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NAICOM Clears 43 Insurers After Recapitalisation, Eight Await Review
The National Insurance Commission (NAICOM) has confirmed that 43 insurance and reinsurance companies have successfully met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The announcement marks the conclusion of the 12‑month recapitalisation exercise introduced to strengthen the financial capacity of operators.
In a statement, NAICOM described the outcome as a milestone in transforming Nigeria’s insurance industry.
“It represents a major step towards building a stronger, more resilient, adequately capitalized, professionally governed, and policyholder‑focused insurance sector that is better positioned to support national economic growth,” the Commission said.
Eight companies that submitted compliance evidence shortly before the July 31 deadline are still undergoing final verification. NAICOM said the review process would be completed within 14 days, after which their status will be announced.
The recapitalisation programme, launched in August 2025, required insurers to raise capital to meet new thresholds. NAICOM explained that the higher capital base would enable firms to underwrite larger risks, meet obligations promptly, and attract fresh investment.
“The increase in minimum capital will improve insurers’ ability to honour policyholder obligations promptly, absorb emerging risks, and compete more effectively within regional and global insurance markets,” the regulator added.
Looking ahead, NAICOM pledged to focus on post‑recapitalisation supervision, consumer protection, and risk‑based regulation.
It reaffirmed its commitment to building a fair, stable, innovative, and globally competitive insurance market, noting that the reforms would reshape the industry’s competitive landscape and deepen financial inclusion.
