NAICOM pools N54b into insurance industry

Executives of NAICOM with the newly licenced operators at the event.

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has attracted N54 billion into the insurance sector with the issuing of operational licences to four underwriters and one reinsurer in line with Market Conduct & Business Practice Guidelines.

FBS Reinsurance Limited would have raised N20 billion before obtaining the operational licence; Heirs Insurance Limited (General), N10 billion; Heirs Life Assurance Limited, N8 billion; Stanbic IBTC Insurance Limited (life), N8 billion and Enterprise Life Assurance Company, N8 billion.

The firms were issued operational licences yesterday in NAICOM Headquarters in Abuja.

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