National Insurance Commission (NAICOM) -A Brief Intro


National Insurance Commission was founded by the National Insurance Commission Act in 1997. It was established with the aim of ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.

NAICOM’s mission, vision and core values are; to conduct effective supervision of the Nigerian Insurance Industry for the attainment of a high ethical standard needed to position the industry as a leading market in the global economy, to be among the leading regulators of the insurance sector in the emerging market, transparency, integrity and efficiency. For the very latest in Nigeria Insurance News, visit Orientalnews Nigeria

NAICOM’s Mandate

Below are some of the statutory mandates of the commission.

. To establish standards for the conduct of insurance business in Nigeria

. To approve rates of insurance premiums to be paid in respect of all classes of insurance business

. To approve rates of commissions to be paid in respect of all classes of insurance business

. To ensure adequate protection of strategic government assets and other properties

. To act as advisers to the FG on all insurance related matters

. To publish for sale and distribution to the public, annual reports and statistics on the insurance industry

. To carry out other activities connected or incidental to its other functions under the 1997 Act

Types of Insurance

Below are the different major types of Insurance Business available in Nigeria

Life Insurance: This has to do with the insuring of human life in particular. Life insurance is a contract that offers financial compensation should in case of death or permanent disability. There are some life insurance policies that offer financial compensation after retirement or a certain period of time. This helps you secure your family’s financial security in your absence or after retirement. For the latest news on Nigeria Insurance, please visit OrientalNews Nigeria

Types of Life Insurance

Term Insurance

Whole Life Insurance

Endowment Policy

Money-back Policy

Unit-linked Insurance Plans

Child Plan

Pension Plans

 

General Insurance: This is a type of contract that offers financial compensation on any loss. It insures everything apart from life. General insurance compensates for financial loss of properties such as house, vehicle, health related issues, travel and so on. In other words, general insurance offers financial protection for all your assets against loss, damage, theft and other liabilities. This is absolutely different from the life insurance policy.

Types of General Insurance

Health Insurance

Motor Insurance

Travel Insurance

Home Insurance

Fire Insurance

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