Key points
- NIA praises NAICOM for a transparent and structured implementation of the industry’s recapitalisation exercise.
- The association says 43 insurers and reinsurers have met the new minimum capital requirements.
- NIA says stronger capitalisation will enhance consumer confidence, claims settlement and industry growth.
Main story
The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for what it described as the fair, transparent and structured implementation of the insurance industry’s recapitalisation exercise.
The association made the commendation in a statement issued on Thursday by its Chairman, Mrs Ebelechukwu Nwachukwu.
Nwachukwu said the review of the minimum capital requirements, carried out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, provided operators with a credible framework to complete the recapitalisation process.
She noted that clear regulatory guidelines, defined timelines, systematic verification and rigorous supervisory oversight enabled insurance companies to navigate the exercise successfully.
According to her, the exercise demonstrates NAICOM’s commitment to regulatory fairness and orderly market development while strengthening the financial capacity and competitiveness of the insurance industry.
Nwachukwu reaffirmed the association’s support for the commission in consolidating the gains of the recapitalisation process through sustainable industry growth, stronger market conduct, improved consumer confidence and greater contribution to the Nigerian economy.
She also congratulated the 43 insurance and reinsurance companies that successfully met the new minimum capital requirements, describing their achievement as a reflection of resilience, professionalism and alignment with evolving regulatory standards.
According to her, a well-capitalised insurance sector would be better positioned to settle claims promptly, underwrite larger and more complex risks and support economic development.
The NIA chairman also expressed solidarity with the eight insurance companies still undergoing final verification and regulatory review.
She encouraged them to remain confident as NAICOM concludes the verification process within the stipulated 14-day period.
Nwachukwu said the association would continue to provide a platform for advocacy, collaboration and constructive engagement with regulators throughout the transition process.
She also assured policyholders and the wider business community that the recapitalisation exercise would result in a stronger, more resilient and more competitive insurance industry.
The issues
The insurance industry’s recapitalisation exercise is aimed at strengthening the financial capacity of insurers, improving market stability and enhancing their ability to underwrite larger risks and meet policyholder obligations under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
What’s being said
Nwachukwu said NAICOM’s transparent implementation of the recapitalisation exercise has strengthened confidence in the regulatory process and positioned the insurance industry for sustainable growth.
She added that stronger capitalisation would improve claims settlement, consumer trust and the sector’s contribution to Nigeria’s economic development.
What’s next
NAICOM is expected to conclude the verification of the remaining eight insurance companies before finalising the recapitalisation exercise, while the industry shifts its focus to stronger capital deployment and market expansion.
Bottom line
The NIA says the recapitalisation exercise marks a significant step towards building a stronger, better-capitalised insurance industry capable of supporting economic growth and meeting the evolving needs of policyholders.
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