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The National Insurance Commission (NAICOM) has announced the successful completion of Nigeria’s 12-month insurance sector recapitalisation exercise, confirming that 43 insurance and reinsurance companies have met the new minimum capital requirements established under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The Commission described the exercise as a major milestone for the insurance industry, saying it marks the beginning of a stronger and more resilient sector capable of supporting Nigeria’s long-term economic growth.
The recapitalisation programme was conducted in accordance with Section 15 and other relevant provisions of the NIIRA 2025, which was signed into law by President Bola Tinubu on July 31, 2025. According to NAICOM, the initiative aligns with the Federal Government’s broader economic agenda of building a $1 trillion economy by 2030.
Following a comprehensive process of regulatory review, verification and validation, the Commission confirmed that 43 insurers and reinsurers successfully complied with the revised minimum capital requirements.
43 insurers meet new capital requirements
Among the non-life insurance companies confirmed as compliant are 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.
Other approved non-life insurers include 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.
In the life insurance category, NAICOM confirmed the compliance of 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.
The Commission also approved eight composite insurers that satisfied the revised capital requirements. These include 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.
Mutual Benefits Assurance Plc was confirmed to have met the capital requirement applicable to non-life insurance operations, while Continental Reinsurance Plc and FBS Reinsurance Limited were recognised as compliant within the reinsurance segment.
Eight operators remain under regulatory review
NAICOM disclosed that an additional eight insurance operators submitted evidence of compliance shortly before the statutory deadline and are currently undergoing final verification and regulatory assessment.
The Commission said the review process is expected to be concluded within 14 days.
According to NAICOM, the recapitalisation exercise represents a significant step towards building a stronger, adequately capitalised and professionally governed insurance industry that is better positioned to protect policyholders and contribute to national economic development.
The regulator noted that the exercise was implemented through detailed regulatory guidelines that outlined eligible capital instruments, admissible assets, verification procedures and supervisory expectations to ensure transparency, consistency and regulatory compliance throughout the process.
NAICOM said the initiative has strengthened the financial resilience of insurance companies, attracted increased domestic and foreign investment and boosted investor confidence in Nigeria’s insurance market.
The Commission added that better-capitalised insurers would have greater capacity to underwrite larger and more complex risks across key sectors of the economy, honour policyholder claims more efficiently, absorb emerging macroeconomic risks and support long-term infrastructure financing.
The strengthened capital base is also expected to enhance the competitiveness of Nigerian insurers within regional and international markets.
Foundation for stronger risk-based supervision
Beyond recapitalisation, NAICOM said the exercise provides a stronger foundation for implementing its risk-based supervisory framework, ensuring that regulatory capital requirements remain aligned with the scale, complexity and risk profile of licensed insurance operators.
The Commission reaffirmed its commitment to consumer protection, sound market conduct, financial inclusion and the continued modernisation of insurance regulation under the NIIRA 2025 framework.
“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 Commission said.
NAICOM also expressed appreciation to the Federal Government, insurance operators, shareholders and professional bodies for their support throughout the recapitalisation process.
The Commission said the successful completion of the exercise should be viewed not as the end of a regulatory programme but as the foundation for a stronger insurance industry supported by enhanced regulatory compliance, improved governance, effective risk management and increased public confidence.
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