By Dayo Omoogun
The National Insurance Commission (NAICOM) has published a list of all operators licenced to carry on insurance business in Nigeria as at 31st December, 2019.
The list made available to the media contains a list of 52 insurance companies,2 reinsurance companies., 2 Takaful insurances companies as well as 2 microinsurance companies.
Out of the 52 insurance companies, 14 are to carry out composite business, 26 are for general insurance while 12 are specifically licenced to carry out ONLY the business of life insurance.
The twelve are: ARM Life Plc, African Alliance Insurance Co Ltd, Capital Express Assurance Ltd , Custodian Life Assurance Ltd, FBN Insurance Ltd, Metropolitan Nigeria Life Insurance, Mutual Benefits Life Assurance Ltd, Old Mutual Nigeria Life Assurance Co Ltd, Prudential Zenith Assurance Company Ltd, Royal Exchange Prudential Life Plc, UNIC Insurance Plc and WAPIC Insurance Plc.
The list which states the registered office address of the companies is a very useful guide to the insuring as well as investing public.