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 minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The Commission said the exercise, which commenced following the signing of the NIIRA 2025 into law by President Bola Ahmed Tinubu on July 31, 2025, marks a major milestone in the reform of Nigeria’s insurance industry and lays the foundation for a stronger, more resilient and policyholder-focused sector.
According to NAICOM, the recapitalisation was conducted in line with Section 15 of the Act and other relevant provisions aimed at strengthening the industry’s capacity to support economic growth, deepen financial inclusion and mobilise long-term investment capital.
In a statement issued on Monday, the Commission said the implementation process was guided by detailed regulations outlining the new minimum capital requirements, eligible capital instruments, asset admissibility, verification procedures, reporting obligations and supervisory expectations.
“The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country,” the Commission said.
It noted that the exercise had enhanced the financial resilience of insurance operators, attracted significant domestic and foreign investments and boosted investor confidence in the industry.
NAICOM disclosed that while 43 companies successfully satisfied the prescribed minimum capital requirements, eight insurance companies that submitted evidence of compliance shortly before the statutory deadline are still undergoing final verification and regulatory review, a process expected to be concluded within 14 days.
The Commission said the recapitalisation would enable insurers to underwrite larger and more sophisticated risks, strengthen their ability to settle policyholder claims promptly and improve their competitiveness within regional and international insurance markets.
It added that the stronger capital base would also support the implementation of its risk-based supervisory framework by ensuring regulatory capital remains aligned with the scale and complexity of each operator’s business.
NAICOM reaffirmed its commitment to protecting policyholders, promoting sound market conduct and expanding insurance penetration through innovation, technology and digitisation.
The Commission said it would continue to engage stakeholders and provide updates on post-recapitalisation supervisory actions, companies undergoing final verification, industry restructuring developments and the implementation of the Risk-Based Capital Framework.
Meanwhile, the Commission has published the list of 43 insurance and reinsurance companies confirmed to have complied with the new minimum capital requirements.
The list includes major operators such as Leadway Assurance, AIICO Insurance, AXA Mansard Insurance, Zenith General Insurance, Custodian and Allied Insurance, NEM Insurance, Coronation Insurance, LASACO Assurance, Industrial and General Insurance, Continental Reinsurance and FBS Reinsurance, among others.
NAICOM expressed appreciation to the Federal Government, shareholders, investors, insurance operators, development partners and other stakeholders for their support throughout the recapitalisation exercise, describing the achievement as the beginning of a new phase for Nigeria’s insurance industry rather than its final destination.
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