Licensed Insurance Companies in Nigeria: The NAICOM List

As of 13 August 2026, the National Insurance Commission (NAICOM) has confirmed 48 insurance companies and 2 reinsurers as meeting the minimum capital requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025: 28 general, 8 composite and 12 life insurers. Only companies on this list may write insurance business, so it is worth checking that yours is one of them.

Key takeaways

• NAICOM confirmed 48 insurers and 2 reinsurers under NIIRA 2025: the first list on 31 July 2026 and seven more on 13 August 2026.
• General insurers write motor, property, marine and liability cover. Life insurers write life and group life. Composite insurers write both.
• Check the full legal name on your policy schedule or certificate against this list and NAICOM's own.
• Brokers and agents must be registered with NAICOM too.
• Every policy arranged on VaultCova is written by an insurer on this list.

What changed under NIIRA 2025?

The Nigerian Insurance Industry Reform Act 2025 raised the minimum capital an insurer must hold. Every insurer had until 31 July 2026 to show NAICOM that it met the new level for the business it writes. NAICOM published the companies that did on 31 July, and confirmed seven more on 13 August, closing the exercise at 48 insurers and 2 reinsurers.

For a policyholder the point is simple: an insurer on this list has shown the regulator it has the capital the law now requires to stand behind its policies. Reinsurers are left out of the lists below, because a customer's policy is never written directly with a reinsurer.

Which general (non-life) insurers are licensed?

These 28 companies write general business: motor, property and fire, burglary, all risks, marine and goods in transit, engineering and liability cover.

• Alliance & General Insurance Plc (confirmed 13 August 2026)
• Anchor Insurance Company Ltd (LIC 029)
• Capital Express Indemnity Insurance Limited (LIC 014)
• Consolidated Hallmark Insurance Limited (LIC 017)
• Coronation Insurance Plc (LIC 039)
• Custodian and Allied Insurance Limited (LIC 004)
• emPLE General Insurance Limited (confirmed 13 August 2026)
• Fin Insurance Company Limited (LIC 009)
• Guinea Insurance Plc (confirmed 13 August 2026)
• Heirs General Insurance Limited (LIC 008)
• International Energy Insurance Plc (LIC 033)
• KBL Insurance Ltd (LIC 032)
• Linkage Assurance Plc (LIC 028)
• Mutual Benefits Assurance Plc (LIC 011)
• NEM Insurance Plc (LIC 005)
• NPF Insurance Company Ltd (LIC 035)
• NSIA Insurance Limited (LIC 025)
• Prestige Assurance Plc (LIC 040)
• Regency Alliance Insurance Plc (confirmed 13 August 2026)
• Rex Insurance Limited (LIC 026)
• Sanlam-Allianz General Insurance Nigeria Ltd (LIC 015)
• Sovereign Trust Insurance Plc (confirmed 13 August 2026)
• Sterling Assurance Nigeria Limited (LIC 020)
• Sunu Assurances Nigeria Plc (LIC 031)
• Tangerine General Insurance Ltd (LIC 013)
• Unitrust Insurance Co. Limited (LIC 022)
• Veritas Kapital Assurance Plc (LIC 034)
• Zenith General Insurance Company Limited (LIC 001)

Which composite insurers are licensed?

These 8 companies write both general and life business.

• AIICO Insurance Plc (LIC 006)
• AXA Mansard Insurance Plc (LIC 021)
• Cornerstone Insurance Plc (LIC 010)
• Fortis Global Insurance Plc (LIC 036)
• Great Nigeria Insurance Plc (LIC 041)
• Industrial and General Insurance Plc (LIC 038)
• LASACO Assurance Plc (LIC 027)
• Leadway Assurance Company Limited (LIC 002)

Which life insurers are licensed?

These 12 companies write life business: life assurance, group life for employers, annuities and savings-linked policies.

• Capital Express Life Assurance Limited (LIC 023)
• CHI Life Assurance Limited (LIC 007)
• Coronation Life Assurance Limited (LIC 037)
• Custodian Life Assurance Limited (LIC 003)
• emPLE Life Assurance Limited (confirmed 13 August 2026)
• Enterprise Life Assurance Company (Nigeria) Ltd (LIC 030)
• Heirs Life Assurance Limited (LIC 012)
• Mutual Benefits Life Assurance Ltd (LIC 024)
• Prudential Zenith Life Insurance Ltd (LIC 016)
• Sanlam-Allianz Life Insurance Nigeria Limited (LIC 019)
• Stanbic IBTC Insurance Limited (LIC 018)
• Tangerine Life Insurance Limited (confirmed 13 August 2026)

How do you check that your insurer is licensed?

1. Find the insurer's full legal name on your policy schedule or certificate, not just the brand used in its marketing.
2. Look for it on this list, or on NAICOM's own published list.
3. If you bought through a broker or an agent, ask for their NAICOM registration details too.

If your insurer is not on the list, ask it in writing what happens to your policy and any open claim, and watch NAICOM's announcements. Keep your certificate, schedule and receipts safe, and when you next need cover, choose an insurer on this list.

Where does VaultCova fit?

VaultCova is not an insurer. It keeps a record of what you own and what it is worth, and arranges cover with licensed underwriters who carry the risk and pay valid claims. Every policy on VaultCova is written by an insurer on this list, and you can bring in a policy you already hold with any of them so its renewal is tracked with the rest of your vault. See how to file an insurance claim and how to prove ownership and value for a claim.

Frequently asked questions

How many insurance companies are licensed in Nigeria?

As of 13 August 2026, NAICOM had confirmed 48 insurance companies and 2 reinsurers as meeting the minimum capital requirements of NIIRA 2025: 28 general, 8 composite and 12 life insurers.

Who regulates insurance companies in Nigeria?

The National Insurance Commission (NAICOM). It licenses insurers, reinsurers, brokers and agents, sets the rules they work under and publishes the list of companies allowed to write business.

Which insurers can write group life cover?

Life insurers and composite insurers. A general (non-life) insurer cannot write group life.

Is VaultCova an insurance company?

No. VaultCova keeps your asset register and arranges cover with licensed underwriters, who carry the risk and pay valid claims.

Start a free vault and bring in the policies you already hold, so every renewal is tracked in one place.