The National Insurance Commission (NAICOM) has authorized conventional insurance companies to carry out microinsurance [4] operations since 1 December 2020.
In order to secure a microinsurance license, conventional insurers must meet a number of criteria required by the supervisory authority.
The objective is to increase insurance penetration in Nigeria.
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[3] https://www.atlas-mag.net/en/issue/2021-a-transition-year-for-insurers
[4] https://www.atlas-mag.net/en/article/microinsurance