The National Insurance Commission (NAICOM) has formally declared the successful conclusion of Nigeria’s year-long insurance recapitalisation initiative, characterizing the accomplishment as a crucial landmark that “signals the beginning of a new era for insurance in the country.”
Executed in accordance with Section 15 and associated stipulations of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was enacted by President Bola Tinubu on July 31, 2025, the exercise directly supports the government’s economic target of reaching a $1tn economy by 2030.
In an official statement released on Sunday, NAICOM announced that following exhaustive assessment, verification, and validation procedures, 43 insurance and reinsurance firms met the revised Minimum Capital Requirements.
The approved non-life underwriting companies include Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, Heirs General Insurance Limited, Fin Insurance Company Limited, Tangerine General Insurance Ltd, Capital Express Indemnity Insurance Limited, and Sanlam-Allianz General Insurance Nigeria Ltd.
The list also features Consolidated Hallmark Insurance Limited, Sterling Assurance Nigeria Limited, Unitrust Insurance Co. Limited, NSIA Insurance Limited, Rex Insurance Limited, Linkage Assurance Plc, Anchor Insurance Company Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Coronation Insurance Plc, and Prestige Assurance Plc.
Within the life insurance sector, the qualifying institutions are Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Ltd, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, Enterprise Life Assurance Company (Nigeria) Ltd, and Coronation Life Assurance Limited.
Composite underwriters which operate across both life and non-life portfolios that achieved compliance comprise Leadway Assurance Company Limited, AIICO Insurance Plc, Cornerstone Insurance Plc, AXA Mansard Insurance Plc, LASACO Assurance Plc, Fortis Global Insurance Plc, Industrial and General Insurance Plc, and Great Nigeria Insurance Plc.
Additionally, Mutual Benefits Assurance Plc satisfied the non-life capital threshold. For the reinsurance category, Continental Reinsurance Plc and FBS Reinsurance Limited were confirmed as fully compliant.
The regulatory body noted that eight extra insurance firms, which submitted proof of compliance just prior to the statutory deadline, are undergoing final regulatory checks and auditing, with results expected within 14 days.
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NAICOM emphasized that the achievement “represents a major step towards building a stronger, more resilient, adequately capitalised, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth.”
The recapitalisation framework was directed by precise regulatory guidelines established by NAICOM to ensure an orderly, transparent, and verifiable transition. Through its Guidelines on the Implementation of Minimum Capital Requirements for Insurance and Reinsurance Companies in Nigeria, the Commission outlined approved capital instruments, admissible assets, verification protocols, and supervisory benchmarks for the duration of the transition phase.
According to the Commission, this regulatory push has effectively “enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence” throughout the sector.
NAICOM pointed out that the recapitalised industry now possesses greater capacity to assume larger and more complex risks in critical sectors of the national economy. The strengthened financial foundation will enhance insurers’ capacity to honor claim obligations swiftly, withstand macroeconomic fluctuations, fund major national infrastructure investments, and elevate the market’s competitiveness internationally and regionally.
Additionally, the outcome offers a firm basis for NAICOM to advance its risk-based supervision model, ensuring regulatory capital stays aligned with the scale, scope, complexity, and risk exposure of each licensed firm.
Reassuring policyholders, investors, and international partners, NAICOM reiterated its dedication to consumer protection, ethical market conduct, and broader financial inclusion as the implementation of NIIRA 2025 progresses alongside digital modernization.
”Our unwavering commitment remains to build a fair, stable, innovative, inclusive, and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy,” the statement read.
Extending gratitude to the Federal Government, industry stakeholders, investors, and professional associations, NAICOM underscored that “the successful completion of this recapitalisation exercise is not the destination but the foundation,” ushering in a period where fortified institutions and restored public trust will help insurance serve all Nigerians more effectively.
