NAICOM Cuts the Field: Only 36 Insurers Can Now Sell Motor Cover

Nigeria’s insurance market has entered a new phase following the National Insurance Commission’s publication of 36 insurers authorised to underwrite motor insurance, providing a clearer picture of which operators remain eligible after the industry’s recapitalisation exercise.

The list contains eight composite insurers and 28 non-life insurers, including listed companies such as AIICO Insurance, Cornerstone Insurance, AXA Mansard, LASACO Assurance, Fortis Global Insurance and Great Nigeria Insurance. The licences form part of the new framework introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The development matters for investors because motor insurance is a significant part of Nigeria’s non-life insurance market, while the recapitalisation exercise is intended to strengthen insurers’ capacity to underwrite larger risks. NAICOM previously confirmed 48 insurance companies and two reinsurers as compliant with the new minimum-capital requirements.

However, inclusion on the motor-insurance list confirms regulatory authorisation; it does not guarantee profitability, policy quality or investment performance. Investors still need to assess individual insurers' premiums, claims, earnings and capital strength.

The next focus will be how the recapitalised companies translate their stronger regulatory standing into premium growth and profitability, particularly as competition intensifies among the approved operators.