In a decisive move aimed at reinforcing trust and stability in Nigeria’s insurance industry, the National Insurance Commission (NAICOM) has officially granted operational licences to SanlamAllianz Life Insurance Limited and SanlamAllianz General Insurance Limited. This development marks a significant step toward deepening industry competitiveness and expanding coverage across the country’s insurance landscape.
KIIN360 understands that the issuance of these licences followed a rigorous evaluation process by NAICOM to ensure full compliance with regulatory requirements and the financial solvency of the companies. The approval now empowers both SanlamAllianz Life and General Insurance to commence full-scale operations in Nigeria, offering a wide range of life and non-life insurance products tailored to meet the evolving needs of individuals, businesses, and corporate entities.
The Commissioner for Insurance, Mr. Sunday Thomas, reiterated NAICOM’s commitment to improving service delivery, policyholder protection, and sector transparency. He noted that the entry of new, well-capitalised players such as SanlamAllianz will enhance consumer choice, increase healthy competition, and foster innovation in product development—key drivers for building public confidence in the industry.
SanlamAllianz, a product of a merger between global financial services giants Sanlam (South Africa) and Allianz (Germany), brings with it decades of experience and a strong international footprint. Their presence in Nigeria is expected to significantly improve the penetration of insurance services, particularly in underserved markets.
With insurance penetration in Nigeria still hovering below 1 percent of GDP, stakeholders have long called for bold reforms and strategic partnerships to expand access and awareness. The entry of SanlamAllianz is seen by industry watchers as a timely boost that could accelerate efforts to meet the Commission’s broader goal of financial inclusion and insurance literacy.
