About
Spectramax
Blog
Our Mission
Spectramax is your go-to source for insurance insights.
We cater to a diverse audience, offering valuable resources on insurance options, industry updates, and expert opinion.
Our goal is to empower you to make informed decisions, protect what matters, and achieve financial peace of mind.
WHAT'S NEW
Smartbridgenexus
​
The market place
A product coming your way!
It's interactive, insightful and simple to use.
Find what you're looking for all in one place whilst having an exceptionally great customer experience.
​
Stay posted - You won't want to miss this!
What does September 2026 look like for you and your family?
Having an insurance policy gives you financial protection when you need it most.
​
However, insurance can offer more than just financial protection. Some policies also include additional benefits, such as tax incentives, access to small loans, and support for medical treatment related to certain critical illnesses.
​
-
Be Aware
-
Be Informed
-
Be Insured
-
Be Verified
-
Be Protected
​
Empowering you with the right knowledge and protecting you through insurance.
​
​
​NOTICE TO THE GENERAL PUBLIC
​
Motor Insurance
​
The National Insurance Commission (NAICOM) has released a list of composite and non-life insurance companies licensed to provide motor insurance in Nigeria.
​
Composite insurance companies provide both life and general insurance products.
​
While Non-life insurance companies focus solely on general insurance risks such as motor, property, marine, fire, and liability coverage.
Both types of insurers must be licensed by NAICOM to operate in Nigeria.
Click the links below to view the list of companies approved to provide motor insurance services in Nigeria:
NAICOM: ​https://naicom.gov.ng/insurance-operators/
​
Composite: https://naicom.gov.ng/composite/
​
General: https://naicom.gov.ng/general/
​​
Make sure your Motor Insurance certificate is issued by a NAICOM- licensed Insurer.
​
​
​​
​
HOT FROM THE PRESS
Important deadlines
Policy Holders
If you are an insurance policy holder you should have submitted your National Identification Number (NIN) to your insurers since 30th of April 2026. Have you done this?
​
You can either do this directly or through your insurance intermediaries.
This is in accordance with the Nigerian Insurance Industry Reform Act 2025 (NIRA)
​​
​
​​
Insurance Organisations
​
As of July 2026, licensed insurance and reinsurance companies are required to have met the new Minimum Capital Requirements in accordance with the Nigerian Insurance Reform Act 2025 (NIRA).
​
What are the requirements?
​
Life 10 billion naira
​
General 15 billion naira
​
Reinsurance 35 billion naira
​
A new Insurance Act has emerged
The Insurance Act 2003 and other existing Insurance and re insurance legislation have been updated to become the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The new Act signed into law by President Tinubu on Tuesday 5th August 2025 has made significant changes to the Insurance sector in Nigeria.
How NIIRA 2025 affects you as an Insurance organisation: 1. An increase in minimum capital requirements for life insurers from N2billion to N10 billion. 2. Non-life insurers from N3 billion to N15 billion. 3.Re-insureres from N20 billion to N35 billion. All insurers must always maintain a minimum capital adequacy ratio of 100%.
How NIIRA 2025 affects you as an individual: 1. Proof of Insurance is mandatory for motorists. Drivers must provide personal details like name, address and proof of valid Insurance. This can either be shown in an electronic or printed form upon evidential request by law enforcement. Failure to comply results in fines up to N25,000. 2. An accident causing injury requires the driver to present their insurance details immediately or report to the nearest police station within 24 hours of the accident. Failure to do this may incur a fine of up to N50,000.
Landlords beware! How NIIRA 2025 affects you as a Landlord in accordance with S76 of the Act. All public buildings defined as accessible to the public must be insured. Hotels, schools, hostels, hospitals, religious centres, shopping centres, offices and so forth must be insured against hazards. This includes fire, floods, earthquake and building collapse. There is no exception for non-compliance. Landlords will be fined N1m, jailed for 12 months, or both if their property has not been insured against hazards.
It is important to understand that this Act is not here to cause fear but to protect lives and property.
There is zero tolerance to delayed claims.
Get insured now!
Health insurance
President Tinubu highlighted the importance of health
insurance by stating:
​
​
"I personally encourage Nigerians to embrace health insurance because there is no way we can have adequate and quality healthcare by paying out of pocket"
​​​​
​
Please see more details on the importance of health insurance
Stay posted for more information on the Reform Act (NIRA) 2025.
Did you know that the National Insurance Commission (NAICOM)
regulates the insurance industry in Nigeria to safeguard your rights as a policyholder?
How NAICOM looks out for you:
​
-
Making sure insurance companies operating in Nigeria are properly licensed
​
-
Checking that insurers are financially strong enough to pay valid claims
​
-
Ensuring policyholders are treated fairly and transparently​
​
-
Monitoring the industry so you can trust the insurance you choose
