43 Insurers Meet NAICOM’s Recapitalisation Requirements

The National Insurance Commission (NAICOM) has announced that 43 insurance and reinsurance companies have successfully met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking the successful completion of the country’s year-long insurance sector recapitalisation exercise.

In a statement issued on Saturday, the Commission said the recapitalisation exercise was carried out over a 12-month period in line with Section 15 and other relevant provisions of NIIRA 2025, which was signed into law by President Bola Tinubu on July 31, 2025.

NAICOM disclosed that the successful completion of the exercise marks a major milestone in the transformation of Nigeria’s insurance industry and lays the foundation for a stronger, more resilient and better-capitalised sector.

According to the Commission, the recapitalisation process involved a comprehensive review, verification and validation of insurance operators’ capital positions in line with the new statutory minimum capital requirements.

“The verified outcome of the exercise indicates that Forty-three (43) insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements,” the statement said.

The Commission, however, noted that eight insurance companies which submitted evidence of compliance shortly before the statutory deadline are still undergoing final verification and regulatory review.

Read Also: NAICOM adjusts rules of insurers’ operations

It said the review of the affected companies would be concluded within 14 days.

NAICOM explained that the recapitalisation exercise was implemented through detailed guidelines covering eligible capital instruments, admissible assets, verification procedures, regulatory timelines, reporting obligations and supervisory expectations to ensure a transparent and credible process.

It said the exercise has strengthened the financial resilience of insurance operators, attracted substantial domestic and foreign investment, and restored investor confidence in the industry.

According to the Commission, the newly recapitalised insurance industry is now better positioned to underwrite larger and more complex risks, honour policyholder obligations more effectively, support infrastructure financing and compete in regional and international insurance markets.

NAICOM also said the exercise would provide a stronger foundation for risk-based supervision, ensuring that regulatory capital remains aligned with the size, complexity and risk profile of each licensed operator.

The Commission reaffirmed its commitment to strengthening consumer protection, promoting sound market conduct and accelerating insurance penetration through innovation, technology and digitisation.

It added that it would continue to provide updates on companies undergoing final verification, post-recapitalisation supervisory actions, implementation of the Risk-Based Capital Framework and other reforms aimed at deepening confidence in Nigeria’s insurance industry.

NAICOM also expressed appreciation to the Federal Government, shareholders, investors, operators, development partners and other stakeholders for their support throughout the recapitalisation exercise.