Nigeria’s insurance industry has entered a new phase following the successful completion of the National Insurance Commission’s (NAICOM) 12-month recapitalisation programme, with 43 insurance and reinsurance companies meeting the new minimum capital requirements.
NAICOM announced the outcome in a statement on Sunday, describing the exercise as a major step toward building a stronger, more resilient insurance sector capable of supporting Nigeria’s economic growth and improving confidence in the industry.
The recapitalisation was carried out under the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by President Bola Ahmed Tinubu on July 31, 2025.
Eight More Firms Await Final Clearance
The commission disclosed that eight insurance companies that submitted evidence of compliance shortly before the deadline are still undergoing final verification and regulatory review.
According to NAICOM, the verification process is expected to be completed within 14 days, after which their compliance status will be announced.
Industry Set for Stronger Growth
NAICOM said the recapitalisation exercise has strengthened the financial foundation of the insurance industry, enabling operators to underwrite larger and more complex risks while improving their ability to meet policyholders’ obligations.
The commission noted that stronger capitalisation would also enhance insurers’ capacity to absorb emerging risks, support infrastructure financing and compete more effectively in regional and international markets.
It added that the exercise aligns with the Federal Government’s vision of building a $1 trillion economy by 2030, with a more robust insurance sector expected to play a key role in driving investment and economic development.
Risk-Based Regulation to Deepen Reforms
According to the commission, the new capital structure will support the implementation of a stronger risk-based supervisory framework, ensuring that insurers maintain capital levels appropriate to the size and complexity of their businesses.
NAICOM also pledged to continue engaging industry stakeholders and provide regular updates on post-recapitalisation supervision, ongoing verification exercises and other reforms aimed at increasing insurance penetration across the country.
Companies That Scaled the Exercise
Among the companies that successfully met the new capital requirement are Leadway Assurance, AXA Mansard Insurance, AIICO Insurance, NEM Insurance, Custodian Life Assurance, Custodian and Allied Insurance, Heirs General Insurance, Heirs Life Assurance, Cornerstone Insurance, Stanbic IBTC Insurance, Mutual Benefits Assurance, Prudential Zenith Life Insurance, Continental Reinsurance, Sanlam-Allianz General Insurance, Sanlam-Allianz Life Insurance, LASACO Assurance, Linkage Assurance, NSIA Insurance, Coronation Insurance, Coronation Life Assurance, Enterprise Life Assurance, Capital Express Life Assurance, Capital Express Indemnity Insurance, Fortis Global Insurance, Prestige Assurance, Great Nigeria Insurance, International Energy Insurance, Sterling Assurance, Rex Insurance, Anchor Insurance, Unitrust Insurance, KBL Insurance, NPF Insurance, Sunu Assurances Nigeria, Veritas Kapital Assurance, Tangerine General Insurance, Fin Insurance, and Zenith General Insurance, among others.
The completion of the recapitalisation exercise is expected to improve the industry’s financial stability, boost investor confidence and position Nigerian insurers to play a greater role in supporting businesses and the country’s long-term economic development.
43 Insurance Companies Meet New Capital Requirement as NAICOM Concludes Recapitalisation Exercise
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