By Oluwakemi Kindness
Forty-three insurance and reinsurance companies have met the new minimum capital requirements set by the National Insurance Commission (NAICOM) following the completion of the sector’s 12-month recapitalisation exercise.
The Commission disclosed this in a statement on Sunday, saying eight other insurance companies that submitted evidence of compliance shortly before the statutory deadline are undergoing final verification.
NAICOM said the verification process for the eight companies would be completed within 14 days.
The recapitalisation exercise was carried out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Tinubu on July 31, 2025.
The Commission said the exercise has strengthened the financial resilience of insurance operators and attracted substantial domestic and foreign investment into the sector.
It also said the exercise has helped to boost investor confidence in Nigeria’s insurance industry.
According to NAICOM, stronger capital positions would improve insurers’ capacity to underwrite larger and more complex risks across strategic sectors of the economy.
The Commission said the reforms would also strengthen insurers’ ability to meet policyholder obligations, absorb emerging risks and support long-term investments in infrastructure and other sectors.
NAICOM said the new capital requirements would provide a stronger foundation for risk-based supervision, with regulatory capital aligned with the size, complexity and risk profile of individual operators.
The Commission said its focus would now shift towards strengthening policyholder protection, improving market conduct and deepening insurance penetration across Nigeria.
It added that it would continue to provide updates on the eight companies undergoing final verification, industry restructuring and the implementation of the Risk-Based Capital Framework.
NAICOM said the recapitalisation was aimed at building a stronger, more resilient and globally competitive insurance industry capable of contributing more significantly to Nigeria’s economic growth and financial stability.
