related matters contained in any agreements signed by Nigeria.

The Commission produces an annual report which is distributed to the public and contains statistics on the insurance industry. It is also a contributor to the Chartered Insurance Institute of Nigeria and the West African Union Insurance Institute’s education programme.
The Commission’s Nigeria Insurance Market Development and Restructuring Initiatives (MDRI) has four main objectives: to enforce compulsory insurance products in Nigeria, to sanitise and modernise the insurance agency system, to wipe out fake insurance institutions and to introduce risk-based supervision. The aim is to improve the public perception of the insurance industry in Nigeria. The result of the MDRI should be, amongst other things, an increase in industry gross premium, job creation and the lowering of the insurance gap and increased public trust in the Nigerian insurance market.