As more foreign investors venture into the insurance sector, some local firms with huge potential have also shown readiness to add value to the growth of the industry.
About 18 insurance broking firms and one underwriting company applied to the National Insurance Commission in 2015 to obtain new licences to operate.
In the middle of last year, NAICOM published the names of these intending investors in some national dailies after which it began to grant some of them new licences.
Broking firms including Stanbic IBTC Insurance Brokers Limited, Avenues Insurance Brokers Limited, LMC Insurance Brokers Limited, RSM Insurance Brokers Limited and Okikiaje Insurance Brokers Limited got approval and were added to NAICOM’s list of approved firms.
The only insurance company published in the national dailies with other brokers by NAICOM is Heirs Insurance Limited.
Heirs Holdings, which is an African investment company with a track record of success and a firm belief in the opportunities that Africa offers, had applied to the commission to commence operations.
The firm indicated interest in getting a new licence to enable it to operate an underwriting firm because of its ability to identify growth opportunities, incubate new businesses and nurture them to maturity.
Heirs said it aimed to transform the sectors in which it invests, and grow them into businesses that would last, creating value for shareholders and partners as well as economic prosperity and social wealth for the continent.
Some other insurance broking firms on the list yet to get their new licences are eager to get the necessary approval from the regulator.
While many foreign investors have ventured into the country, industry experts are, however, emphasising the need for local investors with track records to be given new insurance licence to enable them to bring the needed change and transformation into the underwriting industry.