The National Insurance Commission (NAICOM) has licensed five new insurance companies to operate in the Nigerian Insurance market.
The five new companies comprises four underwriting firms and one reinsurance company.
Mr Rasaq Salami, Head, Commissioner for Insurance Directorate of the National Insurance Commission (NAICOM) disclosed this on Friday during the Insurance Industry Consultative Council 2020 media retreat in Ijebu Ode.
He listed the five companies to include: Heirs Insurance (General), Stanbic IBTC Insurance Limited (Life), Heirs Insurance Life Assurance Company Nigeria Limited, Enterprise Insurance and FBS Reinsurance Limited.
He said the Commissioner for Insurance/CEO, NAICOM, Mr. Sunday Thomas, issued the licensing certificates to the companies in Abuja on Friday.
This brings to 63 the number of registered insurance companies in Nigeria.