The National Insurance Commission (NAICOM) has officially granted an operational license to CBI Partnering Insurtech Ltd, making it the first fully licensed partnering insurtech company in Nigeria under the nation's evolving insurance regulatory framework.
This development signifies NAICOM's commitment to fostering innovation within the insurance sector while upholding market integrity and safeguarding policyholders. The license was formally presented during a ceremony where the commission reiterated its dedication to regulatory reforms and consumer protection.
The approval comes as part of broader efforts to modernize the insurance industry, driven by the Nigerian Insurance Industry Reform Act 2025 and specialized guidelines for insurtech firms. NAICOM's Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, stated that the commission is taking deliberate steps to align Nigeria's insurance market with global standards.
He highlighted the recent enactment of the Nigerian Insurance Industry Reform Act 2025 and the insurtech guidelines as critical measures for industry transformation. Encouraging innovation within a strong regulatory framework remains a strategic priority for NAICOM, with the issuance of licenses contingent on strict compliance with regulatory and ethical requirements, ensuring innovation is pursued alongside consumer safeguards.
Nigeria's regulatory approach to insurance technology is gaining international recognition for its potential to expand insurance penetration and drive sectoral growth through digital solutions. Mr. Gam-Ikon congratulated CBI Partnering Insurtech Ltd, emphasizing the obligation to uphold high standards of governance and ethical conduct.
In other industry news, Nigeria's top 10 listed insurance companies recorded a combined N741.24 billion in net premiums in 2025, a 25.7% increase from N589.5 billion in 2024. These companies also paid N307.42 billion in claims in 2025, a 41.6% rise from N217.12 billion in 2024. SUNU Assurance reported N22.81 billion in gross written premium for 2025, a 45.38% increase from the previous year, with net premiums at N22.29 billion and claims paid at N8.25 billion.
Linkage Assurance Plc followed with N27.25 billion in net premiums, Lasaco Assurance with N30.97 billion, and Consolidated Hallmark Insurance with N32.26 billion. Sovereign Trust Insurance recorded N46.28 billion, Coronation Insurance N82.35 billion, and Mutual Benefits N84.60 billion. NEM Insurance posted N157.88 billion, AXA Mansard Insurance N170.86 billion, and AIICO Insurance N156.2 billion in net premiums for 2025.
