The National Insurance Commission (NAICOM) has announced the successful completion of the insurance industry’s 12-month recapitalisation exercise, with 43 insurance and reinsurance companies meeting the new capital requirements.
In a statement issued on Sunday, the commission said the exercise was conducted in line with Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by President Bola Ahmed Tinubu on July 31, 2025.
NAICOM said the recapitalisation marked a major milestone in the transformation of Nigeria’s insurance industry and aligned with the Federal Government’s goal of building a $1 trillion economy by 2030.
According to the commission, the exercise has laid the foundation for a stronger, more resilient and adequately capitalised insurance sector capable of supporting economic growth and improving public confidence.
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Daily Trust reports that following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.
NAICOM said the verified outcome of the exercise indicates that 43 insurance and reinsurance companies 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 would be concluded within fourteen days,” the statement said.
It added that Nigeria’s insurance industry is now entering a new phase of development founded on stronger capital, improved financial resilience, and enhanced capacity to underwrite larger and more sophisticated risks across strategic sectors of the economy.
“The increase in minimum capital will improve insurers’ ability to honour policyholder 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 licensed operator,” it said.
“The Commission will continue to engage stakeholders and provide regular updates on post-recapitalisation supervisory actions, companies undergoing final verification, industry restructuring developments, implementation of the Risk-Based Capital Framework, and other strategic initiatives designed to deepen insurance penetration and strengthen confidence in the Nigerian insurance industry,” the statement added.
Among the insurance and reinsurance companies that scaled through are Zenith General Insurance Company Limited, Leadway Assurance Company Limited, Custodian Life Assurance Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, AlICO Insurance Plc, CHI Life Assurance Limited, Heirs General Insurance Limited, Fin Insurance Company Limited, Cornerstone Insurance PIc, Mutual Benefits Assurance Plc, Heirs Life Assurance Limited, Tangerine General Insurance Ltd, and Capital Express Indemnity Insurance Limited.
Others include Continental Reinsurance Plc, FBS Reinsurance Limited, Sanlam-Allianz General Insurance Nigeria Ltd, Prudential Zenith Life Insurance Ltd, Consolidated Hallmark Insurance Limited, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Sterling Assurance Nigeria Limited, AXA Mansard Insurance Plc, Unitrust Insurance Co. Limited, Mutual Benefits Life Assurance Limited, NSIA Insurance Limited, Rex Insurance Limited, LASACO Assurance Plc, Linkage Assurance Plc and Anchor Insurance Company Ltd.
Also on the list are Enterprise Life Assurance Company (Nigeria) Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd, Non-Life, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Fortis Global Insurance Plc, Coronation Life Assurance Limited, Industrial and General Insurance Plc, Coronation Insurance Plc, Prestige Assurance Plc, Great Nigeria Insurance Plc and Capital Express Life Assurance Limited.
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