Service delivery in the insurance and reinsurance market received new impetus with the licencing of four new insurers and reinsurance company today in Abuja from the the regulator, National Insurance Commission, in line with market conduct and business practice guidelines.
The Commissioner for Insurance, Mr. O S Thomas, issued the operating licences to the companies. The clearance to begin operation, was given to a general insurer, three life companies and a reinsurer. Also in the number are two Takaful insurance companies.
The companies are: HEIRS Insurance General Limited, HEIRS Insurance Life Limited, Stanbic IBTC Life Limited, Enterprise Life Assurance Company Limited and FBS Reinsurance Company Limited.
NAICOM spokesperson who relayed the news to insurance journalists at the 2020 Media Retreat hosted by Insurance Industry Consultative Council, in Ijebu Ode, Ogun State, while the licence were being issued in Abuja, said the companies are now integral part of the insurance market and are operating as one henceforth.
This means that five new operators have already emerged. The new operators will form part of the number that will eventually remain after probable mergers and acquisitions, when the recapitalisation ends by 30 September 2021 as the approved licenced insurance operators. The two takaful insurance companies licenced to continue to break the fallow ground in the excluded turned inclusive area are: Salam Takaful, Cornerstone Takaful Insurance Company Limited.