Key points
- NAICOM has confirmed that 43 insurance and reinsurance companies have met the new minimum capital requirements under NIIRA 2025.
- Eight additional insurers are undergoing final regulatory verification after submitting compliance documents before the deadline.
- The commission says the recapitalisation exercise has strengthened the industry’s financial capacity and competitiveness.
Main story
The National Insurance Commission (NAICOM) has confirmed that 43 insurance and reinsurance companies have complied with the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a public notice issued on Monday, the commission said the verified firms comprise life, non-life, composite insurance companies and reinsurance operators that successfully met the statutory capital thresholds.
NAICOM said the publication follows the expiration of the July 31 deadline set for insurance companies to complete the recapitalisation exercise.
The commission also disclosed that eight insurance companies that submitted evidence of compliance shortly before the deadline are undergoing final verification and regulatory review, with the process expected to be completed within 14 days.
According to NAICOM, the recapitalisation programme has strengthened the financial position of operators, attracted domestic and foreign investment and improved investor confidence in the insurance sector.
The regulator added that the higher capital base would enable insurers to underwrite larger and more complex risks, meet policyholder obligations more effectively and support infrastructure financing and other long-term investments.
It also said the exercise would enhance risk-based supervision by aligning regulatory capital with the scale and complexity of risks undertaken by licensed operators.
The issues
The recapitalisation programme is aimed at strengthening the resilience of Nigeria’s insurance industry by improving operators’ financial capacity, enhancing claims-paying ability and positioning the sector to support larger commercial and infrastructure risks. Higher capital requirements are also expected to improve public confidence and attract more investment into the industry.
What’s being said
“The listed companies had been confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025.” — National Insurance Commission.
“Eight insurance companies which submitted evidence of compliance shortly before the statutory July 31 deadline are undergoing final verification and regulatory review.” — National Insurance Commission.
“The recapitalisation has enhanced the financial strength of operators, attracted significant domestic and foreign investments and boosted investor confidence in the insurance sector.” — National Insurance Commission.
What’s next
NAICOM is expected to complete the verification of the remaining eight companies within 14 days before issuing an updated list of compliant operators and advancing implementation of the new capital framework.
Bottom line
The successful recapitalisation of most insurance operators marks a significant milestone in NAICOM’s efforts to build a stronger, better-capitalised and more competitive insurance industry capable of supporting Nigeria’s long-term economic growth.
