The National Insurance Commission (NAICOM) has announced the successful completion of the insurance industry’s 12-month recapitalisation exercise that is policyholder-focused. The clear declaration makes it clear that 41 insurance companies, two reinsurers successfully met the prescribed minimum capital requirements. However, 8 insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. this the Commission cleared would be concluded within fourteen days.
The categories of the 43 companies that crossed the finish line before the deadline are: two reinsurers, eight composite insurers, ten life insurers and, 23 non-life insurers. Additional eight will be cleared within 14 days from today.
This gives the nugget of the twelve-month insurance sector recapitalisation exercise undertaken pursuant to section15 and other relevant provisions of the the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The statement by the Commission on Saturday, said the exercise marked a significant milestone in the transformation of Nigeria’s insurance sector, and births the beginning of a new era for the insurance industry in the country. The new dawn is a major step towards building a stronger, more resilient, adequately capitalised, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilise long-term investment capital, contribute meaningfully to the stability of Nigeria’s financial system.
The 12 month recapitalisation period ended 31st July 2026, and from now the players are founded on stronger capital, improved financial resilience, and enhanced capacity to underwrite larger and sophisticated risks across strategic sectors of the economy.
In a mix of policyholders-focused exercise, solid boosters for emerging and volatile risks and long term investments, NAICOM statement reels out, “The increase in minimum capital will improve insurers ability to honour policyholders obligations promptly, absorb emerging risks, support infrastructure and other long-term investments, and compete more effectively within regional and global insurance markets.
“The recapitalisation exercise also provides a stronger foundation for enhanced risk-based supervision by the Commission, ensuring that regulatory capital remains appropriately aligned with the nature, scale, complexity, and risk profile of each licenced operator,” the statement emphasised.
