NIA Commends NAICOM As 43 Insurers Meet New Capital Requirements

The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The NIA Chairman, Mrs Ebelechukwu Nwachukwu, said the regulator’s approach, including clear guidelines, systematic verification, defined timelines and rigorous supervision, provided insurance operators with a credible framework for successfully navigating the recapitalisation exercise.

Nwachukwu described the exercise as an important milestone in strengthening the financial capacity and stability of the Nigerian insurance industry while improving its global competitiveness.

She assured NAICOM of the association’s continued support and constructive engagement as the industry seeks to consolidate the gains of the recapitalisation exercise.

According to her, the focus will include promoting sustainable industry growth, strengthening market conduct standards, improving consumer confidence and expanding the insurance sector’s contribution to the national economy.

The NIA chairman also congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.

She commended the companies for their resilience, professional discipline and proactive response to evolving regulatory standards.

“The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy,” Nwachukwu said.

She added that a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of national economic growth.

Nwachukwu also expressed the association’s solidarity with the eight insurance companies still undergoing final verification and regulatory review.

She urged the affected companies to remain confident as NAICOM completes the exercise within the 14-day review period communicated by the commission.

The NIA chairman reaffirmed the association’s commitment to supporting all its members through advocacy, collaboration and constructive engagement with regulatory authorities throughout the transition.

She also reassured policyholders and the wider business community that the Nigerian insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to support financial stability and economic growth.