The latest figures published by the National Insurance Commission (NAICOM) indicate that the number of licensed insurance operators in Nigeria has gone up from 54 to 67 in 2023.
The Nigerian insurance market [4] now comprises 12 composite companies, 27 non-life entities, 13 life companies, three reinsurers, eight microinsurance companies and four takaful companies.
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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-203-july-2023
[4] https://www.atlas-mag.net/en/article/the-insurance-market-in-nigeria