The National Insurance Commission, NAICOM, has restricted standalone Insurtech firms from transacting special risk products.
The affected products include oil and gas insurance, marine and aviation insurance, retirement life annuity, and insurances of government assets and liabilities for Ministries, Departments, and Agencies, MDAs.
NAICOM relayed the restriction in the operational guidelines for Insurtech businesses in Nigeria released Tuesday which will take effect from August 1, 2025.
InsurTech, short for "insurance technology," refers to the use of innovative technologies, such as artificial intelligence, big data analytics, blockchain, and machine learning, to improve and automate the traditional insurance industry.