The regulator of the insurance industry, the National Insurance Commission, has cancelled the certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc. However, In a statement issued by the Head, Corporate Communications and Market Development, ‘Rasaaq ‘Salami, for the Commissioner for Insurance. NAICOM, titled, ‘Notice of cancellation of the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc’.
Thereafter. the statement read, “This is to notify all insurance stakeholders and members of the public. That the National Insurance Commission has cancelled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091. And Niger Insurance Plc, RIC – 029 with effect from the 21st day of June, 2022.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said inflation in the country. This was making it difficult for some insurance companies to meet up with their claims obligations. According to him, the operating environment is challenging and only the strong ones that could work very hard could stand.
Thereafter, He said, “Many companies cannot stand now, many people are not doing insurance because they don’t even have money to eat. The insurance industry is not attracting people the way it should, not that people don’t know the relevance of insurance.” There in, the CEO of an insurance company, who spoke on condition of anonymity. The two companies were among the extremely sick insurance companies and NAICOM had been managing them for a long time.